09:59     PICO FAR EAST<00752> - Announcement (8)                             

    "associate(s)"  has the meaning ascribed to it under the Listing Rules    
                                                                              
    "Caps"  the respective maximum annual aggregate value of the              
    Transactions for each of financial years of the Company ending 31         
    October 2016                                                              
                                                                              
    "Castores Magi"  Castores Magi Asia Limited, an independent               
    professional valuer providing various valuation services, including,      
    inter alia, business valuation and consultancy services to listed         
    companies in Asia-Pacific Region including Hong Kong                      
                                                                              
    "CCCIC"  Chongqing City Construction Investment Corporation               
    (*), a state-owned enterprise established in the PRC                      
                                                                              
    "Centre"  Chongqing International Convention & Exhibition Centre, which   
    is scheduled to open in Chongqing city in the last quarter of 2005        
                                                                              
    "Chongqing Nanping"  Chongqing Nanping Convention And Exhibition Center   
    Management Co. Ltd. (*), a sino-foreign joint venture                     
    established in the PRC, which is owned as to 30% by CCCIC and 70% by      
    Pico AsiaPacific                                                          
                                                                              
    "Company"  Pico Far East Holdings Limited, a company incorporated in      
    the Cayman Islands with limited liability, the shares of which are        
    listed on the Stock Exchange                                              
                                                                              
    "connected person(s)"  has the meaning ascribed to it under the Listing   
    Rules                                                                     
                                                                              
    "Directors"  the directors of the Company                                 
                                                                              
    "EGM"  the extraordinary general meeting to be convened and held by the   
    Company to seek approval from the Independent Shareholders in respect     
    of the entering into of the Management Agreement                          
                                                                              
    "EYCFL"  Ernst and Young Corporate Finance Limited, a licensed            
    corporation under the Securities and Futures Ordinance to carry out       
    Types 1 and 6 regulated activities, being the financial adviser to the    
    Company in respect of the Transactions                                    
                                                                              
    "Group"  the Company and its subsidiaries                                 
                                                                              
    "HKCEC Extension"  the new phase of the Hong Kong Convention and          
    Exhibition Centre located in Hong Kong                                    
                                                                              
    "IFA"  Tanrich Capital Limited, a licensed corporation under the          
    Securities and Futures Ordinance to carry out Type 1 and Type 6           
    regulated activities, being the independent financial adviser appointed   
    by the Company pursuant to Rule 14A.35(1) of the Listing Rules            
                                                                              
    "Independent Shareholders"  the Shareholders excluding CCCIC and its      
    associates if any of them hold any shares in the Company                  
                                                                              
    "Listing Rules"  the Rules Governing the Listing of Securities on the     
    Stock Exchange                                                            
                                                                              
    "Management Agreement"  the management agreement proposed to be entered   
    into between Chongqing Nanping and CCCIC                                  
                                                                              
    "Percentage Ratios"  the appreciable percentage ratios under Rule 14.07   
    of the Listing Rules                                                      
                                                                              
    "Pico AsiaPacific"  Pico AsiaPacific Link Co. Ltd, a wholly-owned         
    subsidiary of the Company                                                 
                                                                              
    "PRC"  the People's Republic of China                                     
                                                                              
    "RMB"  Renminbi, the legal currency in the PRC                            
                                                                              
    "Share(s)"  share(s) of HK$0.1 each in the share capital of the Company   
                                                                              
    "Shareholder(s)"  holder(s) of the Share(s)                               
                                                                              
    "Sinking Fund"  an annual fee payable to CCCIC charged at a               
    pre-determined fixed percentage of the annual total operation income of   
    the Centre under the Management Agreement                                 
                                                                              
    "Stock Exchange"  The Stock Exchange of Hong Kong Limited                 
                                                                              
    "TDC"  the Hong Kong Trade Development Council                            
                                                                              
    "Transactions"  the transactions contemplated under the Management        
    Agreement