(1) Creative Etrade Investments Limited ("Creative Etrade"), a company incorporated in the British Virgin Islands with an authorised share capital of US$50,000 divided into 50,000 ordinary shares of US$1.00 each and an issued share capital of US$1.00.

Creative Etrade, which is presently dormant, is a wholly-owned subsidiary of the Company and its principal business is investment holding.

The name of Creative Etrade is proposed to be changed to ThinSoft Investment Inc subject to the approval of the Companies Registry in the British Virgin Islands.

(2) IT Essential Limited, a company incorporated in the British Virgin Islands with an authorised share capital of US$50,000 divided into 50,000 ordinary shares of US$1.00 each and an issued share capital of US$1.00.

IT Essential Limited, which is presently dormant, is a wholly owned subsidiary of Creative Etrade and its principal business is the holding of intellectual properties.

The name of IT Essential Limited is proposed to be changed to ThinSoft Inc subject to the approval of the Companies Registry in the British Virgin Islands.

The acquisition of Creative Etrade and IT Essential Limited will have no material impact on the financial position of the Group for the current financial year.

None of the Directors or substantial shareholders of the Company has any interest in the above transactions.

By Order of the Board

Submitted by Bernard Ngiam Mia Hai, Director/Secretary on 23/01/2002 to the SGX