09:18     <03581>,<03582>,<03579>,<03514> & <03566> - Announcement (2)        

    1. In the case of Stock Codes 3579, 3514 and 3566, (1) the Entitlement    
    (subject to any adjustment) multiplied by (i) the arithmetic mean of      
    the closing price of one Share (as derived from the Daily Quotation       
    Sheet of the Stock Exchange (subject to any adjustments)) for each        
    Valuation Date (being each of the five Business Days (as defined in       
    the terms and conditions of the Warrants) immediately preceding the       
    relevant Expiry Date) less (ii) the relevant Exercise Price; less (2)     
    the Exercise Expenses (as defined in the terms and conditions of the      
    Warrants).                                                                
                                                                              
    2. In the case of Stock Codes 3581 and 3582, the excess of the relevant   
    Strike Level over the Closing Level (being the average of the             
    quotations for the relevant Index recorded at the end of every            
    five-minute interval on the Expiry Date, as more fully described in       
    the terms and conditions of the Warrants) on the Valuation Date (as       
    defined in the terms and conditions of the Warrants), multiplied by       
    HK$1.00, further multiplied by 10,000 and divided by 5,000 (in the        
    case of Stock Code 3581), or divided by 6,200 (in the case of Stock       
    Code 3582), less the Exercise Expenses (as defined in the terms and       
    conditions of the Warrants).                                              
                                                                              
    If, on the relevant Expiry Date, the relevant Cash Settlement             
    Amount is greater than zero, then the relevant Warrants will be           
    deemed automatically exercised by each Warrantholder. If the relevant     
    Cash Settlement Amount is less than or equal to zero on the relevant      
    Expiry Date, the Warrantholder will lose the value of his investment.     
                                                                              
                                                                              
    The aggregate Cash Settlement Amount (less any Exercise Expenses),        
    shall be despatched no later than three Business Days following the       
    relevant Expiry Date, by way of cheque, drawn in favour of the            
    Warrantholder (or in the case of joint Warrantholders, the                
    first-named Warrantholder) appearing in the relevant register kept by     
    the Registrar (as defined below).                                         
                                                                              
    Application will be made for the listing of the Warrants on the           
    Stock Exchange to be withdrawn with effect from the close of business     
    on the relevant Expiry Date.                                              
                                                                              
    Hong Kong, 19th May, 2005