09:44     EVI EDUCATION<08090>-Announcement & Resumption of Trading(5)        

    public float of EVI to be not less than 20%) and                          
    therefore trading in the EVI Shares may be suspended                      
    until a sufficient public float is attained.                              
    Accordingly, EVI and Midland will undertake to GEM                        
    to take appropriate steps (prior to Completion) to                        
    ensure that the public float of EVI will maintain at                      
    no less than 20% following Completion.                                    
                                                                              
    4.      OTHER MATTERS                                                     
    An independent board committee comprising the                             
    independent non-executive EVI Directors has been                          
    established to consider and to advise the EVI                             
    Independent Shareholders (i.e. excluding those                            
    shareholders who are interested in or are involved                        
    in the Subscription Agreement - as Summerview, Mr.                        
    Pong Wai San, Wilson and their respective associates                      
    are involved in the Subscription Agreement, they are                      
    not considered to be EVI Independent Shareholders)                        
    as to whether the terms of the Subscription and the                       
    Whitewash Waiver are fair and reasonable so far as                        
    the EVI Independent Shareholders are concerned, and                       
    that the Subscription and the Whitewash Waiver are                        
    in the interests of EVI and the EVI Shareholders as                       
    a whole.                                                                  
                                                                              
    AMS Corporate Finance Limited, an independent                             
    financial adviser, has been appointed to advise the                       
    independent board committee of EVI and the EVI                            
    Independent Shareholders with respect to the                              
    Subscription and the Whitewash Waiver.                                    
                                                                              
    Warning: Midland Shareholders, potential investors                        
    of Midland Shares, EVI Shareholders and potential                         
    investors of EVI are advised that the Subscription                        
    and the Whitewash Waiver are subject to a number of                       
    conditions. The issuance of this announcement does                        
    not in any way imply that the Subscription Agreement                      
    will be implemented or completed. Midland                                 
    Shareholders, potential investors of Midland Shares,                      
    EVI Shareholders and potential investors of EVI                           
    should exercise extreme caution when dealing in the                       
    Midland Shares and the EVI Shares.                                        
                                                                              
    5.      SUSPENSION AND RESUMPTION OF TRADING                              
    At the request of Midland and EVI, trading in the                         
    Midland Shares and EVI Shares was suspended with                          
    effect from 9:30 a.m. on 25 January 2005 pending the                      
    issue of this announcement. Midland and EVI have                          
    requested a resumption of trading in their shares with                    
    effect from 9:30 a.m. on 27 January 2005 following                        
    the publication of this announcement.                                     
                                                                              
    By order of the Board                                                     
    Midland Realty (Holdings) Limited                                         
    Wong Kin Yip, Freddie                                                     
    Chairman                                                                  
                                                                              
    By order of the Board                                                     
    EVI Education Asia Limited                                                
    Pong Wai San, Wilson                                                      
    Chairman                                                                  
                                                                              
    Hong Kong, 26 January 2005                                                
                                                                              
    As at the date of this announcement, the Midland Board                    
    comprises eight directors, of which (i) five are                          
    executive Midland Directors, namely Mr. Wong Kin Yip,                     
    Freddie, Mr. Cheung Kam Shing, Ms Lam Fung Fong, Mr.                      
    Chan Kwan Hing and Mr. Kwok Ying Lung and (ii) three                      
    are independent non-executive Midland Directors,                          
    namely Mr. Koo Fook Sun, Louis, Mr. Sun Tak Chiu and                      
    Mr. Wang Ching Miao, Wilson.                                              
                                                                              
    As at the date of this announcement, the EVI Board                        
    comprises seven directors, of which (i) four are