10:39     PREMIUM LAND<00164>-Announcement & Resumption of Trading (3)        

    INCREASE IN TRADING VOLUME                                                
    The Board noted the recent increase in the trading                        
    volume of the Shares and wishes to state that the Board                   
    is not aware of any reasons for such increase save                        
    for the proposed issue of securities disclosed in this                    
    announcement. Save for the proposed issue of the                          
    Subscription Shares, the Underwritten Convertible                         
    Notes and the Guaranteed Convertible Notes, the Board                     
    confirms that there are no negotiations or agreements                     
    relating to intended acquisitions or realisations                         
    which are discloseable under rule 13.23 of the Listing                    
    Rules, neither is the Board aware of any matter                           
    discloseable under the general obligation imposed by                      
    rule 13.09 of the Listing Rules, which is or may be                       
    of a price-sensitive nature.                                              
                                                                              
    SUSPENSION AND RESUMPTION OF TRADING IN THE SHARES                        
    Trading in the Shares on the Stock Exchange was                           
    suspended with effect from 2:52 p.m. on 14 December                       
    2004 at the request of the Company pending the issue                      
    and publication of this announcement. An application                      
    has been made to the Stock Exchange for the resumption                    
    of trading in the Shares with effect from 9:30 a.m.                       
    on 7 January 2005.                                                        
                                                                              
    THE SHARE SUBSCRIPTION AGREEMENT                                          
    Date:   6 January 2005                                                    
                                                                              
    Issuer: the Company                                                       
                                                                              
    Share Subscriber:       Willplus Assets Limited                           
                                                                              
    To the best of the Directors' knowledge, information                      
    and belief having made all reasonable enquires, the                       
    Share Subscriber and its ultimate beneficial owner,                       
    Mr. Wong Cho Fai, Nicholas, are not connected persons                     
    (as defined in the Listing Rules) of the Company and                      
    are third parties independent of the Company and its                      
    connected persons. As at the date of this announcement,                   
    neither the Share Subscriber nor its respective                           
    associates held any Shares. The principal activity                        
    of the Share Subscriber is investment holding for the                     
    Subscription Shares.                                                      
                                                                              
    Conditions                                                                
    Completion of the Share Subscription Agreement is                         
    conditional upon:                                                         
                                                                              
    (i)     the Listing Committee of the Stock Exchange                       
    having granted (either unconditionally or subject to                      
    conditions to which neither the Company nor the Share                     
    Subscriber shall unreasonably object) the listing of,                     
    and permission to deal in, the Subscription Shares;                       
                                                                              
    (ii)    the passing of the relevant resolution(s) by the                  
    Shareholders at the SGM to approve the Share                              
    Subscription Agreement and the issue of the                               
    Subscription Shares; and                                                  
                                                                              
    (iii)   (if required) the Bermuda Monetary Authority                      
    approving the issue of the Subscription Shares and                        
    the free transferability of such Subscription Shares.                     
                                                                              
    If the conditions set out above have not been                             
    fulfilled on or before 15 March 2005 (or such other                       
    date as may be agreed between the Company and the Share                   
    Subscriber), the Share Subscription Agreement will                        
    lapse and become null and void and the parties to the                     
    Share Subscription Agreement will be released from                        
    all obligations under the