Hang Lung Group Limited — M&A Activity 2009

Feb 24, 2009

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Pacific Century Regional Developments Limited

(incorporated in the Republic of Singapore with limited liability) Company Registration No. 196300381N

Starvest Limited

(incorporated in the Cayman Islands with limited liability)

PROPOSED PRIVATISATION OF PCCW LIMITED BY WAY OF A SCHEME OF ARRANGEMENT (UNDER SECTION 166 OF THE COMPANIES ORDINANCE)

Reference is made to the High Court hearing of the summons for directions in respect of the capital reduction and the directions hearing in respect of the petition to sanction the scheme of arrangement (the “ Scheme ”) under Section 166 of the Companies Ordinance (Chapter 32 of the Laws of Hong Kong) in connection with the proposed privatisation of PCCW Limited (“ PCCW ”) held today.

Pacific Century Regional Developments Limited (“ PCRD ”) and Starvest Limited (“ Starvest ”) note the decision of the High Court to agree to delay the substantive hearing of the petition to sanction the Scheme to give time for the Securities and Futures Commission to present any relevant findings and for the parties to respond. As stated in their earlier announcement dated 12 February 2009, neither PCRD, Starvest nor any of their respective directors had any knowledge of or involvement in any improper activities as suggested by the media reports. PCRD and Starvest believe that the offer was attractive for minority shareholders of PCCW and were pleased that it was supported by independent shareholders of PCCW holding over 82% of shares voted at the reconvened Court Meeting, representing about 1.3 billion shares of PCCW.

By order of the board of By order of the board of Pacific Century Regional Developments Limited Starvest Limited Lim Beng Jin Peter Anthony Allen Company Secretary Director

Hong Kong, 24 February 2009

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As at the date of this announcement, the directors of PCRD are as follows:

Executive Directors:

Mr. Li Tzar Kai, Richard (Chairman), Mr. Yuen Tin Fan, Francis (Deputy Chairman), Mr. Peter Anthony Allen (Group Managing Director) and Mr. Alexander Anthony Arena

Independent Non-Executive Directors:

Mr. Seow Li-Ming, Gordon, Mr. Yee Lat Shing, Tom and Mr. Chng Hee Kok

As at the date of this announcement, the directors of Starvest are as follows:

Mr. Peter Anthony Allen and Ms. Winnie King Yan Siu Morrison

The directors of PCRD jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, 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.

The directors of Starvest jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, 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.

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