Hephaestus Holdings Limited — M&A Activity 2007

May 21, 2007

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. This announcement appears for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities.

智庫媒體集團（控股）有限公司

Intelli - Media Group (Holdings) Limited

(Formerly known as “Panorama International Holdings Limited”)

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 8173)

COMPLETION OF DISCLOSABLE TRANSACTION: ACQUISITION OF COPYRIGHT IN A FILM LIBRARY INVOLVING THE ISSUANCE OF CONVERTIBLE BOND

Reference is made to the announcement dated 17 April 2007 and the circular (the "Circular") dated 8 May 2007 issued by the Company. Unless the context requires otherwise, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

The Board is pleased to announce that the completion of the Acquisition Agreement has been taken place on 18 May 2007.

By order of the Board of

Intelli-Media Group (Holdings) Limited

(formerly known as "Panorama International Holdings Limited")

Wong Hoi Yan, Audrey

Chief Financial Officer and Company Secretary

Hong Kong, 18 May 2007

As at the date of this announcement, the Board comprises seven executive Directors, Mr. Chin Wai Keung, Richard, Mr. So Wing Lok, Jonathan, Mr. Lo Wing Keung, Mr. Fung Yu Hing, Allan, Mr. Fung Yee Sang, Mr. Chow Alvin Chiyiu and Mr. Ling Macadam; and three independent non-executive Directors, Mr. Chow Shiu Ki, Mr. Hung Tik and Mr. Lam Wai Leung.

This announcement, for which the directors of the Company collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The directors of the Company, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief (i) the information contained in this announcement is accurate and complete in all material respects and not misleading; (ii) there are no other matters the omission of which would make any statement in this announcement misleading; and (iii) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.

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