09:21     MEDIANATION<08160> - Announcement                                   

                                                                              
    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss howsoever arising from or in reliance upon        
    the whole or any part of the contents of this announcement.               
                                                                              
                                                                              
    MediaNation Inc.                                                          
    (incorporated in the Cayman Islands with limited liability)               
    (Stock Code: 8160)                                                        
                                                                              
    Financial adviser to the Company                                          
    ANGLO CHINESE CORPORATE FINANCE, LIMITED                                  
                                                                              
    ANNOUNCEMENT                                                              
    Resignation of Directors,                                                 
    Change in compliance officer, authorised representative                   
    and member of audit committee,                                            
    and                                                                       
    Clarification of the number of shares held by public                      
                                                                              
     -                                                                        
    With effect from 21 May 2005, Mr. Chu Chung Hong, Francis                 
    has resigned as executive director and Mr. Sun Qiang, Chang, Mr.          
    Cheung Leung Hong, Cliff, Ms. Ho Ming Yee and Mr. Cheng Cheung Lun,       
    Julian have resigned as non-executive Directors of the Company.           
                                                                              
    -                                                                         
    As a result of the change of Directors, Mr. Wong Hon Chiu, Stephen        
    has been appointed as the compliance officer and authorised               
    representative of the Company with effect from 21 May 2005 and Mr.        
    Chu Chung Hong, Francis has ceased to be the compliance officer and       
    authorised representative of the Company with effect from the same        
    time. Mr. David Bourg has also been appointed as a member of the          
    audit committee of the Company with effect from 21 May 2005 and Ms.       
    Ho Ming Yee has ceased to be a member of the audit committee with         
    effect from the same time.                                                
                                                                              
    -                                                                         
    With reference to the joint announcement dated 24 March 2005 and the      
    Composite Document issued jointly by the Offeror and the Company, the     
    number of Shares held by the public, as defined in the GEM Listing        
    Rules, as at 24 March 2005 and as at the last trading date being 17       
    March 2005 would be 343,342,819 shares, representing approximately        
    19.04% of the then issued share capital of the Company.                   
                                                                              
                                                                              
    By Order of                                                               
    the Board of Directors                                                    
    MediaNation Inc.                                                          
    Kam Wai Sum, Brian                                                        
    Chairman                                                                  
                                                                              
    Hong Kong, 23 May 2005                                                    
    The directors of the Company jointly and severally accept full            
    responsibility for the accuracy of the information contained in this      
    announcement and confirm, having made all reasonable inquiries, that      
    to the best of their knowledge, opinions expressed in this                
    announcement have been arrived at after due and careful consideration     
    and there are no other facts not contained in this announcement, the      
    omission of which would make any statement in this announcement           
    misleading.                                                               
                                                                              
    As at the date of this announcement, the board of the Company             
    comprises:                                                                
                                                                              
    Executive Directors                                                       
    Mr. Kam Wai Sum, Brian                                                    
    Mr. Wong Hon Chiu, Stephen                                                
    Non-Executive Directors                                                   
    Mr. Jean-Charles Decaux                                                   
    Ms. Isabelle Claude Michele Vitry Schlumberger                            
    Mr. Jean-Michel Jacques Geffroy                                           
                                                                              
    Mr. David Bourg                                                           
    Independent Non-Executive Directors                                       
    Mr. Schoter, Johannes                                                     
    Mr. Barry John Buttifant                                                  
    Mr. Duck Young Song                                                       
                                                                              
    The above announcement is a summary only. For the full version of         
    this announcement, please refer to the `Latest Company Announcements'     
    page on the GEM website at www.hkgem.com.