WH Group Limited — Share Issue/Capital Change 2002

Apr 24, 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.

Premium Land LIMITED

(Incorporated in Bermuda with limited liability)

ADOPTION OF NEW SHARE OPTION SCHEME,

SUB-DIVISION OF SHARES AND

CHANGE IN BOARD LOT SIZE

RESULTS OF SPECIAL GENERAL MEETING

The Directors are pleased to announce that the ordinary resolutions approving, among other things, the Sub-division and the adoption of a new share option scheme were passed at the special general meeting held on 24th April 2002. The Sub-division will become effective on 25th April 2002.

Reference is made to the announcements dated 20th March 2002 and 3rd April 2002 (the "Announcements") and the circular dated 8th April 2002 of Premium Land Limited (the "Company"). Terms defined in the Announcements shall have the same meaning when used herein unless otherwise defined. The directors of the Company (the "Directors") are pleased to announce that the ordinary resolutions approving, among other things, the Subdivision and the adoption of a new share option scheme were passed at the special general meeting of the Company held on 24th April 2002.

THE SUB-DIVISION

1. The Sub-division

The Sub-division will become effective from 9:30 a.m. on 25th April 2002.

2. Change in board lot size

The board lot size of the Company's shares for trading will be temporarily changed from 2,000 Shares to 10,000 Sub-divided Shares commencing from 25th April 2002. Parallel trading for existing Shares in board lots of 10,000 Sub-divided Shares (in the form of existing share certificates) at the temporary counter and Sub-divided Shares in board lots of 10,000 Sub-divided Shares (in the form of new certificates for Sub-divided Shares) at the original counter will commence from 9:30 a.m. on 10th May 2002 until 4:00 p.m. on 3rd June 2002. After the close of trading hours on 3rd June 2002, trading in the shares of the Company will be in board lots of 10,000 Sub-divided Shares only.

3. Dealings Arrangement

The arrangement for dealings in the Sub-divided Shares on the Stock Exchange is set out below:

2002

Dealings in Sub-divided Shares commence 9:30 a.m. on 25th April

Original counter for trading in existing Shares in board lots of

2,000 Shares temporarily closes 9:30 a.m. on 25th April

Temporary counter for trading in board lotsof 10,000

Sub-divided Shares (in the form of existing

Share certificates) opens 9:30 a.m. on 25th April

First day of free exchange of existing Share certificates for new

certificates for the Sub-divided Shares 25th April

Original counter for trading in new board lots of 10,000

Sub-divided Shares (in the form of new share

certificates) reopens 9:30 a.m. on 10th May

Parallel trading in Sub-divided Shares (in the form

of new certificates for Sub-divided Shares and

existing Share certificates) commences 9:30 a.m. on 10th May

Parallel trading in Sub-divided Shares (in the form of

new certificates for Sub-divided Shares and

existing Share certificates) ends 4:00 p.m. on 3rd June

Temporary counter for trading in board lots of 10,000

Sub-divided Shares (in the form of existing

Share certificates) closes 4:00 p.m. on 3rd June

Last day for free exchange of existing Share certificates

for new certificates for the Sub-divided Shares 4:00 p.m. on 6th June

THE NEW SHARE OPTION SCHEME

The new share option scheme duly approved by the shareholders of the Company complies with the revised Chapter 17 of The Rules Governing the Listing of Securities on the Stock Exchange. The share option scheme adopted by the Company on 9th April 2001 will be terminated.

By Order of the Board

Premium Land Limited

Dong Bo, Frederic

Chairman

Hong Kong, 24th April 2002

"Please also refer to the published version of this announcement in the Hong Kong i-mail"