Document:

Exhibit 4(pp)

                            Dated 28th October, 2004

               (1)  ASIAN MOTION LIMITED

               (2)  PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED

              -----------------------------------------------------
                             SUBSCRIPTION AGREEMENT
                                   relating to
                            shares in the capital of
                  PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED
              -----------------------------------------------------

                                                      RICHARDS BUTLER
                                                      20/F, Alexandra House
                                                      16-20 Chater Road
                                                      Central
                                                      Hong Kong
<PAGE>

THIS AGREEMENT is dated 28th October, 2004 and made
BETWEEN:

1.   ASIAN MOTION LIMITED, a company incorporated in the British Virgin Islands
     and whose registered office is at P.O. Box 957, Offshore Incorporations
     Centre, Road Town, Tortola, British Virgin Islands (the "Subscriber"); and

2.   PACIFIC CENTURY PREMIUM DEVELOPMENTS LIMITED, a company incorporated in
     Bermuda and whose principal place of business in Hong Kong is at 8th Floor,
     Cyberport 2, 100 Cyberport Road, Hong Kong (the "Company").

WHEREAS:

(A)  the Subscriber is the beneficial owner of 1,411,333,335 Shares and the
     Subscriber has agreed to appoint the Placing Agent (as defined below) as
     placing agent for the purpose of procuring, as agent of the Subscriber,
     purchasers for the Placing Shares (as defined below) on the terms and
     subject to the conditions set out in the Placing Agreement; and

(B)  the Company has agreed to issue, and the Subscriber has agreed to subscribe
     for, the Subscription Shares subject to and on the terms set out in this
     Agreement

THE PARTIES AGREE THAT:

1.   INTERPRETATION

1.1  Definitions: In this Agreement and the Introduction:

     "Accounts"             the audited consolidated profit and loss accounts of
                            the Property Group for the financial year ended on
                            the Accounts Date and the audited consolidated
                            balance sheet of the Property Group as at the
                            Accounts Date, both as set out in Appendix I of the
                            circular issued by the Company dated 2nd April,
                            2004;

     "Accounts Date"        31st December, 2003;

     "Announcement"         the press announcement in the agreed form proposed
                            to be issued by the Company and PCCW Limited jointly
                            in substantially such form immediately following the
                            execution of this Agreement;

     "Associates"           the meaning given to that term in the Listing Rules;

     "Business Day"         any day (excluding a Saturday) on which banks
                            generally are open for business in Hong Kong;

                                      -1-
<PAGE>

     "CCASS"                the Central Clearing and Settlement System operated
                            by Hong Kong Securities Clearing Company Limited;

     "Companies Ordinance"  the Companies Ordinance (Cap. 32 of the Laws of Hong
                            Kong);

     "Group"                the Company and its Subsidiaries and the expression
                            "member of the Group" shall be construed
                            accordingly;

     "HK$"                  Hong Kong currency;

     "Hong Kong"            the Hong Kong Special Administrative Region of the
                            People's Republic of China;

     "Listing Rules"        the Rules Governing the Listing of Securities on The
                            Stock Exchange of Hong Kong Limited;

     "Placee"               any institutional investor procured by the Placing
                            Agent to purchase any of the Placing Shares pursuant
                            to the Placing Agent's obligations under the Placing
                            Agreement;

     "Placing"              the offer by way of a private placing of the Placing
                            Shares procured by the Placing Agent to selected
                            investors on the terms and subject to the conditions
                            set out in the Placing Agreement;

     "Placing Agreement"    the placing agreement between the Subscriber and the
                            Placing Agent of even date in respect of the placing
                            of the Placing Shares at the Placing Price;

     "Placing Agent"        Lehman Brothers Asia Limited;

     "Placing Completion    1st November, 2004 or such other date as the
     Date"                  Subscriber and the Placing Agent shall agree in
                            writing;

     "Placing Price"        the price of HK$2.18 per Placing Share;

     "Placing Shares"       118 million Shares;

     "Property Group"       has the meaning ascribed thereto in the circular
                            issued by the Company dated 2nd April, 2004

     "Regulation S"         Regulation S under the US Securities Act;

     "Shares"               fully paid ordinary shares of HK$0.10 each in the
                            capital of the Company;

     "SFC"                  the Securities and Futures Commission of Hong Kong;

