Hang Lung Group Limited — M&A Activity 2000

Feb 22, 2000

Listed Company Information

PAC CENT CYBER<1186> - 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. Pacific Century CyberWorks Limited (Incorporated in Hong Kong with limited liability) Announcement Further to the announcements dated 12 February 2000 and 17 February 2000, no formal agreement has been reached in relation to the possible merger between Pacific Century CyberWorks Limited ("PCCW") and Cable & Wireless HKT Limited ("C&W HKT") (the "Proposed Transaction"). Discussions have been continuing between PCCW and its advisers and Cable & Wireless plc and its advisers in relation to the Proposed Transaction. The directors of PCCW ("Directors") have noted certain press reports appearing today, Monday 21 February 2000, in relation to the Proposed Transaction. The Directors wish to clarify that discussions have been continuing between PCCW and its advisers and Cable & Wireless plc and its advisers in relation to the Proposed Transaction. However, at this stage, no formal agreement has been reached and there have been no developments in relation to the Proposed Transaction that are required to be disclosed under either the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or the Hong Kong Code on Takeovers and Mergers. The Directors have no further information to disclose in relation to the Proposed Transaction in addition to that already disclosed in the announcements made by PCCW dated 12 February 2000 and 17 February 2000. A further announcement will be made as and when appropriate to inform investors of the progress of the Proposed Transaction. Investors are advised to exercise caution when dealing in the securities of PCCW. By Order of the Board Helen Chu Company Secretary Hong Kong, 21 February 2000 The Directors jointly and severally accept full responsibility for the accuracy of information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in the announcement have been arrived at after due and careful consideration and there are no other facts not contained in the announcement, the omission of which would make any statement in this announcement misleading