Pacific Online Limited — Net Asset Value 2004

May 14, 2004

GR Investment International Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 0310)

As at 30th April, 2004, the unaudited consolidated net asset value per share of the company was approximately HK$0.55.

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 and Chan Fai Yue, Leo.

Hong Kong, 14th May, 2004

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

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