13:42     FIRST NATURAL<01076> - Results Announcement (2)                     

                                                                              
    (5) An analysis of turnover and profit from continuing operations:        
                                                                              
                            Frozen          Frozen          Frozen            
                            marine          functional      seasoned          
                            food            food            convenient        
                            products        products        food products     
                            RMB'000         RMB'000         RMB'000           
                                                                              
    Turnover                227,394         206,068         660               
    Segment result          110,410         88,005          5                 
                                                                              
                                                                              
                                            Refrigerated                      
                                            processed                         
                                            meat            Consolidated      
                                            products        total             
                                            RMB'000         RMB'000           
    Turnover                                0               434,122           
                                                                              
    Segment result                          0               198,420           
                                                                              
    Unallocated operating income                                              
      and expenses                                          (29,515)          
                                                                              
    Profit from operations                                  168,905           
                                                                              
    (6)  Warrants attached to the 2.5% coupon bonds were issued by the        
    Company.   The total issued amount of warrants was US$4,500,000 (         
    approximately RMB37,206,000).  Each warrant is in the denomination of US$ 
    5,000.  Warrantholders can exercise the subscription rights attached to   
    the warrants, in whole or in part, at any time from 10 April 2003 to 9    
    April 2008 (both days inclusive) to subscribe for the shares of the       
    Company by either (i) delivering the bonds, so long as the bonds are not  
    redeemed or (ii) paying the amount for the subscription, at an adjusted   
    subscription price.  As at the date of this announcement, there are 710   
    warrants remained outstanding and its adjusted subscription price is      
    HK$0.34.