Regent Pacific Group Limited — M&A Activity 2002

May 3, 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.

KGI INTERNATIONAL HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

ANNOUNCEMENT

KGI International Holdings Limited ("KGI") wishes to announce that KGI has informed iRegent Group Limited ("iRegent") today that KGI will be terminating the discussions with James Mellon and Jamie Gibson, Directors of iRegent in respect of KGI's proposed pre-conditional possible voluntary conditional general offer for all the securities of iRegent (the "VCGO") effective at 10:00 p.m. Hong Kong time on 10 May 2002 unless in KGI's view significant progress has been made by then in respect of the above discussions. Further announcements will be made on new developments, if any.

On behalf of the Board of

KGI International Holdings Limited

Pun Kin Wa

Director

Hong Kong, 3 May 2002

The directors of KGI jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, their opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any of their statements in the announcement misleading.

"Please also refer to the published version of this announcement in the Hong Kong i-mail"