09:27     <04432>,<04478> & <04520> - Announcement (2)                        

                                                                              
    For Stock code 4520, every Board Lot will entitle the holder on           
    exercise thereof to receive from the Issuer a cash settlement amount      
    payable in Hong Kong dollars calculated in accordance with the formula    
    set out below:                                                            
                                                                              
                                                                              
     (Closing Level - Strike Level) x HK$1.00 x Board Lot                     
                                                            3,350             
                                                                              
    For Stock code 4478, the Closing Level is the final settlement price      
    for settling the Hang Seng Index March 2005 Futures Contracts             
    determined pursuant to Regulation 012 of the Regulations for trading      
    Stock Index Futures and the Contract Specifications for Hang Seng Index   
    Futures Contracts (as amended from time to time) of the Hong Kong         
    Futures Exchange Limited.                                                 
                                                                              
    For Stock codes 4520 & 4432, the Closing Level is the final settlement    
    price for settling the H-Shares Index March 2005 Futures Contracts        
    determined pursuant to Regulation 012 of the Regulations for trading      
    Stock Index Futures and the Contract Specifications for H-Shares Index    
    Futures Contracts (as amended from time to time) of the Hong Kong         
    Futures Exchange Limited.                                                 
    The aggregate Cash Settlement Amount (less any Exercise Expenses) for     
    each warrant issue, shall be despatched no later than three Business      
    Days following the Expiry Date by way of cheque drawn in favour of the    
    Warrantholder.                                                            
    If, on the Expiry Date, the Cash Settlement Amount is positive, the       
    Warrants will be automatically exercised (without any exercise notice     
    being required to be delivered by the holders of the Warrants).If the     
    Cash Settlement Amount is a sum less than or equal to zero, all           
    Warrants shall be deemed to have expired at 10:00 a.m. (Hong Kong time)   
    on the Expiry Date and the Warrantholders shall not be entitled to        
    receive any payment from the Issuer in respect of such Warrants. The      
    Issuer has made the following arrangements regarding dealings in and      
    transfers and exercise of the Warrants:-                                  
    1.      Warrantholders should not be required to lodge any exercise       
    notice if the Cash Settlement Amount is positive as the Warrants shall    
    be automatically exercised.                                               
    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  Expiry Date.                                                      
                                                                              
    18 March 2005   SGA Societe Generale Acceptance N.V.