Television Broadcasts Limited — Capital/Financing Update 2003

Feb 5, 2003

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.

YEW SANG HONG (HOLDINGS) LIMITED ����������������������

YEW SANG HONG (HOLDINGS) LIMITED ����������� [*]

(Incorporated in the Cayman Islands with limited liability)

ANNOUNCEMENT

On 5 February 2003, Jetasia, an indirect wholly-owned subsidiary of the Company, has entered into the Supplemental Letter of Intent with the PRC Company, pursuant to which the parties agreed to extend the deadline for the finalisation of the financial due diligence report and the deadline to determine whether to proceed with the Proposed Investment to 5 May 2003.

Further announcement will be made by the Company as and when appropriate. The proposed transaction may or may not proceed. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

Reference is made to the announcement (the “Announcement”) of Yew Sang Hong (Holdings) Limited (the “Company”) dated 6 August 2002 relating to the letter of intent (the “Letter of Intent”) dated 5 August 2002 entered into between Jetasia Enterprises Limited (“Jetasia”), an indirect wholly-owned subsidiary of the Company, and ��������������� (the “PRC Company”), a company incorporated in the People’s Republic of China with limited liability, in relation to the proposed investment in not more than 24.9 per cent. of the enlarged equity interest of the PRC Company by entering into the capital injection agreement (the “Proposed Investment”). Unless otherwise stated, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

Pursuant to the Letter of Intent, Jetasia has the right to appoint the accountants or other relevant parties to carrying out a financial due diligence review and assessment on the PRC Company and the financial due diligence report shall be completed within three months from the date of the Letter of Intent. Jetasia shall determine whether to proceed with the Proposed Investment within six months from the date of the Letter of Intent.

As the PRC Company has not completed its internal asset reorganisation, Jetasia has yet to complete the financial due diligence review and assessment on the PRC Company. On 5 February 2003, Jetasia has entered into a supplemental letter of intent (the “Supplemental Letter of Intent”) with the PRC Company, pursuant to which the parties agreed to extend the deadline for the finalisation of the financial due diligence report and the deadline to determine whether to proceed with the Proposed Investment to 5 May 2003 (the “Extension”). Save for the Extension, the terms and conditions under the Letter of Intent remain unchanged. Pursuant to the Letter of Intent, subject to Jetasia confirming not to proceed with the Proposed Investment, the PRC Company agreed to return the deposit of HK$12,000,000 together with interest calculated at an interest rate of 1.5 per cent. per annum to Jetasia within 15 days upon the receipt of the written notice from Jetasia, after which the Letter of Intent shall be treated as automatically lapsed.

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Further announcement will be made by the Company as and when appropriate. The proposed transaction may or may not proceed. Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board Lai Sai Sang Chairman

Hong Kong, 5 February 2003

* For identification purpose only

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

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