09:48     <03569><03593><04445><04682><04683> - Announcement (2)              

    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 Code 3593, (1) the Entitlement (subject to any       
    adjustment) multiplied by (i) the relevant Exercise Price less (ii)       
    the arithmetic mean of the closing price of one Share (as derived         
    from the Daily Quotation Sheet of the Stock Exchange (subject to any      
    adjustment)) for each Valuation Date (being each of the five Business     
    Days (as defined in the terms and conditions of the Warrants)             
    immediately preceding the Expiry Date); less (2) 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    Stock Exchange to be withdrawn with effect from the close of business     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, 23rd May, 2005