     "Stock Exchange"       The Stock Exchange of Hong Kong Limited;

                                      -2-
<PAGE>

     "Subscription"         the subscription by the Subscriber for the
                            Subscription Shares on the terms and subject to the
                            conditions set out in this Agreement;

     Subscription           the Business Day immediately after the date upon
     Completion Date"       which the last of the conditions set out in Clause
                            2.2 shall have been satisfied provided that the
                            Subscription Completion Date shall not be later tha
                            the date falling 14 days from the date of this
                            Agreement or such later time and/or date as the
                            Company and the Subscriber may agree in writing,
                            such agreement not to be unreasonably withheld or
                            delayed and subject to compliance in full with the
                            connected transaction requirements of the Listing
                            Rules;

     "Subscription
     Completion"            the meaning given to that term in Clause 2.5;

     "Subscription Price"   HK$2.18 per Subscription Share;

     "Subscription Shares"  118 million new Shares;

     "Subsidiary"           has the same meaning as in Section 2 of the
                            Companies Ordinance;

     "United States"        has the meaning given in Regulation S; and

     "US Securities Act"    the United States Securities Act of 1933, as
                            amended.

1.2  Agreed Form: Any reference to a document being "in the agreed form" means
     in the form of a document or and the draft thereof signed for
     identification on behalf of the Subscriber and the Company with (in the
     case of a draft) such alterations (if any) as may be agreed between the
     Subscriber and the Company.

1.3  Reference: References in this Agreement to persons include references to
     bodies corporate and references to the singular include references to the
     plural and vice versa. References to "Clauses" are references to the
     clauses of this Agreement.

1.4  Headings: Headings are inserted for convenience only and shall not affect
     the interpretation of this Agreement.

2.   SUBSCRIPTION

2.1  Subscription: subject to the fulfilment of the conditions set out in Clause
     2.2, the Subscriber agrees to subscribe as principal for the Subscription
     Shares and the Company agrees to issue the Subscription Shares at the
     Subscription Price on the Subscription Completion Date free from all liens,
     charges and encumbrances together with all rights attaching to them,
     including the right to receive all dividends declared, made or paid, on and
     after the Subscription Completion Date.

                                      -3-

<PAGE>

2.2  Conditions: Completion of the Subscription is conditional upon:

     (a)  the Stock Exchange granting listing of and permission to deal in the
          Subscription Shares;

     (b)  the Bermuda Monetary Authority approving the issue of the Subscription
          Shares (if required); and

     (c)  completion of the Placing having occurred pursuant to the terms of the
          Placing Agreement.

2.3  Fulfilment: The Company and the Subscriber shall each use their respective
     best endeavours to procure the fulfilment of the conditions set out in
     Clause 2.2 and in particular shall furnish such information, supply such
     documents, pay such fees, give such undertakings and do all such acts and
     things as may reasonably be required by each other, the SFC and/or the
     Stock Exchange in connection with the fulfilment of such conditions.

2.4  Non-Fulfilment: If the conditions set out in Clause 2.2 are not fulfilled
     on or prior to 30th November, 2004 or such later date as may be agreed in
     writing between the Company and the Subscriber, the obligations of the
     Company and the Subscriber under this Clause 2 shall terminate and neither
     of the parties shall have any claim against the others for costs, damages,
     compensation or otherwise in respect of the Subscription.

2.5  Completion: Subject to the fulfilment of the conditions set out in Clause
     2.2, completion of the Subscription ("Subscription Completion") shall take
     place at the office of the Company at or before 4:00 p.m. on the
     Subscription Completion Date or such other time as the Company and the
     Subscriber may agree in writing (subject to compliance with the Listing
     Rules) all but not some only of the following business shall be transacted:

     (a)  the Company shall :

          (i)  allot and issue to the Subscriber or its nominee the Subscription
               Shares and shall promptly thereafter register the Subscriber or
               its nominee as the holder of the Subscription Shares and shall
               cause to be delivered to the Subscriber definitive certificates
               of title in respect of the Subscription Shares in the name of the
               Subscriber or its nominee; and

          (ii) deliver to the Subscriber certified copies of the resolutions of
               the board of directors of the Company allotting the Subscription
               Shares pursuant to Clause 2.5(a)(i); and

          (b)  the Subscriber shall make or procure the making of payment in
               Hong Kong dollars for value on the Subscription Completion Date
               to the Company of the aggregate Subscription Price of the
               Subscription Shares less the expenses properly incurred by it in
               connection with the Subscription and the Placing to the bank
               account nominated for the purpose by the Company (such nomination
               being made) not less than 2:00 pm on the Subscription Completion
               Date or in such other manner as may be agreed between the
               parties, which shall constitute a

                                      -4-
<PAGE>

          complete discharge of the Subscriber's obligations in respect thereof.

