ZO Future Group — Capital/Financing Update 2008

Oct 3, 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.

The Directors noted that the Convertible Notes have been partially converted by their holder during the month of September 2008, resulting in the allotment and issue of new Shares, details of which have already been disclosed in the Announcement dated 23 September 2008 and are set out as follows:

Date ofconversion noticeNo. ofconversionnotice received22 September 20081Total	No. of newShares issuedConversionPrice(HK$)50,000,0000.05050,000,000	Principalamount ofConvertibleNotesconvertedDate of issue ofthe new Shares(HK$)2,500,000 23 September 20082,500,000

After the above conversion, the aggregate outstanding principal amount of the Convertible Notes is HK$11,500,000. Save as disclosed above, there had not been any other Shares issued or cancelled by the Company pursuant to other transactions during the month of September 2008.

* for identification purpose only

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Changes in the issued share capital of the Company from 1 September 2008 to 30 September 2008 are as follows:

As at 1 September 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 30 September 2008	Issued ShareCapitalNumber ofissued Shares atthe par value ofHK$0.01 each(HK$)8,099,060809,906,000500,00050,000,000——8,599,060859,906,000

The total number of Conversion Shares issued in the month of September 2008 as set out above (the “ New Conversion Shares ”) together with the cumulative number of Conversion Shares issued (i.e. 49,586,000 Shares) as disclosed in the announcement of the Company dated 5 September 2008 (the “ August Monthly Announcement ”) (collectively, the “ Cumulative Conversion Shares ”, i.e. 99,586,000 Shares) represents about 12.30% of the total number of issued Shares as disclosed in the August Monthly Announcement (i.e. 809,906,000 Shares). The total number of Cumulative Conversion Shares represents about 11.58% of the total number of issued Shares (the total number of issued Shares as disclosed in the August Monthly Announcement as enlarged by the New Conversion Shares) as at the date of this announcement.

By the Order of the Board Ip Wing Lun Executive Director and Company Secretary

Hong Kong, 3 October 2008

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 non-executive directors, Mr. Chang Kin Man, Mr. Yau Yan Ming, Raymond, Mr. Yip Man Ki and Mr. Zhou Han Ping as independent nonexecutive directors.

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