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Press statement

TOM.COM LIMITED (TOM) terminated its sponsorship agreement with International Merchandising Corporation (IMC) in March 2001 with respect to the League A sponsorship under the China Football Association. On termination of the agreement, TOM immediately settled all payments due to IMC under the terms of the agreement.

In accordance with the agreement, all remaining issues have been referred to arbitration. Given that issues remain for arbitration between the two parties and that the parties are bound by confidentiality provisions, it is not appropriate for TOM to comment further at this stage.

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