CITIC Limited — AGM Information 2004

Apr 27, 2004

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this document, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss arising from or in reliance upon the whole or any part of the contents of this document.

香港聯合交易所有限公司對本文件之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因 本文件全部或任何部份內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。

CITIC Pacific Ltd

中信泰富有限公司

Registered Office

32nd Floor, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong

註冊辦事處

香港中環添美道一號中信大廈三十二樓

Board of Directors

董事

Board of Directors		董事
Larry Yung Chi Kin	Chairman	榮智健	主席
Henry Fan Hung Ling	Managing Director	范鴻齡	董事總經理
Vernon Francis Moore	Deputy Managing Director	莫偉龍	副董事總經理
Peter Lee Chung Hing	Deputy Managing Director	李松興	副董事總經理
Norman Yuen Kee Tong	Deputy Managing Director	阮紀堂	副董事總經理
Yao Jinrong	Executive Director	姚進榮	執行董事
Chang Zhenming	Executive Director	常振明	執行董事
Li Shilin	Executive Director	李士林	執行董事
Carl Yung Ming Jie	Executive Director	榮明杰	執行董事
Liu Jifu	Executive Director	劉基輔	執行董事
Willie Chang*		張偉立*
Hamilton Ho Hau Hay**		何厚浠**
Alexander Reid Hamilton**		韓武敦**
Hansen Loh Chung Hon**		陸鍾漢**
Norman Ho Hau Chong**		何厚鏘**
André Desmarais*		德馬雷*

**Independent non-executive Directors

* Non-executive Directors

• * 獨立非執行董事 非執行董事

1

說明函件及備忘錄

EXPLANATORY STATEMENT AND MEMORANDUM

To the Shareholders

Dear Sir/Madam:

Explanatory Statement and Memorandum in relation to the Buyback Mandate (as hereinafter defined)

This is an explanatory statement and memorandum of the terms of the proposed repurchases given to all the shareholders of the Company relating to a resolution to approve the Company repurchasing its own shares (“Buyback Mandate”) to be proposed at the annual general meeting of the Company to be held on 10 May 2004.

This explanatory statement contains the information required under rule 10.06(1)(b) of the Rules governing the Listing of Securities (“Listing Rules”) on The Stock Exchange of Hong Kong Limited (“Stock Exchange”). Its purpose is to provide shareholders with all the information reasonably necessary for them to make an informed decision as to whether or not to vote in favour of the resolution approving the Buyback Mandate and it also forms the memorandum of the terms of the proposed repurchases given under Section 49BA(3)(b) of the Companies Ordinance.

i. SHARE CAPITAL

As at 18 March 2004, being the latest practicable date prior to the printing of this document, the issued share capital of the Company was 2,190,110,160 shares of HK$0.40 each (“Shares”).

Subject to the passing of the resolution approving the Buyback Mandate and on the basis that no further Shares are issued or repurchased prior to the annual general meeting, the Company would be allowed under the Buyback Mandate to repurchase 219,011,016 Shares.

ii. SHAREHOLDER APPROVAL/TRADING RESTRICTIONS The Listing Rules provide that all proposed repurchases of securities by a company with a primary listing on the Stock Exchange must be approved in advance by an ordinary resolution, either by way of a general mandate or by a specific approval of a particular transaction. iii. REASONS FOR REPURCHASES

The Directors believe that it is in the best interests of the Company and the shareholders to seek a general authority from shareholders to enable the Directors to repurchase the Shares of the Company on the market. Repurchases of Shares will only be made when the Directors believe that such a repurchase will benefit the Company and its shareholders. Such repurchases

敬啟者：

有關購回授權（定義見本文）之說明函件及 備忘錄

此乃關於一項本公司將於二零零四年五月 十日舉行之股東週年大會上提呈批准本公 司購回其本身股份（「購回授權」）之決議案 而向所有本公司股東發出之購回建議條款 之說明函件及備忘錄。

本說明函件載有香港聯合交易所有限公 司（「聯交所」）證券上市規則（「上市規 則」）第10.06(1)(b)條所要求之資料。本函件 旨在向股東提供一切必須之資料，使彼等可 在瞭解情況後決定是否投票贊成批准購回 授權之決議案，同時亦構成根據公司條例第 49BA(3)(b)條提出購回建議條款之備忘錄。

i. 股本

於二零零四年三月十八日（本文件付印前之 最後實際可行日期），本公司之已發行股本 為每股面值港幣0.40元之股份（「股份」） 2,190,110,160股。

倘批准購回授權之決議案獲得通過，同時 在股東週年大會前不再發行或購回股份，則 本公司根據購回授權將獲准購回 219,011,016股股份。

ii. 股東批准／買賣限制

上市規則規定，於聯交所作第一上市之公司 購回證券之一切建議必須事先以普通決議 案（以一般授權或特別批准一項特殊交易之 方式）批准。

iii. 購回之理由

董事會認為向股東尋求一般授權，使董事會 可於市場購回本公司之股份，乃符合本公司 及股東之最佳利益。購回股份只在董事會認 為該項購回有利於本公司及其股東之情況 下方會進行。該等購回可（視乎當時之市場

2

may, depending on market conditions and funding arrangements at the time, lead to an enhancement of the value of the net assets and/or earnings and/or dividend per share.

iv. FUNDING OF REPURCHASES

Repurchases must be funded out of the funds legally available for the purpose in accordance with Hong Kong law, being profits available for distribution and the proceeds of a fresh issue of shares made for the purpose of the repurchases. It is envisaged that the funds required for any repurchase would be derived from profits available for distribution.