3.   WARRANTIES AND UNDERTAKINGS

3.1  Company Warranties: In consideration of the Subscriber entering into this
     Agreement and agreeing to perform its obligations hereunder to, the Company
     hereby represents, warrants and undertakes to the Subscriber as follows:

     (a)  the Subscription Shares will when issued be fully paid up, rank pari
          passu in all respects with the existing Shares then in issue, include
          the right to receive all dividends and distributions which may be
          declared made or paid after the Subscription Completion Date and be
          free and clear of all liens, encumbrances, equities or other third
          party rights;

     (b)  all statements of fact contained in the Announcement are true and
          accurate in all material respects and not misleading in any material
          respect in the context of the Subscription and the Placing and all
          statements of opinion, intention or expectation of the directors of
          the Company in relation to the Company or any of its Subsidiaries
          contained therein are truly and honestly held and have been made after
          due and careful consideration and there is no other fact or matter
          omitted therefrom the omission of which would make any statement
          therein misleading in any material respect or which is otherwise
          material in the context of the Subscription and the Placing;

     (c)  the Accounts:

          (i)  have been prepared on a recognised and consistent basis and in
               accordance with generally accepted accounting principles,
               standards and practice in Hong Kong;

          (ii) comply in all material respects with all applicable ordinances,
               statutes and regulations and show a true and fair view of the
               state of affairs of the Property Group and of its results for the
               period in question;

         (iii) are not affected by any unusual or non-recurring items and do
               not include transactions not normally undertaken by the relevant
               member of the Property Group (save as disclosed in the said
               accounts); and

          (iv) make adequate provision for all taxation whether in Hong Kong or
               any other part of the world in respect of all accounting periods
               ended on or before the respective date for which the relevant
               member of the Property Group was then or might at any time
               thereafter become or have been liable;

     (d)  since the Accounts Date, there has been no material adverse change in
          the Property Group's condition, financial or otherwise, or the
          earnings, business affairs or business prospects (whether or not
          arising in the ordinary course of business) and no event has occurred
          which in the reasonable opinion of the

                                      -5-
<PAGE>

          Company may give rise to a material adverse change in such position in
          the foreseeable future;

     (e)  (i) none of the Company nor any of its affiliates (as defined in Rule
          501(b) of Regulation D) nor any person acting on its or their behalf
          has engaged or will engage in any directed selling efforts (as defined
          in Regulation S under the US Securities Act) with respect to the
          Placing Shares; (ii) the Company, its affiliates and any person (other
          than the Placing Agent) acting on its or their behalf have complied
          with and will comply with the offering restrictions requirement of
          Regulation S under the US Securities Act; and (iii) the Company is a
          "foreign issuer" as such term is defined in Rule 902 under the US
          Securities Act and is not subject to the reporting requirements of the
          US Exchange Act provided that no warranty is given by the Company in
          connection with Subscriber or its affiliates (other than the members
          of the Group);

     (f)  neither the Company nor any of its affiliates nor any person acting on
          its or their behalf has offered or sold, or will offer or sell, any
          securities under circumstances that would require the registration of
          any of the Placing Shares under the US Securities Act; neither the
          Company nor any of its affiliates nor any person acting on its or
          their behalf has engaged or will engage in any form of general
          solicitation or general advertising within the meaning of Regulation D
          in connection with the offer or sale of the Placing Shares in the
          United States provided that no warranty is given by the Company in
          connection with Subscriber or its affiliates (other than the members
          of the Group); and

     (g)  the Company is required to register as an investment company as
          defined in the United States Investment Company Act of 1940 and will
          not become an open-end investment company, unit investment trust or
          closed-end investment company that is required to be registered under
          Section 8 of such Act.

