10:52     <02256>,<04444>,<04461>,<04463> & <04480> - Announcement (2)        

    amount in Hong Kong dollars calculated by the Issuer (the `Cash           
    Settlement Amount') equal to:                                             
                                                                              
    1. In the case of Stock Code 2256, (1) the Entitlement (subject to any    
    adjustment) multiplied by (i) the arithmetic mean of the closing          
    price of one Share (as derived from the Daily Quotation Sheet of the      
    Stock Exchange (subject to any adjustments)) for each Valuation Date      
    (being each of the five Business Days (as defined in the terms and        
    conditions of the Warrants) immediately preceding the relevant Expiry     
    Date) less (ii) the relevant Exercise Price; less (2) the Exercise        
    Expenses (as defined in the terms and conditions of the Warrants).        
                                                                              
    2. In the case of Stock Codes 4444, 4461, 4463 and 4480, the excess of    
    the Closing Level (being the average of the closing quotations of the     
    Index recorded at the end of every five-minute interval on the Expiry     
    Date, as more fully described in the terms and conditions of the          
    Warrants) on the Valuation Date (as defined in the terms and              
    conditions of the Warrants) over the relevant Strike Level,               
    multiplied by HK$1.00, further multiplied by 10,000 and divided by        
    4,300 (in the case of Stock Code 4444), or divided by 5,500 (in the       
    case of Stock Codes 4461 and 4463) or divided by 4,800 (in the case       
    of Stock Code 4480), less the Exercise Expenses (as defined in the        
    terms and conditions of the Warrants).                                    
                                                                              
    If, on the relevant Expiry Date, the relevant Cash Settlement Amount      
    is greater than zero, then the relevant Warrants will be deemed           
    automatically exercised by each Warrantholder. If the relevant Cash       
    Settlement Amount is less than or equal to zero on the relevant           
    Expiry Date, the Warrantholder will lose the value of his investment.     
                                                                              
                                                                              
    The aggregate Cash Settlement Amount (less any Exercise Expenses),        
    shall be despatched no later than three Business Days following the       
    relevant Expiry Date, by way of cheque, drawn in favour of the            
    Warrantholder (or in the case of joint Warrantholders, the                
    first-named Warrantholder) appearing in the relevant register kept by     
    the Registrar (as defined below).                                         
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:                               
                                                                              
    1. In order to facilitate the transfer and exercise of Warrants by        
    relevant Warrantholders who have not registered such Warrants in          
    their own names, the following arrangements have been made with           
    Computershare Hong Kong Investor Services Limited (the `Registrar').      
    Relevant Warrantholders who have not registered such Warrants in          
    their names and wish to exercise the Warrants should lodge with the       
    Registrar at Shops 1712-1716, 17th Floor, Hopewell Centre, 183            
    Queen's Road East, Hong Kong at or before 10:00 a.m. (Hong Kong time)     
    on the relevant Expiry Date the following:-                               
                                                                              
    (i) the relevant duly executed instruments of transfer in respect of the  
    Warrants; and                                                             
                                                                              
    (ii) the relevant certificates for the Warrants.                          
    Such Warrantholders may need to bear the cost of any expedited            
    registration service.                                                     
                                                                              
    2. Application will be made for the listing of the Warrants on the        
    Stock Exchange to be withdrawn with effect from the close of business     
    on the relevant Expiry Date.                                              
                                                                              
    Hong Kong, 16th March, 2005