11:10     TAI FOOK SEC<00665> - Announcement (8)                              

      Clients"      securities are currently listed or which may be           
    hereafter become listed on the Stock Exchange                             
                                                                              
    "Listing Rules" the Rules Governing the Listing of Securities             
    on the Stock Exchange                                                     
                                                                              
    "Master Agreements"     the two agreements both dated 1 April 2005        
    entered into between the Company on the one hand and CTFE and             
    Mr. Lo respectively on the other hand in relation to the provision        
    by the Group of financial advisory services to, and placement,            
    underwriting and sub-underwriting of securities by the Group              
    for, the Connected Clients                                                
                                                                              
    "Mr. Lo"        Mr. Lo Lin Shing, Simon, the Deputy Chairman of the       
    Company, an executive Director and the beneficial owner of the            
    entire issued share capital of Wellington                                 
                                                                              
    "NWD"   New World Development Company Limited, a company                  
    incorporated in Hong Kong with limited liability, the securities          
    of which are listed on the main board of the Stock Exchange,              
    and a connected person of the Company                                     
                                                                              
    "SGM"   the special general meeting of the Company to be held to          
    approve the Master Agreements and the transactions contemplated           
    thereunder                                                                
                                                                              
    "Share(s)"      ordinary share(s) of HK$0.10 each in the share            
    capital of the Company                                                    
                                                                              
    "Shareholder(s)"        holder(s) of the Share(s)                         
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "subsidiary(ies)"       as such term defined under the Listing Rules      
                                                                              
    "substantial    has the meaning ascribed to it in the Listing Rules       
      shareholder(s)"                                                         
                                                                              
    "Waiver"        the waiver granted by the Stock Exchange on 6 August      
    1996 in relation to certain continuing connected transactions             
    (the details of which were disclosed in the Company's prospectus          
    dated 23 July 1996)                                                       
                                                                              
    "Wellington"    Wellington Equities Inc. is a substantial                 
    shareholder holding 70,616,222 Shares, representing                       
    approximately 12.1% of the issued share capital of the Company            
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "%"     per cent.                                                         
                                                                              
    By order of the Board                                                     
    WONG SHIU HOI, PETER                                                      
    Managing Director                                                         
    Hong Kong, 1 April 2005                                                   
                                                                              
    As at the date of this announcement, the Board comprises six              
    executive Directors, namely Cheng Kar Shun, Henry (Chairman),             
    Lo Lin Shing, Simon (Deputy Chairman), Doo Wai Hoi, William               
    (Deputy Chairman), Wong Shiu Hoi, Peter (Managing Director),              
    Lee Yiu Wing, William and Chan Chi On, Derek; and five                    
    non-executive Directors, namely Wong Kwok Kin, Andrew, Lam Wai            
    Hon, Patrick, Cheung Wing Yui, Edward, Ho Hau Chong, Norman and           
    To Hin Tsun, Gerald; and three independent non-executive                  
    Directors, namely Man Mo Leung, Tsui Hing Chuen, William and              
    Wei Chi Kuan, Kenny.