09:31     HERITAGE INT'L<00412> - Announcement (2)                            

    Subscription forms lodged with the Registrars later than 4:00 pm on       
    12th April, 2005 will not be accepted. Certificates of Shares for the     
    due exercise of the subscription rights attached to the 2003 Warrants     
    will be issued within 10 days from the date of exercise.                  
                                                                              
    The closing prices of Shares and the 2003 Warrants on the Stock           
    Exchange on 16th March, 2004 (being the date of this announcement)        
    were HK$0.026 and HK0.01 respectively. The exercise price of the 2003     
    Warrants as at the date of this announcement is HK$0.16 per 2003          
    Warrant. Shares to be issued pursuant to the exercise of the              
    subscription rights attached to the 2003 Warrants will, when issued,      
    rank pari passu in all respects with the then existing issued Shares.     
                                                                              
                                                                              
    A circular relating to the expiry of 2003 Warrants will be                
    despatched to holders of 2003 Warrants and, for information only, the     
    shareholders of the Company as soon as practicable.                       
                                                                              
    Holders of the 2003 Warrants, who are in doubt as to their position       
    or to the actions to be taken should consult their stockbroker or         
    other registered dealer in securities, bank manager, solicitor,           
    professional accountant or other professional advisers.                   
                                                                              
    As at date of this announcement, the Company has four executive           
    Directors, being Mr. Kwong Kai Sing, Benny, Ms. Lo Ki Yan, Karen, Mr.     
    Ong Peter and Ms. Poon Chi Wan, one non-executive Director, being Mr.     
    Chung Yuk Lun, and three independent non-executive Directors, being       
    Mr. Chan Sze Hung and Mr. To Shing Chuen and Mr. Frank H. Miu.            
                                                                              
                                   By order of the Board                      
                                   Chow Chi Wah, Vincent                      
                                   Company Secretary                          
                                                                              
                                                                              
                                                                              
    Hong Kong, 16th March, 2005