10:02     <09018>, <09885>,<09889>, <09892> & <09893> - Ann. (2)              

                                                           September          
                                                           8,                 
                                                           2005               
                                                                              
                                                                              
                                                                              
    Locked-In Return Warrants                                                 
    # Investors should note that the Perodic Cash Settlement Amount           
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Cash Settlement Amount(s) in respect of these dates          
    only.                                                                     
                                                                              
    ## Investors should note that the Warrants are European style             
    and may only be exercised on the relevant Expiry Date. Each Exercise      
    Amount will entitle the holder on exercise thereof to receive from        
    the Issuer a payment of an amount in Hong Kong dollars calculated by      
    the Issuer (the `Cash Settlement Amount') equal to (1) the sum of the     
    Periodic Cash Settlement Amount(s) divided by the number of Periodic      
    Fixing Dates less (2) the Exercise Expenses.                              
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Cash Settlement     
    Amount at each Periodic Fixing Date. The Cash Settlement Amount of        
    the Warrants will unlikely be the same as the relevant Periodic Cash      
    Settlement Amount set out above.                                          
                                                                              
    Average Return Warrants                                                   
    # Investors should note that the Periodic Reference Price(s)              
    (cumulative to date) of the Warrants set out above reflect the sum of     
    the Periodic Reference Price(s) in respect of these dates only.           
                                                                              
    ## Investors should note that the Warrants are European style             
    and may only be exercised on the relevant Expiry Date. In respect of      
    each issue of Warrants, each Exercise Amount will entitle the holder      
    on exercise thereof to receive from the Issuer the Cash Settlement        
    Amount equal to (1) the sum of the Periodic Reference Prices divided      
    by the number of Periodic Fixing Dates less (2) the Exercise Price        
    and the Exercise Expenses (as defined in the terms and conditions of      
    the Warrants). For the avoidance of doubt, if the Cash Settlement         
    Amount is a negative figure, it shall be deemed to be zero.               
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of the Warrants take into account the Periodic Reference Price     
    at each Periodic Fixing Date. The average of all the Periodic             
    Reference Prices is then compared with the Exercise Price before the      
    Cash Settlement Amount is determined. The Cash Settlement Amount of       
    the Warrants will not be the same as the relevant Periodic Reference      
    Price set out above.                                                      
                                                                              
    *Investors should also note that the description `Locked-In Return'       
    refers to the calculation of the return on the Warrants only; there       
    is no guaranteed return on the Warrants where the arithmetic mean of      
    the closing price of the Shares on the five Valuation Dates in            
    respect of each Periodic Fixing Date is less than the Exercise Price.     
    Please refer to the Conditions of the Warrants set out in the             
    relevant Supplemental Listing Document.                                   
                                                                              
    ** Investors should note that the description `Average Return'            
    refers to the calculation of the return on the Warrants only; the         
    return of the Average Return Call Warrants is calculated by reference     
    to the average of the Periodic Reference Prices, that is, by              
    reference to the sum of the Periodic Reference Prices divided by the      
    number of the Periodic Fixing Dates; if on the Expiry Date, the           
    average of the Periodic Reference Prices is less than the Exercise        
    Price, the Warrantholders will not receive any payment from the           
    Issuer and will sustain a total loss of their investment. Please          
    refer to the Conditions of the Warrants set out in the relevant           
    Supplemental Listing Document.                                            
                                                                              
    Hong Kong, May 10, 2005