09:24     <04431><04435><04458><04459><04462> - Announcement (2)              

    In respect of Warrants with Stock Codes 4431 and 4435, "Closing Level"    
    means the arithmetic mean of the quotations for the Hang Seng Index       
    recorded at the end of every five minute period on the Expiry Date.       
                                                                              
    In respect of Warrants with Stock Codes 4458, 4459 and 4462, "Closing     
    Level" means the arithmetic mean of the quotations for the Hang Seng China
    Enterprises Index recorded at the end of every five minute period on the  
    Expiry Date.                                                              
                                                                              
    "Exercise Expenses" has the meaning given to it in the Conditions.        
                                                                              
    If on the Expiry Date the Cash Settlement Amount is greater than zero then
    the Warrants will be deemed automatically exercised by each Warrantholder.
    If the Cash Settlement Amount is less than or equal to zero on the Expiry 
    Date, the Warrantholder will lose the value of his investment.            
                                                                              
    The Cash Settlement Amount shall be despatched no later than three        
    Business Days following the Expiry Date, by way of cheque, drawn in favour
    of the Warrantholder (or in the case of joint Warrantholders, the first-  
    named Warrantholder).                                                     
                                                                              
    Regarding the dealings in and transfers and exercise of the Warrants, the 
    Issuer has arranged for an application to be made for the listing of the  
    Warrants on the Stock Exchange to be withdrawn with effect from the close 
    of business on the Expiry Date.                                           
                                                                              
    Hong Kong, 17 March 2005