11:07     K. WAH INT'L<00173>K. WAH CONS<00027>-Joint Ann & Resumed-18        

    Accumulated loss                                                          
    (96,768,129)                                                              
                                                                              
    Total equity                                                              
    97,406,628                                                                
                                                                              
    Liabilities                                                               
    Non-current liabilities                                                   
                                                                              
    Loan from immediate holding company                                       
    195,008,967                                                               
                                                                              
    Obligations under finance leases                                          
    308,880                                                                   
                                                                              
    195,317,847                                                               
                                                                              
    Current liabilities                                                       
                                                                              
    Amounts due to related parties                                            
    82,009,988                                                                
                                                                              
    Creditors and accruals                                                    
    825,087,948                                                               
                                                                              
    Short-term borrowings                                                     
    317,000,000                                                               
                                                                              
    Current portion of obligations under finance leases                       
    218,574                                                                   
                                                                              
    1,224,316,510                                                             
                                                                              
    Total liabilities                                                         
    1,419,634,357                                                             
                                                                              
    Total equity and liabilities                                              
    1,517,040,985                                                             
                                                                              
    Note 1: Revenues from gaming operations.                                  
                                                                              
    2004                                                                      
    HK$                                                                       
                                                                              
    Net gaming wins                                                           
    2,994,558,701                                                             
                                                                              
    Interest income                                                           
    143,517                                                                   
                                                                              
    Less                                                                      
    Special gaming tax and funds to the Macau government                      
    (1,170,617,796)                                                           
                                                                              
    Commission and allowances                                                 
    (1,173,607,961)                                                           
                                                                              
    Net entitlements of the Service Providers*                                
    (367,501,321)                                                             
                                                                              
    Depreciation and amortisation                                             
    (3,513,523)                                                               
                                                                              
    Administrative and others                                                 
    (155,684,801)                                                             
                                                                              
    Revenues from gaming operations                                           
    123,776,816                                                               
                                                                              
    * Note: Represents marketing and promotional expenses for the             
    provision of a steady flow of customers to its first city club            
    casino.                                                                   
                                                                              
    D.   Directors and Management of KWCM                                     
                                                                              
    It is not intended there will be any change in the executive or           
    non-executive directors or the management of KWCM as a result of          
    Completion but KWCM may consider inviting certain directors or            
    senior managers of Galaxy to join the KWCM Board.