Persistence Gold Group Ltd — Major Shareholding Notification 2002

Apr 16, 2002

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.

Ying Wing Holdings Limited

(Incorporated in Bermuda with limited liability)

ANNOUNCEMENT

This announcement is made in response to the increases in the price and trading volume of the shares of the Company traded today. The Company is not aware of any reasons for such increases save as (1) the substantial shareholder, Angel Field has disposed 11,728,000 shares of the Company represent approximately 5.86% of the existing issued shares of the Company in the open market (within the range of HK$0.60 and HK$0.66 per share) today. (2) the Company is in discussion with a placing agent in respect of possible placing of new shares which may or may not proceed. However, no definite terms have been determined yet. The Company will make further announcement whenever appropriate.

As advised by Angel Field, it may or may not dispose of further shares of the Company but it is the intention of Angel Field to remain as controlling shareholder of the Company as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Investors should exercise caution when deal in shares of the Company.

This announcement is made in response to the increases in the price and trading volume of the shares of the Company traded today. The Company is not aware of any reasons for such increases save as (1) the substantial shareholder, Angel Field has disposed 11,728,000 shares, represent approximately 5.86% of the existing issued shares of the Company in the open market (within the range of HK$0.60 and HK$0.66 per Share) today (the "Disposal"). (2) the Company is in discussion with a placing agent in respect of possible placing of new shares which may or may not proceed. However, no definite terms have been determined yet. The Company will make further announcement whenever appropriate.

The Disposal will reduce the aggregate attributable interest of Angel Field and parties acting in concert with it in the issued shares from approximately 72.86% to approximately 66.99% of the existing issued shares as at the date of this Announcement, subject to completion of the transfer of the offer shares of the Company to Angel Field and completion of the placing of existing shares of the Company by Angel Field as announced in the Company's announcement dated 12 April, 2002. As advised by Angel Field, it may or may not dispose further shares of the Company but it is the intention of Angel Field to remain as controlling shareholder of the Company.

Investors should exercise caution when deal in shares of the Company.

Save as disclosed above and the Company's announcement dated 12th April, 2002, we also confirm that there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the listing Agreement, which is or may be of a price-sensitive nature.

Made by the order of the Board of the Company, the directors of which individually and jointly accept responsibility for the accuracy of this statement.

By Order of the Board of

Ying Wing Holdings Limited

Mo Yuk Ping

Chairman

Hong Kong, 15th April, 2002

Please also refer to the published version of this announcement in the Hong Kong iMail Post dated 16/4/2002