ZO Future Group — Regulatory Filings 2003

May 21, 2003

Listed Company Information

GRANDTOP INT'L<02309> - Exceptional Price Movement The Stock Exchange has received a message from Grandtop International Holdings Limited which is reproduced as follows:- "This statement is made at the request of The Stock Exchange of Hong Kong Limited. The Board of Directors (the "Director") noted the recent increase in the price of the shares of the Company and wish to state that we are not aware of any reasons for such increase. The Directors also confirm that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price sensitive nature. Made by the order of the Board of Grandtop International Holdings Limited the Directors of which individually and jointly accept responsibility for the accuracy of this statement. For and on behalf of Grandtop International Holdings Limited Sze Yeung Lung Edvon Director Hong Kong, 20 May 2003"