09:40     SHANGHAI ELECTRIC GROUP COMPANY LIMITED<02727> - Ann. (3)           

    Public Offering" under the section in the Prospectus                      
    entitled "Structure of the Global Offering".                              
                                                                              
    Acceptance of all applications for the H Shares                           
    pursuant to the Hong Kong Public Offering is                              
    conditional on the conditions as stated in the section                    
    entitled "How to apply for Shares in the Hong Kong                        
    Public Offering" in the Prospectus. The Offer Price                       
    is expected to be fixed by agreement between CSFB,                        
    on behalf of the Underwriters, the Company and the                        
    Selling Shareholders on or around Friday, April 22,                       
    2005 and, in any event, not later than Monday, April                      
    25, 2005. Investors applying for H Shares under the                       
    Hong Kong Public Offering must pay, on application,                       
    the maximum offer price of HK$1.76 for each H Share                       
    together with a brokerage of 1%, SFC transaction levy                     
    of 0.005%, investor compensation levy of 0.002% and                       
    Stock Exchange trading fee of 0.005%. CSFB, on behalf                     
    of the Underwriters, may with the consent of the                          
    Company and the Selling Shareholders, reduce the                          
    number of Offer Shares and/or the indicative offer                        
    price range below that stated in the Prospectus (which                    
    is HK$1.50 to HK$1.76 per H Share) at any time on or                      
    prior to the morning of the last day for lodging                          
    applications under the Hong Kong Public Offering. In                      
    such a case, notices of the reduction in number of                        
    Offer Shares and/or the indicative offer price range                      
    will be published in the South China Morning Post (in                     
    English) and the Hong Kong Economic Times (in Chinese)                    
    not later than the morning of the day which is the                        
    last day for lodging applications under the Hong Kong                     
    Public Offering. If applications for the Hong Kong                        
    Offer Shares have been submitted prior to the day                         
    which is the last day for lodging applications under                      
    the Hong Kong Public Offering, then even if the number                    
    of Offer Shares and/or the Offer Price range is so                        
    reduced, such applications cannot be subsequently                         
    withdrawn. If, for any reason, the Offer Price is not                     
    agreed between the Company, the Selling Shareholders                      
    and CSFB, the Global Offering (including the Hong Kong                    
    Public Offering) will not proceed.                                        
                                                                              
    If the Global Offering does not become unconditional,                     
    all application monies received from applicants under                     
    the Hong Kong Public Offering will be refunded,                           
    without interest, on the terms set out under the                          
    paragraph headed "Refund of Your Money" in the section                    
    entitled "How to apply for Shares in the Hong Kong                        
    Public Offering" in the Prospectus. Refund will be                        
    made in respect of wholly or partially successful                         
    applications in the event that the final Offer Price                      
    is less than the offer price per H Share initially                        
    paid and in respect of wholly or partially                                
    unsuccessful applications. Refund monies (if any) for                     
    applicants applying by giving electronic application                      
    instructions to HKSCC is expected to be credited to                       
    the designated bank accounts of the relevant CCASS                        
    Participants on Wednesday, April 27, 2005. Applicants                     
    for 1,000,000 H Shares or more and who have elected                       
    on their Application Forms to collect their refund                        
    cheques and/or H Share certificates (as relevant) in                      
    person may do so from the Company's H Share Registrar,                    
    Computershare Hong Kong Investor Services Limited,                        
    Rooms 1712-1716, 17th Floor, Hopewell Centre, 183                         
    Queen's Road East, Wan Chai, Hong Kong from 9:00 a.m.                     
    to 1:00 p.m. on Wednesday, April 27, 2005. Applicants                     
    being individuals must not authorize any other person                     
    to make collection on their behalf. You must show                         
    identification documents (which must be acceptable                        
    to Computershare Hong Kong Investor Services Limited)