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Thursday 10 May, 2001

enterpriseAsia

Final Results - Part 2

enterpriseAsia.com PLC
9 May 2001


PART 2


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000


1. Accounting policies

1.1Accounting convention

The financial statements are prepared under the historical cost convention.

1.2 Compliance with accounting standards

The financial statements are prepared in accordance with applicable accounting
standards.

1.3 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is
provided at rates calculated to write off the cost less estimated residual
value of each asset over its expected useful life, as follows:

Office equipment 33% Straight Line

1.4 Operating Leases

Rentals payable under operating leases are charged against income on a
straight line basis over the lease term.

1.5 Investments

Fixed asset investments are stated at cost less provision for any permanent
diminution in value.

1.6 Basis of consolidation

The consolidated accounts include the accounts of the parent company and its
subsidiaries made up to 31 December 2000. Internal movements are eliminated on
consolidation.

1.7 Foreign currency translation

Transactions in foreign currencies are recorded at the rate ruling at the date
of transaction. All differences are taken to the profit and loss account.

1.8 Pension costs

The group operates a defined contribution scheme. Contributions payable to the
group's pension scheme are charged to the profit and loss account in the
period to which they relate.

2. Parent Company result

As permitted by section 230 of the Companies Act 1985, the parent company
profit and loss account has not been included as part of these financial
statements. The parent company's loss for the financial period was £293,472.



NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000

3 Operating loss

                                                                           2000
                                                                              £
Operating loss is stated after charging:
Exceptional cost of shareholders' Extraordinary General Meeting         388,390
Depreciation of tangible assets                                           1,062
Operating lease rentals                                                       -
Auditors' remuneration
Hong Kong - audit fee                                                     7,684
UK - audit fee                                                           10,000
UK - other fees                                                           7,931
                                                                   ============


During the period the company held an Extraordinary General Meeting in which
resolutions to remove two existing directors and appoint three new directors
were defeated. The exceptional costs relate to professional fees and incidental
costs of shareholder communications in preparation for the Extraordinary
General Meeting.



4 Taxation

On the basis of these financial statements no provision has been made for
corporation tax.


5.    Tangible fixed assets                   Company                    Group
                                     Office equipment         Office equipment
                                                    £                        £
      Cost

      Additions                                   568                    5,545
                                         ------------             ------------
      At 31 December 2000                         568                    5,545
                                         ------------             ------------
      Depreciation

      Charge for the period                        62                    1,062
                                         ------------             ------------
      At 31 December 2000                          62                    1,062
                                         ------------             ------------
      Net book value
      At 31 December 2000                         506                    4,483
                                         ============             ============



NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000


6.    Fixed asset investments - Group
      Undertakings
      Company
                                                                            2000
                                                                               £

      Shares in group undertakings                                           847

      -subsidiary undertakings

      Loans to group undertakings                                     10,062,578

      -subsidiary undertakings
                                                                     -----------
                                                                      10,063,425
                                                                     ===========

                                                          Shares in     Loans to
                                                              group        group
                                                       undertakings undertakings
                                                                  £            £
      Cost
      Additions                                                 847   10,062,578
      Disposals                                                   -            -
                                                       ------------  -----------
      At 31 December 2000                                       847   10,062,578
                                                       ============  ===========

      Additional information on principal subsidiary undertakings:

      Name of Company   Place of       Equity      Proportion of    Nature of
                      incorporation shareholdings   the nominal      business
                                                  value of equity
                                                    held by the
                                                  Company   Group
                                                        %       %
      enterpriseAsia.com  Hong Kong     Ordinary      100       -     Investment
      Limited                                                            holding

      enterpriseAsia.com    British     Ordinary      100       -     Investment
      (B.V.I.)               Virgin                                      holding
      Limited               Islands

      Alternative           British      Ordinary       -     100     Investment
      Enterprises            Virgin                                      holding
      Limited               Islands

      London                British      Ordinary       -     100     Investment
      Technology             Virgin                                      holding
      Limited               Islands

      Behaviour             British      Ordinary       -     100     Investment
      International          Virgin                                      holding
      Limited               Islands

      Electronic            British      Ordinary       -     100     Investment
      Commerce               Virgin                                      holding
      Limited               Islands

      Electronic            British      Ordinary       -     100     Investment
      Industries             Virgin                                      holding
      Limited               Islands