3.2  Warranties repeated: The representations and warranties set out in Clause 3
     are given as at the date hereof and shall be deemed to be repeated by the
     Company as at the Subscription Completion Date as if given or made at such
     time, with reference in each case to the facts and circumstances then
     subsisting. The Company undertakes up to and until completion of this
     Agreement or its earlier termination to notify the Subscriber of any matter
     or event coming to its attention prior to the Subscription Completion Date
     which would or would reasonably be considered to render or have rendered
     any of the representations and warranties made by it set out in Clause 3.1
     untrue, inaccurate or misleading in any material respect. The Company shall
     not, and shall use its reasonable endeavours to procure that no member of
     the Group shall, at any time prior to or on the Subscription Completion
     Date do or omit to do anything which may cause any of the representation
     and warranties made by the Company and set out in Clause 3.1 to be untrue
     in any material respect.

3.3  Subscriber Warranties: The Subscriber hereby represents, warrants and
     undertakes to the Company that (a) the Subscriber has the necessary power
     and authority and has obtained all necessary consents to enable it to sell
     the Placing Shares under the Placing Agreement and (b) this Agreement
     constitutes valid and legally binding and enforceable obligations of the
     Subscriber.

                                      -6-
<PAGE>

3.4  No merger: The foregoing provisions of this Clause 3 shall remain in full
     force and effect notwithstanding completion of the Subscription.

3.5  Undertaking by the Subscriber: The Subscriber undertakes to accept the
     Subscription Shares subject to the constitutional documents of the Company
     and (subject to and conditional upon Subscription Completion) to pay to the
     Company any interest accrued on the net proceeds from the Placing for the
     period commencing on the Placing Completion Date and ending on the
     Subscription Completion Date.

4.   GENERAL

4.1  Announcements: Save for the Announcement and save as required by law or by
     the Stock Exchange or the SFC, each party hereby undertakes to use its best
     endeavours to procure that no public announcement or communication to the
     press, the Stock Exchange or the shareholders of the Company concerning the
     Company and/or its Subsidiaries which is material in relation to the
     Subscription shall be made by or on behalf of the Company between the date
     hereof and the Subscription Completion Date without prior written approval
     from the other party hereto as to the content, timing and manner of making
     thereof, such approval not to be unreasonably withheld or delayed.

4.2  Time of the essence: Any time, date or period mentioned in this Agreement
     may be extended by mutual agreement between the Subscriber and the Company
     but, as regards any time, date or period originally fixed or any date or
     period so extended as aforesaid, time shall be of the essence.

4.3  Waiver: No failure or delay by any party in exercising any right, power or
     remedy under this Agreement shall operate as a waiver thereof, nor shall
     any single or partial exercise of the same preclude any further exercise
     thereof or the exercise of any other right, power or remedy. Without
     limiting the foregoing, no waiver by any party of any breach of any
     provision hereof shall be deemed to be a waiver of any subsequent breach of
     that or any other provision hereof.

4.4  Assignment: No party hereto shall assign any of its rights under this
     Agreement (all of which shall be incapable of assignment) or purport to do
     so unless agreed by the other party hereto. This Agreement shall be binding
     on and enure for the benefit of each party's successors and permitted
     assigns.

4.5  Counterparts: This Agreement may be executed in any number of counterparts
     by the party hereto on separate counterparts, each of which when executed
     shall constitute an original and all of which when taken together shall
     constitute one and the same document.

                                      -7-
<PAGE>

5.   NOTICES

5.1  Notices: All notices delivered hereunder shall be in writing in the English
     language and shall be communicated to the following addresses :-

     If to the Subscriber :

     39th Floor, PCCW Tower
     TaiKoo Place
     979 King's Road, Quarry Bay
     Hong Kong

     Fax no.:   (852) 2962 5725
     Attention: Company Secretary

     If to the Company :

     8th Floor, Cyberport 2
     100 Cyberport Road
     Hong Kong

     Fax no.:   2989 6268
     Attention: Company Secretary

5.2  Deemed service: Any such notice shall be served either by hand or by
     facsimile. Any notice shall be deemed to have been served, if served by
     hand, when delivered and if sent by facsimile, on receipt of confirmation
     of transmission. Any notice received on a day which is not a Business Day
     shall be deemed to be received on the next Business Day.

6.   GOVERNING LAW

6.1  Hong Kong Law: This Agreement is governed by and shall be construed in
     accordance with the laws of Hong Kong for the time being in force and the
     parties hereto hereby irrevocably submit to the non-exclusive jurisdiction
     of the Hong Kong courts in connection herewith.

