09:25 LAI SUN DEV<00488> - Announcement (6) "Furama Resort" Furama Resort located at Bac My An Ward, Da Nang City, Vietnam which is owned by IBHJV "Guarantor" the Company as guarantor under the Sale and Purchase Agreement, pursuant to which the Company unconditionally and irrevocably guarantees to Vina as a continuing obligation the proper and punctual performance by the Sellers of all their obligations under or pursuant to the Sale and Purchase Agreement and related Transaction Documents "HK$" Hong Kong dollars, the lawful currency of Hong Kong "Hong Kong" Hong Kong Special Administrative Region of the People's Republic of China "IBH" Indochina Beach Hotel Limited, a private company limited by shares incorporated in the British Virgin Islands and whose registered office is at Columbus Centre Building, Wickhams Cay I, Road Town, Tortola, British Virgin Islands "IBHJV" Indochina Beach Hotel Joint Venture Limited, a joint-venture company limited by shares and incorporated in Vietnam whose registered office is at 68 Ho Xuan Huong Street, Bac My An Ward, Da Nang City, Vietnam "Listing Rules" the Rules Governing the Listing of Securities on the Stock Exchange "LSD Group" the Company and its subsidiaries "Operation and Management the agreement dated 16 August 1994 made between IBHJV and Agreement" Majestic International Hotels Limited (which changed its name to FHRI on 8 July 1997) and amended and modified by a supplemental agreement dated 25 December 1996 "Outstanding Fee" the amount of fees outstanding as at the Closing Date from IBHJV to FHRI under the terms of the Operation and Management Agreement "Sale and Purchase Agreement" the sale and purchase agreement dated 8 April 2005 made between the Sellers, Vina, the Company and FHRI relating to the Transaction "Shareholders Debt" in relation to FIHL any amounts owed as at Closing by FIHL to the Sellers, together with accrued interest, if any, up to the date of Closing under the terms of the loan agreement dated 7 December 2004 between FHEL (as lender) and FIHL (as borrower) and the loan agreement dated 7 December 2004 between TIL (as lender) and FIHL (as borrower) "Stock Exchange" The Stock Exchange of Hong Kong Limited "TIL" Transformation International Limited, a company incorporated under the laws of the British Virgin Islands whose registered office is at P.O.Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands "Transaction Documents" The Sale and Purchase Agreement, the Disclosure Letter and any other Agreed Form Documents "Transaction" the sale by the Sellers of the FIHL Shares, the assignment by the Sellers of the Shareholder Debt and procurement by the Sellers of the assignment of the Outstanding Fee to Vina pursuant to the Sale and Purchase Agreement, as further described in this announcement "US" United States of America "US$" US dollars, the lawful currency of US "Vina" Vina Investment Group Ltd., a company incorporated under the laws of the British Virgin Islands whose registered office is at Vanterpool Plaza, 2nd Floor, Wickhams Cay I, Road Town, Tortola, British Virgin Islands By Order of the Board of Lai Sun Development Company Limited Yeung Kam Hoi Company Secretary Hong Kong, 15 April 2005 As at the date of this announcement the executive directors of the Company are Mr. Lam Kin Ngok, Peter, Mr. Lau Shu Yan, Julius and Mr. Wu Shiu Kee, Keith, the non-executive directors are Mr. Lam Kin Ming, Madam U Po Chu, Mr. Chiu Wai and Mr. Shiu Kai Wah and the independent non-executive directors are Mr. David Tang, Mr. Lam Bing Kwan and Mr. Leung Shu Yin, William.