IRC Limited — Declaration of Voting Results & Voting Rights Announcements 2002

Dec 23, 2002

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.

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ANNOUNCEMENT

Result of Extraordinary General Meeting held on 20th December, 2002

At LSD’s extraordinary general meeting on 20th December, 2002, the resolution to approve the ATV Transaction was unanimously passed.

Reference is made to the announcement of LSD dated 3rd December, 2002. Words and expressions used in that announcement shall have the same meanings when used herein, unless the context otherwise requires.

Reference is also made to LSD’s announcement dated 12th November, 2002 in relation to the ATV Transaction. As explained in that announcement, completion of the ATV Transaction is conditional on, among other things, approval by a simple majority of the shareholders of LSD in accordance with the requirements of the Stock Exchange and the Rules Governing the Listing of Securities on the Stock Exchange.

The directors of LSD are pleased to announce that at LSD’s extraordinary general meeting on 20th December, 2002, the resolution to approve the ATV Transaction was unanimously passed.

The ATV Transaction remains conditional on, among other things, the approval of the Broadcasting Authority. Subject to fulfilment of the conditions, completion of the ATV Transaction is expected to take place on or before 30th April, 2003 (with the purchaser, DGI, having the option to extend the period for completion until 15th May, 2003). In the meantime, shareholders and other investors are advised to exercise caution when dealing in LSD’s shares.

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

Hong Kong, 20th December, 2002

Please also refer to the published version of this announcement in the (The Standard)

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