SECURITIES (DISCLOSURE OF INTERESTS) DAILY SUMMARIES - (GEM)                                                   PRINTED: 07/03/03  PAGE:   1
                                                                                      SUBSTANTIAL SHAREHOLDERS' NOTIFICATIONS REPORT

STOCK NAME :  VC Holdings                    (08101)        * ISC as at 03/03/03 :       2,381,550,003

Name of Sub. Shareholder   Date     Reason    Present Bal.     Previous Bal.             Share Jointly Held                          Corporate Interest                          Family Interest                  Note
------------------------ -------- ---------- ---------------  ---------------  -----------------------------------------  -----------------------------------------  ----------------------------------------- -----------
MELCO FINANCE AND TECHN- 03/03/03 1,3          1,609,303,811    1,679,303,811                                                                                                                                  N1         
OLOGY LIMITED                                                                                                                                                        

MELCO INTERNATIONAL DEV- 03/03/03 3,4,6        1,609,303,811    1,679,303,811                                             MELCO FINANCE AND TECHN-    1,609,303,811                                            N1         
ELOPMENT LIMITED                                                                                                          OLOGY LTD                                  


                    * ISC refers to the latest Issued Share Capital of the listed company recorded by the Exchange as at the date of this summaries.  It might not promptly reflect 
                      changes caused by share placements, rights issue, bonus issue, etc.  Readers should exercise caution when using these figures.

                                                                                               *****  END OF REPORT  *****


NOTES


N1      Please refer to the Company's announcement of 3 March 2003.

N2      The number of securities & exercise price have been adjusted
        as a result of rights issue.