WH Group Limited — M&A Activity 2002

Nov 1, 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.

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PREMIUM LAND LIMITED （上海策略置地有限公司）[*]

(Incorporated in Bermuda with limited liability)

DELAY ON COMPLETION OF THE ACQUISITION AGREEMENT

Reference is made to the Announcement and the Circular. Capitalized terms used herein shall have the same meaning as those used in the Circular unless otherwise defined herein.

COMPLETION OF THE AGREEMENT

Reference is made to the announcement of the Company dated 9 October 2002 (the “ Announcement ”) and the circular to the Shareholders dated 28 October 2002 (the “ Circular ”) both in relation to the Acquisition Agreement. Capitalized terms used herein shall have the same meaning as those used in the Circular unless otherwise defined herein.

Pursuant to the Acquisition Agreement, Completion is subject to, among others, the Company conducting to its full satisfaction not less than 30 days due diligence on Gold United. The said due diligence on Gold United has not yet been completed and therefore Completion will be postponed. Nevertheless, parties to the Acquisition Agreement still intend and have agreed to complete the Acquisition Agreement as soon as possible after the satisfaction of all the Conditions. The directors of the Company expect that the due diligence can be completed on or before 30 November 2003, and the parties to the Acquisition Agreement have therefore agreed that the long-stop date of the Completion shall be postponed from 3 November 2002 to such other date on or before 30 November 2002 (or such other later date as agreed by the parties to the Acquisition Agreement). Further announcement would be made as and when appropriate.

By Order of the Board Premium Land Limited Dong Bo, Frederic Director

Hong Kong, 1 November 2002

• For identification only

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