ZO Future Group — M&A Activity 2007

Jul 16, 2007

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

(Incorporated in Cayman Islands with limited liability)

(Stock Code: 2309)

ANNOUNCEMENT

The Company had conducted its due diligence exercise on Birmingham City Plc. and are reasonably satisfied with its results and has therefore exercised the Right on 16th July, 2007.

Reference is made to the Company’s announcement dated 29th June, 2007 (the “Announcement”) regarding an acquisition of a 29.90% equity interest in Birmingham City Plc. Capitalised terms used herein shall have the same meanings as defined in the Announcement.

The Company had conducted its due diligence exercise on Birmingham City Plc. and are reasonably satisfied with its results and has therefore exercised the Right on 16th July, 2007. As stated in the Announcement, a circular containing, among other things, details of the Acquisition and a notice of EGM will be despatched to Shareholders as soon as practicable in accordance with the Listing Rules.

By Order of the Board Grandtop International Holdings Limited Hui Ho Luek, Vico Executive Director

Hong Kong, 16th July, 2007

As at the date of this announcement, the Board comprises of executive directors, namely Mr. Hui Ho Luek, Vico, Mr. Steven McManaman, Mr. Lee Yiu Tung, Ms. Wong Po Ling, Pauline and Ms. Siu Bessie, nonexecutive directors, namely Mr. Ip Wing Lun and Mr. Fu Wing Kwok, Ewing and independent non-executive directors, namely Mr. Chang Kin Man, Mr. Zhou Han Ping and Mr. Yip Man Ki.