Galaxy Entertainment Group Limited — M&A Activity 2000

Apr 7, 2000

Listed Company Information

NEW WORLD DEV<0017> - 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. New World Development Company Limited (incorporated in Hong Kong with limited liability) ANNOUNCEMENT Further to the Announcement, the Board wishes to state that although the exclusivity period under the exclusivity agreement dated 27th January 2000 entered into between the Company and Davnet Limited has expired and not been extended, the parties are still in discussion of the Proposed Acquisition. Further announcement will be made if the Proposed Acquisition is materialised or not proceeded with. Shareholders of the Company and potential investors are advised to exercise caution in dealing with the shares of the Company. The board of directors (the "Board") of New World Development Company Limited (the "Company") refers to the announcement of the Company dated 28th January 2000 (the "Annoncement"). The Board wishes to state that the 45 days exclusivity period from 27th January 2000 granted to Davnet Limited to negotiate exclusively with the Company for the proposed acquisition (the "Proposed Acquisition") of an estimate 74% interest in New World Telephone Limited, 88% indirectly owned subsidiary of the Company, under the exclusivity agreement (the "Agreement") dated 27th January 2000 entered into between the Company and Davnet Limited has expired and not been extended. Notwithstanding the expiration of the said exclusivity period, the Company and Davnet Limited are still in discussion of the Proposed Acquisition. The Proposed Acquisition may or may not materialize. Further announcement will be made if the Proposed Acquisition is materialized or not proceeded with. Shareholders of the Company and potential investors are advised to exercise caution in dealing in the shares of the Company. Made by the order of the Board, the Directors of which individually and jointly accept responsibility for the accuracy of this statement. By Order of the Board New World Development Company Limited Leung Chi-Kin Stewart Company Secretary Hong Kong, 6th April 2000