The Directors do not propose to exercise the Buyback Mandate to such an extent as would, in the circumstances, have a material adverse effect on the working capital requirements of the Company or the gearing levels which in the opinion of the Directors are from time to time appropriate for the Company. However, there might be an adverse impact on the working capital or gearing position of the Company (as compared with the position disclosed in the audited financial statements as at 31 December 2003) in the event that the Buyback Mandate was exercised in full.

v. SHARE PRICES

The highest and lowest prices at which the Shares were traded on the Stock Exchange during each of the previous 12 months from 1 March 2003 to 29 February 2004 were as follows:

情況及提供資金之安排）導致每股資產淨值 及/或盈利及/或股息之增加。

iv. 提供購回證券所需之資金

購回所需之資金必須根據香港法例從合法 作此用途之款項中撥出，即為可供分派之溢 利及就購回而新發行股份所得之收益。預期 任何購回所需之資金均來自可供分派之溢 利。

倘行使購回授權對本公司之營運資金需 求或董事會不時認為適合本公司之資本負 債水平構成重大不利影響，董事會在此情況 下不擬行使購回授權。然而，倘購回授權獲 全面行使，則可能對本公司之營運資金或資 本負債狀況（與二零零三年十二月三十一日 經審核財務報告所披露之狀況比較）構成不 利影響。

v. 股價

股份由二零零三年三月一日至二零零四年 二月二十九日止之過去十二個月內每個月 份在聯交所買賣之最高及最低價如下：

Shares 股份

	_Shares_股份
	_Highest $_最高（元） _Lowest $_最低（元）
2003 March 16.65 15.10 二零零三年 三月 April 16.20 12.65 四月 May 14.70 13.00 五月 June 15.30 14.20 六月 July 15.10 14.10 七月 August 17.05 14.50 八月 September 17.05 15.40 九月 October 18.50 15.95 十月 November 18.45 17.15 十一月 December 20.00 17.55 十二月 2004 January 23.00 20.00 二零零四年 一月 February 24.45 20.60 二月

3

EXPLANATORY STATEMENT AND MEMORANDUM

說明函件及備忘錄

vi. GENERAL

None of the Directors, or to the best of their knowledge, having made all reasonable enquiries, their associates, have any present intention if the Buyback Mandate is exercised to sell any Shares to the Company or its subsidiaries.

The Directors have undertaken to the Stock Exchange that they will exercise the power of the Company to make repurchases pursuant to the Buyback Mandate in accordance with the Listing Rules and the laws of Hong Kong.

If as the result of a repurchase of shares a shareholder’s proportionate interest in the voting rights of the Company increases, such increase will be treated as an acquisition for purposes of the Hong Kong Code on Takeovers and Mergers and Share Repurchases (“Takeover Code”). As a result, a shareholder, or group of shareholders acting in concert depending on the level of increase of shareholders’ interest, could obtain or consolidate control of the Company and become obliged to make a mandatory offer in accordance with Rule 26 of the Takeover Code. As at 18 March 2004, the latest practicable date prior to the printing of this document, CITIC Hong Kong (Holdings) Limited (“CITIC HK”) together with its directors as parties acting in concert held approximately 49% of the issued share capital of the Company. In the event of full exercise of the Buyback Mandate and the maintenance by CITIC HK and its concert parties of their present shareholding, the percentage of the issued share capital of the Company held by CITIC HK and parties acting in concert would increase by more than 5%. An obligation to make a general offer to shareholders under Rules 26 and 32 of the Takeover Code may accordingly arise. The Directors have no present intention to exercise the Buyback Mandate to such an extent as would result in such takeover obligation arising. CITIC HK is a wholly owned subsidiary of CITIC Group (“CITIC Beijing”) and thus both CITIC HK and CITIC Beijing are substantial shareholders of the Company.

vi. 一般事項

各董事或（在作出一切合理之查詢後就彼等 所知）彼等之聯繫人士現時無意（倘購回授 權獲行使）向本公司或其附屬公司出售任何 股份。

董事會已向聯交所作出承諾，彼等將根據 上市規則及香港法例按照購回授權行使本 公司之權力購回股份。

倘購回股份導致股東於本公司擁有之投 票權比例增加，就香港公司收購、合併及股 份購回守則（「收購守則」）而言，此增加將 被視為一項收購。因此，一名股東或一群一 致行動之股東（視乎股東權益增加之水平） 可取得或合併對本公司之控制，並根據收購 守則第26條須提出強制性之收購。截至二零 零四年三月十八日止（本文件付印前之最後 實際可行日期），中信（香港集團）有限公司 （「中信香港」）連同其董事（作為與中信香 港一致行動人士）合共持有本公司已發行股 份約49%。若全面行使購回授權，及中信香 港及其一致行動人士之現有股權維持不變， 則中信香港及與其一致行動之人士所持之 股份佔本公司之已發行股本之比率將增加 超過5%，因此可能須要根據收購守則第26 及32條向股東提出全面收購。董事會現不擬 行使該購回授權至產生上述收購責任之程 度。中信香港為中國中信集團公司（「中信北 京」）之全資附屬公司，故中信香港及中信北 京均為本公司之主要股東。

4

There have been no repurchases of any securities of the Company made in the previous six months (whether on the Stock Exchange or otherwise).

The Listing Rules prohibit the Company from knowingly repurchasing Shares of the Company on the Stock Exchange from a “connected person” (as defined in the Listing Rules) and a connected person is prohibited from knowingly selling his/her Shares to the Company.

No connected persons (as defined in the Listing Rules) of the Company have notified the Company that they have a present intention to sell Shares to the Company, or have undertaken not to do so, in the event that the Company is authorized to make repurchases of Shares.

