11:10     K. WAH INT'L<00173>K. WAH CONS<00027>-Joint Ann & Resumed-28        

    ``KWIH''                                                                  
    K. Wah International Holdings Limited, an exempted company                
    incorporated in Bermuda with limited liability, the shares of             
    which are listed on the Stock Exchange;                                   
                                                                              
    ``KWIH Board''                                                            
    the board of KWIH Directors;                                              
                                                                              
    ``KWIH Bonds''                                                            
    HK$864,260,000 (initial principal amount) 0.50% Guaranteed                
    Convertible Bonds due 2009, convertible into fully-paid KWIH              
    Shares and issued by a wholly owned subsidiary of KWIH;                   
                                                                              
    ``KWIH Directors''                                                        
    the directors of KWIH;                                                    
                                                                              
    ``KWIH Group''                                                            
    KWIH and its subsidiaries;                                                
                                                                              
    ``KWIH Independent Board Committee''                                      
    an independent committee of the KWIH Board established to advise          
    KWIH Independent Shareholders on the Acquisition;                         
                                                                              
    ``KWIH Independent Shareholders''                                         
    holders of KWIH Shares other than the Trusts, the Family Companies,       
    the Lui Family, Dr. Lui, Francis Lui, Lawrence Lui, the Minority          
    Vendors and their respective ultimate beneficial owners and their         
    respective associates;                                                    
                                                                              
    ``KWIH SGM''                                                              
    the special general meeting of KWIH to be convened for the purpose        
    of approving, among other matters, the Acquisition;                       
                                                                              
    ``KWIH Shares''                                                           
    shares of HK$0.10 each in the capital of KWIH;                            
                                                                              
    ``KWIH Shareholders''                                                     
    holder(s) of KWIH Shares;                                                 
                                                                              
    ``Last Dealing Date''                                                     
    4th March, 2005, being the last trading day for the KWCM Shares           
    and the KWIH Shares prior to the suspension of dealings in KWCM           
    Shares and KWIH Shares on 7th March, 2005;                                
                                                                              
    ``Lawrence Lui''                                                          
    Lawrence Lui Yiu Nam, a son of Dr. Lui and a member of the Lui            
    Family;                                                                   
                                                                              
    ``Listing Rules''                                                         
    the Rules Governing the Listing of Securities on the Stock                
    Exchange;                                                                 
                                                                              
    ``Lui Family''                                                            
    all the sons and daughters of Dr. Lui, namely Francis Lui, Lawrence       
    Lui, Ms. Paddy Lui Wai Yu, Ms. Eileen Cheng Lui Wai Ling, and Mr.         
    Alexander Lui Yiu Wah, their respective associates and companies          
    owned by them;                                                            
                                                                              
    ``Macau''                                                                 
    Macau Special Administrative Region of the PRC;                           
                                                                              
    ``Macau DICJ''                                                            
    Direccao de Inspecco e Coordenaco de Jogos de Macau, or the Gaming        
    Inspection and Coordination Department of Macau;                          
                                                                              
    ``Minority Vendors''                                                      
    Brightwealth and Future Leader which together hold 21.9% of the           
    issued voting shares in Galaxy (representing 24.3% of the economic        
    interest in Galaxy), each of which is, as at the date of this             
    announcement, an Independent Third Party in respect of KWIH and           
    KWCM;                                                                     
                                                                              
    ``MOP''                                                                   
    Macau patacas;                                                            
                                                                              
    ``Netfinity''                                                             
    Netfinity Assets Corporation, a company incorporated in the               
    British Virgin Islands, and wholly-owned by Lawrence Lui;                 
                                                                              
    ``Option''                                                                
    the Put Option and the Call Option, as the context may indicate;          
                                                                              
    ``Option Holders''                                                        
    Kentlake and Top Notch;                                                   
                                                                              
    ``PRC'' or ``Mainland China''                                             
    The People's Republic of China, excluding Hong Kong, Macau and            
    Taiwan;