Global Corn Group Limited — Capital/Financing Update 2009

Mar 6, 2009

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

GLOBAL SWEETENERS HOLDINGS LIMITED 大成糖業控股有限公司 *

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03889)

CHANGE OF USE OF PROCEEDS

The Board wishes to announce that, in light of the current market conditions and the slowdown of the world economy, in order to better utilise the cashflow of the Group, it resolved to change the proposed use of part of the net proceeds received from the IPO in September 2007 in the manner as further described below.

This announcement is made pursuant to Rule 13.09(1) of the rules governing the listing of securities on The Stock Exchange of Hong Kong Ltd.

Reference is made to the prospectus (the “ Prospectus ”) of Global Sweeteners Holdings Limited (the “ Company ”) dated 10 September 2007 in relation to the initial public offering (the “ IPO ”) of the Company in September 2007. As stated in the Prospectus, the directors of the Company (the “ Directors ”) have expressed an intention to apply about HK$214 million for the construction of new production facilities in Changchun, about HK$119 million for the construction of new production facilities in Jinzhou and about HK$117 million for the acquisition and/or construction of high fructose corn syrup (“ HFCS ”) production facilities. In addition, it is stated in the Prospectus that (i) the additional net proceeds from the IPO as a result of pricing at the high-end of the stated range of the offer price to the IPO and (ii) the additional net proceeds from the exercise of the over-allotment option, which in total amounted to about HK$146 million, will be used for repayment of bank borrowings of Changchun Dihao Foodstuff Development Co., Ltd. (“ Changchun Dihao ”), an indirect wholly-owned subsidiary of the Company.

The total net proceeds raised from the IPO amounted to about HK$657 million. Up to the date of this announcement, the Company and its subsidiaries (collectively, the “ Group ”) has utilised about HK$120 million of such proceeds for the construction of a new production plant in Jinzhou, about HK$22 million for the construction of an additional crystallised glucose production line in Changchun, and about HK$135 million for repayment of the bank borrowings of Changchun Dihao as stipulated in the Prospectus. As such, about HK$331 million of the proceeds raised from the IPO remained unutilised as of the date of this announcement.

• For identification purposes only

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The board of Directors (“ Board ”) has recently evaluated the impact of the global economic recession and its impact on the Group’s business. The Board has also evaluated the necessity and timing for expansion of the Group’s production facilities and the availability of cooperation and acquisition opportunities. Given the current market conditions and the slowdown of the world economy, the Board considers it a better option to minimise further capital expenditure arising from expansion of the Group’s production facilities. In addition, the Group has not been successful in identifying suitable acquisition targets for the production of HFCS products as outlined in the section headed “Future plans and use of proceeds” in the Prospectus.

In light of the foregoing, in order to better utilise the cashflow and to minimise unnecessary interest expenses of the Group, the Board resolved to reallocate about HK$331 million of the net proceeds from the IPO originally designated for construction of new production facilities in Changchun and Jinzhou; and for the acquisition and/or construction of HFCS production facilities to general working capital of the Group and/or repayment of bank borrowings. The Board are of the opinion that such arrangement of the unutilised proceeds will increase the Company’s flexibility in its financial management.

By order of the Board Global Sweeteners Holdings Limited Lee Chi Yung Company Secretary

Hong Kong, 6 March 2009

As at the date of this announcement, the Board comprises four executive Directors, namely, Mr. KONG Zhanpeng, Mr. ZHANG Fazheng, Mr. ZHANG Fusheng and Ms. WANG Guifeng; and four independent non-executive Directors, namely, Mr. CHAN Yuk Tong, Mr. GAO Yunchun, Mr. HO Lic Ki and Mr. YAN Man Sing Frankie.

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