11:00     TVB<00511> - Announcement (2)                                       

    TVB8 and Xing He channels by TVBSE to MBNS for                            
    broadcast on the pay television services owned and                        
    operated by MBNS or its affiliated company. Under this                    
    agreement, the supply of the channels is on an                            
    exclusive basis but TVBSE may license any programmes                      
    exhibited on the Xing He channel to any free-to-air                       
    television station in Brunei and Malaysia; (iii)                          
    licence of the TVBS-Asia channel by TVBI as agent of                      
    LYP to MBNS for broadcast on the pay television                           
    services owned and operated by MBNS or its affiliated                     
    company. LYP has appointed TVBI as its agent                              
    responsible for distributing the TVBS-Asia channel                        
    in countries outside Taiwan and the United States of                      
    America. It is a channel especially compiled by LYP                       
    for the purpose of distribution outside Taiwan.                           
                                                                              
    For the TVB8, Xing He and TVBS-Asia channels, except                      
    where it is required by the laws of Malaysia or Brunei                    
    (as the case may be), censorship standards and codes                      
    regulating advertisements, sponsorship and branding,                      
    MBNS shall broadcast the channels in their entirety                       
    without any alteration.                                                   
                                                                              
    After arm's length negotiation, the parties agree                         
    that the license fees payable under all 3 agreements                      
    by MBNS to TVBI and TVBSE for these licensing                             
    agreements will be calculated with reference to the                       
    number of residential subscribers of the relevant                         
    package of the pay television services of MBNS                            
    ("Package") and payable monthly in arrears within 45                      
    days after the end of each month. In addition, MBNS                       
    provides a guarantee in terms of subscriber growth                        
    for every period of 12 months during the respective                       
    term of the agreements. As regards distribution to                        
    hotel and commercial establishments, MBNS shall pay                       
    TVBI and TVBSE a 37% share of subscription fees                           
    received from the same as license fees monthly in                         
    arrears no later than 75 days after the end of each                       
    month.                                                                    
                                                                              
    Further, each of TVBSE and TVBI (as agent of LYP)                         
    agrees to pay 20% of advertising revenue to MBNS after                    
    deduction of commission, bonus and discounts payable                      
    to advertising agents and advertisers for                                 
    advertisements exhibited on TVB8, Xing He and/or                          
    TVBS-Asia channels which are inserted and played back                     
    by MBNS. The payment to MBNS by TVBSE and TVBI for                        
    the share of advertising revenue is to be offset from                     
    the payment receivable by TVBSE and TVBI under the                        
    respective agreement.                                                     
                                                                              
    On 14 October 2004, TVBI and MBNS entered into                            
    separate supplemental agreement for the license of                        
    2190 hours of television programmes and TVBS-Asia                         
    channel to clarify the base month upon which the                          
    guaranteed subscriber growth would be calculated.                         
                                                                              
    On 14 February 2005, TVBI, TVBSE and MBNS entered into                    
    separate supplemental agreements to all licensing                         
    agreements to increase the percentage share of                            
    subscription payment made by hotel and commercial                         
    establishments and entitled by TVBI and TVBSE to 41%                      
    under the respective agreement with retrospective                         
    effect from the commencement of such agreements.                          
                                                                              
    Agreement for the provision of management services                        
    between TVBOF, TVBSB and MBNS                                             
    On 30 September 2004, TVBOF and TVBSB entered into                        
    separate agreement with MBNS pursuant to which MBNS                       
    appoints TVBOF and TVBSB to provide management                            
    services for the period from 1 October 2004 to 30                         
    September 2009 at a fixed amount for every period of                      
    12 months which is payable monthly upon receipt