Television Broadcasts Limited — M&A Activity 2005

Jul 21, 2005

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 290)

TERMINATION OF THE PROPOSED ACQUISITION OF NOT MORE THAN 50% EQUITY INTEREST IN A PRC COMPANY

On 21 July 2005, Party A refunded the remaining balance of the earnest money in the amount of HK$10,000,000.00 to Oriental Overseas, a wholly owned subsidiary of the Company, in accordance with the terms of the Letter of Intent (as supplemented by the Supplemental Letter of Intent).

This announcement is made by the Company pursuant to the general disclosure obligations under Rule 13.09 of the Listing Rules.

References are made to the announcements made by the Company dated 26 April 2004, 23 July 2004 and 12 July 2005 (altogether, called the “Announcements”) respectively, in relation to, among others, the termination of a proposed acquisition of not more than 50% equity interest in the PRC Company which was licensed to operate an internet café chain in the PRC pursuant to a Letter of Intent (as supplemented by the Supplemental Letter of Intent) (the “Proposed Acquisition”). Unless defined otherwise, terms used herein shall have the same meanings as those defined in the Announcements.

On 21 July, 2005, Oriental Overseas, a wholly owned subsidiary of the Company, received the remaining balance earnest money in the amount of HK$10,000,000.00 from Party A in accordance with the terms of the Letter of Intent (as supplemented by the Supplemental Letter of Intent). With the payment of the remaining balance of the earnest money, neither party has any liability towards the other party under the Letter of Intent (as supplemented by the Supplemental Letter of Intent). The Board considered that the termination of the Proposed Acquisition will not result in any financial and operational liability on the Group. The earnest money returned to Oriental Overseas will be used as general working capital for the Group.

1

China Conservational Power Holdings Limited – Announcement

21 July 2005

As at the date of this announcement, the Board consists of:–

Executive Directors

1. Mr. Chan Tat Chee

2. Mr. Hon Ming Kong

3. Mr. Lee Yu Leung

4. Mr. Pascal Ting

5. Mr. Lin Hoi Kwong

6. Mr. Zhao Lin

Non-Executive Director

1. Mr. Li Yong, Alfa

Independent Non-Executive Directors

1. Mr. Loo Chung Keung, Steve

2. Mr. Tsoi Wai Kwong

3. Mr. Au-Yeung Ka Cheung

4. Mr. Wong Tik Tung

By Order of the Board

China Conservational Power Holdings Limited Chan Tat Chee Chairman

Hong Kong, 21 July 2005

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

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China Conservational Power Holdings Limited – Announcement

21 July 2005