09:29     PACIFIC ANDES<01174> - Announcement                                 

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement,                     
    makes no representation as to its accuracy or                             
    completeness and expressly disclaims any liability                        
    whatsoever for any loss howsoever arising from or in                      
    reliance upon the whole or any part of the contents                       
    of this announcement.                                                     
                                                                              
    PACIFIC ANDES INTERNATIONAL HOLDINGS LIMITED                              
    (Incorporated in Bermuda with limited liability)                          
    (Stock Code: 1174)                                                        
                                                                              
    CLARIFICATION ANNOUNCEMENT                                                
                                                                              
    The Board notes that owing to a mistake in calculation,                   
    certain incorrect financial figures of CFIL appearing                     
    in the Announcement and wishes to clarify that the                        
    audited net profit of CFIL (before and after taxation                     
    and extraordinary items) attributable to the Sale                         
    Shares for each of the two years ended 31 December                        
    2002 and 2003 were approximately US$38,000                                
    (equivalent to approximately HK$295,000) and                              
    US$86,000 (equivalent to approximately HK$674,000)                        
    respectively.                                                             
                                                                              
    Reference is made to the announcement of the Company                      
    dated 31 December 2004 in relation to a discloseable                      
    transaction (the "Announcement"). Unless otherwise                        
    defined herein, all terms herein shall have the same                      
    meanings as ascribed thereto in the Announcement.                         
                                                                              
    The Board notes that owing to a mistake in calculation,                   
    the following incorrect financial figures of CFIL                         
    appearing in the Announcement:-                                           
                                                                              
    It was stated in the section headed "Consideration"                       
    of the Announcement that "The audited net profit of                       
    CFIL (before and after taxation and extraordinary                         
    items) attributable to the Sale Shares for each of                        
    the two years ended 31 December 2002 and 2003 was                         
    approximately US$1,889,000 (equivalent to                                 
    approximately HK$14,734,000) and US$4,322,000                             
    (equivalent to approximately HK$33,712,000)                               
    respectively." Such figures in fact represent 100%                        
    of the audited net profit of CFIL (before and after                       
    taxation and extraordinary items) for each of the                         
    relevant periods.                                                         
                                                                              
    The Board wishes to clarify that the audited net                          
    profit of CFIL (before and after taxation and                             
    extraordinary items) attributable to the Sale Shares                      
    for each of the two years ended 31 December 2002 and                      
    2003 were in fact approximately US$38,000 (equivalent                     
    to approximately HK$295,000) and US$86,000                                
    (equivalent to approximately HK$674,000)                                  
    respectively.                                                             
                                                                              
    By order of the Board                                                     
    Pacific Andes International Holdings Limited                              
    Cheng Nai Ming                                                            
    Company Secretary                                                         
                                                                              
    Hong Kong, 24 January 2005                                                
                                                                              
    As at the date of this announcement, the executive                        
    directors of the Company are Mr. Ng Swee Hong, Mr.                        
    Ng Joo Siang, Madam Teh Hong Eng, Mr. Ng Joo Kwee,                        
    Mr. Ng Joo Puay, Frank, Ms. Ng Puay Yee and Mr. Cheng                     
    Nai Ming whilst the independent non-executive                             
    directors of the Company are Mr. Kwok Lam Kwong, Larry,                   
    Mr. Lew V. Robert and Mr. Yeh Man Chun, Kent.