08:50     Closing Bid and Ask Quotes in London                                

                                                                              
    Closing bid and ask quotes on 18 March 2005 as quoted by SEAQ (London)    
    are as follows:                                                           
                                                                              
    (HK$)                BID      ASK    (HK$)                BID      ASK    
    BEIJING YANHUA   :   3.61      -     HOPEWELL HOLD    :  18.62      -     
    BANK OF E ASIA   :  22.12      -     HSBC HOLDINGS    :    -        -     
    BOC HONG KONG    :    -      14.99   HUANENG POWER    :    -        -     
    CATHAY PAC AIR   :    -        -     HUTCHISON        :    -        -     
    CHEUNG KONG      :    -        -     HYSAN DEV        :  16.15      -     
    CHINA RESOURCES  :    -        -     JOHNSON ELEC H   :    -        -     
    CHINA MOBILE     :    -      27.04   LENOVO GROUP     :    -        -     
    CHINA TELECOM    :    -       2.81   LI & FUNG        :    -        -     
    CHINA UNICOM     :    -        -     MTR CORPORATION  :  12.13    12.88   
    CITIC PACIFIC    :    -        -     NEW WORLD DEV    :   7.66      -     
    CKI HOLDINGS     :    -        -     NEW WORLD TMT    :    -        -     
    CLP HOLDINGS     :    -        -     PCCW             :    -        -     
    CNOOC            :    -        -     SCMP GROUP       :   3.35      -     
    DATANG POWER     :    -        -     SHANGHAI IND H   :  16.68      -     
    ESPRIT HOLDINGS  :    -        -     SHANGHAI PECHEM  :    -       3.40   
    FIRST PACIFIC    :    -        -     SHANGRI-LA ASIA  :    -        -     
    GREAT EAGLE H    :    -      18.54   SMARTONE TELE    :    -        -     
    GUANGSHEN RAIL   :    -       3.09   SHK PPT          :    -        -     
    HANG LUNG GROUP  :  13.58      -     SINO LAND        :    -       7.62   
    HANG LUNG PPT    :  11.30      -     SWIRE PACIFIC A  :    -        -     
    HANG SENG BANK   :    -        -     TRACKER FUND     :    -        -     
    HENDERSON LAND   :    -        -     WHARF HOLDINGS   :    -        -     
    HK & CHINA GAS   :    -        -     WHEELOCK         :  11.49      -     
    HK ELECTRIC      :    -        -     ZHEJIANGEXPRESS  :    -        -