過去六個月，本公司概無購回其任何證券 （包括在聯交所或以其他形式）。

上市規則禁止本公司故意在聯交所向「關 連人士」（定義見上市規則）購回本公司之 股份，而關連人士亦禁止故意向本公司出售 其股份。

概無本公司之關連人士（定義見上市規 則）已知會本公司，表示彼等現時有意在本 公司獲授權購回股份之情況下向本公司出 售股份或承諾不出售股份。

此致 列位股東

Yours faithfully By Order of the Board

Henry Fan Hung Ling Managing Director

18 March 2004

承董事會命

范鴻齡 董事總經理 謹啟 二零零四年三月十八日

5

Notice of Annual General Meeting NOTICE OF ANNUAL GENERAL MEETING

股東週年大會通告 股東週年大會通告

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at Island Ballroom, Level 5, Island Shangri-La Hotel, Two Pacific Place, Supreme Court Road, Hong Kong on Monday, 10 May 2004 at 10:30 a.m. for the following purposes:

1 To receive and consider the audited accounts and the Reports of the Directors and the Auditors for the year ended 31 December 2003.

• 2 To declare a final dividend for the year ended 31 December 2003.

• 3 To re-elect retiring Directors.

4 To re-appoint Auditors and authorise the Board of Directors to fix their remuneration.

5 To consider as Special Business, and if thought fit, pass with or without amendments the following resolution as an Ordinary Resolution:

“ THAT with effect from the financial year ending 31 December 2004,

a. the director’s fee of each of the Directors of the Company be fixed at HK$150,000 per annum, until the Company in general meeting otherwise determines; and

b. additional remuneration be payable to each of the Non-executive Directors who serve on the Board Committees of the Company at the levels as shown below, until the Company in general meeting otherwise determines:

茲通告本公司訂於二零零四年五月十日星 期一上午十時三十分假座香港法院道太古 廣場第二期港島香格里拉酒店五樓香島殿 舉行股東週年大會，藉以處理下列事項：

1 省覽截至二零零三年十二月三十一日止 年度之經審核賬目、董事會報告及核數師報 告。

• 2 宣派截至二零零三年十二月三十一日止 年度之末期股息。

• 3 重選退任董事。

4 再續委聘核數師，並授權董事會釐定其 酬金。

5 作為特別事項考慮並酌情通過（不論是 否經修訂）下列決議案為普通決議案：

「動議下列事項由截至二零零四年十二月三 十一日止財政年度起生效：

a. 本公司每名董事之董事袍金定為每年港 幣150,000元，直至本公司於股東大會另行 釐定為止；及

b. 按下文所述數額向每名參與本公司董事 委員會之非執行董事支付額外酬金，直至本 公司於股東大會另行釐定為止：

HK$ (per annum) 港幣元（每年）

Audit Committee 審核委員會 Remuneration Committee 薪酬委員會

100,000 50,000”」

6

6 To consider as Special Business and, if thought fit, pass the following resolution as a Special Resolution:

“ THAT the New Articles of Association of the Company be altered by:

A. amending Article 2 as follows:

1. deleting the definition of “associate” and substituting the following:

“associate” in relation to any Director, shall mean:

• (i) his spouse;

(ii) any child or step-child, natural or adopted, under the age of 18 years of the Director or of his spouse (together with (i) above, the “family interests”);

(iii) the trustees, acting in their capacity as such trustees, of any trust of which he or any of his family interests is a beneficiary or, in the case of a discretionary trust, is (to his knowledge) a discretionary object and any company (“trustee-controlled company”) in the equity capital of which the trustees, acting in their capacity as such trustees, are directly or indirectly interested so as to exercise or control the exercise of 30% (or such other amount as may from time to time be specified in the Hong Kong Code on Takeovers and Mergers as being the level for triggering a mandatory general offer) or more of the voting power at general meetings, or to control the composition of a majority of the board of directors and any other company which is its subsidiary (together, the “trustee interests”);

(iv) a holding company of a trustee-controlled company or a subsidiary of any such holding company; and

(v) any company in the equity capital of which he, his family interests, any of the trustees referred to in (iii) above, acting in their capacity as such trustees, and/or any trustee interests taken together are directly or indirectly interested so as to exercise or control the exercise of 30% (or such other amount as may from time to time be specified in the Hong Kong Code on Takeovers and Mergers as being the level for triggering a mandatory general offer) or more of the voting power at general meetings, or to control the composition of a majority of the board of directors and any other company which is its subsidiary or holding company or a fellow subsidiary of any such holding company.

6 作為特別事項考慮並酌情通過下列決議 案為特別決議案：

「動議修訂本公司之新組織章程細則如下：

A. 對第2條作出如下修訂：

1. 刪除「聯繫人士」之釋義，並以如下字句 代替：

就任何董事而言，「聯繫人士」指：

(i) 其配偶；

(ii) 董事或其配偶未滿十八歲之任何親生 或繼子女或領養子女（連同上述(i)統稱「家 族權益」）；

(iii) 在以其本人或其任何家族權益為受益 人（或如屬全權信託，則指其知情下為全權 託管對象）之任何信託中，具有受託人身份 之受託人，以及具有受託人身份之受託人直 接或間接擁有股本權益之任何公司（「受託 人控制公司」），而彼等合共擁有之股本權益 足以讓其於股東大會行使或控制行使30% （或按香港公司收購及合併守則不時規定會 觸發強制全面收購之其他百分比）或以上之 投票權，或足以讓其控制董事會大部份成 員，以及上述公司之任何附屬公司（統稱「受 託人權益」）；

