11:01     K. WAH INT'L<00173>K. WAH CONS<00027>-Joint Ann & Resumed-6         

    Supplemental Agreement                                                    
                                                                              
    On 29th March, 2005, Hugo Legend, which was one of the parties to         
    the Acquisition Agreement entered into an agreement to sell its           
    entire equity interest in Galaxy to Future Leader. The sole               
    beneficial owner of Future Leader is Mr. Pedro Ho. On 30th March,         
    2005, Mr. Pedro Ho entered into an agreement to sell his entire           
    interest in Hugo Legend to Honour Link Group Limited and this sale        
    was completed on 12th April, 2005. The sole beneficial owner of           
    Honour Link Group Limited is Mr. Suen Suk Hing who is an Independent      
    Third Party.                                                              
                                                                              
    As a result, Hugo Legend, a party to the Acquisition Agreement,           
    and the other parties to the Acquisition Agreement signed a               
    conditional Supplemental Agreement on 1st April, 2005 pursuant to         
    which it was noted that Hugo Legend had agreed to sell to Future          
    Leader all Galaxy B Shares it previously held as at the date the          
    Acquisition Agreement was first signed. At the date of the                
    Supplemental Agreement, Mr. Pedro Ho owned 100% of Hugo Legend and        
    100% of Future Leader.                                                    
                                                                              
    Upon completion of the transfer of Galaxy B Shares to Future Leader       
    which is expected to take place shortly, the Supplemental                 
    Agreement will become effective. Hugo Legend will at that time be         
    released from its obligations under the Acquisition Agreement and         
    ceased to be a party to the Acquisition Agreement. The transfer           
    of the aforesaid Galaxy B Shares is subject to Macau governmental         
    approval, which is expected to be obtained shortly. Future Leader         
    will sell all of its Galaxy B Shares (including those to be               
    transferred to it by Hugo Legend) to Canton Treasure on the terms         
    of the Acquisition Agreement.                                             
                                                                              
    Information below in this announcement has been presented on the          
    basis that the Supplemental Agreement has become effective.               
                                                                              
    The table below shows the percentage of the Galaxy Equity Interest        
    to be sold by each Vendor and the consideration receivable by it          
    under the Acquisition Agreement:                                          
                                                                              
    Name of Vendor                                                            
                                                                              
    % of Galaxy Equity Interest                                               
                                                                              
    Consideration KWCM Shares                                                 
                                                                              
    Cash or FRNs                                                              
    (HK$)                                                                     
                                                                              
    City Lion                                                                 
    63.05                                                                     
    1,160,449,206                                                             
    2,320,898,413                                                             
                                                                              
    Netfinity                                                                 
    7.00                                                                      
    161,066,521                                                               
    0                                                                         
                                                                              
    Recurrent Profits                                                         
    5.11                                                                      
    111,138,039                                                               
    50,906,654                                                                
                                                                              
    Brightwealth                                                              
    17.69                                                                     
    325,615,622                                                               
    651,231,245                                                               
                                                                              
    Future Leader                                                             
    7.15                                                                      
    82,250,410                                                                
    658,003,291                                                               
                                                                              
    Total                                                                     
    100                                                                       
    1,840,519,798                                                             
    3,681,039,603                                                             
                                                                              
    B.   The FRNs                                                             
                                                                              
    Assuming KWCM does not pay fully in cash that part of the Purchase        
    Price which it has the discretion to pay by issue of FRNs and/or          
    in cash, the FRNs will be issued by KWCM on Completion. They will         
    not be convertible. They will contain terms to the effect of those        
    set out below.                                                            
                                                                              
    Principal amount:                                                         
    up to HK$3,681,039,603