11:03     K. WAH INT'L<00173>K. WAH CONS<00027>-Joint Ann & Resumed-9         

    2001                                                                      
    2002                                                                      
    2003                                                                      
    2004                                                                      
                                                                              
    Location                                                                  
    Gaming revenue (bn)                                                       
    Gaming revenue (bn)                                                       
    Growth rate (%)                                                           
    Gaming revenue (bn)                                                       
    Growth rate (%)                                                           
    Gaming revenue (bn)                                                       
    Growth rate (%)                                                           
                                                                              
    Las Vegas Strip                                                           
    US$4.70 (approx. HK$36.7)                                                 
    US$4.65 (approx. HK$36.3)                                                 
    (1.1)                                                                     
    US$4.76 (approx. HK$37.2)                                                 
    2.4                                                                       
    US$5.33 (approx. HK$41.6)                                                 
    12.1                                                                      
                                                                              
    Atlantic City                                                             
    US$4.30 (approx. HK$33.6)                                                 
    US$4.38 (approx. HK$34.2)                                                 
    1.9                                                                       
    US$4.49 (approx. HK$35.0)                                                 
    2.5                                                                       
    US$4.81 (approx. HK$37.6)                                                 
    7.1                                                                       
                                                                              
    Macau                                                                     
    US$2.25 (approx. HK$17.6)                                                 
    US$2.68 (approx. HK$20.9)                                                 
    19.0                                                                      
    US$3.47 (approx. HK$27.1)                                                 
    29.3                                                                      
    US$5.00 (approx. HK$39.0)                                                 
    44.3                                                                      
                                                                              
    Sources: Nevada Gaming Control Board, New Jersey Casino Control           
    Commission, Macau DICJ                                                    
                                                                              
    According to the Macau Statistics and Census Service, total gaming        
    revenue (from games of fortune) for the first two months of 2005          
    was US$831 million (approximately HK$6.5 billion). This compares          
    with US$947 million (approximately HK$7.4 billion) and US$753             
    million (approximately HK$5.9 billion) for the same period in Las         
    Vegas Strip and Atlantic City, respectively.                              
                                                                              
    One common measure of business performance in casinos is the              
    ``daily win per table'', which gauges how much a casino makes from        
    each table, be it through baccarat, blackjack, roulette or other          
    games. In Las Vegas Strip and Atlantic City, the average daily win        
    per table in 2004 were both around US$2,400 (approximately                
    HK$18,720) (according to the Nevada Gaming Control Board and New          
    Jersey Casino Control Commission). In Macau, the daily average was        
    more than US$18,000 (approximately HK$140,400) in 2004 (according         
    to the Macau DICJ).                                                       
                                                                              
    Tourists travelling to Macau generally come from nearby Asian             
    countries and regions, such as Mainland China, Hong Kong, Taiwan,         
    South Korea and Japan. The KWCM Board agrees with Galaxy's belief         
    that Macau is located amidst one of the world's largest pools of          
    potential tourists. Macau is today one of the largest and fastest         
    growing gaming markets in the world. Macau has the advantage of           
    sharing a border with Mainland China's Guangdong province, which          
    has approximately 100 million residents and is one of the most            
    populous and prosperous regions of Mainland China. Approximately          
    16.7 million visitors arrived in Macau during 2004, an increase           
    of approximately 40% from 2003, according to the Macau Statistics         
    and Census Service. Of the 16.7 million visitors that arrived in          
    Macau in 2004, more than 57% came from Mainland China and over 30%        
    from Hong Kong.                                                           
                                                                              
    At the end of February 2005, in addition to 3 slot clubs operated         
    by SJM, there were 17 casinos in Macau. SJM currently operates 15         
    of the facilities. Galaxy Casino at Waldo Hotel, the first of             
    Galaxy's city club casinos, commenced operations in July 2004.            
    Another operator currently operates the Sands Macau, which                
    commenced operation in May 2004.