10:05     EZCOM HOLDINGS<00312> - Announcement (2)                            

    mandate, the Company may issue 122,293,443 new Shares                     
    (representing 20% of the number of issued Shares as                       
    at 23 September 2004) and 86,700,000 new Shares have                      
    been issued under the said general mandate up to the                      
    date hereof.                                                              
                                                                              
    Parties                                                                   
    Subscribers                                                               
                                                                              
    Name            Number of Shares                                          
                                                                              
    (i)     Pang Ming       5,000,000                                         
    (ii)    Mang Sheung Ling        7,500,000                                 
    (iii)   Lam Siu Ki      2,000,000                                         
    (iv)    Wong Yim Wah    1,000,000                                         
    (v)     Lam Mau 4,000,000                                                 
    (vi)    Lui Yuk Lan     3,000,000                                         
    (vii)   Cheung Chun Sek 8,000,000                                         
    (viii)  Tu Betty Bao Hua        5,000,000                                 
                                                                              
    Total           35,500,000                                                
                                                                              
    There will be no board representation to the Company                      
    made by the Subscribers in connection with the                            
    Subscription. The Subscribers have confirmed to the                       
    Company that they have no shareholding in the Company                     
    prior to the Subscription. To the best of the                             
    Directors' knowledge, the Subscribers are not                             
    connected with each other.                                                
                                                                              
    All the eight (8) Subscription Agreements have same                       
    terms and conditions and each of the Subscribers will                     
    pay in full the aggregate Subscription Price to the                       
    Company in cash within 3 days after the date of the                       
    Subscription Agreements.                                                  
                                                                              
    Independence of the Subscribers                                           
    The Subscribers are not connected persons of the                          
    Company and are independent of, and are not connected                     
    with, and not acting in concert with the directors,                       
    chief executives and substantial shareholders of the                      
    Company and any of its subsidiaries or any of their                       
    respective associates (as defined in the Listing                          
    Rules).                                                                   
                                                                              
    Price                                                                     
    The price of HK$0.114 per Subscription Share                              
    represents:                                                               
                                                                              
    (i)     a discount of approximately 19.72% to the                         
    closing price of HK$0.142 per Share as quoted on the                      
    Stock Exchange on 7 April 2005, being the date of the                     
    Subscription Agreements;                                                  
                                                                              
    (ii)    a discount of approximately 19.38% to the                         
    average closing price of HK$0.141 per Share for the                       
    five consecutive trading days up to and including 6                       
    April 2005;                                                               
                                                                              
    (iii)   a discount of approximately 14.16% to the                         
    average closing price of HK$0.133 per Share for the                       
    ten consecutive trading days up to and including 6                        
    April 2005; and                                                           
                                                                              
    (iv)    a discount of approximately 24.84% to the                         
    average closing price of HK$0.152 per Share for the                       
    thirty consecutive trading days up to and including                       
    6 April 2005.                                                             
                                                                              
    The price and the terms of the Subscription Agreements                    
    were arrived at after arm's length negotiations                           
    between the Company and the Subscribers on 7 April                        
    2005.                                                                     
                                                                              
    Completion of Subscription