09:59     DYNAMIC GLOBAL<00231> - Announcement (5)                            

    DEFINITIONS OF TERMS USED IN THIS ANNOUNCEMENT                            
    "2003 Announcement"   the Company's announcement                          
    dated 15 August 2003 in relation to the disposal of                       
    HLJ Industry under the 2003 S&P Agreement                                 
                                                                              
    "2003 Purchaser"   Heilongjiang Hong Xing Real Estate                     
    Development Company Limited (*),                                          
    a company incorporated in the PRC, the principal                          
    activities of which is property development. The 2003                     
    Purchaser and its beneficial owners are not connected                     
    persons of the Company as defined in the Listing Rules.                   
                                                                              
    "2003 S&P Agreement"    the sale and purchase                             
    agreement dated 13 August 2003 entered into between                       
    the Company and the 2003 Purchaser (defined as "New                       
    S&P Agreement" in the 2003 Announcement)                                  
                                                                              
    "2005 Agreement"   the agreement entered into between                     
    the Vendor, the 2003 Purchaser and the 2005 Purchaser                     
    on 4 February 2005 in relation to the forfeiture of                       
    the option granted to the 2003 Purchaser under the 2003                   
    S&P Agreement and in relation to the 2005 Disposal                        
                                                                              
    "2005 Disposal"   the disposal of the Sale Shares                         
    under the 2005 Agreement                                                  
                                                                              
    "2005 Purchaser"   Linking Sun Development Limited,                       
    a company incorporated in the British Virgin Islands,                     
    the principal activities of which is investment                           
    holding. The 2005 Purchaser and its beneficial owners                     
    are not connected persons of the Company as defined                       
    in the Listing Rules.                                                     
                                                                              
    "Board"   the board of Directors of the Company                           
                                                                              
    "Business Day"   any day (other than Saturday or                          
    Sunday) on which banks are open for business in Hong                      
    Kong throughout its normal business hours                                 
                                                                              
    "Company"   Dynamic Global Holdings Limited, a                            
    company incorporated in Bermuda with limited                              
    liability whose shares are listed on the Stock                            
    Exchange                                                                  
                                                                              
    "Court"   Heilongjiang People's Supreme Court of the                      
    PRC (*)                                                                   
                                                                              
    "DGDL"   Dynamic Global Development Limited, a                            
    company incorporated in Hong Kong with limited                            
    liability, a wholly owned subsidiary of the Company                       
                                                                              
    "Directors"   the directors of the Company                                
                                                                              
    "Group"   the Company and its subsidiaries                                
                                                                              
    "HK$"   lawful currency of the Hong Kong Special                          
    Administrative Region                                                     
                                                                              
    "HLJ Industry"   Fairyoung (Heilongjiang) Industry                        
    Company Limited, a wholly owned direct subsidiary of                      
    the Company which was incorporated in the PRC with                        
    limited liability and owns the Ski Assets                                 
                                                                              
    "Listing Rules"   the Rules Governing the Listing of                      
    Securities on the Stock Exchange                                          
                                                                              
    "PRC"   the People's Republic of China                                    
                                                                              
    "RMB"   renminbi, the lawful currency of the PRC                          
                                                                              
    "Sale Shares"   the entire issued share capital of HLJ                    
    Industry                                                                  
                                                                              
    "Shareholders"   shareholders of the Company                              
                                                                              
    "Ski Assets"   land, buildings and related equipment                      
    of the skiing resort owned by HLJ Industry                                
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong                        
    Limited                                                                   
                                                                              
    "Vendor"   the Company