IRC Limited — Capital/Financing Update 2014

Dec 8, 2014

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated in Hong Kong with limited liability) (Stock Code: 1029)

IRC: PETROPAVLOVSK PLC ANNOUNCES REFINANCING PLAN & IRC UPDATES ON PROJECT FINANCE

Monday, 8th December 2014: IRC Limited (‘‘IRC’’ or the ‘‘Company’’) — advises that Petropavlovsk plc, the largest shareholder in IRC with a 45.4% shareholding, today announced a preliminary agreement with its bondholders on a proposed refinancing plan that involves the issue of an underwritten US$235 million pre-emptive rights issue, and a new convertible bond with a target size of US$100 million. The full terms of the refinancing plan can be viewed in English at www.petropavlovsk.net.

As part of the Petropavlovsk refinancing process, IRC has applied for an extension to its loan availability period under the ICBC project finance for K&S. Due to the contractor’s delay, at this time there is US$52 million undrawn and the loan availability period closes on 8th December 2014. IRC has applied to ICBC for an extension to this period to match the delay to the project construction and has received positive feedback on the extension.

By Order of the Board G. JAY HAMBRO Executive Chairman

Hong Kong, People’s Republic of China Monday, 8th December 2014

As at the date of this announcement, the Executive Directors of the Company are Mr G. Jay Hambro, Mr Yury Makarov, and Mr Raymond Kar Tung Woo. The Non-Executive Directors are Mr Simon Murray, CBE, Chevalier de la Légion d’Honneur, Mr. Cai Sui Xin and Mr. Liu Qingchun. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr Jonathan Martin Smith and Mr Chuang-fei Li.

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For further information, please contact:

Nicholas Bias

Head of Communications Telephone: +852 2772 0007 Mobile: +852 9088 1029 Email: nb@ircgroup.com.hk

Shirly Chan (中文查詢)

Investor Relations Co-Ordinator Telephone: +852 2772 0007 Mobile: +852 6623 3450 Email: sc@ircgroup.com.hk

Registered Office

IRC Limited 6H, 9 Queen’s Road Central Hong Kong Office: +852 2772 0007 Fax: +852 2772 0329 Website: www.ircgroup.com.hk

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