Pacific Online Limited — Net Asset Value 2004

Nov 12, 2004

GR Investment International Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 0310)

As at 31st October, 2004, the unaudited consolidated net asset value per share of the company was approximately HK$0.56.

As at the date of announcement, the Board comprises of executive directors, Mr. Lam Wo and Mr. Cheuk Yuk Lung, and independent non-executive directors Mr. Yan Mou Keung, Ronald, Mr. Chan Fai Yue, Leo and Mr. Chan Siu Wing, Raymond.

Hong Kong, 15th November, 2004

Please also refer to the published version of this announcement in The Standard.