      E-Market Assets       British      Ordinary       -     100     Investment
      Limited                Virgin                                      holding
                            Islands

      E-Force               British      Ordinary       -     100     Investment
      Enterprises            Virgin                                      holding
      Limited               Islands

      Jobpro                British      Ordinary       -     100     Investment
      International          Virgin                                      holding
      Limited               Islands

      Cable First           British      Ordinary       -     100     Investment
      Holdings               Virgin                                      holding
      Limited               Islands

                                                                            12

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000

      Group
                                                  Investments             Loans
                                                            £                 £
      Cost

      Additions                                     7,605,691                 -
      Disposals                                     (252,000)                 -
                                                   ----------       ------------
      At 31 December 2000                           7,353,691                 -
                                                   ==========       ===========
                                                                              

      Additional information on investments:

      Name of        Country of    Class of   Proportion of  Nature of business
      company       incorporation/   shares   nominal value
                    registration       held   of issued
                                              capital held by
                                              the group;

      IBASE             Hong Kong   Ordinary          49%         e-commerce
      Holdings                                                    solutions
      Limited

      P & S             Hong Kong   Ordinary           2%         Design and
      International                                               marketing of
      Limited                                                     semi-conductor
                                                                  chips

      CFN (UK)                 UK   Ordinary          40%         Financial
      Limited                                                     networking

      EcAgent.com         British   Ordinary             33%      Virtual office
      Limited              Virgin                                 environment
                          Islands                                 provider

      UFO Solutions     Hong Kong   Ordinary             50%    Financial
      Limited                                                   software
                                                                systems provider
  
      Net Fun           Hong Kong   Ordinary              8%      Game provider
      Limited

      Cybermax          Hong Kong   Ordinary             49%      Recruitment
      Network                                                     advertising on
      Technology                                                  web
      Limited

      The Group has committed capital to support other investments
      further as follows:
                                                       Date committed    Amount
                                                                              £
      Loan to iBASE Holdings Limited                     January 2001   128,739
                                                                      =========
                                                                             

7     Debtors                                                 Company     Group

                                                                 2000      2000
                                                                    £         £

      Other debtors                                                42     3,579
      Prepayments and accrued income                                -    34,633
                                                         ------------ ----------
                                                                   42    38,212
                                                         ============ =========
                                                                       



NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000
8     Creditors: amounts falling due within one year          Company      Group

                                                                 2000       2000
                                                                    £          £
      Directors' current accounts                               4,500      5,703
      Other creditors                                          24,002     25,762
      Accruals and deferred income                             15,746     19,752
                                                              --------- --------
                                                               44,248     51,217
                                                              ======= ==========


9     Share capital                                                         2000
                                                                               £
      Authorised
      500,000,000 ordinary shares of 1p each                           5,000,000
                                                                  ==============

      Allotted, called up and fully paid
      239,598,496 ordinary shares of 1p each                           2,395,985
                                                                  ==============

      On 22 February 2000, the company issued 239,598,494 ordinary shares of £
      0.01 each, which were allotted and fully paid for a cash consideration of
      £11,979,924.

      The following options to subscribe for ordinary shares have been granted
      to English Trust Company Limited as part of the company's corporate
      finance fee in respect of the placing and offer for subscription:

      Date of      Number of ordinary    Exercise price     Exercise period
      grant                    shares         per share
                                                                From          To
      7                     1,200,000                5p   7 February  7 February
      February                                                  2000        2010
      2000

      The following options to subscribe for ordinary shares have been granted
      to the Directors as an incentive to achieve the company's strategy:

      Date of      Number of ordinary    Exercise price     Exercise period
      grant                    shares         per share
                                                                From          To
      7                     1,000,000                5p   7 February  7 February
      February                                                  2000        2010
      2000


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000

10.   Statement of movements on reserves
                                                          Share     Profit and 
                                                        premium     loss Account
                                                        Account
      Company                                                 £               £
      Retained loss for the period                            -       (293,472)
      Premium on shares issued during the period      9,583,939               -
      Share issue costs                               (408,169)               -
                                                   ------------    ------------
      Balance at 31 December 2000                     9,175,770       (293,472)
                                                   ============    ============
      Group

