09:52     <09539>,<09540>,<09541>,<09542>,<09566>&<09567> - Ann. (2)          

    # Investors should note that the Periodic Reference Price(s)              
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Reference Price(s) in respect of these dates only.           
                                                                              
    ## Investors should note that the Warrants are European style             
    and may only be exercised on the relevant Expiry Date. In respect of      
    each issue of Warrants, each respective Exercise Amount 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 (1) the sum of the Periodic Reference        
    Prices divided by the number of Periodic Fixing Dates less (2) the        
    Exercise Price and the Exercise Expenses.                                 
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Reference Price     
    at each Periodic Fixing Date. The average of all the Periodic             
    Reference Prices is then compared with the Exercise Price before the      
    Cash Settlement Amount is determined. The Cash Settlement Amount of       
    the Warrants will not be the same as the relevant Periodic Reference      
    Price set out above.                                                      
                                                                              
    * Investors should note that the description `Average Return' refers      
    to the calculation of the return on the Warrants only; the return of      
    the Average Return Call Warrants is calculated by reference to the        
    average of the Periodic Reference Prices, that is, by reference to        
    the sum of the Periodic Reference Prices divided by the number of the     
    Periodic Fixing Dates; if on the Expiry Date, the average of the          
    Periodic Reference Prices is less than the Exercise Price, the            
    Warrantholders will not receive any payment from the Issuer and will      
    sustain a total loss of their investment. Please refer to the             
    Conditions of the Warrants set out in the relevant Supplemental           
    Listing Document.                                                         
                                                                              
    Hong Kong, March 22, 2005