10:46     PREMIUM LAND<00164>-Announcement & Resumption of Trading(21)        

    "Stark Japan"   Stark Japan Master Fund Ltd., a company                   
    incorporated in the British Virgin Islands with                           
    limited liability                                                         
                                                                              
    "Subscription Shares"   An aggregate of 530,000,000                       
    new Shares to be subscribed for the Share Subscriber                      
    pursuant to the Share Subscription Agreement                              
                                                                              
    "Underwritten Convertible Notes"        the convertible                   
    notes to be issued by the Company in the aggregate                        
    principal amount of HK$31,200,000 pursuant to the                         
    Placing Agreement                                                         
                                                                              
    "HK$"   Hong Kong dollars                                                 
                                                                              
    "US"    the United States of America                                      
                                                                              
    "US$"   United States dollars, the lawful currency of                     
    the United States of America                                              
                                                                              
    "%" or "per cent"       percentage                                        
                                                                              
    By order of the board                                                     
    Premium Land Limited                                                      
    Dong Bo, Frederic                                                         
    Director                                                                  
                                                                              
    Hong Kong, 6 January 2005                                                 
                                                                              
    * For identification purposes only