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Wednesday 12 December, 2001

AIM

AIM Prospective Admission

Alternative Investment Market
12 December 2001


ANNOUNCEMENT TO BE MADE BY PROSPECTIVE AIM COMPANY AT LEAST 10 BUSINESS DAYS
PRIOR TO ADMISSION

COMPANY NAME: GREENCHIP INVESTMENTS PLC ('Greenchip')

COUNTRY OF INCORPORATION: ENGLAND AND WALES

COMPANY BUSINESS: In its original admission document, the stated principal aim
and investment strategy of Greenchip was to bring into European markets
technology driven business ventures, with a particular focus on life science,
environmental technology and internet technologies. The Directors believe that
in Programmable Life Inc ('Programmable Life') they have identified an
acquisition opportunity that satisfies their investment criteria and provides
prospects to grow shareholder value.

Programmable Life owns the rights to a line of additives that facilitate the
degradation of polyethylene. These have been used by a range of customers in
Japan with product roll-out now also occurring in the USA and Canada.
Programmable Life has also developed a process that permits degradable
polyethylene products to be produced at prices that are competitive with
'ordinary' polyethylene products. This technology is in the late development
stage and is currently being trailed in North America and the Far East.

DETAILS OF SECURITIES TO BE ADMITTED (ie, where known, number of shares,
nominal value and issue price):

Re-admission of existing share capital: 35,281,597 shares of 1p each

Initial consideration shares: 100,000,000 shares of 1p each

CAPITAL TO BE RAISED ON ADMISSION: £nil

FULL NAMES AND FUNCTIONS OF DIRECTORS, INCLUDING SHADOW AND PROPOSED DIRECTORS:

Current directors - remaining on board post acquisition

Malcolm Alec Burne (current Chief Executive Officer, to become the
non-executive Chairman)

Colin William Hill (finance director)

Proposed directors

Robert Hunter Downie (proposed interim CEO)

Charles Cannon-Brookes (proposed non-executive director)

PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A
PERCENTAGE OF THE ISSUED SHARE CAPITAL:

                                             Number of existing ordinary shares

                                    Percentage of existing issued share capital

                                         Number of Ordinary Shares on Admission

                                    Percentage of enlarged issued share capital

Arlington Group PLC (1)

10,250,000

29.1%

35,422,414

26.2%

Sunvest Corporation Limited

4,755,000

13.5%

4,755,000

3.5%

Pershing Keen Nominees Liminted PSL981 Acct

3,910,301

11.1%

3,910,301

2.9%

Malcolm Burne (2)

2,425,000

6.9%

2,425,000

6.9%

HSBC Global Custody Nominee (UK) Limited No. 863184

2,125,000

6.0%

2,125,000

1.6%

SP Angel (Nominees) Limited A/c SPAN

2,003,650

5.7%

2,003,650

1.6%



 1. Arlington Group plc holds 9,250,000 of its shares in the name of Swan Alley
    (Nominees) Limited and 1,000,000 in its own name
 2. Malcolm Burne holds his shares in the name of Asia Pacific Business Limited


NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2 (g): NONE

NAME AND ADDRESS OF NOMINATED ADVISER:

Grant Thornton

Grant Thornton House

Melton Street

Euston Square

London NW1 2EP

NAME AND ADDRESS OF BROKER:

Fiske plc

Salisbury House

London Wall

London EC2M 5QS

LOCATION OF ADDRESS AT WHICH ADMISSION DOCUMENT IS AVAILABLE AT TIME OF
ADMISSION WHICH ALONE CONTAINS FULL DETAILS OF THE COMPANY AND OF ITS
SECURITIES:

Stringer Saul

17 Hanover Square

London W1S 1HU

DATE OF NOTIFICATION: 12 December 2001

NEW/ UPDATE: NEW