Lai Sun Development : JOINT ANNOUNCEMENT - EXTENSION OF TIME FOR DESPATCH OF THE COMPOSITE DOCUMENT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this joint announcement.

This joint announcement appears for information purposes only and is not intended to and does not constitute, or form part of, any offer to purchase or subscribe for or an invitation to purchase or subscribe for any securities of LSD or Lai Fung or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of LSD or Lai Fung in any jurisdiction in contravention of applicable law or regulation.

Holy Unicorn Limited

(Incorporated in the British Virgin Islands with limited liability)

JOINT ANNOUNCEMENT

EXTENSION OF TIME FOR DESPATCH OF

THE COMPOSITE DOCUMENT

CONDITIONAL VOLUNTARY GENERAL CASH OFFER BY HSBC

ON BEHALF OF THE OFFEROR, A WHOLLY-OWNED SUBSIDIARY OF LSD, TO ACQUIRE ALL OF THE ISSUED SHARES OF LAI FUNG (OTHER THAN THOSE ALREADY OWNED OR AGREED TO BE ACQUIRED BY LSD, THE OFFEROR OR THE OTHER WHOLLY-OWNED SUBSIDIARIES OF LSD) AND TO CANCELALL THE OUTSTANDING SHARE OPTIONS OF LAI FUNG

Financial Adviser to LSD and the Offeror

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INTRODUCTION

Reference is made to the joint announcement dated 21 February 2020 (the "Joint Announcement") published by Lai Sun Garment (International) Limited, Lai Sun Development Company Limited ("LSD"), Holy Unicorn Limited (the "Offeror"), eSun Holdings Limited and Lai Fung Holdings Limited ("Lai Fung") in respect of, among others, a conditional voluntary general cash offer by The Hongkong and Shanghai Banking Corporation Limited ("HSBC") on behalf of the Offeror, a wholly-owned subsidiary of LSD, to acquire all of the issued shares of Lai Fung (other than those already owned or agreed to be acquired by LSD, the Offeror or the other wholly-owned subsidiaries of LSD) and to cancel all the outstanding share options of Lai Fung. Unless otherwise defined herein, capitalised terms used herein shall have the meanings ascribed to them in the Joint Announcement.

EXTENSION OF TIME FOR DESPATCH OF THE COMPOSITE DOCUMENT

Pursuant to Rule 8.2 of the Takeovers Code, unless the Executive's consent is obtained, the Composite Document is required to be despatched to LF Shareholders within 21 days from the Announcement Date, which in this case would be on or before 13 March 2020.

As additional time is required to prepare the opinion of the independent financial adviser to the Lai Fung Independent Board Committee pursuant to Rule 2.1 of the Takeovers Code and the property valuation report for properties of Lai Fung pursuant to Rule 11 of the Takeovers Code, an application was made to the Executive and the Executive has granted its consent to extending the latest time for the despatch of the Composite Document to 14 April 2020.

A detailed timetable for the LF Offers will be set out in the Composite Document and in the announcement to be jointly made by LSD, the Offeror and Lai Fung upon the despatch of the Composite Document.

By order of the board	By order of the board
Lai Sun Development Company Limited	Lai Fung Holdings Limited
Lau Shu Yan, Julius	Chew Fook Aun
Executive Director and Chief Executive Officer	Chairman

By order of the board

Holy Unicorn Limited

Chew Fook Aun

Director

Hong Kong, 13 March 2020

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As at the date of this joint announcement:

1. the LSD Board comprises five executive directors, namely Dr. Lam Kin Ngok, Peter (Chairman) and Messrs. Chew Fook Aun (Deputy Chairman), Lau Shu Yan, Julius (Chief Executive Officer),
   Lam Hau Yin, Lester and Tham Seng Yum, Ronald; two non-executivedirectors, namely
   Dr. Lam Kin Ming and Madam U Po Chu; and four independent non-executive directors, namely Messrs. Lam Bing Kwan, Leung Shu Yin, William, Ip Shu Kwan, Stephen and Leung Wang Ching, Clarence.
2. the Offeror Board comprises four directors, namely Dr. Lam Kin Ngok, Peter and Messrs. Chew Fook Aun, Lau Shu Yan, Julius and Lam Hau Yin, Lester.
3. the Lai Fung Board comprises eight executive directors, namely Mr. Chew Fook Aun (Chairman), Dr. Lam Kin Ming (Deputy Chairman), Mr. Lam Kin Hong, Matthew (Executive Deputy Chairman), Mr. Lam Hau Yin, Lester (Chief Executive Officer), Madam U Po Chu and
   Messrs. Cheng Shin How, Lee Tze Yan, Ernest and Tham Seng Yum, Ronald; two non-executivedirectors, namely Mr. Lucas Ignatius Loh Jen Yuh and Mr. Puah Tze Shyang (also alternate to
   Mr. Lucas Ignatius Loh Jen Yuh); and five independent non-executive directors, namely Messrs. Lam Bing Kwan, Ku Moon Lun, Law Kin Ho, Mak Wing Sum, Alvin and Shek Lai Him, Abraham.

The LSD Directors jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than information relating to the Lai Fung Group) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than opinions expressed by the Lai Fung Group) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any statement in this joint announcement misleading.

The directors of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than information relating to the Lai Fung Group) and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than opinions expressed by the Lai Fung Group) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any statement in this joint announcement misleading.

The Lai Fung Directors jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement relating to the Lai Fung Group and confirm, having made all reasonable inquiries, that to the best of their knowledge, opinions expressed in this joint announcement by the Lai Fung Group have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any statement in this joint announcement misleading.

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