IRC Limited — Capital/Financing Update 2016

Jan 8, 2016

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited takes 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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(Stock Code: 488)

ANNOUNCEMENT

Reference is made to the joint announcement of Lai Sun Development Company Limited (the “ Company ”) and Lai Sun Garment (International) Limited (“ LSG ”) dated 17 November 2015 (the “ Joint Announcement ”) in relation to, amongst others, the proposed rights issue of the Company at the subscription price of HK$0.092 each on the basis of one rights share for every two existing shares held on the record date, 15 January 2016 (the “ Rights Issue ”). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Joint Announcement.

As stated in the Joint Announcement, the Rights Issue is conditional upon, amongst others, LSG obtaining the approval of its shareholders in general meeting necessary to enable LSG and the LSG Subsidiaries to implement the Proposed Subscription in full, and in full compliance with the Listing Rules (the “ LSG Shareholders’ Approval ”). The LSG Shareholders’ Approval has been obtained on 8 January 2016. Please refer to the poll results announcement published by LSG on 8 January 2016.

For and on behalf of Lai Sun Development Company Limited Chew Fook Aun Executive Director and Deputy Chairman

Hong Kong, 8 January 2016

As at the date of this announcement, the board of directors of the Company comprises the following members:

Executive Directors:

Dr. Lam Kin Ngok, Peter (Chairman) and Messrs. Chew Fook Aun (Deputy Chairman), Lau Shu Yan, Julius (Chief Executive Officer) and Lam Hau Yin, Lester;

Non-Executive Directors: Dr. Lam Kin Ming and Madam U Po Chu; and

Independent Non-Executive Messrs. Lam Bing Kwan, Leung Shu Yin, William and Ip Shu Directors: Kwan, Stephen.