11:00     TVB<00511> - Announcement (1)                                       

    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.                                                     
                                                                              
    Television Broadcasts Limited                                             
    (Incorporated in Hong Kong with limited liability)                        
    Stock Code 511                                                            
                                                                              
    CONTINUING CONNECTED TRANSACTIONS                                         
                                                                              
    The Board announces that on 30 September 2004, various                    
    companies within the Group and MBNS entered into six                      
    agreements relating to the license of programmes,                         
    license of channels and the provision of management                       
    services and advertising sales services for the                           
    period from 1 October 2004 to 30 September 2009. On                       
    14 October 2004 and 14 February 2005, two and three                       
    supplemental agreements were respectively entered                         
    into between the relevant contractual parties to                          
    clarify the base month upon which the guaranteed                          
    subscriber growth would be calculated and to increase                     
    the percentage share of subscription payment made by                      
    hotel and commercial establishments entitled by the                       
    relevant companies within the Group.                                      
                                                                              
    As MBNS is an associate of a connected person of TVB                      
    as defined in Rule 1.01 of the Listing Rules, the                         
    Agreements and the transactions contemplated                              
    thereunder constituted continuing connected                               
    transactions of TVB. TVB proposes to set a Cap Amount                     
    of HK$220,000,000 (from January to December 2005),                        
    HK$236,000,000 (from January to December 2006),                           
    HK$256,000,000 (from January to December 2007),                           
    HK$274,000,000 (from January to December 2008) and                        
    HK$219,000,000 (from January to September 2009) for                       
    the continuing connected transactions. As the                             
    Agreements and the transactions contemplated                              
    thereunder constituted continuing connected                               
    transactions for TVB under Rule 14A.16(5) of the                          
    Listing Rules, hence they 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. A circular containing,                       
    among other things, further details of the Agreements                     
    and the transactions contemplated thereunder, a                           
    letter of recommendation from the Independent Board                       
    Committee to the Independent Shareholders, a letter                       
    of advice from an independent financial adviser to                        
    the Independent Board Committee and the Independent                       
    Shareholders on the terms of the Agreements, the Cap                      
    Amount and the transactions contemplated thereunder,                      
    and a notice of the EGM, will be despatched to the                        
    Shareholders in accordance with the requirements of                       
    the Listing Rules as soon as practicable.                                 
                                                                              
    THE AGREEMENTS                                                            
    Licensing agreements among TVBI, TVBSE and MBNS                           
    On 30 September 2004, 3 exclusive licensing                               
    agreements for the territories of Malaysia and Brunei                     
    were entered into between MBNS and various companies                      
    within the Group (i.e TVBI, TVBSE and TVBI as agent                       
    of LYP) for a period of 5 years commencing from 1                         
    October 2004. The transactions contemplated under                         
    these agreements are: (i) license by TVBI to MBNS a                       
    total of 2190 hours of television programmes with                         
    Cantonese soundtrack for every period of 12 months                        
    as part of the programmes line up for a Cantonese                         
    language channel owned and operated by MBNS and                           
    entitled Wah Lai Toi; (ii) license of the