10:03     GOLDEN RESORTS<01031> - Announcement (2)                            

    Exchange as at the date of this announcement.                             
                                                                              
    The Consolidated Shares will rank pari passu in all                       
    respects with each other and the Share Consolidation                      
    will not result in any change in the relative rights                      
    of the Shareholders.                                                      
                                                                              
    Where the Share Consolidation gives rise to fractions                     
    of a share, such fractional shares will be disregarded                    
    and not issued to the Shareholders. All such                              
    fractional entitlement to the Consolidated Shares                         
    will be aggregated, sold and retained for the benefit                     
    of the Company. In order to facilitate the trading                        
    of odd lots of the Consolidated Shares as a result                        
    of the Share Consolidation, the Company will appoint                      
    a broker to provide matching services to those                            
    Shareholders who wish to top-up or sell their holding                     
    of odd lots of Consolidated Shares. Details of the                        
    arrangements for odd lots trading will be set out in                      
    the circular in respect of the Share Consolidation                        
    to be despatched to the Shareholders.                                     
                                                                              
    ODD LOTS ARRANGEMENT                                                      
                                                                              
    In order to facilitate the trading of odd lots of the                     
    Consolidated Shares arising from the Share                                
    Consolidation and the change in board lot size, the                       
    Company has procured an agent to arrange the sale and                     
    purchase of odd lots on behalf of the Shareholders.                       
    Holders of odd lots of Consolidated Shares who wish                       
    to take advantage of this trading facility to dispose                     
    of or top up odd lots should contact Ms. Rosita Kiu                       
    of Kingston Securities Limited at Suite 2801, 28th                        
    Floor, One International Finance Centre, 1 Harbour                        
    View Street, Central, Hong Kong (telephone number:                        
    2298-6215) during the period from Tuesday, 21 June                        
    2005 to Tuesday, 13 July 2005, both dates inclusive.                      
                                                                              
    Shareholders should note that successful matching of                      
    the sale and purchase odd lots of the Existing Shares                     
    is not guaranteed.                                                        
                                                                              
    EXPECTED TIMETABLE                                                        
                                                                              
    2005                                                                      
    Despatch of circular together with                                        
      notice of SGM         on or before Wednesday, 18 May                    
                                                                              
    Latest time for lodging the form of                                       
    proxy for the SGM       10:00 a.m. on Saturday, 4 June                    
                                                                              
    SGM     10:00 a.m. on Monday, 6 June                                      
                                                                              
    Effective date of the Share Consolidation                                 
            Tuesday, 7 June                                                   
                                                                              
    Existing counter for trading in Existing                                  
      Shares in board lots of 100,000 Existing                                
      Shares temporarily closes     9:30 a.m. on Tuesday, 7 June              
                                                                              
    Temporary counter for trading in                                          
      Consolidated Shares in board lots of 10,000                             
      Consolidated Shares (in the form                                        
      of existing share certificates) opens 9:30 a.m. on Tuesday, 7 June      
                                                                              
    Existing counter for trading in                                           
      Consolidated Shares in board lots of 2,000                              
      Consolidated Shares (in the form                                        
      of new share certificates) re-opens 9:30 a.m. on Tuesday, 21 June       
                                                                              
    Parallel trading of Consolidated Shares