ICO Group Limited — Capital/Financing Update 2003

Sep 25, 2003

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.

JACKIN INTERNATIONAL HOLDINGS LIMITED （輝影國際集團有限公司）

(Incorporated in Bermuda with limited liability)

CONVERSION OF CONVERTIBLE NOTES

On 5 January 2001, the Convertible Notes were issued to BVI2 by the Company. On 24 September 2003, 4,180,000 shares of the Company were issued to each of Mr. J. F. Jiang and Mr. X. G. Xu upon the exercise of the conversion rights under two of the Convertible Notes by BVI2.

Reference is made to the announcement dated 9 November 2000 for the proposed acquisition of Fortune Luck Development Ltd. and the proposed issue of three non-interest bearing, redeemable and transferable convertible notes each with a principal amount of HK$2,300,000 (the conversion price of each is HK$0.55) (the “Convertible Notes”) (the “Announcement”), completion of which has taken place on 5 January 2001.

On 5 January 2001, the Convertible Notes were issued to Tak Fung Holdings Limited (“BVI2”) by Jackin International Holdings Limited (the “Company”) as part of the consideration under the agreement for the sale and purchase of the entire issued share capital of Fortune Luck Development Ltd. entered into between the Company as the purchaser and Mr. K. L. Chiu and BVI2 as the vendors on 8 November 2000.

On 24 September 2003, 4,180,000 shares of the Company were issued to each of Mr. J. F. Jiang and Mr. X. G. Xu upon the exercise of the conversion rights under two of the Convertible Notes by BVI2. Mr. J. F. Jiang and Mr. X. G. Xu are the beneficial owners of BVI2. The current percentage shareholding of Mr. J. F. Jiang and Mr. X. G. Xu in the Company after the issue of 8,360,000 shares of the Company are 1.14% and 1.14% respectively.

As at the date of this announcement, one of the Convertible Notes in the amount of HK$2,300,000 which will from 4 October 2003 confer on BVI2 the right to convert shares of the Company at HK$0.55 per share remains outstanding. To the extent that the right is not exercised, it will lapse on 3 January 2004.

By Order of the Board

Jackin International Holdings Limited Ho Yin King Helena Chairman

Hong Kong, 25 September 2003

Please also refer to the published version of this announcement in China Daily.

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