Walnut Capital Limited — Director's Dealing 2004

Mar 3, 2004

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 and liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of this announcement.

HAYWOOD INVESTMENTS LIMITED

(Incorporated in the Cayman Islands with limited liability)

Unusual Volume Movement

The directors of the Company noted the increase in the trading volume of the share of the Company today and wish to inform the shareholders of the Company that they are not aware of any reasons for such increase in trading volume save for the disposal of a total of 8,000,000 shares of the Company by Mr. Wong Fong Kim.

This statement is made at the request of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

The Company was informed by Mr. Wong Fong Kim, chairman and a substantial shareholder of the Company (who indirectly holds 18,000,000 shares representing approximately 12.5% of the issued share capital of the Company through Ever Harvest Investment Ltd.), Ever Harvest Investment Ltd. has disposed a total of 8,000,000 shares of the Company, representing approximately 5.56% of the Company’s issued share capital on market today. After the disposal, Mr. Wong Fong Kim through Ever Harvest Investment Ltd. indirectly holds 10,000,000 of the Company’s shares representing approximately 6.94% of the issued share capital of the Company.

The shareholding of the Company’s substantial shareholders (under the Securities and Futures Ordinance) are as follows:

		Percentage of interest	Percentage of interest
Date	Name/Company Name	immediately before disposal	immediately after disposal
3rd March 2004	Lee Wing On, Samuel	25,000,000 shares	25,000,000 shares
		(approximately 17.36%)	(approximately 17.36%)
3rd March 2004	Ever Harvest Investment Ltd*	18,000,000 shares	10,000,000 shares
		(approximately 12.5%)	(approximately 6.94%)
3rd March 2004	Wang Chao, Julia	9,575,000 shares	9,575,000 shares
		(approximately 6.65%)	(approximately 6.65%)

• Ever Harvest Investment Ltd. is a company wholly-owned by Mr. Wong Fong Kim. The Board has noted the increases in trading volume of the shares today and wish to state that, save for the above, the Board is not aware of any reasons for such increases. The Board also confirms that there are no negotiations or agreements relating to intended acquisitions or realizations which are 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 the above statement.

By order of the Board Haywood Investments Limited Wong Fong Kim Chairman

Hong Kong, 3rd March 2004

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