09:21     GOLDEN HARVEST<01132>-Announcement & Resumption of Trading-2        

    5.   Subscription Price                                                   
    The Subscription Price of HK$0.25 per New Share represents a              
    discount of approximately 3.85% to the average of the closing             
    prices of HK$0.26 per Share as quoted on the Stock Exchange               
    for the last 5 trading days up to and including 17 February,              
    2005 and a discount of approximately 3.85% to the closing                 
    price of HK$0.26 per Share as quoted on the Stock Exchange on             
    17 February, 2005, being the date on which the terms of the               
    Subscription were concluded.                                              
                                                                              
    The Directors are of the view that the terms and conditions of            
    the Subscription are fair and reasonable and are in the                   
    interests of the Company and the shareholders of the Company              
    as a whole.                                                               
                                                                              
    6.   Conditions                                                           
    The Subscription by the Subscriber of the New Shares is                   
    conditional upon:                                                         
                                                                              
    (a)   the listing of, and permission to deal in, all the New              
    Shares being granted by the Listing Committee of the Stock                
    Exchange; and                                                             
                                                                              
    (b)   if necessary, the Bermuda Monetary Authority granting               
    permission for the allotment and issue of the New Shares.                 
                                                                              
    7.   Completion of the Subscription                                       
    Completion of the Subscription will take place at a time to be            
    fixed between the Subscriber and the Company on the second                
    Business Day immediately following the day upon which the last            
    of the conditions to the Subscription shall have been                     
    satisfied, or such later date as the parties to the                       
    Subscription Agreement may agree provided that such date shall            
    not be later than 31 March, 2005. If the Subscription                     
    Agreement is not completed by such date, the Subscription                 
    Agreement shall forthwith terminate, provided that any right              
    or obligation of either party to the Subscription Agreement               
    against or towards the other party accrued or arising under               
    the Subscription Agreement prior to such termination shall                
    survive such termination.                                                 
                                                                              
    8.   Application for listing                                              
    The Company will submit an application to the Stock Exchange              
    for the listing of, and permission to deal in, the New Shares             
    in due course.                                                            
                                                                              
    9.   Fund raising activities within the 12 months preceding               
    the date of this announcement                                             
                                                                              
    Date of announcement                                                      
                                                                              
    Date of agreement/listing document                                        
                                                                              
    Nature of transaction                                                     
                                                                              
    Amount of net proceeds raised                                             
                                                                              
    Intended use of net proceeds                                              
                                                                              
    Amount of net proceeds used as at the date of this                        
    announcement                                                              
                                                                              
    Unutilized amount as at the date of this announcement                     
                                                                              
    16 July 2004                                                              
                                                                              
    14 July 2004                                                              
                                                                              
    Subscription of new Shares by Typhoon Music (PRC) Limited                 
                                                                              
    Approximately HK$36.4 million                                             
                                                                              
    General working capital purposes                                          
                                                                              
    HK$23.4 million for general working capital                               
                                                                              
    Nil                                                                       
                                                                              
    Capital contribution towards a joint venture company                      
                                                                              
    HK$6 million for capital contribution towards a film financing            
    business joint venture                                                    
                                                                              
    Nil                                                                       
                                                                              
    Future investment opportunities in the film related businesses