09:34     NEW CENTURY GP<00234> - Announcement (9)                            

    "New Caps"   the aggregate amount of the maximum                          
    charter fees payable by the Subsidiary to Queenston                       
    and Jackston under the New Charter Agreements                             
                                                                              
    "New Century Worldwide"   New Century Worldwide                           
    Capital Limited, an indirect wholly-owned subsidiary                      
    of Huang Group and the controlling shareholder of the                     
    Company holding approximately 56.3% interest in the                       
    Company as at the date of this announcement                               
                                                                              
    "New Charter Agreements"   two agreements both dated                      
    8th March, 2005 entered into between (i) Queenston                        
    and the Subsidiary for chartering the vessel "Leisure                     
    World"; and (ii) Jackston and the Subsidiary for                          
    chartering the vessel "Amusement World"                                   
                                                                              
    "New Sub-charter Agreements"   two agreements both                        
    dated 8th March, 2005 entered into between the                            
    Subsidiary and Evervalue in relation to the                               
    sub-chartering of the Vessels by Evervalue                                
                                                                              
    "Previous Owners"   Queenston Investment Limited and                      
    Jackston Shipping Limited, companies incorporated in                      
    the BVI and indirect wholly-owned subsidiaries of                         
    Huang Group, which are the previous owners of the                         
    Vessels, details of which were out in the announcement                    
    of the Company dated 1st April, 2004 and the circular                     
    of the Company dated 3rd May, 2004                                        
                                                                              
    "PRC"   the People's Republic of China                                    
                                                                              
    "Queenston"   Queenston Maritime Limited, a company                       
    incorporated in the BVI which is indirectly owned as                      
    to 55% by Huang Group and as to 45% by the Company.                       
    Queenston is the owner of the vessel "Leisure World"                      
                                                                              
    "SFO"   Securities and Futures Ordinance (Cap 571 of                      
    the Laws of Hong Kong)                                                    
                                                                              
    "Share(s)"   ordinary share(s) of HK$0.01 each in the                     
    share capital of the Company                                              
                                                                              
    "Shareholder(s)"   holder(s) of Share(s)                                  
                                                                              
    "Special General Meeting"   the special general                           
    meeting of the Company to be held for the purpose of                      
    considering, and if thought fit, approving New Charter                    
    Agreements (including the Transactions and the Caps)                      
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong                        
    Limited                                                                   
                                                                              
    "Subsidiary"   Balance Profits Limited, a company                         
    incorporated in the BVI which is wholly-owned by the                      
    Company. The Subsidiary is the existing charterer of                      
    the Vessels pursuant to the Existing Charter                              
    Agreements and will remain to be the charterer of the                     
    Vessels under the New Charter Agreements                                  
                                                                              
    "Transactions"   the non-exempt continuing connected                      
    transactions regarding the chartering of the Vessels                      
    by Queenston and Jackston to the Subsidiary under the                     
    New Charter Agreements                                                    
                                                                              
    "Vessels"   two cruise liners, namely "Leisure World"                     
    owned by Queenston and "Amusement World" owned by                         
    Jackston                                                                  
                                                                              
    "HK$"   Hong Kong dollars                                                 
                                                                              
    "S$"   Singapore dollars                                                  
                                                                              
    "US$"   United States dollars                                             
                                                                              
    "%"   per cent.                                                           
                                                                              
    Throughout this announcement, amounts in US$ and S$                       
    have been translated, for illustration only, into HK$                     
    at the exchange rates of US$1.0 = HK$7.8 and S$1.0                        
    = HK$4.6, respectively.                                                   
                                                                              
    On behalf of the Board                                                    
    Wilson Ng                                                                 
    Chairman                                                                  
                                                                              
    Hong Kong, 8th March, 2005