Walnut Capital Limited — Net Asset Value 2006

Dec 15, 2006

APEX CAPITAL LIMITED

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 905)

As at 30 November 2006, the unaudited consolidated net asset value per share of Apex Capital Limited was approximately HK$0.043.

By order of the Board Apex Capital Limited Huang Song Executive Director

Hong Kong, 15 December 2006

As at the date of this announcement, the Board is comprised of: Executive directors Mr. Zhou Chao, Mr. Phang Yul Cher Yeow, Ms. Huang Song and Mr. Chu Kin Wang Peleus; Non-executive directors Mr. Fong Chi Hou and Mr. Wang Yao Dong; Independent non-executive directors Mr. Liu Wing Ting Stephen, Ms. Lam Lin Chu and Ms. Tse Po Chu.

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

— 1 —