Asiasec Properties Limited — Proxy Solicitation & Information Statement 2005

Apr 6, 2005

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.

LIPPO LIMITED LIPPO CHINA HONGKONG 力寶有限公司 RESOURCES LIMITED CHINESE LIMITED (Incorporated in Hong Kong with limited liability) 力寶華潤有限公司 香港華人有限公司[*]

(Incorporated in Hong Kong with limited liability) (Stock Code: 226)

(Incorporated in Hong Kong with limited liability) (Stock Code: 156)

(Incorporated in Bermuda with limited liability)

(Stock Code: 655)

JOINT ANNOUNCEMENT FURTHER DELAY IN DESPATCH OF CIRCULARS

Each of Lippo, LCR and HCL has made an application to the Stock Exchange for a further extension of time for the despatch of their respective circulars to a date falling on or before 15th April, 2005.

Reference is made to (i) the joint announcement dated 25th January, 2005 (the “First Announcement”) issued by Lippo Limited (“Lippo”) and Lippo China Resources Limited (“LCR”) in relation to continuing connected transactions; (ii) the joint announcement dated 27th January, 2005 (the “Second Announcement”) issued by Lippo, LCR and Hongkong Chinese Limited (“HCL”) in relation to a major transaction for Lippo and a discloseable transaction for each of LCR and HCL; and (iii) the joint announcements dated 16th February, 2005, 2nd March, 2005 and 16th March, 2005 respectively issued subsequently by Lippo, LCR and HCL in respect of the delay in despatch of circulars of Lippo, LCR and HCL in relation to the aforementioned transactions (the “Delay Announcements”). Terms defined in the First Announcement, the Second Announcement and the Delay Announcements shall have the same respective meanings when used herein unless the context otherwise requires.

Pursuant to rule 14A.49 of the Listing Rules, each of Lippo and LCR is required to despatch a circular in relation to the transactions in the First Announcement to their respective shareholders within 21 days after the publication of the First Announcement, which was on or before 16th February, 2005. In addition, pursuant to rule 14.38 of the Listing Rules, each of Lippo, LCR and HCL is required to despatch a circular in relation to the transaction in the Second Announcement to their respective shareholders within 21 days after the publication of the Second Announcement, which was on or before 18th February, 2005.

As disclosed in the Delay Announcements, each of Lippo, LCR and HCL had applied to the Stock Exchange for a waiver from strict compliance with rules 14.38 and 14A.49 of the Listing Rules such that the despatch of the circulars had been postponed to a date falling on or before 2nd March, 2005, 16th March, 2005 and 4th April, 2005 respectively.

However, more time is required by each of Lippo and LCR to obtain the consent letter and confirmation in relation to its interests, if any, in any shareholdings and/or assets of the members of the Group from the independent valuer whose valuations on certain properties were used by the independent financial adviser in assessing the rental and fairness of the Tenancy Agreements. Accordingly, each of Lippo and LCR has applied to the Stock Exchange for a waiver from strict compliance with rule 14A.49 of the Listing Rules so that the despatch of their respective circulars in relation to the First Announcement will be postponed to a date falling on or before 15th April, 2005.

Similarly, more time is required by the valuer of Property to finalise the valuation report for inclusion in the circular of Lippo. Accordingly, each of Lippo, LCR and HCL has applied to the Stock Exchange for a waiver from strict compliance with rule 14.38 of the Listing Rules so that the despatch of their respective circulars in relation to the Second Announcement will be postponed to a date falling on or before 15th April, 2005.

By Order of the Board By Order of the Board By Order of the Board LIPPO LIMITED LIPPO CHINA HONGKONG Davy Lee RESOURCES LIMITED CHINESE LIMITED Secretary Millie Luk Andrew Hau Secretary Secretary

Hong Kong, 4th April, 2005

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The board composition of each of Lippo, LCR and HCL as at the date of this announcement is as follows: LIPPO LCR HCL

Non-executive Director:

Non-executive Directors:

Mr. Leon Nim Leung Chan

Dr. Mochtar Riady

Mr. Ning Gaoning

Mr. Leon Nim Leung Chan

Executive Directors:

Mr. Stephen Riady

Mr. John Luen Wai Lee

Executive Directors:

Mr. Jark Pui Lee

Mr. James Riady

Mr. David T. Yeh

Mr. Stephen Riady

Mr. John Luen Wai Lee

Independent Non-executive Directors:

Directors: Independent Non-executive Mr. Edwin Neo Directors:

Mr. Victor Ha Kuk Yung

Mr. Edwin Neo

Mr. King Fai Tsui Mr. Victor Ha Kuk Yung Mr. King Fai Tsui

Non-executive Directors:

Dr. Mochtar Riady Mr. Leon Nim Leung Chan

Executive Directors:

Mr. Stephen Riady

Mr. John Luen Wai Lee

Mr. Jesse Nai Chau Leung Mr. Kee Yee Kor

Independent Non-executive Directors:

Mr. Albert Saychuan Cheok Mr. Victor Ha Kuk Yung Mr. King Fai Tsui

* For identification purpose only

“Please also refer to the published version of this announcement in The Standard.”

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