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Walnut Capital Limited Net Asset Value 2003

Nov 13, 2003

Net Asset Value

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Haywood Investments Limited

(Incorporated in the Cayman Islands with limited liability)

As at 31st October 2003, the unaudited consolidated net asset value per share of Haywood Investments Limited was approximately HK$0.15.

Hong Kong, 14th November 2003

Please also refer to the published version of this announcement in The Standard dated on 14-112003.

Haywood Investments Limited 14-11-2003

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