10:10 VANTAGE INT'L<00015> - Announcement & Resumption (2) The Tsuen Wan Properties shall be sold on an "as is" basis and subject to the existing tenancy. The Tsuen Wan Properties are located near the Tsuen Wan MTR station and currently leased to The Hongkong and Shanghai Banking Corporation Limited for retail purposes at a monthly rent of HK$412,500 for a term expiring on 16 December 2005. The tenant has the option to renew the tenancy for a further term of three years at the same rent of HK$412,500 per month. The tenant, to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, is an Independent Third Party. Completion: On or before 31 May 2005 Consideration: The consideration is HK$120,000,000, which was determined by reference to the information available to the Company based on discussions made with several banks about the valuation of the Tsuen Wan Properties and the prevailing market prices of properties located nearby, and was negotiated on an arm's length basis and agreed on normal commercial terms between the parties. A deposit of HK$12,000,000 was paid by Hobol to Vendor A upon signing of the Tsuen Wan Agreement. The balance of the consideration in the sum of HK$108,000,000 shall be paid upon completion on or before 31 May 2005. The Company plans to finance the acquisition of the Tsuen Wan Properties as to 30% by internal resources of the Company and 70% by bank financing. The Directors consider that, taking into account the banking facilities available to the Group and the internal resources generated from the Group's operations, the Group will have sufficient working capital to complete the acquisition of the Tsuen Wan Properties. Conditions: The sale and purchase of the Tsuen Wan Properties is subject to the terms and conditions contained in the preliminary sale and purchase agreement dated 28 January 2005 and signed by White Knight Mortgage Co. Ltd. (which together with its ultimate beneficial owner(s), to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, are Independent Third Parties) as head vendor and Colour Butterfly Ltd. as purchaser and the formal sale and purchase agreement to be signed pursuant to the terms thereof. By a deed of nomination dated 14 March 2005, Colour Butterfly Ltd. (which together with its ultimate beneficial owner(s), to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, are Independent Third Parties) has nominated Vendor A to sign the formal sale and purchase agreement with White Knight Mortgage Co. Ltd. CAUSEWAY BAY AGREEMENT Date: 14 March 2005 Parties: Vendor B: Kung Ming Tak Tong Co., Ltd., a company incorporated in Hong Kong with limited liability, which together with its ultimate beneficial owner(s), to the best of the Directors' knowledge, information and belief having made all reasonable enquiry, are Independent Third Parties. To the best of the Directors' knowledge, information and belief having made all reasonable enquiry, Vendor B is independent from and unrelated to Vendor A, Colour Butterfly Ltd. and White Knight Mortgage Co. Ltd. and is engaged in investment. Purchaser: Excelskill, an indirectly wholly-owned subsidiary of the Company Subject matter: Excelskill has agreed to purchase, and Vendor B has agreed to sell, the Causeway Bay Properties. Information on the Causeway Bay Properties: No. 36 Jardine's Bazaar, Causeway Bay, Hong Kong, which comprise a whole block of 3-storey composite building with a total gross floor area of approximately 2,800 square feet, a frontage of approximately 51.8 feet and a site area of approximately 1,134 square feet.