6.2  Subscriber's service agent: The Subscriber irrevocably appoints PCCW
     Secretaries Limited of 39th Floor, PCCW Tower, TaiKoo Place, 979 King's
     Road, Quarry Bay, Hong Kong as its process agent to receive on its behalf
     service of process of any proceedings in Hong Kong. If for any reason the
     process agent ceases to be able to act as process agent or no longer has an
     address in Hong Kong, the Subscriber irrevocably agrees to appoint a
     substitute process agent with an address in Hong Kong acceptable to the
     Company and to deliver to the Company a copy of the substitute process
     agent's acceptance of that appointment within 30 days. In the event that
     the Subscriber fails to appoint a substitute process agent, it shall be
     effective service for the Company to serve the process upon the last known
     address in Hong Kong of the last known process agent for that Subscriber
     notified to the Company notwithstanding that such process agent is

                                      -8-
<PAGE>

     no longer found at such address or has ceased to act provided that a copy
     of the proceedings is also sent to that the Subscriber's current registered
     office or principal place of business wherever situated. Nothing in this
     Agreement shall affect the right to serve process in any other manner
     permitted by law.

AS WITNESS the hands of the duly authorised representatives of the parties on
the day and year first before written.

SIGNED by                   )
Alexander Anthony Arena     )
for and on behalf of        )
ASIAN MOTION LIMITED        )
in the presence of          )

SIGNED by                   )
Yuen Tin Fan Director       )
for and on behalf of        )
PACIFIC CENTURY PREMIUM     )
DEVELOPMENTS LIMITED        )
in the presence of          )

                                      -9-Exhibit 4(qq)

                              BLOCK TRADE AGREEMENT

Pricing Terms and Closing Arrangements

Seller:   Asian Motion Limited (BVI Subsidiary)

450,000,000 ordinary shares ("Shares") of Pacific Century Premium Developments
Limited. (the "Issuer"):

Per Share purchase price:  HK$2.48

Aggregate Purchase Price:  HK$ 1,116,000,000    Closing Time: 10:00 am (Hong
                                                Kong time) 3 December 2004

The Seller agrees with Deutsche Bank AG, Hong Kong branch ("Deutsche Bank") that
the Seller shall sell and Deutsche Bank shall purchase, the Shares on the terms
and subject to the conditions set forth in this Agreement.

Settlement in relation to the Shares will be effected either (i) on a delivery
versus payment basis in the Central Clearing and Settlement System ("CCASS")
operated by Hong Kong Securities Clearing Company Limited or (ii) (to the extent
any transfer of the Shares will not be settled through CCASS) by (a) the
delivery of the share certificate(s) in respect of the Shares by the Seller to
Deutsche Bank together with the relevant instruments of transfer duly executed
by the Seller no later than 4:00 p.m. on 1 December 2004 and (b) the payments by
Deutsche Bank to the Seller in cleared funds the aggregate purchase price for
the Shares at or before the Closing Time to such bank account as may be notified
by the Seller to Deutsche Bank.

Closing Conditions, Representations and Warranties and Indemnity

Deutsche Bank's obligations under this Agreement are subject to the conditions
specified in Annex I, and the Seller shall indemnify Deutsche Bank to the extent
specified in Annex I.

The Seller makes the representations and warranties and provides the
undertakings specified in Annex II.

Deutsche Bank makes the representations and warranties and provides the
undertakings specified in Annex II

Undertakings

The Seller undertakes with Deutsche Bank that it will bear and pay any Seller's
stamp or other duties or taxes on or in connection with the sale, distribution
and transfer and delivery of the Shares to Deutsche Bank.

Notices, Rights of Third Parties, Governing Law and Counterparts

No statement, notice or waiver under, or amendment to, this Agreement shall be
valid unless it is in writing and, in the case of amendments, executed by each
party. Notices shall be delivered by facsimile as indicated below.

Deutsche Bank AG, Hong Kong Branch

Fax number: +852 2203 7202
Attn:       Jorge Munoz

Seller
Fax number: +852 2962 5725
Attn:       the Company Secretary

This Agreement shall be binding upon, and inure to the benefit of, Deutsche Bank
and the Seller and their respective successors and permitted assigns and, to the
extent provided herein, their directors, officers, employees and controlling
persons and no other person shall acquire or have any rights under or by virtue
of this Agreement, except as otherwise specified herein. Time shall be of the
essence in this Agreement, and neither party may assign any of its rights or
obligations under this Agreement to any other party.

