First Service Holding Limited — M&A Activity 2001

Mar 29, 2001

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.

MAN YUE INTERNATIONAL HOLDINGS LIMITED

萬 裕 國 際 集 團 有 限 公 司*

(incorporated in Bermuda with limited liability)

TERMINATION OF NEGOTIATIONS FOR ACQUISITION OF CERTAIN PERCENTAGE OF SHAREHOLDING INTEREST OF THE COMPANY

The controlling shareholder of the Company, Man Yue Holdings Inc., has recently been approached by a connected person (as defined under the Listing Rules) for the acquisition of certain percentage of the shareholding interest currently held by Man Yue Holdings Inc. in the Company. Negotiations for the acquisition of certain percentage of shareholding interest of the Company have been terminated and no arrangement or agreement has been agreed upon or entered into between the relevant parties.

Trading of the shares of the Company has been suspended on the Stock Exchange from 10:00 a.m. on 21st March 2001 at the request of the Company and an application has been made to resume the trading of the shares of the Company with effect from 10:00 a.m. on 29th March 2001 upon the release of this announcement.

The board of directors of Man Yue International Holdings Limited (the "Company") (the "Board") announces that Man Yue Holdings Inc. (the "MYHI"), the controlling shareholder of the Company holding 179,012,000 shares of and in the Company, representing 47.94% of the entire issued share capital of the Company as at the date hereof, has received a letter of intent on the evening of 20 March 2001 from a connected person (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")), setting out his intention to acquire certain percentage of the shareholding interest currently held by MYHI in the Company. MYHI is ultimately beneficially owned by the family trust of Mr. Chan Ho Sing, the Chairman of the Board.

Revised terms and conditions of such intended acquisition were received by MYHI on the evening of 25th March 2001. Having carefully and thoroughly considered such proposed terms and conditions, MYHI informed the Board of its decision to terminate the negotiations on 27th March 2001. MYHI has also confirmed to the Board that no arrangement or agreement has been agreed upon or entered into between the relevant parties in relation to such intended acquisition.

Trading of the shares of the Company has been suspended on The Stock Exchange of Hong Kong Limited from 10:00 a.m. on 21st March 2001 at the request of the Company and an application has been made by the Company to resume the trading of the shares of the Company with effect from 10:00 a.m. on 29th March 2001 upon the release of this announcement.

Made by the order of the Board, the directors of which jointly and severally accept full responsibility for the accuracy of information contained in this announcement and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

By Order of the Board

Hui Sing Cheung Dave

Executive Director

Hong Kong, 28 March 2001

* For identification purpose only

Please also refer to the published version of this announcement in the i-Mail.