The subscription rights attaching to the Warrants which have not been exercised will expire after 4:00 p.m. on Saturday, 30th September, 2000. The last trading day of the Warrants on the Stock Exchange is Tuesday, 26th September, 2000. The registered holders of the Warrants who wish to exercise the subscription rights attaching to the Warrants must lodge with the Registrars at the address set out below by not later than 4:00 p.m. on Friday, 29th September, 2000. The listing of the Warrants will be withdrawn on the Stock Exchange with effect from the close of business on Saturday, 30th September, 2000.

The board of directors ("Board") of Tonic Industries Holdings Limited (the "Company") wishes to remind the holders of the existing outstanding registered warrants ("Warrants") of the Company that in accordance with the terms and conditions of the instrument constituting the Warrants, the subscription rights attaching to the Warrants will expire after 4:00 p.m. on Saturday, 30th September, 2000. Thereafter, any subscription rights attaching to the Warrants which have not been exercised by 4:00 p.m. on the last business day of 29th September, 2000 will lapse and the Warrant certificates will cease to be valid for any purpose. The Warrants entitle the holders to subscribe in cash for new shares of HK$0.10 each ("Shares") in the share capital of the Company at the current revised subscription price of HK$0.46 per Share on a business day until Saturday, 30th September, 2000.

In respect of the expiry of the Warrants, the Company has made the following arrangements regarding dealings and transfers of the Warrants:

1. the last trading day of the Warrants on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") is Tuesday, 26th September, 2000 and trading of the Warrants on the Stock Exchange will cease after 4:00 p.m. on Tuesday, 26th September, 2000 and listing of the Warrants will be withdrawn from the Stock Exchange with effect from the close of business on Saturday, 30th September, 2000. Application has been made to the Stock Exchange for the withdrawal of listing of the Warrants on the Stock Exchange with effect from the close of business on Saturday, 30th September, 2000.

2. the registered holders of the Warrants who wish to exercise the subscription rights attaching to the Warrants must lodge with the share and warrant registrars of the Company, Tengis Limited (the "Registrars") at 4/F., Hutchison House, 10 Harcourt Road, Central, Hong Kong, the followings by not later than 4:00 p.m. on Friday, 29th September, 2000:

(i) the relevant certificates of the Warrants;

(ii) the duly completed and signed subscription forms; and

(iii) remittances for the relevant subscription moneys.

3. holders of the Warrants who have not registered their holdings in such Warrants in their names and wish to exercise the subscription rights attached thereto must lodge with the Registrars at the abovementioned address the followings by not later than 4:00 p.m. on Friday, 29th September, 2000:

(i) the relevant duly executed and stamped instruments of transfer and/or other documents of title;

(ii) the relevant certificates of the Warrants;

(iii) the duly completed and signed subscription forms; and

(iv) remittance for the relevant subscription moneys.

Subscription forms lodged with the Registrars later than 4:00 p.m. on Friday, 29th September, 2000 will not be accepted. Certificates of Shares for the due exercise of the subscription rights attached to the Warrants will be issued within 28 days from the date of exercise.

The closing price of Shares on the Stock Exchange on 24th August, 2000 (being the date of this announcement) is HK$0.70 and the closing price for the Warrants is HK$0.315. Shares to be issued pursuant to the exercise of the subscription rights attaching to the Warrants will, when issued, rank pari passu in all respects with the then existing issued Shares.

Warrantholders' attention are drawn to the announcement of the Company dated 8th August, 2000 pursuant to which the Directors recommended a final dividend for the Shares of HK3.8 cents per Share (subject to approval of shareholders). In order to qualify for the dividend. Warrantholders must lodge their subscription forms for exercise of the Warrants with the Registrars by not later than 4:00 p.m. on Thursday, 21st September, 2000. The register of members will be closed from 22nd September, 2000 to 26th September, 2000 for the purposes of determining entitlements for the dividend. Accordingly, exercises of the Warrants during the period from 22nd September, 2000 to 29th September, 2000 will not qualify for the dividend.

A circular relating to the expiry of Warrants will be despatched to holders of Warrants and, for information only, the shareholders of the Company as soon as practicable.

By Order of the Board
TONIC INDUSTRIES HOLDINGS LIMITED
Ling Siu Man
Chairman

Hong Kong, 24th August, 2000

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