10:08     GR INV INT'L<00310> - Announcement (2)                              

    c.        The financial assistance was made as shareholder's loans to     
    finance the investment made by Bright Honest Limited and were interest    
    free, unsecured and repayable on demand. The financial assistance was     
    increased to HK$12,000,000 for the period from May 2004 to October 2004   
    together with repayment in December 2004. The guarantees of HK$4,750,000  
    were given in December 2004 for loan facilities granted to Great          
    Fidelity Limited, a direct wholly-owned subsidiary of Bright Honest       
    Limited.                                                                  
                                                                              
    d.        Aggregated pursuant to Rule 13.16 of the Listing Rules.         
                                                                              
    e.        The principal activity of the Company is investment holding     
    and it is a company listed on the Stock Exchange of Hong Kong Limited     
    under Rule 21 of the Listing Rules and is exempt from notifiable          
    transactions under Rule 14 of the Listing Rules.                          
                                                                              
    2.        General                                                         
                                                                              
    The Company did not have any committed capital injection to any of its    
    affiliated companies.                                                     
                                                                              
    The Company will comply with the relevant disclosure requirements         
    according to Rule 13.22 of the Listing Rules for so long as               
    circumstances giving rise to such disclosure obligation continue to       
    exist.                                                                    
                                                                              
    Save as disclosed above, the Board of Directors confirmed that there is   
    no other matter which is discloseable under general disclosure            
    obligations imposed by Rules 13.12 to 13.19 of the Listing Rules as at    
    the date of this announcement.                                            
                                                                              
    As at the date of this announcement , the Executive Directors are Mr.     
    Lam Wo and Mr. Cheuk Yuk Lung. The Independent Non-executive Directors    
    are Mr. Ronald, Yan Mou Keung, Mr. Leo, Chan Fai Yue and Mr. Raymond,     
    Chan Siu Wing.                                                            
                                                                              
    On behalf of the board of                                                 
    GR Investment International Limited                                       
    Lam Wo                                                                    
    Chairman                                                                  
    Hong Kong, 4 January 2005