09:51     <04614>, <04615> & <04622> - Announcement (2)                       

                  HK$10.895          8th November, 2004(1)                    
                                     10th January, 2005(1)                    
                                     8th March, 2005(1)                       
                                     10th May, 2005(1)                        
                                     11th July, 2005                          
                                     8th September, 2005                      
                                     8th November, 2005                       
                                                                              
    (1) Investors should note that the Periodic Reference Price (cumulative   
    to date) of each of the Series A, Series B and Series C Warrants set      
    out above reflects the Periodic Reference Price in respect of this date   
    only.                                                                     
                                                                              
    (2) Investors should note that each of the Series A, Series B and         
    Series C Warrants are European style and may only be exercised on the     
    relevant Expiry Date. In respect of each of the Series A, Series B and    
    Series C Warrants, the 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 Reference Prices divided    
    by the number of Periodic Fixing Dates less (2) the Exercise Price and    
    the Exercise Expenses.                                                    
                                                                              
    Investors should note that the calculation of the Cash Settlement         
    Amount of each of the Series A, Series B and Series C 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 each of the Series A, Series B and Series C     
    Warrants will not be the same as the relevant Periodic Reference Price    
    set out above.                                                            
                                                                              
    * 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.           
                                                                              
    11th May, 2005