09:54     WING ON TRAVEL<01189>-Announcement&Resumption of Trading (5)        

    lots of the Consolidated Shares, a securities house will be appointed     
    by Wing On Travel to provide a matching service to those shareholders     
    who wish to acquire odd lots of Consolidated Shares to make up a full     
    board lot, or to dispose of their holdings of odd lots of Consolidated    
    Shares. Details of the odd lots arrangement will be stated in the         
    circular to be issued by Wing On Travel.                                  
                                                                              
    CHANGE OF BOARD LOT SIZE                                                  
                                                                              
    Upon the Share Consolidation becoming unconditional and effective, the    
    board lot of the Shares will be changed from 10,000 Shares to 1,000       
    Consolidated Shares. Based on the latest closing price of HK$0.024 per    
    Share as quoted on the Stock Exchange on the Last Dealing Date, the       
    value of a board lot of 10,000 Shares is approximately HK$240. After the  
     completion of the Share Consolidation, based on the latest closing       
    price of HK$0.024 per Share as quoted on the Stock Exchange on the Last   
    Dealing Date, the theoretical price of a Consolidated Share is            
    approximately HK$2.4 and the theoretical market value of a board lot of   
    1,000 Consolidated Shares is approximately HK$2,400.                      
                                                                              
    Any fraction of Consolidated Shares that arises from the Share            
    Consolidation will be aggregated and sold (if a premium, net of           
    expenses, can be obtained) for the benefit of Wing On Travel.             
                                                                              
    The Consolidated Shares will rank pari passu in all respects with each    
    other.                                                                    
                                                                              
    REASON FOR CHANGE OF BOARD LOT SIZE                                       
                                                                              
    The proposed change in board lot size could facilitate trading after the  
     Share Consolidation, as the transaction costs per board lot of           
    Consolidated Shares and the incidence of odd lots after the Share         
    Consolidation could both be reduced.                                      
                                                                              
    TIMETABLE FOR THE SHARE CONSOLIDATION                                     
                                                                              
    The expected timetable is as follows:-                                    
                                                                              
    2005                                                                      
                                                                              
    Despatch of circular in respect of the SGM convened                       
      to approve the Share Consolidation   24 February                        
                                                                              
    Latest time for lodging forms of proxy for the SGM   10:00 a.m. on 12     
    March                                                                     
                                                                              
    SGM   10:00 a.m. on 14 March                                              
                                                                              
    Effective date of the Share Consolidation   15 March                      
                                                                              
    Existing counter for trading in the Shares in board lots of               
      10,000 Shares closes   9:30 a.m. on 15 March                            
                                                                              
    Temporary counter for trading in the Consolidated Shares in board lots    
    of                                                                        
      100 Consolidated Shares (in the form of existing share certificates)    
    opens   9:30 a.m. on 15 March                                             
                                                                              
    First day for free exchange of existing share certificates                
      for new share certificates for the Consolidated Shares   15 March       
                                                                              
    Existing counter for trading in the Consolidated Shares in board lots of  
                                                                              
      1,000 Consolidated Shares (in the form of new share certificates)       
    reopens   9:30 a.m. on 31 March                                           
                                                                              
    Parallel trading in the Consolidated Shares                               
      (in the form of new share certificates and                              
      existing share certificates) commences   9:30 a.m. on 31 March          
                                                                              
    Temporary counter for trading in the Consolidated Shares                  
      in board lots of 100 Consolidated Shares                                
      (in the form of existing share certificates) closes   4:00 p.m. on 22   
    April                                                                     
                                                                              
    Parallel trading in the Consolidated Shares (in the form of               
      new share certificates and existing share certificates) ends   4:00     
    p.m. on 22 April                                                          
                                                                              
    Last day for free exchange of existing share certificates                 
      for new share certificates for the Consolidated Shares   4:00 p.m. on   
    28 April                                                                  
                                                                              
    FREE EXCHANGE OF CERTIFICATES FOR SHARES AND TRADING ARRANGEMENT