10:53     <03667>, <03652> & <03666> - Announcement (2)                       

    For Stock code 3667, every Exercise Amount will entitle the holder on     
    exercise thereof to receive from the Issuer a cash amount (if             
    positive) (the "Cash Settlement Amount") payable in Hong Kong dollars     
    equal to the Entitlement multiplied by (i) the average of the closing     
    prices of, subject to adjustment, the underlying Share (as derived        
    from the Daily Quotation Sheet of the Stock Exchange subject to any       
    adjustments as may be necessary) for the five business days               
    immediately preceding the Expiry Date less (ii) the Exercise Price.       
                                                                              
    For Stock codes 3652 & 3666, every Exercise Amount will entitle the       
    holder on exercise thereof to receive from the Issuer a cash amount       
    payable in Hong Kong dollars equal to the Entitlement multiplied by       
    (i) the Exercise Price less (ii) the average of the closing prices of,    
    subject to adjustment, the underlying Share (as derived from the Daily    
    Quotation Sheet of the Stock Exchange subject to any adjustments as       
    may be necessary) for the five business days immediately preceding the    
    Expiry Date.                                                              
                                                                              
    The aggregate Cash Settlement Amount (less any Exercise Expenses) for     
    each warrant issue, shall be despatched no later than three Business      
    Days following the Expiry Date by way of cheque drawn in favour of the    
    Warrantholder.                                                            
                                                                              
    If, on the Expiry Date, the Cash Settlement Amount is positive, the       
    Warrants will be automatically exercised (without any exercise notice     
    being required to be delivered by the holders of the Warrants).           
                                                                              
    If the Cash Settlement Amount is a sum less than or equal to zero, all    
    Warrants shall be deemed to have expired at 10:00 a.m. (Hong Kong         
    time) on the Expiry Date and the Warrantholders shall not be entitled     
    to receive any payment from the Issuer in respect of such Warrants.       
                                                                              
    The Issuer has made the following arrangements regarding dealings in      
    and transfers and exercise of the Warrants:-                              
                                                                              
    1.      Warrantholders should not be required to lodge any exercise       
    notice if the Cash Settlement Amount is positive as the Warrants shall    
    be automatically exercised.                                               
                                                                              
    2.    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  Expiry Date.                                                      
                                                                              
    25 May 2005     SGA Societe Generale Acceptance N.V.