IRC Limited — Capital/Financing Update 2018

Jan 18, 2018

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.

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

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “ Securities Act ”), or the securities laws of any other jurisdiction and may not be offered or sold within the United States (as defined in Regulation S under the Securities Act (“ Regulation S ”)), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, such securities will be offered and sold outside the United States in compliance with Regulation S.

NOTICE OF LISTING ON THE STOCK EXCHANGE OF HONG KONG LIMITED

Lai Fung Bonds (2018) Limited

( Incorporated in the British Virgin Islands with limited liability )

U.S.$350,000,000 5.65% Guaranteed Notes due 2023 ( the “ Notes ” ) (Stock Code: 5087)

Unconditionally and Irrevocably Guaranteed by

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(Stock Code: 1125)

and with the benefit of a Keepwell Deed and a Deed of Equity Interest Purchase

Undertaking from

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(Stock Code: 488)

Joint Bookrunners and Joint Lead Managers

DBS Bank Ltd.

HSBC OCBC Bank UBS

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Application has been made to The Stock Exchange of Hong Kong Limited for the listing of, and permission to deal in, the Notes as described in the Offering Circular dated 10 January 2018 by way of debt issues to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and in the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)) only. Such listing and permission to deal in the Notes is expected to become effective on or about 19 January 2018.

Hong Kong, 18 January 2018

As at the date of this announcement, the board of directors of Lai Fung Bonds (2018) Limited comprises Messrs. Chew Fook Aun, Lam Hau Yin, Lester, Cheng Shin How and Lee Tze Yan, Ernest.

As at the date of this announcement, the board of directors of Lai Fung Holdings Limited comprises seven Executive Directors, namely Mr. Chew Fook Aun (Chairman), Dr. Lam Kin Ming (Deputy Chairman), Mr. Lam Kin Hong, Matthew (Executive Deputy Chairman), Mr. Lam Hau Yin, Lester (Chief Executive Officer), Madam U Po Chu, Mr. Cheng Shin How and Mr. Lee Tze Yan, Ernest; two Non-executive Directors, namely Mr. Lucas Ignatius Loh Jen Yuh and Mr. Puah Tze Shyang (also alternate to Mr. Lucas Ignatius Loh Jen Yuh); and five Independent Non-executive Directors, namely Messrs. Lam Bing Kwan, Ku Moon Lun, Law Kin Ho, Mak Wing Sum, Alvin and Shek Lai Him, Abraham.

As at the date of this announcement, the board of directors of Lai Sun Development Company Limited comprises four Executive Directors, namely Dr. Lam Kin Ngok, Peter (Chairman), Mr. Chew Fook Aun (Deputy Chairman), Mr. Lau Shu Yan, Julius (Chief Executive Officer) and Mr. Lam Hau Yin, Lester; two Non-executive Directors, namely Dr. Lam Kin Ming and Madam U Po Chu; and three Independent Non-executive Directors, namely Messrs. Lam Bing Kwan, Leung Shu Yin, William and Ip Shu Kwan, Stephen.

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