09:44     HAYWOOD INV<00905> - Announcement (7)                               

    "SFO"   Securities and Futures Ordinance (Chapter 571 of the Laws         
    of Hong Kong)                                                             
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "Valuation Day" the last dealing day of the Stock Exchange in             
    each calendar month or such other dealing day as considered               
    appropriate by the Board for the purpose of calculating the net           
    asset value of the Company                                                
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    By Order of the Board                                                     
    PHANG YUL CHER YEOW                                                       
    Executive Director                                                        
                                                                              
    Hong Kong, 24 May 2005                                                    
                                                                              
                                                                              
    * For the Chinese name, please refer to the pres announcement today.