09:38     TVB<00511> - Announcement (3)                                       

    The Vendor is an investment holding company                               
    incorporated in Taiwan.                                                   
                                                                              
    IMPLICATIONS UNDER THE LISTING RULES                                      
    LYP is a 70% non wholly-owned subsidiary of TVB. As                       
    the Vendor holds the remaining 30% of interest in LYP,                    
    the Vendor is a substantial shareholder of LYP. At                        
    the same time, the Vendor is also an associate of a                       
    director of a subsidiary of TVB, Galaxy Satellite                         
    Broadcasting Ltd. The Vendor is accordingly a                             
    connected person of TVB as defined in the Listing                         
    Rules and the Agreement and the transactions                              
    contemplated thereunder constituted discloseable and                      
    connected transactions for TVB.                                           
                                                                              
    The Agreement and the transactions contemplated                           
    thereunder are subject to the approval of the                             
    Independent Shareholders at the EGM in accordance                         
    with the requirements of the Listing Rules, which will                    
    be taken by poll. So far as TVB is aware, no Shareholder                  
    is required to abstain from voting on the resolution                      
    regarding the Agreement and the transactions                              
    contemplated thereunder. The Board Committee will be                      
    established to provide recommendation to the                              
    Independent Shareholders on the terms of the                              
    Agreement and the transactions contemplated                               
    thereunder. An independent financial adviser will be                      
    appointed to advise the Board Committee and the                           
    Independent Shareholders on the terms of the                              
    Agreement and the transactions contemplated                               
    thereunder.                                                               
                                                                              
    A circular containing, among other things, further                        
    details of the Agreement and the transactions                             
    contemplated thereunder, a letter of recommendation                       
    from the Board Committee to the Independent                               
    Shareholders, a letter of advice from an independent                      
    financial adviser to the Board Committee and the                          
    Independent Shareholders on the terms of the                              
    Agreement and the transactions contemplated                               
    thereunder, and the notice of EGM, will be despatched                     
    to Shareholders in accordance with the Listing Rules.                     
                                                                              
    BOOK CLOSURE                                                              
    The register of members of TVB will be closed from                        
    28 February 2005 to 21 March 2005, both dates                             
    inclusive, to give effect to the provisions of the                        
    Broadcasting Ordinance.                                                   
                                                                              
    DEFINITIONS                                                               
    "Agreement"     the conditional agreement dated 4                         
    February 2005 between the Vendor and the Purchaser                        
    relating to the sale and purchase of the Shares                           
                                                                              
    "Board" the board of Directors                                            
                                                                              
    "Board Committee"       a committee of the Board to be                    
    established for the purpose of advising the                               
    Independent Shareholders in relation to the terms of                      
    the Agreement and the transactions contemplated                           
    thereunder                                                                
                                                                              
    "Director(s)"   director(s) of TVB                                        
                                                                              
    "EGM"   an extraordinary general meeting of TVB to be                     
    convened to consider and, if thought fit, approve,                        
    among other things, the Agreement and the                                 
    transactions contemplated thereunder                                      
                                                                              
    "Group" TVB and its subsidiaries                                          
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong                    
    Kong