Television Broadcasts Limited — Audit Report / Information 2004

Nov 25, 2004

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 0290)

CHANGE OF AUDITORS

The Board announces that DTT resigned as auditors of the Company and the Group on 25 November 2004 and Messrs. HLB Hodgson Impey Cheng, Chartered Accountants, Certified Public Accountants, were appointed as auditors of the Company to fill the casual vacancy on 25 November 2004.

The board of directors (the “Board”) of China Conservational Power Holdings Limited (the “Company”) announces that Messrs. Deloitte Touche Tohmatsu (“DTT”) resigned as auditors of the Company and its subsidiaries (the “Group”) and Messrs. HLB Hodgson Impey Cheng, Chartered Accountants, Certified Public Accountants, were appointed as auditors of the Company to fill the casual vacancy on 25 November 2004. The reason for the change of auditors was to reduce the audit fees with a view to control the Company’s operating expenses.

The Company received a letter of resignation from DTT on 25 November 2004 and DTT confirmed that there were no circumstances connected with their resignation which they consider ought to be brought to the attention of the Company’s and the Group’s members or creditors. There is no disagreement between DTT and the Company.

The Board confirmed that there were no circumstances which it consider ought to be brought to the attention of the Company’s and the Group’s members or creditors in respect of the change of auditors.

By order of the Board

China Conservational Power Holdings Limited Hon Ming Kong Chairman

Hong Kong, 25 November 2004

1

China Conservational Power Holdings Limited – Announcement

25 November 2004

As at the date hereof, the Board comprises nine directors of which Messrs. Hon Ming Kong, Hon Yik Kwong, Lee Yu Leung, Chen Jun Nong, Pascal Ting as executive directors; and Mr. Li Yong, Alfa as non-executive director and Messrs. Fork Siu Lun, Tommy, Tsoi Wai Kwong, Loo Chung Keung, Steve as independent non-executive directors.

Please also refer to the published version of this announcement in China Daily.

2

China Conservational Power Holdings Limited – Announcement

25 November 2004