IRC Limited — Capital/Financing Update 2007

Jun 25, 2007

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(Stock Code: 488)

GENERAL DISCLOSURE ANNOUNCEMENT

This announcement is made by Lai Sun Development Company Limited (the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The directors of the Company (the “Directors”) are pleased to announce that Goldmay Development Limited (the “Purchaser”), a wholly-owned subsidiary of the Company, has been advised on 25 June 2007 that its offer to purchase in a public tender from an independent third party not connected with any of the Directors, chief executive or substantial shareholders of the Company or any of their respective associates, the property situated at Nos. 22, 24, 26 and 28 Tai Po Road, Kowloon, Hong Kong (the “Property”) for a consideration of HK$303 million has been accepted on 22 June 2007.

The site area of the Property is approximately 7,152 square feet. It is the current intention of the Company to develop a residential-cum-commercial property, which is within the permitted use of the Property, with a gross floor area of over 60,000 square feet for sale. The estimated construction period will be approximately 3 years after delivery of vacant possession of the Property on completion of the acquisition (the “Completion”), subject to the terms and conditions of the conditions of sale by tender.

An initial deposit of HK$15 million was paid by the Purchaser on submission of the tender on 22 June 2007 and under the conditions of sale by tender, a further deposit of HK$15.3 million will be payable by the Purchaser on 6 July 2007 with the balance of the consideration payable upon Completion scheduled to take place in the third quarter of 2007. The consideration was determined by reference to prevailing market value for comparable properties and is intended to be funded from internal resources and /or banking facilities of the Group.

By Order of the Board Lai Sun Development Company Limited Yeung Kam Hoi Company Secretary

Hong Kong, 25 June 2007

As at the date of this announcement, the executive Directors of the Company are Mr. Lam Kin Ngok, Peter, Mr. Lau Shu Yan, Julius, Mr. Tam Kin Man, Kraven, Mr. Cheung Wing Sum, Ambrose and Mr. Cheung Sum, Sam; the non-executive Directors are Mr. Lam Kin Ming and Madam U Po Chu and the independent nonexecutive Directors are Mr. David Tang, Mr. Lam Bing Kwan and Mr. Leung Shu Yin, William.