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Natural Beauty Bio-Technology Ltd & Global Radiance Co Ltd	Update Date: 12/18/08
Date Announced: 11/25/08
Value (million $USD): 309.8 million U.S. Dollar 2.40 billion Hong Kong Dollar

Status: Pending

TRANSACTION DETAILS
Date Announced	11/25/08
Date Originally Announced	11/25/08
Format	Merger	Acquisition techniques	Scheme of Arrangement
Attitude	Friendly	Agency	Unspecified Regulatory Auth.
Value	309.8 million U.S. Dollar 2.40 billion Hong Kong Dollar	Advisor Fees	n/a

SYNOPSIS

HONG KONG - Global Radiance Co Ltd, a wholly-owned unit of the wholly-owned unit Global Radiance Holdings Ltd subsidiary of CVC Asia Pacific Ltd's (CA) wholly-owned Global Radiance Group Ltd unit, planned to acquire the entire ordinary share capital of Natural Beauty Bio-Technology Ltd, a beauty products manufacturer and wholesaler, for 1.2 Hong Kong dollars ($0.155 US) in cash per share, or a total value of HK$2.401 bil ($309.773 mil). The transaction was subject to shareholders' and regulatory approval and was to be effected via scheme of arrangement. CA was a joint venture between CVC Capital Partners Ltd and Citigroup Inc.

TARGET
Name	Natural Beauty Bio-Technology Ltd (Hong Kong : 157)
Industries	Perfumes, cosmetics, and other toilet preparations; Drugs, drug proprietaries, and druggists' sundries; Beauty shops; Misc personal services
City	Central, Hong Kong
State	n/a
Nation	Hong Kong
Incorporated in	n/a
Public Status	Public
Business Description	Natural Beauty Bio-Technology Ltd is a beauty products manufacturer and wholesaler, headquartered in Hong Kong. It also operates beauty centers. The company was founded in 1976.
Advisors	Somerley Ltd
Target Sales	57.7 million U.S. Dollar 450.1 million Hong Kong Dollar

ACQUIROR
Name	Global Radiance Co Ltd
Industries	n/a
City	Grand Cayman
State	n/a
Nation	Cayman Islands
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Global Radiance Co Ltd, headquartered in the Cayman Islands, is an investment company.
Advisors	Citi
Acquiror Sales	n/a

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