Power Assets Holdings Limited — Proxy Solicitation & Information Statement 2004

Nov 25, 2004

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(Incorporated in Hong Kong with limited liability)

(Stock code: 006)

FORM OF PROXY FOR USE AT THE EXTRAORDINARY GENERAL MEETING OF THE COMPANY TO BE HELD ON 14 DECEMBER 2004

I/We [(1)]

of

being the registered holder(s) of [(2)]

shares of HK$1.00 each in

Hongkong Electric Holdings Limited 香港電燈集團有限公司 hereby appoint [(3)] the Chairman of the

Meeting or

of

as my/our proxy to attend and vote for me/us and on my/our behalf at the Extraordinary General Meeting of the Company to be held on 14 December 2004 at 11:30 a.m. and at every adjournment thereof on the undermentioned resolution as indicated:

Resolution	Resolution	Resolution	For (4)	Against(4)
To approve the acquisition of Alpha Central Profits Limitedand associated matters
Dated this	day of	2004.

Signature(s) [(5)]

Notes:

• (1) Full name(s) and address(es) to be inserted in BLOCK CAPITALS .

• (2) Please insert the number of shares of HK$1.00 each registered in your name(s). If no number is inserted, this form of proxy will be deemed to relate to all the shares of the Company registered in your name(s).

• (3) You are entitled to appoint a proxy of your own choice. If any proxy other than that named is preferred, strike out the name herein inserted and insert the name and address of the proxy desired in the space provided. Any alteration made to this form of proxy must be initialled by the person who signs it.

• (4) IMPORTANT: If you wish to vote for the resolution in the Notice of Extraordinary General Meeting, please place a “tick” in the relevant box under “For”. If you wish to vote against the resolution in the Notice of Extraordinary General Meeting, please place a “tick” in the relevant box under “Against”. In the event that neither the box under “For” nor that under “Against” is completed, the proxy will be entitled to vote at his discretion.

• (5) This form of proxy must be signed by you or your attorney duly authorised in writing or in the case of a corporation, must be either under seal or under the hand of an officer or attorney duly authorised in that behalf.

• (6) In order to be valid, this form, together with the power of attorney or other authority (if any) under which it is signed (or a notarially certified copy of such power or authority) must be lodged at the registered office of the Company, 44 Kennedy Road, Hong Kong not less than 48 hours before the time appointed for holding the above meeting.

• (7) In the case of joint holders of any share, any one of such persons may vote, either personally or by proxy in respect of such share, provided that if more than one of such joint holders be present at the above meeting (or any adjournment thereof) personally or by proxy, the person whose name stands first in the register shall alone be entitled to vote in respect thereof.

• (8) The proxy need not be a member of the Company but must attend the above meeting (or any adjournment thereof) in person to represent you.