Wang On Group Limited — Capital/Financing Update 2010

Dec 20, 2010

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

WANG ON GROUP LIMITED (宏安集團有限公司)[*]

(Incorporated in Bermuda with limited liability)

(Stock Code: 1222)

APPOINTMENT OF INDEPENDENT FINANCIAL ADVISER

The Board announces that Beijing Securities Limited has been appointed as the independent financial adviser to advise the independent board committee of the Company and the Independent Shareholders in respect of the Rights Issue (with the Bonus Issue).

Reference is made to the announcement of the Company dated 13 December 2010 regarding, among other things, the Capital Reorganisation and the Rights Issue (with the Bonus Issue) (the “ Announcement ”). Unless otherwise stated, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

The Board announces that Beijing Securities Limited has been appointed as the independent financial adviser to advise the independent board committee of the Company which has been formed comprising all of the four independent non-executive Directors, and the Independent Shareholders in respect of the Rights Issue (with the Bonus Issue).

By Order of the Board WANG ON GROUP LIMITED (宏安集團有限公司)[*] Chan Chun Hong, Thomas Managing Director

Hong Kong, 20 December 2010

As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Tang Ching Ho, Ms. Yau Yuk Yin and Mr. Chan Chun Hong, Thomas, and four independent non-executive Directors, namely Dr. Lee Peng Fei, Allen, Mr. Wong Chun, Justein, Mr. Siu Yim Kwan, Sidney and Mr. Siu Kam Chau.

* For identification purpose only