4,200,000 European Style Call Warrants due 25 November 2003 relating to

local ordinary shares of Premier Image Technology Corp.

(Series No.C30A) (the "Warrants")

issued by MSDW Asia Securities Products LLC (the "Issuer")

CC: 013970181

ISIN: KYG6316R4633

We refer to an announcement that the shareholders of Premier Image Technology Corp. (the "Company") approved the distribution of a stock dividend (the "Stock Dividend"). Morgan Stanley & Co. International Limited, as the Calculation Agent in respect of the Warrants, has determined that an adjustment is required to the Warrants in accordance with Condition 18(c)(i) to reflect the effect of the stock dividend (less tax, costs and expenses as applicable).

Effective from 5 August 2003, the terms and conditions of the Warrants shall be amended as follows:

(i) subject to paragraph (ii) below, Cash Settlement Amount shall mean,

(Settlement Price - Strike Price) x 1.3092; and

(ii) in respect of any Warrants that are required to be redeemed either by the Warrant holder or the Issuer (in accordance with their terms) prior to the date upon which the Issuer receives the Stock Dividend, Cash Settlement Amount shall mean,

Settlement Price - Strike Price x 1.1944.

This notice is given by the Calculation Agent in accordance with Conditions 11 and 18(c)(i) of the terms and conditions of the Warrants.

Morgan Stanley & Co. International Limited

5 August, 2003