4. Time Schedule

Ownership Tender tasks are as follows:

Preparation work: June 2002 - October 2002

Establish the tendering team to formulate and review the ownership tendering documents and decide for the tendering agency. Tender presentation to potential investors around August and September this year (Hong Kong and Beijing) and a news conference for the tender (today).

Prequalification and Call for Expression of Interest: November 2002 - December 2002

Formulate and review prequalification documents, prequalification and call for expression of interest news release, release prequalification and call for expression of interest documents, open discussion meetings for questions; prequalification evaluation and exchange of ideas with candidates.

Prequalification and Call for Expression of Interest Evaluation: January 2003

Full tender: February 2003 - July 2003
Invitation to bid, release of full tender documents, submission and evaluation of full tender documents.

Bid Winning: August 2003 - December 2003
Determine short listed candidates, contract negotiation and signing.

Project Design and Implementation: Late 2003 - late June 2004
Start of design tasks and construction for the projects.

The schedule listed above may vary to some of the conditions for specific projects. Particular schedule of certain projects may vary but will still comply with the overall schedule for the tender.