09:15     MIRABELL INT'L<01179> - Announcement (4)                            

    "Facility Letter"       the letter dated 20 September                     
    2004 from the Bank to Lai Wah and countersigned by                        
    Lai Wah for the provision of the Facility, as                             
    supplemented by the letters dated 25 November 2004                        
    and 7 December 2004 from the Bank to Lai Wah                              
                                                                              
    "Factory"       the factory at Huaning Road, Xinwei                       
    Development Area, Dalang, Longhua Baoan, Shenzhen,                        
    the People's Republic of China proposed to be                             
    developed by Lai Wah and used for manufacturing of                        
    footwear                                                                  
                                                                              
    "Group" the Company and its subsidiaries                                  
                                                                              
    "Guarantee"     a guarantee dated 18 February 2005 given                  
    by the Company in favour of the Bank up to a maximum                      
    amount of HK$46,500,000 (plus interest thereon at the                     
    rate payable by Lai Wah and any costs of enforcement)                     
    to secure 30% of the Facility                                             
                                                                              
    "Lai Wah"       Lai Wah Footwear Trading Limited, a                       
    company incorporated in Hong Kong and a wholly-owned                      
    subsidiary of Best Quality                                                
                                                                              
    "Listing Rules" the Rules Governing the Listing of                        
    Securities on the Stock Exchange                                          
                                                                              
    "Market Capitalisation" the market capitalisation                         
    of the Company of approximately HK$941,761,000 based                      
    on the average closing price of the Company's shares                      
    for the five business days immediately preceding the                      
    date of the Guarantee                                                     
                                                                              
    "Percentage Ratio"      the assets ratio set out in Rule                  
    14.07 of the Listing Rules                                                
                                                                              
    "Staccato"      Staccato Footwear Company Limited, a                      
    company incorporated in Hong Kong and a wholly-owned                      
    subsidiary of Best Quality                                                
                                                                              
    "Total Assets"  the total assets of the Company of                        
    HK$504,894,750 as shown in its unaudited consolidated                     
    accounts in its latest published interim report for                       
    the six months ended 31 August 2004 after adjustment                      
    by the amount of dividend proposed by the Company in                      
    such accounts                                                             
                                                                              
    By Order of the Board                                                     
    Mirabell International Holdings Limited                                   
    Tang Wai Lam                                                              
    Chairman                                                                  
                                                                              
    Hong Kong, 18 February 2005