(iv) 受託人控制公司之控股公司或任何該 等控股公司之附屬公司；及

(v) 其本人、其家族權益或任何上述(iii)所 指具有受託人身份之受託人及／或任何受 託人權益直接或間接擁有股本權益之任何 公司，而彼等合共擁有之股本權益足以讓其 於股東大會行使或控制行使30%（或按香港 公司收購及合併守則不時規定會觸發強制 全面收購之其他百分比）或以上之投票權， 或足以讓其控制董事會大部份成員，以及上 述公司之任何附屬公司或控股公司或其控 股公司之同集團附屬公司。

7

股東週年大會通告

NOTICE OF ANNUAL GENERAL MEETING

1. adding a definition of “business day”, as follows:

“business day” shall mean any day on which the Stock Exchange is open for the business of dealing in securities;

1. deleting the definition of “Hong Kong” and substituting ““Hong Kong” shall mean the Hong Kong Special Administrative Region of the People’s Republic of China”;

2. deleting in the definition of “newspaper” the words “the Chief Secretary” and substituting “the Chief Secretary for Administration”;

3. deleting from the definition of “Secretary” the words “or corporation”;

B. deleting Article 17 and substituting the following:

“Every person whose name is entered as a member in the register shall be entitled (except in relation to replacement certificates) without payment to receive within ten business days after allotment or lodgment of a transfer (or within such other period as the conditions of issue shall provide) one certificate for all his shares or, if he shall so request, in a case where the allotment or transfer is of a number of shares in excess of the number for the time being forming a stock exchange board lot, upon payment, in the case of a transfer, of such sum as may from time to time be permitted under the rules prescribed by the Stock Exchange for every certificate after the first, such number of certificates for shares in stock exchange board lots or multiples thereof as he shall request and one for the balance (if any) of the shares in question, provided that in respect of a share or shares held jointly by several persons the Company shall not be bound to issue a certificate or certificates to each such person, and the issue and delivery of a certificate or certificates to one of several joint holders shall be sufficient delivery to all such holders.”

C. deleting Article 21 and substituting the following:

“If a share certificate is defaced, lost or destroyed, it may be replaced on payment of such sum as may from time to time be permitted under the rules prescribed by the Stock Exchange, and on such terms and conditions, if any, as to the publication of notices, evidence and indemnity as the Board thinks fit and in the case of wearing out or defacement, after delivery up of the old certificate. In the case of destruction or loss, the person to whom such replacement certificate is given shall also bear and pay to the Company any exceptional costs and the reasonable out-of-pocket expenses incidental to the investigation by the Company of the evidence of such destruction or loss and of such indemnity.”

1. 加入以下「營業日」之釋義：

2. 「營業日」指聯交所買賣證券之任何日子；

3. 刪除「香港」之釋義，並以「「香港」指中 華人民共和國香港特別行政區」代替；

4. 刪除「報章」釋義中「布政司」之字眼，並 以「政務司司長」代替；

5. 刪除「秘書」釋義中「或公司」之字眼；

6. B. 刪除第17條，並以如下字句代替：

「凡已於登記名冊內列為股東之人士，均有 權（惟有關補發股票除外）在股份配發或提 交過戶文件後十個營業日（或在股份發行條 件所規定之其他期間內）內，就其名下全部 股份免費獲發一張股票，在所配發或轉讓股 份數目超出當時聯交所一手交易股數的情 況，倘按其要求依聯交所一手交易股數或相 應倍數發出股票及就餘額發出一張股票，則 須於首張股票後依據聯交所規則不時許可 者按張繳費。倘一股或多股股份由數人聯名 持有，本公司毋須就此向每名聯名持有人發 出一張或多張股票，而向其中一名聯名持有 人發出一張或多張股票，即視作已交付股票 予所有聯名持有人。」

C. 刪除第21條，並以如下字句代替：

「倘股票遭污損、遺失或銷毀，可於繳付聯交 所規則不時許可之費用，以及遵照董事就刊 發通告、憑證及賠償各方面認為合適之條款 及條件（如有）後，予以補發。倘股票遭損毀 或污損，則須待送呈舊股票後，方可予以補 發。倘股票遭銷毀或遺失，則獲得有關補發 股票之人士亦須向本公司承擔及支付任何 非經常性開支，以及本公司為調查有關股票 遭銷毀或遺失及賠償之證據涉及之合理實 付開支。」

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D. amending Article 81 as follows:

1. deleting the words “the Securities and Futures (Clearing Houses) Ordinance (Chapter 420 of the Laws of Hong Kong)”, and substituting “the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)”; and

2. adding at the end of Article 81,

“Where any shareholder is, under the Listing Rules, required to abstain from voting on any particular resolution or restricted to voting only for or only against any particular resolution, any votes cast by or on behalf of such shareholder in contravention of such requirement or restriction shall not be counted.”

E. deleting in Article 102(A)(viii) the words “special resolution” and substituting “ordinary resolution”;

F. deleting the existing paragraph (H) of Article 103 and substituting the following new paragraph (H):

“(H) A Director shall not vote or be counted in the quorum present at the meeting in respect of any contract or arrangement or proposal in which he or his associate(s) is/are materially interested, and if he shall do so his vote shall not be counted, but this prohibition shall not apply to:

• (i) the giving of any security or indemnity either:

(a) to the Director or his associate(s) in respect of money lent or obligations incurred or undertaken by him or any of them at the request of or for the benefit of the Company or any of its subsidiaries; or

(b) to a third party in respect of a debt or obligation of the Company or any of its subsidiaries for which the Director or his associate(s) has himself/ themselves assumed responsibility in whole or in part and whether alone or jointly under a guarantee or indemnity or by the giving of security;

(ii) any proposal concerning an offer of shares or debentures or other securities of or by the Company or any other company which the Company may promote or be interested in for subscription or purchase where the Director or his associate(s) is/are or is/are to be interested as a participant in the underwriting or sub-underwriting of the offer;