      Retained loss for the period                            -       (634,900)
      Premium on shares issued during the period      9,583,939               -
      Share issue costs                               (408,169)               -
                                                   ------------    ------------
      Balance at 31 December 2000                     9,175,770       (634,900)
                                                   ============    ============

11    Reconciliation of movements in shareholders' funds
                                                                           2000
                                                                              £

      Loss for the financial period                                   (634,900)
      Proceeds from issue of shares                                  11,979,924
      Cost of share issue written off to share premium                (408,169)
      account
                                                                    -----------
      Net addition to shareholders' funds                            10,936,855
      Opening shareholders' funds                                             -
                                                                    -----------
      Closing shareholders' funds                                    10,936,855
                                                                    ===========

12    Directors' emoluments
                                                                           2000
                                                                              £

      Emoluments for qualifying services                                 80,844
                                                                   ============
13    Employees
      Number of employees
      The average monthly number of employees (excluding directors) during the
      period was:
                                                                           2000
                                                                         Number
      Investment management                                                   1
      Administration                                                          1
                                                                   ============

      Employment costs (excluding directors)                                  £

      Wages and salaries                                                 75,909
      Other costs                                                         4,838
                                                                   ------------
                                                                         80,747
                                                                   ============


NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000

14    Earnings per share
                                                                           2000
                                                                              £

      Loss before taxation                                              634,900
                                                                   ============
                                                                           2000

      Weighted average number of shares in issue                    211,331,260
      Dilution effect of share in options                               301,812
                                                                   ------------
      Diluted weighted average number of shares                     211,633,072
                                                                   ============

      Basic loss per share (pence)                                          0.3
                                                                   ============
      Diluted loss per share (pence)                                        0.3
                                                                   ============
15    Related party transactions

      During the period, the following related party transactions took place:

      Administrative service fees amounting to £3,525 were charged by
      startIT.com plc. Additionally, relevant expenditure, the majority of
      which was in respect of travel, was reimbursed to this company and
      amounted to £19,392. startIT.com plc reimbursed the company for expenses
      incurred on its behalf amounting to £1,721. startIT.com plc is a related
      party by virtue of the investment this company holds in
      enterpriseAsia.com plc, and by virtue of the fact that the two companies
      have directors in common.

      Rental and administrative fees were paid to CFN Hong Kong Limited, and
      amounted to £22,580. CFN Hong Kong Limited is a related party by virtue
      of the fact that Peter So, a director and shareholder in
      enterpriseAsia.com plc, has a 12.1875% beneficial shareholding interest
      in this company.

      Advisory service fees were paid to Communications Express Limited, and
      amounted to £42,337. Communications Express Limited is a related party by
      virtue of the fact that Benjamin Ng, a director and shareholder in
      enterpriseAsia.com plc, is also a director and shareholder in this
      company.

      Web site design and maintenance fees were paid to iBASE Consultants
      Limited, and amounted to £1,270. iBASE Consultants Limited is a related
      party by virtue of the fact that Benjamin Ng, a director and shareholder
      in enterpriseAsia.com plc, is also a director of iBASE Holdings Limited,
      the ultimate holding company of this company.

      Rental and administrative service fees were received from P & S
      International Limited, and amounted to £2,060. P & S International
      Limited is a related party by virtue of the fact that Benjamin Ng, a
      director and shareholder in enterpriseAsia.com plc, is also a director of
      this company.



NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2000

16    Net asset value per share

      The net asset value per share and the net asset value attributable to
      ordinary shareholders were as follows:

                               Net Asset Value per Net Asset Value Attributable
                                             share     to Ordinary Shareholders

      Ordinary shares (Basic)     31 December 2000             31 December 2000

                                             4.56p                   10,936,855
                                      ============                 ============

      Basic net asset value per ordinary share is 4.56p which is based on net
      assets at the period end and on 239,598,496 ordinary shares, being the
      number of ordinary shares in issue at the period end.


The Annual Report and Accounts will be posted to all shareholders on 1 June,
2001 and will be available at the company's registered office thereafter. The
Company's Annual General Meeting will be held at The Insurance Hall, 20
Aldermanbury, London EC2V 7HY on 27 June 2001 at 11.00am.

The Profit and Loss Account and Balance Sheet have not yet been filed with the
Registrar of Companies



                                                                                
                                                                                
                                                               

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