This Agreement shall be governed by and construed in accordance with the laws of
Hong Kong, and the parties agree that the courts of Hong Kong are the most
appropriate and convenient courts to hear any dispute under or arising out of
this Agreement and, accordingly, submit to the exclusive jurisdiction of such
courts. This Agreement may be executed by either of the parties hereto in any
number of counterparts, each of which shall be deemed to be an original, but all
such counterparts shall together constitute one and the same instrument.

<PAGE>

 DEUTSCHE BANK AG, HONG KONG BRANCH

 By: /s/ Stephen Lau
     ---------------------------
     Name:  Stephen Lau
     Title:
     Date:  30 November 2004

 By: /s/ Sunjay Arova
     ---------------------------
     Name:  Sunjay Arova
     Title: Managing director
     Date:  30 November 2004

 ASIAN MOTION LIMITED

 By: /s/ Yuen Tin Fan
     ---------------------------
     Name:  Yuen Tin Fan
     Title: Director
     Date:  30th November, 2004

                                       2

<PAGE>

                                                                       Annex I

Conditions

The obligations of Deutsche Bank under this Agreement are subject to the
conditions set forth below. Deutsche Bank may waive, in its sole discretion, any
of these conditions by written notice to the Seller.

Delivery of the Shares. The Shares shall be delivered at the Closing Time in
accordance with the terms of this Agreement.

Accuracy of Representations and Warranties. Each of the representations and
warranties of the Seller shall have been correct when given or made and shall be
correct in all material respects at the Closing Time as though it had been given
or made at the Closing Time.

No Force Majeure Event Has Occurred. None of the following events shall have
occurred between the date of this Agreement and the Closing Time: (A) a
suspension of trading generally on the Hong Kong Stock Exchange, or a limitation
on prices for the Shares or securities of the Issuer on the Hong Kong Stock
Exchange, (B) any outbreak or escalation of hostilities or declaration of war or
national emergency or other national or international calamity or crisis or
change in economic or political conditions if the effect of such outbreak,
escalation, declaration, emergency, calamity, crisis or change on the financial
markets of Hong Kong would, in Deutsche Bank's sole judgement, make it
impracticable or inadvisable to market the Shares or to enforce contracts for
the sale of the Shares, or (C) the declaration of a banking moratorium by the
Hong Kong or the United States authorities.

In the event that Seller shall not have delivered the Shares as required, or any
of the above conditions shall not have been satisfied (or waived in writing), by
or at the Closing Time, Deutsche Bank shall not be bound to proceed with any
purchase of the Shares and this Agreement shall cease to have effect, except for
the liability of the Seller arising before or in relation to such termination
and as otherwise provided herein, provided that, if the Seller delivers less
than all of the Shares by or at the Closing Time, Deutsche Bank shall also have
the option to effect the purchase of any number of such Shares as are delivered
at the agreed purchase price per share, but such partial purchase shall not
relieve the Seller from liability for its default with respect to the Shares not
purchased.

Indemnification

The Seller agrees to indemnify and hold harmless Deutsche Bank against any
losses, claims, damages, demands or liabilities (together "Losses") to which
Deutsche Bank may become subject in so far as such Losses, (or actions in
respect hereof) relate to or arise out of any breach or alleged breach of the
terms of this Agreement or as a result of any of the representations and
warranties of the Seller being, or alleged to be, untrue or misleading in any
respect. This indemnity shall not, however, apply to the extent that it is
judicially determined that such losses, claims, damages or liabilities resulted
primarily from Deutsche Bank's default or gross negligence. The Seller agrees to
reimburse Deutsche Bank promptly for any duly itemized expenses (including
reasonable counsel's fees) reasonably incurred by Deutsche Bank in connection
with investigating or defending any such action or claim. The indemnification
obligations of the Seller are in addition to any liability the Seller may
otherwise have and shall extend, upon the same terms and conditions, to the
respective directors, officers, employees and controlling persons of Deutsche
Bank. The indemnification obligations of the Seller shall survive termination of
this Agreement but for the avoidance of doubt shall not extend to Losses
incurred in connection with a claim by the Seller itself against Deutsche Bank.

