Changyou International Group Limited — Director's Dealing 2000

Feb 24, 2000

Listed Company Information

WELBACK HOLD<0491> - Announcement 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. Welback Holdings Limited (Incorporated in Bermuda with limited liability) Announcement Movement in Price and Trading Volume of the Shares of the Company The board of directors of the Company wish to inform the shareholders of the Company that a substantial shareholder of the Company has dealt in the shares of the Company. Shareholders are advised to exercise extreme caution on trading of shares of the Company. The statement is made at the request of The Stock Exchange of Hong Kong Limited. The Company was informed by Princesa Holdings Limited, a substantial shareholder of the Company, that Princesa Holdings Limited had disposed on market of 11,468,000 shares of the Company, representing approximately 4.6% of the issued share capital of the Company, on 23 February, 2000. The shareholdings of Princesa Holdings Limited before and after the above disposal of shares were as follows: No. of the Company's ordinary shares Before disposal After disposal Princesa Holdings Limited 117,156,973, representing 105,688,973, representing approximately 47.3% approximately 42.7% of the issued share capital of the issued share capital of the Company of the Company The directors of the Company would like to inform its shareholders that the Company will consider raising funds, as and when necessary and appropriate, by means of placement of new shares of the Company and/or open offer at suitable prices. The directors of the Company also confirm that they have commenced negotiations with independent third parties not connected with directors, chief executive or substantial shareholders of the Company or any of its subsidiaries or an associate of any of them in relation to the price and terms of such proposed fund raising exercises; however no agreements have yet been reached in respect thereof as at the date of this announcement. The negotiation is in a preliminary stage and may or may not be proceeded. Further announcements, as required by the Listing Rules, will be made if applicable. We had noted the recent decrease in the price and the increase in trading volume of the shares of the Company and wish to state that save for the above, we are not aware of any reasons for such changes. Save for the above, we also confirm that there are no negotiations or agreements relating to intended acquisitions or realisations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature. Shareholders are advised to exercise extreme caution on trading of shares of the Company. Made by the order of the Board of Welback Holdings Limited the directors of which individually and jointly accept responsibility for the accuracy of this statement. By order of the Board Welback Holdings Limited Fong Wing Seng Managing Director Hong Kong, 23 February, 2000