10:19     PREMIUM LAND<02971> - Announcement (2)                              

    The following table shows the principal amount of                         
    Guaranteed Convertible Notes and number of GCN                            
    Conversion Shares (as defined below) to be held by                        
    Shepherd Investments and Stark Japan before and after                     
    the reallocation of Guaranteed Convertible Notes                          
    (assuming full conversion of Guaranteed Convertible                       
    Notes):                                                                   
                                                                              
    Before reallocation of  After reallocation of                             
    Guaranteed Convertible Notes    Guaranteed                                
    Convertible Notes                                                         
    No. of GCN                              No. of GCN                        
    Principal               Conversion              Principal                 
            Conversion                                                        
    amount          Shares           amount         Shares                    
    (HK$)                           (HK$)                                     
                                                                              
    Shepherd Investments    35,100,000              58,500,000                
            42,120,000              70,200,000                                
    Stark Japan     7,020,000               11,700,000              0         
         0                                                                    
                                                                              
    Effect on shareholding structure                                          
                                                                              
    The effect on the shareholding structure of the                           
    Company upon allotment of 26,500,000 New Shares (as                       
    defined below) to be subscribed for by the Share                          
    Subscriber pursuant to the Share Subscription                             
    Agreement supplemented by a supplemental agreement                        
    dated 4 March 2005, full conversion of the                                
    Underwritten Convertible Notes in an aggregate                            
    principal amount of HK$31.2 million to be issued by                       
    the Company pursuant to the Placing Agreement and the                     
    Guaranteed Convertible Notes (the "New Guaranteed                         
    Convertible Notes") in an aggregate principal amount                      
    of HK$78 million to be issued by the Company pursuant                     
    to the CB Subscription Agreements supplemented by the                     
    Supplemental CB Subscription Agreements and taking                        
    into account the Cancellation Agreement                                   
    (collectively the "New CB Subscription Agreements")                       
    are as follows (the Share Subscription Agreement, the                     
    Placing Agreement and the New CB Subscription                             
    Agreements are yet to be completed):                                      
                                                                              
    Upon completion of the Share Subscription Agreement,                      
    the Placing Agreement and the New CB Subscription                         
    Agreements                                                                
                                            (assuming no                      
         (assuming no                                                         
                                                                              
            (assuming no                            conversion                
                                                                              
            conversion                                                        
            conversion                              of the New                
                 of the                                                       
                            (assuming full                                    
            of the                          Guaranteed                        
            Underwritten                            conversion of             
            Underwritten                            Convertible               
                                                                              
            Convertible                             the Underwritten          
    Existing                                Convertible                       
         Notes and full                                                       
                                    Notes and full                            
    Convertible                                                               
    Shareholdings                           Notes and the                     
            conversion on                           conversion on the         
                                                                              
            Notes and the                                                     
    (as at the                              New Guaranteed                    
         the                                                                  
    Underwritten                            New Guaranteed                    
            New Guaranteed                                                    
    date of this                            Convertible                       
            Convertible                             Convertible               
                                                                              
            Convertible                                                       
    Name    announcement)                           Notes) No. of             
                                                                              
            Notes only) No. of                              Notes only) No. of
                                                                              
                            Notes) No. of                                     
     No. of New Shares                              New Shares                
                                                                              
            New Shares                              New Shares                
                 New                                                          
    Shares