D. 就第81條作出如下修訂：

1. 刪除「香港法例第420章證券及期貨（結 算所）條例」之字眼，並以「香港法例第571 章證券及期貨條例」代替；及

2. 於第81條最後部份加入：

「倘任何股東按上市規則規定，須就任何特 定決議案放棄投票權或受限制就任何特定 決議案僅投贊成票或僅投反對票，則凡有違 該等規定或限制之該等股東或代表該等股 東之任何投票均不得計算在內。」

E. 刪除第102(A)(viii)條中「特別決議案」之 字眼，並以「普通決議案」代替；

F. 刪除現時第103條(H)段，並以如下新(H) 段代替：

「(H) 董事不得於就其本人或其聯繫人士 擁有重大權益之任何合約或安排或建議投 票或計入有關會議之法定人數，即使董事於 會上投票，其票數亦不得計算在內，惟下列 情況除外：

(i) 於下列情況下提供任何抵押或賠償保 證：

(a) 就董事或其聯繫人士為本公司或其任 何附屬公司的利益借出款項或作出承擔而 向該董事或其聯繫人士提供任何抵押或賠 償保證；或

(b) 就董事或其聯繫人士本身單獨或共同 提供全部或部份擔保或賠償保證或提供抵 押的本公司或其任何附屬公司的負債或承 擔而向第三者提供任何抵押或賠償保證；

(ii) 任何有關提呈發售或有關由本公司提 呈發售發行或其創立或擁有權益的任何其 他公司的股份或債券或其他證券以供認購 或購買而董事或其聯繫人士參與或將會參 與發售建議的包銷或分包銷的建議；

9

NOTICE OF ANNUAL GENERAL MEETING

(iii) any proposal concerning any other company in which the Director or his associate(s) is/are interested only, whether directly or indirectly, as an officer or executive or shareholder or in which the Director or his associate(s) is/are beneficially interested in shares of that company, provided that the Director and any of his associates are not in aggregate beneficially interested in 5% or more of the issued shares of any class of such company (or of any third company through which his interest or that of his associates is derived) or of the voting rights;

(iv) any proposal or arrangement concerning the benefit of employees of the Company or its subsidiaries including:

(a) the adoption, modification or operation of any employees’ share scheme or any share incentive or share option scheme under which the Director or his associate(s) may benefit; or

(b) the adoption, modification or operation of a pension fund or retirement, death or disability benefits scheme which relates both to Directors, his associates and employees of the Company or any of its subsidiaries and does not provide in respect of any director, or his associate(s), as such any privilege or advantage not generally accorded to the class of persons to which such scheme or fund relates; and

(v) any contract or arrangement in which the Director or his associate(s) is/ are interested in the same manner as other holders of shares or debentures or other securities of the Company by virtue only of his/their interest in shares or debentures or other securities of the Company.”

G. deleting Article 108 and substituting the following:

“No person, other than a retiring Director, shall, unless recommended by the Board for election, be eligible for election to the office of Director at any general meeting, unless notice in writing of the intention to propose that person for election as a Director and notice in writing by that person of his willingness to be elected shall have been given to the Company in the period commencing no earlier than the day after the despatch of the notice of the meeting appointed for such election and ending no later than seven days prior to the date of such meeting, provided that such period shall be at least seven days.”

股東週年大會通告

(iii) 任何有關董事或其聯繫人士直接或間 接在其中擁有權益（不論以高級職員或行政 人員或股東身份）或董事或其聯繫人士在其 中實益擁有股份（惟董事連同其任何聯繫人 等並非在其中（或其藉以獲得有關權益的任 何第三間公司）實益擁有任何類別已發行股 份或投票權的5%或以上）的任何其他公司 的建議；

(iv) 任何有關本公司或其附屬公司僱員利 益的建議或安排，包括：

(a) 採納、修訂或實施任何董事或其聯繫人 士可從中受惠的僱員股份計劃或任何股份 獎勵或購股權計劃；或

(b) 採納、修訂或實施與董事、其聯繫人士 及本公司或其任何附屬公司董事及僱員有 關的公積金或退休金、死亡或傷殘津貼計 劃，而其中並無給予董事或其聯繫人士任何 與該計劃或基金有關的人士一般未獲賦予 特權或利益；及

(v) 任何董事或其聯繫人士只因其在本公 司股份或債券或其他證券擁有的權益而與 本公司股份或債券或其他證券的其他持有 人以同一方式在其中擁有權益的合約或安 排。」

G. 刪除第108條，並以如下字句代替：

「除退任董事及董事會提名競選為董事之人 士外，所有人士概無資格於任何股東大會膺 選董事一職。而提名有關人士膺選董事之書 面通知及有關人士表明願意膺選之書面通 知，須不早於進行選舉所召開會議發出通告 後的一天至該會議日期前7日期間送交本公 司，而有關期間不得短於7日。」

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H. deleting in Article 110 the words “special resolution” and substituting “ordinary resolution”;

• I. deleting Article 184(A) and (B) and substituting the following:

“(A) Every Director or other officer of the Company shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities which he may sustain or incur in or about the execution of the duties of his office or otherwise in relation thereto, and no Director or other officer shall be liable for any loss or damages which may happen to or be incurred by the Company in the execution of the duties of his office or in relation thereto, provided that this Article shall only have effect in so far as its provisions are not avoided by the Companies Ordinance.

(B)The Company may indemnify any Director or other officer of the Company, against any liability incurred by him:

(a) in defending any proceedings, whether civil or criminal, in which judgment is given in his favour or in which he is acquitted; or

(b) in connection with any application under Section 358 of the Companies Ordinance in which relief is granted to him by the court.

