09:42 NEW WORLD CHINA<00917> - Announcement (2) Dealings in the Rights Shares An application has been made to the Listing Committee of the Stock Exchange for the listing of, and the permission to deal in, the Rights Shares in both their nil-paid and fully-paid forms. Warnings of the risks of dealing in the Shares and Rights Shares Existing Shares have been dealt in on an ex-rights basis from Thursday, 10 March 2005. Dealings in the Rights Shares in the nil-paid form will take place from Wednesday, 23 March 2005 to Monday, 4 April 2005 (both dates inclusive). If prior to the Latest Acceptance Date (or such later time and/or date as the Company and NWD may determine), the conditions of the Rights Issue are not fulfilled or the Underwriting Agreement is terminated by NWD, the Rights Issue will not proceed and the Rights Issue will lapse. Any dealings in the Shares until the date on which all the conditions of the Rights Issue are fulfilled, and any dealings in the Rights Shares in their nil-paid form will accordingly bear the risk that the Rights Issue may not become unconditional or may not proceed. Any Shareholders or persons contemplating any dealings in the Shares or the Rights Shares in their nil-paid forms are recommended to consult their own professional advisors. Rights of Shareholder(s) with registered address(es) outside Hong Kong The Rights Issue Documents have not been registered under the applicable securities legislation of any jurisdiction other than Hong Kong. Based on the register of members of the Company as at the close of business on the Record Date, there was one Shareholder whose registered address was in Macau Special Administration Region of the PRC (``Macau''). As such, the Directors, in compliance with Rule 13.36(2)(a) of the Listing Rules, sought legal advice regarding the legal restrictions under the laws of Macau including the relevant regulatory requirements for offering the Rights Shares to such Shareholder. The Company, in reliance on the legal advice of the legal counsel in Macau, offers the Rights Shares to such Shareholder and copies of the Rights Issue Documents have been despatched to such Qualifying Shareholder accordingly. It is the responsibility of any person (including but without limitation to nominee, agent and trustee) receiving copies of the Rights Issue Documents outside Hong Kong and wishing to take up the Rights Shares under the Rights Issue to satisfy himself/herself as to the full observance of the laws of the relevant jurisdiction including the obtaining of any governmental or other consents for observing any other formalities which may be required in such jurisdiction, and to pay any taxes, duties and other amounts required to be paid in such jurisdiction in connection therewith. Any acceptance of the offer of the Rights Shares by any person will be deemed to constitute a representation and warranty from such person to the Company that these local laws and requirements have been fully complied with. If any person is in doubt as to his position, he should consult his own professional advisors. By Order of the Board New World China Land Limited Chow Yu-chun, Alexander Company Secretary Hong Kong, 21 March 2005 At the date of this announcement: (a) the executive Directors are Dr. Cheng Kar-shun, Henry, Mr. Doo Wai-hoi, William, Mr. Cheng Kar-shing, Peter, Mr. Leung Chi-kin, Stewart, Mr. Chow Kwai-cheung, Mr. Chow Yu-chun, Alexander and Mr. Fong Shing-kwong, Michael; (b) the non-executive Director is Mr. Fu Sze-shing and (c) the independent non-executive Directors are Mr. Cheng Wai-chee, Christopher, Mr. Tien Pei-chun, James and Mr. Lee Luen-wai, John.