09:47     <09098>,<09102>,<09103>,<09110> & <09121> - Announcement (2)        

    in board lot or integral multiples thereof. Every ten Warrants (in        
    the case of Stock Codes 9098, 9102, 9103 and 9110) and every Warrant      
    (in the case of Stock Code 9121) will entitle the holder on exercise      
    thereof to receive from the Issuer a payment of an amount in Hong         
    Kong dollars calculated by the Issuer (the `Cash Settlement Amount')      
    equal to the sum of the Quarterly Cash Settlement Amounts (as defined     
    below) divided by the relevant number of Quarterly Fixing Dates           
    (provided that if any such Quarterly Fixing Date is not a Business        
    Day, it shall be the immediately preceding Business Day), less the        
    Exercise Expenses (as defined in the terms and conditions of the          
    Warrants).                                                                
                                                                              
    `Quarterly Cash Settlement Amount' means, in respect of every             
    Exercise Amount and in respect of each Quarterly Fixing Date, an          
    amount in Hong Kong dollars calculated by the Issuer as equal to, the     
    greater of (1) zero and (2) 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 such Quarterly          
    Fixing Date) less the relevant Exercise Price.                            
                                                                              
    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.                                              
                                                                              
    * Investors should note that the description `Locked-in Return'           
    refers to the calculation of the return on the Warrants only; there       
    is no guaranteed return on the Warrants where the arithmetic mean of      
    the closing price (calculated in accordance with the terms and            
    conditions of the Warrants) of the relevant shares on the Valuation       
    Dates in respect of each Quarterly Fixing Date is less than or equal      
    to the relevant Exercise Price. Please refer to the terms and             
    conditions of the Warrants in the relevant Supplemental Listing           
    Document.                                                                 
                                                                              
    Hong Kong, 21st March, 2005