ZHEJIANG GUANGBO GROUP CO. LTD. (002103)

Elevated Rebate Rate to Benefit Company

Pursuant to a notice jointly issued on 21 Oct 2008 by the Ministry of Finance PRC and the State Administration of Taxation, as of 1 Nov 2008, the export tax rebate rate for certain commodities will be elevated.

Consequently, export tax rebate rate for laptop computers and certain plastic products of the company will be increased to 9% and 11% from 5%. It is projected that the adjustment of the tax rebate rate will exert a positive impact on the company's performance for 4Q 2008 and thereafter.

Board of Directors
23 Oct 2008


Source: Securities Times

Date: 24 Oct 2008

CN01/SS/MR/NK/KM


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