Central Development Holdings Limited — Board/Management Information 2003

Dec 17, 2003

SEAPOWER RESOURCES INTERNATIONAL LIMITED

(Incorporated in Cayman Islands with limited liabilities)

CHANGES IN DIRECTORS

The Board of directors of Seapower Resources International Limited (the “Company”) announces that Messrs. Chan Chun Hing and U Keng Tin have been appointed as executive directors of the Company with effect from 6 December 2003 and Messrs. Yau Sui Ki, Christie and Lee Kwan Hung have been appointed as independent non-executive directors of the Company with effect from 6 December 2003 and 17 December 2003 respectively.

Pursuant to the passing of Resolution no. 11 at the extraordinary general meeting of the Company held on 14 November 2003, Ms. Choi Siu Lui, Shirley, Mr. Choi Sung Fung, Norman, Mr. Choi Sai Leung and Ms. Ou Yirong have been removed as directors of the Company.

By Order of the Board SEAPOWER RESOURCES INTERNATIONAL LIMITED Kenneth Chan Director

Hong Kong 17 December 2003

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

— 1 —