Television Broadcasts Limited — Capital/Financing Update 2004

Jan 20, 2004

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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HONG TONG HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

ANNOUNCEMENT

FURTHER POSTPONEMENT OF THE COMPLETION DATE OF THE PLACING

The Board announced that on 20 January 2004, the Company and the Placing Agent have entered into the Second Supplemental Agreement pursuant to which it is agreed that the completion date of the Placing will be further postponed from 21 January 2004 to 20 February 2004 so as to provide more time for the Placing Agent to procure the Placees. In order to facilitate the Placing, the Company and the Placing Agent are now renegotiating some of the terms of the Placing, including the Placing Price. Further announcement will be made by the Company in respect of any change in the Placing Price.

Shareholders and investors should exercise caution in dealing in the Shares.

Reference is made to the announcements made by the Company dated 28 November 2003 and 24 December 2004 (together the “Announcements”), respectively, relating to, among others, the placing of 53,712,000 Shares to independent investors at a price of HK$1.30 per Share.

Unless otherwise defined, terms used herein shall have the same meanings as in the Announcements.

On 20 January 2004, the Company and the Placing Agent has entered into a second supplemental agreement in supplemental to the Placing Agreement and the Supplemental Agreement (the “Second Supplemental Agreement”). Pursuant to the Second Supplemental Agreement, it is agreed that the completion date of the Placing will be further postponed from 21 January 2004 to 20 February 2004. Except for the further postponement of the completion date of the Placing, all other terms of the Placing Agreement as supplemented by the Supplemental Agreement remain unchanged.

Due to the recent fluctuation of the price of the Shares, the Placing Agent has informed the Company that it may not be able to place the Placing Shares at the placing price of HK$1.30 by 21 January 2004. In view of that, both parties agreed to further extend the completion date of the Placing so as to provide more time for the Placing Agent to procure the Placees. In order to facilitate the Placing, the Company and the Placing Agent are now renegotiating some of the terms of the Placing, including the Placing Price. Further announcement will be made by the Company in respect of any change in the Placing Price.

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Shareholders and investors should exercise caution in dealing in the Shares.

By order of the Board HONG TONG HOLDINGS LIMITED Hon Ming Kong Chairman

Hong Kong, 20 January 2004

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

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