10:18     CAPITAL STRAT<00497>CAPITAL ESTATE<00193>-JA&<00193>Resume8         

    there is an immediate exercise in full of the conversion rights           
    attaching to the outstanding 2% redeemable convertible notes with         
    aggregate principal amount of HK$3,000,000 at a conversion price of       
    HK$0.02 per Share, the Company will issue an aggregate of 150,000,000     
    new Shares, representing approximately 4.59% of the existing share        
    capital of the Company, and approximately 2.79% of the enlarged issued    
    share capital of the Company by the Top-Up Subscription Shares, the       
    Conversion Shares and the shares issued for the exercise in full of       
    the conversion rights attaching to the outstanding 2% redeemable          
    convertible notes.                                                        
                                                                              
    Assuming the conversion rights attached on the Convertible Notes are      
    exercised in full, the shareholding of the holders of the Convertible     
    Notes and the substantial Shareholder immediately before the exercise     
    of the conversion rights on the Convertible Notes in full, and            
    immediately after the exercise of conversion rights on the Convertible    
    Notes in full, are as follows:                                            
                                                                              
                                                                              
    Immediately                                 Immediately upon              
                                                                              
    upon completion of                                  completion of         
                                                                              
    Top-Up Subscription                                  Top-Up               
    Subscription                                                              
                                                                              
    assuming                                 assuming conversion              
                                                                              
    conversion rights                                 rights attached         
                                                                              
    attached on the                                 on the Convertible        
                                                                              
    Convertible Notes are                                 Notes are           
    exercised                                                                 
                                                                              
    exercised in full but                                 in full and         
    after                                                                     
                                                                              
    before conversion of                                 conversion of the    
                                                                              
    the 2% redeemable                                  2% redeemable          
                                                                              
    convertible                                 convertible notes             
                                                                              
    notes with aggregate                                 with aggregate       
                                                                              
    principal amount of                                 principal amount      
                                                                              
    Immediately upon                                 HK$3,000,000 at          
    of HK$3,000,000                                                           
                                            Immediately upon                  
    completion                                 conversion price               
    at conversion price                                                       
            Existing issued                                 completion        
    of Top-Up                                 of HK$0.02                      
    of HK$0.02                                                                
            share capital                %                of Placing          
    %                Subscription                %                per         
    Share                 %                per Share                 %        
                                                                              
                                                                              
                                                                              
    Vendor        859,864,000                26.30                            
    209,864,000                6.42                859,864,000                
    21.94                859,864,000                16.47                     
    859,864,000                16.01                                          
                                                                              
    Holders of Convertible                                                    
      Notes         -                 0                -                 0    
    -                 0                1,300,000,000                24.91