10:09     MOULIN INT'L<00389> - Announcement & Resumption (9)                 

    %                No. of Shares                %                           
                                                                              
    Vendor3 and                                                               
      Concert Parties        175,468,843                35.1%                 
    120,695,169                24.2%                175,311,275               
    31.7%                                                                     
                                                                              
    Placees        -                 -                 54,773,674             
    11.0%                54,773,674                9.9%                       
                                                                              
    Other Shareholders        323,731,719                64.9%                
    323,731,719                64.9%                323,731,719               
    58.5%                                                                     
                                                                              
    Total        499,200,562                100.0%                            
    499,200,562                100.0%                553,816,668              
    100.0%                                                                    
                                                                              
                                                                              
    The shareholdings in the Company before and after the Placing and the     
    Subscription Top-up and the issue of the Conversion Shares1 (without      
    taking into account the Shares to be issued pursuant to the exercise      
    of the Share Options) are summarised as follows:                          
                                                                              
                    Before the issue of                                       
                    Conversion Shares but                                     
                    after completion of the                                   
                    Placing and         After the issue of                    
            At present        Subscription Top-up        Conversion           
    Shares2                                                                   
            No. of Shares                %                No. of Shares       
    %                No. of Shares                %                           
                                                                              
    Vendor and                                                                
      Concert Parties        175,468,843                35.1%                 
    175,311,275                31.7%                175,311,275               
    29.3%                                                                     
                                                                              
    Placees        -                 -                 54,773,674             
    9.9%                54,773,674                9.1%                        
                                                                              
    Bondholder(s)        -                 -                 -                
    -                 45,224,006                7.5%                          
                                                                              
    Other Shareholders        323,731,719                64.9%                
    323,731,719                58.5%                323,731,719               
    54.0%                                                                     
                                                                              
    Total        499,200,562                100.0%                            
    553,816,668                100.0%                599,040,674              
    100.0%                                                                    
                                                                              
                                                                              
    Notes:                                                                    
                                                                              
    1.        On the basis that the Convertible Bonds with an aggregate       
    principal amount of HK$321 million have all been converted and a          
    conversion price of HK$7.098.                                             
                                                                              
    2.        On the basis that the Convertible Bonds with an aggregate       
    principal amount of HK$321 million have all been converted and a          
    conversion price of HK$7.098.                                             
                                                                              
    3.        Since 18 August 2004 on which date the Vendor first became a    
    shareholder of the Company, it acquired 7,534,000 Shares representing     
    approximately 1.5% of the Company's existing issued share capital.        
                                                                              
    4.        REASONS FOR THE ISSUE OF CONVERTIBLE BONDS AND THE PLACING      
    AND THE SUBSCRIPTION TOP-UP AND USE OF PROCEEDS                           
                                                                              
    The Directors consider that the issue of Convertible Bonds and the        
    Placing and the Subscription Top-up will strengthen the capital base      
    of the Company.                                                           
                                                                              
    The net proceeds from the issue of the Convertible Bonds are estimated    
    to be approximately HK$306 million, which the Directors intend to use     
    to retire a portion of the Company's bank debt. As of the latest          
    balance sheet date of 31 December 2004, the Company had debts of          
    approximately HK$1.7 billion. The Directors consider the issuance of      
    the Convertible Bonds to be the most appropriate method to retire a       
    portion of the Company's short term bank debt of approximately HK$250     
    million as at 31 December 2004. In place of the Company's short term