(C)The Company may purchase and maintain for any Director or officer of the Company:

(a) insurance against any liability to the Company, a related company or any other party in respect of any negligence, default, breach of duty or breach of trust (save for fraud) of which he may be guilty in relation to the Company or a related company; and

(b) insurance against any liability incurred by him in defending any proceedings, whether civil or criminal, taken against him for any negligence, default, breach of duty or breach of trust (including fraud) of which he may be guilty in relation to the Company or a related company.

(D)In this Article, “related company”, in relation to the Company, means any company that is the Company’s subsidiary or holding company or a subsidiary of the Company’s holding company.”

H. 刪除第110條中「特別決議案」之字眼， 並以「普通決議案」代替；

• I. 刪除第184(A)及(B)條，並以如下字句代 替：

「(A) 各董事或本公司其他高級職員有權就 於或有關彼履行職務或在其他有關情況所 蒙受或產生之所有損失或責任，由本公司資 產獲取彌償，董事或其他高級職員對本公司 因彼於或有關履行彼職務或在其他有關情 況可能出現或產生之任何損失或損害概不 負責，惟本組織章程細則僅於條文並無遭公 司條例廢止的情況生效。

(B) 本公司可就下述法律責任，彌償本公司 的任何董事或其他高級職員：

(a) 在他獲判勝訴或獲判無罪的民事或刑事 法律程序中進行辯護所招致的法律責任；或

(b) 在與公司條例第358條所訂的申請有關 並獲法院給予寬免的法律程序中所招致的 法律責任。

(C) 本公司可就下述的法律責任，為本公司 的任何董事或高級職員購買並持有保險：

(a) 就該名董事或高級職員犯了與本公司或 與有關連的公司有關的疏忽、失責、失職或 違反信託行為（欺詐行為除外）而招致對本 公司、有關連的公司或任何其他人的法律責 任；及

(b) 就該名董事或高級職員犯了與本公司或 與有關連的公司有關的疏忽、失責、失職或 違反信託行為（包括欺詐行為）而在針對他 提出的民事或刑事法律程序中進行辯護所 招致的法律責任。

(D)就此組織章程細則而言，「有關連的公 司」就本公司而言，指本公司的任何附屬公 司或控股公司，或本公司的控股公司的附屬 公司。」

11

股東週年大會通告

NOTICE OF ANNUAL GENERAL MEETING

7 To consider as Special Business the following resolution as an Ordinary Resolution:

“ THAT :

A. subject to paragraph (C), a general mandate be and is hereby unconditionally granted to the Directors of the Company to exercise during the Relevant Period all the powers of the Company to allot, issue and dispose of additional shares in the Company and to make or grant offers, agreements and options which would or might require the exercise of such powers;

B. the mandate in paragraph (A) shall authorise the Directors of the Company during the Relevant Period to make or grant offers, agreements and options which would or might require the exercise of such powers after the end of the Relevant Period;

C. the aggregate nominal value of share capital allotted or agreed conditionally or unconditionally to be allotted (whether pursuant to an option or otherwise) by the Directors of the Company pursuant to the mandate in paragraph (A), otherwise than pursuant to (i) Rights Issue or (ii) any option scheme or similar arrangement for the time being adopted for the grant or issue to the officers and/or employees of the Company and/or any of its subsidiaries of shares or rights to acquire shares of the Company or (iii) the exercise of rights of subscription or conversion under the terms of any warrants issued by the Company or any securities which are convertible into shares of the Company or (iv) any scrip dividend or similar arrangement providing for the allotment of shares in lieu of the whole or part of a dividend on shares of the Company pursuant to the New Articles of Association of the Company from time to time, shall not exceed twenty per cent of the aggregate nominal amount of the share capital of the Company in issue at the date of this Resolution and the said mandate shall be limited accordingly;

D. for the purpose of this Resolution:

“Relevant Period” means the period from the passing of this Resolution until whichever is the earlier of:

• i. the conclusion of the next Annual General Meeting of the Company; or

• ii. the expiration of the period within which the next Annual General Meeting of the Company is required by law to be held; or

iii. the date on which the authority set out in this Resolution is revoked or varied by an ordinary resolution of the Shareholders in general meeting.

7 作為特別事項考慮下列決議案為普通決 議案：

「動議：

A. 在(C)段之規限下，無條件授權本公司董 事會於有關期間行使本公司一切權力，以配 發、發行及處理本公司之額外股份及訂立或 批出將須或可能須行使該等權力之售股建 議、協議及購股權；

B. (A)段所述之授權將授權本公司董事會 於有關期間訂立或批出將須或可能須於有 關期間屆滿後行使該等權力之售股建議、協 議及購股權；

C. 本公司董事會依據(A)段之授權配發或 同意有條件或無條件配發（不論其為依據購 股權或以其他方式所配發者與否）之股本面 值總額（惟根據(i)配售新股；或(ii)任何當時 採納之購股權計劃或類似安排，向本公司 及／或其任何附屬公司之高級職員及／或 僱員授出或發行股份或收購本公司股份之 權力；或(iii)根據本公司發行之任何認股權 證或可轉換為本公司股份之任何證券之條 款而行使認購權或換股權；或(iv)任何按照 本公司不時之新組織章程細則配發股份以 代替本公司股份之全部或部份股息而設之 以股代息或類似安排而配發者除外）不得超 過本公司在本決議案當日已發行股本總面 額的百分之二十，因而上述之授權須受此 限；

D. 就本決議案而言：

「有關期間」指由本決議案通過之時起至下 列任何一項之較早日期之期間：

• i. 本公司下屆股東週年大會結束時；或

• ii. 法例規定本公司下屆股東週年大會須予 舉行期限屆滿之日；或

iii. 本決議案所述之授權經由本公司股東在 股東大會上通過普通決議案撤銷或修訂之 日。

12

“Rights Issue” means an offer of shares open for a period fixed by the Directors of the Company to holders of shares of the Company on the register on a fixed record date in proportion to their then holdings of such shares (subject to such exclusion or other arrangements as the Directors of the Company may deem necessary or expedient in relation to fractional entitlements or having regard to any restrictions or obligations under the laws of, or the requirements of any recognised regulatory body or any stock exchange in, any territory outside Hong Kong).”

