Television Broadcasts Limited — Major Shareholding Notification 2002

Feb 25, 2002

The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, takes 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

(Incorporated in the Cayman Islands with limited liability)

ANNOUNCEMENT

INTRODUCTION OF A SUBSTANTIAL SHAREHOLDER

The board of directors of the Company has been notified by the majority shareholder of the Company, YSH Investments, that on 21st February 2002 YSH Investments received the Purchase Offer from an independent third party for the purchase of 56,000,000 shares, representing 28% of the existing issued share capital of the Company. YSH Investments has already accepted the Purchase Offer and completion of the Share Purchase will take place on a date which shall not be later than 6th March 2002.

At the request of the Company, trading in the Company's shares was suspended with effect from 10:00 a.m. on 22nd February 2002 pending the release of this announcement. Application has been made to the Stock Exchange for resumption of trading of the Company's shares with effect from 10:00 a.m. on 26th February 2002. Further announcement will be made upon completion of the Share Purchase.

The board of directors of Yew Sang Hong (Holdings) Limited (the "Company") has been notified by the majority shareholder of the Company, YSH Investments Limited ("YSH Investments"), that on 21st February 2002 YSH Investments received an offer (the "Purchase Offer") from Highworth Venture Limited ("Highworth") for the purchase of 56,000,000 shares in the Company (the "Shares"), representing 28% of the existing issued share capital of the Company (the "Share Purchase").

Highworth is a company incorporated in the British Virgin Islands with limited liability and is wholly owned by Mr. Hon Ming Kong ("Mr. Hon") who is an independent third party not connected with the Company, the directors, chief executive, substantial shareholders of the Company or its subsidiaries or their respective associates. Mr. Hon is at present the chairman and major shareholder of Oriental Union Holdings Limited, a company currently listed in the main board of The Stock Exchange of Hong Kong Limited ("Stock Exchange").

The consideration for the Shares shall be HK$60,480,000, representing HK$1.08 per share (the "Consideration Per Share"). The Company made an announcement on 18th January 2002 in relation to an increase of the price of the Shares and the negotiation between YSH Investments and an independent third party in respect of acquisition of certain Shares. The Consideration Per Share represents about 27% discount on the Company's per share price of HK$1.47 at the close of business on 18th January 2002 or about 12% premium on the Company's 10 days closing average per share price of HK$0.965 prior to 18th January 2002. The Consideration Per Share also represents about 36% discount on the Company's per share price of HK$1.70 at the close of business on 21st February 2002.

YSH Investments has already accepted the Purchase Offer on 21st February 2002. There is no condition precedent for the completion of the Share Purchase that will take place on a date which shall not be later than 6th March 2002.

YSH Investments is currently interested in 150,000,000 shares, representing 75% of the existing issued share capital of the Company. After completion of the Share Purchase, Highworth will be interested in 28% of the existing share capital of the Company and the shareholding of YSH Investments in the Company will be reduced from 75% to 47%. YSH Investments has also informed the Company that YSH Investments currently has no intention to further reduce its interests in the share capital of the Company. Mr. Hon has also notified the Company that Highworth intends to hold its 28% interests in the share capital of the Company for long-term investment purpose upon completion of the Share Purchase.

The Company has given an invitation to Mr. Hon to act as a director of the Company and Mr. Hon has agreed to accept such invitation.

At the request of the Company, trading in the Company's shares was suspended with effect from 10:00 a.m. on 22nd February 2002 pending the release of this announcement. Application has been made to the Stock Exchange for resumption of trading of the Company's shares with effect from 10:00 a.m. on 26th February 2002. Further announcement will be made upon completion of the Share Purchase.

Shareholders and investors are advised to exercise caution in dealing in the shares of the Company.

By Order of the Board

Thomson Lai

Company Secretary

Hong Kong, 25th February 2002

* For identification purpose only

Please also refer to the published version of this announcement in the i-Mail.