10:11     MOULIN INT'L<00389> - Announcement & Resumption (11)                

    Vendor or its nominees under the Subscription Top-up                      
                                                                              
    "Placing"        the placing of the Placing Shares pursuant to the        
    Placing and Subscription Agreement                                        
                                                                              
    "Placing Agent"        J.P. Morgan Securities (Asia Pacific) Limited      
                                                                              
    "Placing and Subscription         the placing, underwriting and           
    subscription agreement dated 19 February                                  
      Agreement"        2005 between the Vendor, the Company and the          
    Placing Agent                                                             
                                                                              
    "Placing Closing Date"        24 February 2005 or such other date as      
    the Vendor and the Placing Agent may agree in writing                     
                                                                              
    "Placing Price"        HK$5.724 per Placing Share                         
                                                                              
    "Placing Shares"        54,773,674 existing Shares                        
                                                                              
    "PRC"        The People's Republic of China                               
                                                                              
    "Security"        any mortgage, charge, pledge, lien or other form of     
    encumbrance or security interest                                          
                                                                              
    "Share(s)"        ordinary share(s) of HK$0.50 each in the share          
    capital of the Company                                                    
                                                                              
    "Share Options"        options to subscribe for Shares granted under      
    the share option scheme of the Company adopted on 6 September 2002        
                                                                              
    "Shareholder(s)        holder(s) of Share(s) as recorded on the           
    Registers of Members of the Company                                       
                                                                              
    "Subscription Agreement"        the subscription agreement dated 19       
    February 2005 between the Manager and the Company in connection with      
    the issue of the Convertible Bonds                                        
                                                                              
    "Subscription Closing Date"        10:00 a.m. (Hong Kong time) on 19      
    April 2005 or such other time or date on or before 26 April 2005 as       
    may be agreed by the Company and the Manager                              
                                                                              
    "Subscription Top-up"        the conditional subscription by the          
    Vendor of the New Shares pursuant to the Placing and Subscription         
    Agreement                                                                 
                                                                              
    "Subscription Top-up Price"        is equivalent to the Placing Price     
    per Share                                                                 
                                                                              
    "subsidiary"        has the meaning ascribed to it in section 2(4) of     
    the Companies Ordinance of Hong Kong (Chapter 32 of the Laws of Hong      
    Kong)                                                                     
                                                                              
    "Takeovers Code"        the Hong Kong Codes on Takeovers and Mergers      
                                                                              
    "Terms and Conditions"        the terms and conditions of the             
    Convertible Bonds to appear on the reverse of each of the definitive      
    certificates evidencing the Convertible Bonds                             
                                                                              
    "US"        the United States of America, its territories and             
    possessions, any State of the United States, and the District of          
    Columbia                                                                  
                                                                              
    "US Securities Act"        the U.S. Securities Act of 1933, as amended    
                                                                              
    "Vendor"        Sharp Merit International Limited, wholly owned by        
    Dynamic Utility Limited, as trustee for the Ma Family Unit Trust          
                                                                              
    "%"        per cent.                                                      
                                                                              
            By Order of the Board                                             
            Moulin Global Eyecare Holdings Limited                            
            Ma Bo Kee                                                         
            Chairman                                                          
                                                                              
    Hong Kong, 21 February 2005                                               
                                                                              
    As at the date of this announcement, the executive Directors are Mr.      
    Ma Bo Kee, Mr. Ma Bo Fung, Mr. Ma Bo Lung,                                
    Mr. Ma Lit Kin Cary, Mr. Ma Hon Kin, Dennis, Mr. Tong Ka Wai, Dicky       
    and Mr. Joseph A. Barrett and the independent non-executive Directors     
    are Mr. Ng Tai Chiu, David, Mr. Chan Wing Wah, Ivan and Mr. So Kwan       
    Hon, Danny.