                                      AI-1
<PAGE>

                                                                       Annex II

Representations, Warranties and Undertakings of the Seller

The Seller represents and warrants to, and agrees with, Deutsche Bank that:

This is a Valid and Binding Agreement. This Agreement has been duly authorized,
executed and delivered by the Seller and constitutes a valid and legally binding
agreement of the Seller.

Regulation S. The Seller reasonably believes that there is no "substantial U.S.
market interest", as defined in Regulation S under the Securities Act, with
respect to any equity securities of the Issuer. None of the Seller, its
affiliates or any persons acting on its behalf (other than Deutsche Bank, as to
whom no representation is made) have engaged or will engage in any directed
selling efforts, as defined in Regulation S under the Securities Act, with
respect to the Shares. None of the Seller, its affiliates or any persons acting
on its behalf (other than Deutsche Bank, as to whom no representation is made),
directly or indirectly, (a) has made or will make offers or sales of any
security or deliver any security, (b) has solicited or will solicit offers to
buy any security or (c) otherwise has negotiated or will negotiate in respect of
any security, in any case under circumstances that would require the
registration of the Shares under the Securities Act. The Seller, its affiliates
and any persons acting on its behalf have and will comply with the offering
restrictions requirement of Regulation S under the Securities Act.

Absence of Further Requirements. No filing with, or authorization, approval,
consent, license, order, registration, qualification or decree, whether
governmental, corporate or other, is necessary or required for the execution and
delivery by the Seller of this Agreement, for the performance of the Seller's
obligations hereunder, in connection with the offering, issuance or sale of the
Shares hereunder or for the consummation of the transactions contemplated by
this Agreement, except such as have been already obtained or made and are in
full force and effect.

Absence of Defaults and Conflicts. The execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated herein do
not and will not, whether with or without the giving of notice or passage of
time or both, conflict with or constitute a breach of, or default under, any
applicable law, statute, rule, regulation, judgment, order, writ or decree of
any government, government instrumentality or court, domestic or foreign, having
jurisdiction over the Seller or any of its assets, properties or operations.

Seller Will Transfer Good and Valid Title to the Shares, Free of Restrictions.
The Seller has good and valid title to the Shares to be delivered at Closing
Time free and clear of liens, encumbrances, equities or claims; and upon
delivery of the Shares to Deutsche Bank, pursuant to this Agreement, good and
valid title to the Shares, free and clear of liens, encumbrances, equities or
claims, will pass to Deutsche Bank.

The Seller has not Manipulated the Price of any of the Issuer's Securities.
Neither the Seller nor anyone acting on its behalf has made or will make bids
for, or purchases of, any security (A) for the purpose of creating actual or
apparent trading in, or of raising the price of, any security of the Issuer or
(B) which are designed to cause, have caused, or might reasonably be expected to
cause, manipulation of the price of any security of the Issuer.

The Seller is not Violating "Insider Trading" Laws. The Seller does not have any
non-public information concerning the Issuer that is material or price-sensitive
and the sale of the Shares hereunder will not constitute a violation by such
Seller of any applicable law prohibiting "insider dealing".

No Material Adverse Change. That to the best of the Seller's knowledge and
belief there has been no material adverse change or any development involving a
prospective material adverse change in the condition (financial or otherwise) of
the Issuer since 30 September 2004 and that is not described in the Issuer's
most recent annual report or subsequent releases of information to the public.

No Litigation. That to the best of the Seller's knowledge and belief the Issuer
is not involved in any material litigation or arbitration proceedings relating
to claims or amounts or in breach of any agreement which is material in the
context of the sale of the Shares nor so far as the Seller is aware is any such
litigation or arbitration pending or threatened.

The Seller undertakes to immediately notify Deutsche Bank in writing if any of
the above representations or warranties was not correct when made or ceases to
be correct at the Closing Time.

Representations, Warranties and Undertakings of Deutsche Bank

Deutsche Bank represents and warrants to, and agrees with, the Seller that:

This is a Valid and Binding Agreement. This Agreement has been duly authorized,
executed and delivered by Deutsche Bank and constitutes a valid and legally
binding agreement of Deutsche Bank

Deutsche Bank will comply with all applicable laws in connection with the
purchase of the Shares.

                                     AII-1

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