09:45     MIDLAND REALTY<01200>-Announcement&Resumption of Trading(10)        

    particular the thin trading volume of the EVI Shares,                     
    the EVI Directors (excluding the independent                              
    non-executive EVI Directors) are of the view that the                     
    terms of the Subscription Agreement, including the                        
    issue price of HK$0.025 per EVI Share, are fair and                       
    reasonable. The independent non-executive EVI                             
    Directors will express their views on the                                 
    Subscription Agreement and the Whitewash Waiver in                        
    the EVI Circular after considering the opinion of the                     
    independent financial adviser to the independent                          
    board committee of EVI and the EVI Independent                            
    Shareholders.                                                             
                                                                              
    4.      INFORMATION ON MIDLAND AND EVI                                    
    4.1     Midland                                                           
    The Midland Group is principally engaged in property                      
    broking service in Hong Kong, Macau and the PRC.                          
                                                                              
    Set out below is the audited financial information                        
    of the Midland Group for the two financial years ended                    
    31 December 2003 and the unaudited figures for the                        
    six months ended 30 June 2004:                                            
    For the six                                                               
    Financial year ended    months ended                                      
    31 December     30 June                                                   
    2002            2003            2004                                      
    HK$'000         HK$'000         HK$'000                                   
    Audited         Audited         Unaudited                                 
                                                                              
    Turnover        911,711         1,179,963               952,079           
    Profit/(loss) from operations   (68,220 )       150,811                   
            195,466                                                           
    Profit/(loss) attributable to the Midland                                 
    Shareholders    (73,725 )       122,749         165,809                   
    Total assets    703,690         1,013,415               1,235,895         
    Net tangible assets     442,175         563,144         694,479           
    Net tangible assets per Midland Share (HK$) (Note)                        
            0.726           0.801           0.986                             
                                                                              
    Note:   Based on 703,090,000 Midland Shares in issue as                   
    at 31 December 2003 (609,447,000 Midland Shares in                        
    issue as at 31 December 2002); and 704,390,000 Midland                    
    Shares in issue as at 30 June 2004.                                       
                                                                              
    4.2     EVI                                                               
    The EVI Group is principally engaged in the selling                       
    and installation of computer hardware and software,                       
    the provision of computer training services and the                       
    provision of internet education services.                                 
                                                                              
    Set out below is the audited financial information                        
    of the EVI Group for the two financial years ended                        
    30 September 2004:                                                        
    Financial year ended                                                      
    30 September                                                              
    2003            2004                                                      
    HK$'000         HK$'000                                                   
    Audited         Audited                                                   
                                                                              
    Turnover        19,959          20,206                                    
    Operating (loss)        (9,606  )       (4,740  )                         
    (Loss) attributable to the EVI Shareholders                               
            (9,476  )       (4,205  )                                         
    Total assets    30,299          26,961                                    
    Net assets      22,994          18,861                                    
    Net tangible assets per EVI Share (HK$) (Note)                            
            0.0057          0.0047                                            
                                                                              
    Note:   Based on 4,000,000,000 EVI Shares in issue as                     
    at 30 September 2004 (4,000,000,000 EVI Shares in                         
    issue as at 30 September 2003).                                           
                                                                              
    5.      WHITEWASH WAIVER APPLICATION