8 To consider as Special Business the following resolution as an Ordinary Resolution:

“ THAT :

A. a general mandate be and is hereby unconditionally given to the Directors of the Company to exercise during the Relevant Period all the powers of the Company to purchase or otherwise acquire shares of the Company in accordance with all applicable laws and the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, provided that the aggregate nominal amount of shares so purchased or otherwise acquired shall not exceed ten per cent of the aggregate nominal amount of the share capital of the Company in issue at the date of this Resolution;

B. for the purpose of this Resolution:

“Relevant Period” means the period from the passing of this Resolution until whichever is the earlier of:

• i. the conclusion of the next Annual General Meeting of the Company; or

ii. the expiration of the period within which the next Annual General Meeting of the Company is required by law to be held; or

iii. the date on which the authority set out in this Resolution is revoked or varied by an ordinary resolution of the Shareholders in general meeting.”

「配售新股」指本公司董事會指定之期間內， 向於指定記錄日期名列股東名冊內之股份 持有人按彼等當時之所持股份之比例提呈 發售股份之建議（惟須受本公司董事會就零 碎股權或於考慮香港以外任何地區之任何 法律限制或責任或任何認可監管機構或任 何證券交易所之規定後認為必要或權宜之 豁免或其他安排所規限）。」

8 作為特別事項考慮下列決議案為普通決 議案：

「動議：

A. 無條件授權本公司董事會根據一切適用 的法例和香港聯合交易所有限公司的證券 上市規則的規定，於有關期間行使本公司所 有權力購買或以其他方式收購本公司之股 份，但所購買或以其他方式收購之股份的總 面額，不得超過本公司在本決議案當日已發 行股本總面額的百分之十；

B. 就本決議案而言：

「有關期間」指由本決議案通過之時起至下 列任何一項之較早日期之期間：

• i. 本公司下屆股東週年大會結束時；或

• ii. 法例規定本公司下屆股東週年大會須予 舉行期限屆滿之日；或

iii. 本決議案所述之授權經由本公司股東在 股東大會上通過普通決議案撤銷或修訂之 日。」

13

NOTICE OF ANNUAL GENERAL MEETING

股東週年大會通告

9 To consider as Special Business the following resolution as an Ordinary Resolution:

“ THAT conditional upon the passing of Resolutions (7) and (8) set out in the Notice convening this Meeting, the aggregate nominal amount of the shares which are purchased or otherwise acquired by the Company pursuant to Resolution (8) shall be added to the aggregate nominal amount of the shares which may be issued pursuant to Resolution (7).”

By Order of the Board Alice Tso Mun Wai Company Secretary Hong Kong, 18 March 2004

Registered Office: 32nd Floor, CITIC Tower 1 Tim Mei Avenue Central, Hong Kong

Notes:

(i) The Register of Members will be closed from Tuesday, 4 May 2004 to Monday, 10 May 2004, both days inclusive, during which period no transfer of shares will be effected.

(ii) Any member entitled to attend and vote at the above meeting is entitled to appoint a proxy to attend and, on a poll, vote instead of him. A proxy need not be a member of the Company. (iii) To be valid, the instrument appointing a proxy and the power of attorney or other authority, if any, under which it is signed or a notarially certified copy of that power or authority must be deposited at the registered office of the Company not less than forty-eight hours before the time for holding the meeting or adjourned meeting or poll (as the case may be) at which the person named in such instrument proposes to vote.

(iv) Pursuant to Article 75 of the New Articles of Association of the Company, at any general meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands or on the withdrawal of any other demand for a poll) demanded:

(a) by the Chairman of the meeting; or

(b) by at least three members present in person or by proxy for the time being entitled to vote at the meeting; or

(c) by any member or members present in person or by proxy and representing not less than one-tenth of the total voting rights of all the members having the right to vote at the meeting; or (d) by a member or members present in person or by proxy and holding shares in the Company conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all the shares conferring that right.

The results of the poll will be published in the local newspapers and on the websites of the Company and The Stock Exchange of Hong Kong Limited on the business day following the above meeting.

(v) Concerning item 3 above, Messrs Larry Yung Chi Kin, Peter Lee Chung Hing, Norman Yuen Kee Tong, Liu Jifu and Willie Chang shall retire by rotation in the Annual General Meeting pursuant to Article 104(A) of the New Articles of Association of the Company and they, all being eligible, shall offer themselves for re-election. The biographical details and interests in the securities of the Company of all the Executive Directors and Non-executive Directors to be re-elected at the above meeting are provided in the sections of “Directors and Senior Managers” and “Directors’ Report” respectively in the 2003 Annual Report of the Company.

