09:49     <04547>, <04584> & <04588> - Announcement (2)                       

    The Warrants are European Style and exercisable only on the relevant      
    Expiry Date. In respect of each series, every Exercise Amount will        
    entitle the holder to receive from the Issuer a payment of an amount in   
    Hong Kong dollars calculated by the Issuer (the "Cash Settlement          
    Amount") as follows.                                                      
                                                                              
    In respect of Stock Codes 4547 and 4584, the Cash Settlement Amount is    
    equal to (1) the Entitlement (as defined in the terms and conditions of   
    the relevant series) (subject to adjustment) multiplied by (i) the        
    arithmetic mean of the closing price of the relevant Shares (as derived   
    from the Daily Quotation Sheet of the Stock Exchange, subject to          
    adjustment) for each Valuation Date (being each of the five Business      
    Days (as defined in the terms and conditions of the relevant series))     
    immediately preceding the Expiry Date less (ii) the relevant Exercise     
    Price (subject to adjustment); less (2) the Exercise Expenses (as         
    defined in the terms and conditions of the relevant series).              
                                                                              
    In respect of Stock Code 4588, the Cash Settlement Amount is equal to     
    (1) the Entitlement (as defined in the terms and conditions of Stock      
    Code 4588) (subject to adjustment) multiplied by (i) the relevant         
    Exercise Price (subject to adjustment) less (ii) the arithmetic mean of   
    the closing price of the relevant Shares (as derived from the Daily       
    Quotation Sheet of the Stock Exchange, subject to adjustment) for each    
    Valuation Date (being each of the five Business Days (as defined in the   
    terms and conditions of Stock Code 4588)) immediately preceding the       
    Expiry Date; less (2) the Exercise Expenses (as defined in the terms      
    and conditions of Stock Code 4588).                                       
                                                                              
    If, on the relevant Expiry Date, the relevant Cash Settlement Amount is   
    greater than zero, the relevant Warrants will be automatically            
    exercised (without any notice being given by the holders of the           
    Warrants) and the Issuer will pay to the holders the relevant Cash        
    Settlement Amount calculated as described above. If the relevant Cash     
    Settlement Amount is less than or equal to zero, a holder of the          
    relevant Warrants will lose the value of his investment in such           
    Warrants.                                                                 
                                                                              
    The relevant Cash Settlement Amount (if any) 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     
    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      
    holders of Warrants 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"). Holders of         
    Warrants who have not registered such Warrants in their names and wish    
    to exercise the Warrants should lodge with the Registrar at Rooms         
    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 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 holders of Warrants 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.                                              
                                                                              
    Hong Kong, 7th April, 2005