09:26     NIPPON ASIA INV<00603>-Announcement&Resumption of Trading(8)        

    capital comprising 1,856,898,435 New Shares (taking into account          
    of the Capital Reorganisation becoming effective) as enlarged             
    by the full conversion of the Underwritten Convertible Notes;             
    and                                                                       
                                                                              
    (iii)   approximately 11.24% of the Company's issued share                
    capital comprising 1,977,731,768 New Shares (taking into account          
    of the Capital Reorganisation becoming effective) as enlarged             
    by the full conversion of the Convertible Notes.                          
                                                                              
    Effect on shareholding structure                                          
                                                                              
    The effect on the shareholding structure of the Company upon              
    full conversion of the Convertible Notes are as follows:-                 
                                                                              
                            Assume immediately after        Assume immediately
    after                                                                     
                            full conversion of GC   full conversion of        
                            Convertible Note at the         Underwritten      
    Convertible                                                               
                            conversion price of HK$0.18     Notes at the      
    conversion price                                                          
                            but before conversion of        of HK$0.18 but    
    before                                                                    
                    Assume  Underwritten Convertible        conversion of GC  
            Assume completion of the        completion of the       Notes at  
    the conversion  Convertible Note at the         Assume full               
    conversion                                                                
    Existing shareholding   Placing of Shares (Note 2)      Capital           
    Reorganisation  price of HK$0.18        conversion price of HK$0.18       
            of the Convertible Notes                                          
    Number of               % to the total          Number of               % 
    to the                                                                    
    total           Number of               % to the total          Number of 
                 %                                                            
    to the total            Number of               % to the total            
    Number                                                                    
    of              % to the total                                            
    Shares          issued Shares           Shares          issued Shares     
         New                                                                  
    Shares          issued Shares           New Shares              issued    
    Shares                                                                    
            New Shares              issued Shares           New Shares        
         issued                                                               
    Shares                                                                    
                                                                              
    Noble Islands Int'l Limited (Note 1)    3,270,183,000                     
            20.01           3,270,183,000           18.85           327,018,  
    300                                                                       
            18.85           327,018,300             17.62           327,018,  
    300             16.71                                                     
            327,018,300             15.74                                     
    Wong Kui Shing, Danny   23,100 ,000             0.14            23,100,000
                                                                              
            0.13            2,310,000               0.13            2,310,000 
                 0.12                                                         
            2,310,000               0.12            2,310,000               0 
    .11                                                                       
    The Subscriber  -               -               -               -         
         -               -                                                    
            120,833,333             6.51            -               -         
         120,833,333             5.82                                         
    The Placees     -               -               -               -         
         -               -               -               -                    
            222,222,222             11.36           222,222,222               
    10.70                                                                     
    Public shareholders     13,053,479,133          79.85                     
            14,053,479,133          81.02           1,405,347,913             
    81.02                                                                     
            1,405,347,913           75.75           1,405,347,913             
    71.81                                                                     
            1,405,347,913           67.63                                     
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
    Total   16,346,762,133          100.00          17,346,762,133            
    100.00                                                                    
            1,734,676,213           100.00          1,855,509,546             
    100.00                                                                    
            1,956,898,435           100.00          2,077,731,768             
    100.00                                                                    
                                                                              
                                                                              
                                                                              
                                                                              
                                                                              
    Notes:                                                                    
                                                                              
    1.      Noble Islands Int'l Limited is wholly-owned by Power Honest       
    Holdings Limited which in turn is wholly owned by