Cathay Pacific Airways Limited — Share Issue/Capital Change 2000

Sep 6, 2000

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

IDT INTERNATIONAL LIMITED

(Incorporated in Bermuda with limited liability)

SCRIP DIVIDEND SCHEME IN RELATION TO THE FINAL DIVIDEND

FOR THE YEAR ENDED MARCH 31, 2000

The board of directors of IDT International Limited wishes to advise shareholders of the Company further details on the scrip dividend scheme in relation to the final dividend for the year ended March 31, 2000 of the Company and the value of each new share of the Company to be allotted thereunder is determined at HK$0.756.

IDT International Limited (the "Company") has informed shareholders ("Shareholders") of the Company in a circular dated August 29, 2000 that the directors of the Company have recommended the payment in cash of a final dividend ("Final Dividend") of HK$0.05 per share of HK$0.10 each ("Share") of the Company for the year ended March 31, 2000, and that Shareholders may elect to receive the Final Dividend wholly or partly in the form of new Shares (the "New Shares") in lieu of cash in respect of their registered shareholdings on August 28, 2000 ("Scrip Dividend Scheme"). The Final Dividend was approved at the annual general meeting of the Company held on August 28, 2000. The Scrip Dividend Scheme is conditional upon approval being granted by the Listing Committee of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") for the listing of and permission to deal in the New Shares to be issued.

For the purpose of calculating the number of New Shares to be allotted to Shareholders who elect to receive the Final Dividend in the form of New Shares in lieu of cash, Shareholders are hereby informed that the average closing price used to determine the value of a New Share to be allotted under the Scrip Dividend Scheme is HK$0.756, being the average of the closing prices of the existing Shares quoted on the Stock Exchange for the five trading days from August 29, 2000 to September 4, 2000, both days inclusive. Accordingly, the number of New Shares which Shareholders will receive, in respect of the existing Shares registered in their names on August 28, 2000 and for which elections to receive New Shares are lodged with the Hong Kong share registrar of the Company, Secretaries Limited, 5th Floor, Wing On Centre, 111 Connaught Road Central, Hong Kong on or before 4:00 p.m. on September 20, 2000, will be calculated as follows:

Number of New Shares Number of existing Shares HK$0.05

to be received = held on August 28, 2000 for x

which Share election is made HK$0.756

The number of New Shares to be issued to each Shareholder will be rounded down to the nearest whole number of New Shares. Fractional entitlements to New Shares will be disregarded and the benefit thereof will accrue to the Company. The New Shares will, from the date of their issue, rank pari passu in all respects with the existing Shares except that they shall not rank for the Final Dividend.

Application will be made to the Listing Committee of the Stock Exchange for the listing of and permission to deal in the New Shares to be issued pursuant to the Scrip Dividend Scheme.

It is expected that cheques for cash entitlements and/or share certificates for the New Shares will be posted, at the risk of those entitled thereto, on or about September 29, 2000. Subject to the listing of and permission to deal in the New Shares being granted, recipients will be able to deal in the New Shares upon receipt of the share certificates.

By order of the board of directors

IDT International Limited

Leung Wai Yee

Company Secretary

Hong Kong, September 5, 2000

Website: http://www.irasia.com/listco/hk/idt

"Please also refer to the published version of this announcement in the SCMP."