ZO Future Group — Capital/Financing Update 2008

Nov 4, 2008

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.

GRANDTOP INTERNATIONAL HOLDINGS LIMITED 泓鋒國際控股有限公司 *

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2309)

MONTHLY ANNOUNCEMENT

ON CONVERSION OF THE CONVERTIBLE NOTES

The Company makes this announcement pursuant to the paragraph under the heading “Dilution effect on Shareholders as a result of conversion of any part of the Convertible Notes” of the Circular.

Reference is made to the circular of the Company dated 20 June 2008 (the “ Circular ”). The Company makes this announcement pursuant to the paragraph under the heading “Dilution effect on Shareholders as a result of conversion of any part of the Convertible Notes” of the Circular. Unless otherwise defined herein, capitalized terms used herein shall have the same meanings as those defined in the Circular.

There was no conversion of the Convertible Notes by their holder during the month of October 2008. The aggregate outstanding principal amount of the Convertible Notes as at 31 October 2008 was HK$11,500,000.

The details regarding the issued share capital of the Company from 1 October 2008 to 31 October 2008 are set as follows:

As at 1 October 2008Total number of Conversion Shares issued pursuant to partialconversion of the Convertible Notes during the monthTotal number of new Shares issued pursuant to other transactionsduring the monthAs at 31 October 2008	Issued ShareCapitalNumber ofissued Sharesat the parvalue ofHK$0.01 each(HK$)8,599,060859,906,000————8,599,060859,906,000

By the Order of the Board

Ip Wing Lun

Executive Director and Company Secretary

Hong Kong, 4 November 2008

• for identification purpose only

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As at the date hereof, the directors of the Company are Mr. Yeung Ka Sing, Carson, Mr. Hui Ho Luek, Vico, Mr. Steven McManaman, Mr. Fan Zhi Yi, Mr. Lee Yiu Tung, Mr. Ip Wing Lun and Ms. Wong Po Ling, Pauline as executive directors, Mr. Christian Lali Karembeu and Mr. Chan Wai Keung as nonexecutive directors, Mr. Chang Kin Man, Mr. Yau Yan Ming, Raymond, Mr. Yip Man Ki and Mr. Zhou Han Ping as independent non-executive directors.

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