11:06     K. WAH INT'L<00173>K. WAH CONS<00027>-Joint Ann & Resumed-17        

    For the purpose of providing more information on Galaxy, a summary        
    of the audited consolidated income statement of Galaxy for the year       
    ended 31st December, 2004 and a summary of the audited consolidated       
    balance sheet at 31st December, 2004 prepared in accordance with          
    Hong Kong Financial Reporting Standards are set out below.                
                                                                              
    GALAXY CASINO S.A.                                                        
    Consolidated Income Statement                                             
    For the year ended 31st December, 2004                                    
                                                                              
    Note                                                                      
    2004                                                                      
                                                                              
    HK$                                                                       
                                                                              
    Revenues from gaming operations                                           
    1                                                                         
    123,776,816                                                               
                                                                              
    Other revenues (interest and fee income)                                  
    3,643,504                                                                 
                                                                              
    Administrative expenses                                                   
    (49,381,050)                                                              
                                                                              
    Other operating expenses                                                  
    (1,201,875)                                                               
                                                                              
    Operating profit                                                          
    76,837,395                                                                
                                                                              
    Finance costs                                                             
    (4,178,986)                                                               
                                                                              
    Profit before income tax                                                  
    72,658,409                                                                
                                                                              
    Income tax                                                                
    ---                                                                       
                                                                              
    Profit for the year                                                       
    72,658,409                                                                
                                                                              
    GALAXY CASINO S.A.                                                        
    Consolidated Balance Sheet                                                
    As at 31st December, 2004                                                 
                                                                              
    2004                                                                      
    HK$                                                                       
                                                                              
    Assets                                                                    
    Non-current assets                                                        
                                                                              
    Property, plant and equipment                                             
    376,749,906                                                               
                                                                              
    Intangible assets                                                         
    1,858,889                                                                 
                                                                              
    Other investments                                                         
    26,000,156                                                                
                                                                              
    Restricted bank deposits                                                  
    253,572,027                                                               
                                                                              
    658,180,978                                                               
                                                                              
    Current assets                                                            
                                                                              
    Inventories                                                               
    2,555,655                                                                 
                                                                              
    Amounts due from related parties                                          
    42,423,668                                                                
                                                                              
    Debtors and prepayments                                                   
    5,390,180                                                                 
                                                                              
    Cash and bank balances                                                    
    808,490,504                                                               
                                                                              
    858,860,007                                                               
                                                                              
    Total assets                                                              
    1,517,040,985                                                             
                                                                              
    Shareholders' equity                                                      
                                                                              
    Share capital                                                             
    194,174,757