ZO Future Group — Capital/Financing Update 2008

Aug 8, 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 in the month of July 2008.

The details regarding the total issued share capital of the Company from 1 July 2008 to 31 July 2008 are set out below:

As at 1 July 2008Number of Conversion Shares issued pursuant to conversion of theConvertible NotesNumber of Shares issued pursuant to other transactions of the CompanyAs at 31 July 2008	Issued ShareCapitalNumber ofIssued SharesHK$7,603,200760,320,000————7,603,200760,320,000	Issued ShareCapitalNumber ofIssued SharesHK$7,603,200760,320,000————7,603,200760,320,000
		760,320,000

By the Order of the Board

Ip Wing Lun

Executive Director and Chief Financial Officer

Hong Kong, 7 August 2008

• for identification purpose only

— 1 —

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, Ms. Wong Po Ling, Pauline and Ms. Siu Bessie 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 non-executive directors.

— 2 —