9 作為特別事項考慮下列決議案為普通決 議案：

「動議倘若本會議通告第(7)及(8)項決議案 獲得通過，本公司根據第(8)項決議案所購 買或以其他方式收購之股份總面額將會加 入根據第(7)項決議案可增發股份總面額 內。」

承董事會命 曹敏慧 公司秘書 香港，二零零四年三月十八日

註冊辦事處： 香港中環添美道一號 中信大廈三十二樓

附註：

(i) 本公司將於二零零四年五月四日（星期二）至二零 零四年五月十日（星期一）（首尾兩天包括在內）之期 間內暫停辦理股份過戶登記手續。

(ii) 有權出席上述大會並於會上投票之股東均有權委 任一位代表代其出席並於以股數表決時代其投票。受 委代表毋須為本公司股東。

(iii) 代表委任表格連同簽署人之授權書或其他授權文 件（如有此等文件）或由公證人簽署證明之此等文件 副本，最遲須於該表格內指定之人士擬投票之大會或 續會或以股數表決（視情況而定）之舉行時間四十八 小時前送達本公司註冊辦事處，方為有效。

(iv) 根據本公司新組織章程細則第 75 條，於任何股東 大會提呈投票之決議案須先以舉手方式表決，惟下列 人士在宣佈舉手表決結果之前或當時，或撤銷任何其 他股數投票方式表決要求時要求以股數投票方式表決 除外：

• (a) 股東大會主席；或

(b) 最少三名親身出席之股東或當時有權於會上投票 之受委代表；或

(c) 任何親身或委派代表出席之一名或以上股東，且 擁有不少於所有有權在會上投票之所有股東之總投票 權十分之一；或

(d) 親身或委派代表出席之一名或以上股東，其於本 公司持有獲賦予權利在會上投票之已繳足股份總數不 少於獲賦予該權利之所有已繳足股份總數十分之一。 以股數投票方式表決結果將於緊接上述會議結束後之 營業日刊載於本地各大報章、本公司及香港聯合交易 所有限公司之網頁。

(v) 就上述第 3 項而言，榮智健先生、李松興先生、阮紀 堂先生、劉基輔先生及張偉立先生須根據本公司之新 組織章程細則第 104(A) 條之規定於股東週年大會上輪 值告退。所有輪值告退之董事均合符資格膺選連任。所 有將於上述大會膺選連任之執行董事及非執行董事之 個人資料簡介及彼等於本公司證券擁有之權益，分別 載於本公司二零零三年年報內「董事及高級經理」與 「董事會報告」兩節。

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(vi) Concerning item 5 above, in view of the directors’ workload and responsibilities, it is proposed to increase the directors’ fees from HK$120,000 per annum for Chairman and HK$100,000 per annum for the other Directors to HK$150,000 per annum for each of the Directors of the Company.

In addition, as a result of the increasing part non-executive directors play in the good governance of listed companies, the Company proposes to move towards adopting a more transparent approach for determining the remuneration of Board Committee members. Thus, the levels of remuneration payable to Non-executive Directors serving on the Board Committees of the Company are proposed to members for approval.

(vii) The Companies (Amendment) Ordinance 2003 (the “Amendment Ordinance”) has come into operation on 13 February 2004 and The Stock Exchange of Hong Kong Limited has announced amendments to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“the Listing Rules”) which include, among other things, amendments to Appendix 3 of the Listing Rules that will come into effect on 31 March 2004. Appendix 3 of the Listing Rules sets out the provisions with which a listed company’s articles of association should conform. In order to make the Company’s New Articles of Association consistent with the Amendment Ordinance and the amended Appendix 3 of the Listing Rules, a special resolution to modify various Articles in the Company’s New Articles of Association is proposed under item 6. (viii) Concerning item 7 above, the approval is being sought from members for a general mandate to authorise allotment of shares under Section 57B of the Companies Ordinance and the Listing Rules, in order to ensure flexibility and discretion to the Directors in the event that it becomes desirable to issue any shares of the Company up to twenty per cent of the issued share capital of the Company. The Directors wish to state that they have no immediate plans to issue shares in the Company.

(ix) Concerning item 8 above, the approval is being sought from members for a general mandate to repurchase shares in the Company, in order to ensure flexibility and discretion to the Directors in the event that it becomes desirable to repurchase any shares in the Company up to ten per cent of the issued share capital of the Company.

(x) Concerning item 9 above, the approval is being sought from members to extend the general mandate to allot shares by adding repurchased securities to the twenty per cent general mandate.

(vi) 就上述第 5 項而言，基於董事之工作量及職責，建 議提高彼等之董事袍金，分別由主席每年港幣 120,000 元及其他董事每年港幣 100,000 元調高至本公司每名 董事每年港幣 150,000 元。

此外，由於非執行董事在維持上市公司良好企業管治 方面的責任日益增加，本公司建議採納透明度更高之 方法，以釐定董事委員會成員之酬金。因此，本公司向 股東提呈批准向參與本公司董事委員會之非執行董事 支付之酬金水平。

(vii) 二零零三年公司（修訂）條例（「修訂條例」）已於 二零零四年二月十三日生效，而香港聯合交易所有限 公司亦宣佈修訂其證券上市規則（「上市規則」），其中 包括將於二零零四年三月三十一日生效之上市規則附 錄三之修訂。上市規則附錄三載有上市公司組織章程 細則須遵循之條文。

為致使本公司新組織章程細則與修訂條例及經修訂之 上市規則附錄三內容一致，本公司於第 6 項特別決議案 動議修訂本公司新組織章程細則多項細則。

(viii) 就上述第 7 項而言，本公司現正尋求股東授予一般 授權，以便根據公司條例第 57B 條及上市規則之規定 配發股份，賦予董事會靈活性及酌情權，在適當之情況 下發行最多佔本公司已發行股本 20% 之本公司任何股 份，董事會擬表明彼等暫無計劃發行本公司之股份。 (ix) 就上述第 8 項而言，本公司現正尋求股東授予一般 授權，以賦予董事會靈活性及酌情權，確保在購回本公 司任何股份高達本公司已發行股本 10% 乃屬適當之情 況下購回本公司之股份。

(x) 就上述第 9 項而言，本公司現正尋求股東批准擴大 一般授權以配發股份，將購回之證券加於 20% 之一般 授權。

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