Central Development Holdings Limited — Board/Management Information 2004

Oct 15, 2004

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**SEAPOWER RESOURCES INTERNATIONAL LIMITED *** （凱暉國際實業有限公司）

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 269)

CHANGES OF DIRECTORS

The Board of Directors (the “Board”) of Seapower Resources International Limited (the “Company”) would like to announce that with effect from 15th October 2004:

1. Mr. Wang Ji Cheng has been appointed as independent non-executive director and member of the audit committee of the Company; and

2. Mr. Yau Sui Ki, Christie has resigned as independent non-executive director and member of the audit committee of the Company for personal reasons.

Appointment of Independent Non-executive Director and Member of Audit Committee

Mr. Wang Ji Cheng (“Mr. Wang”), aged 61, has extensive experience in chemistry, chemical engineering, tender of electrical appliances, engineering consultancy and business management. According to the appointment letter between Mr. Wang and the Company, Mr. Wang has no fixed term of service with the Company but is subject to retirement and re-election at the next annual general meeting of the Company (thereafter retirement by rotation) in accordance with the Articles of Association of the Company. The director’s fee for Mr. Wang shall be determined by the Board from time to time with reference to the prevailing range of fees for independent non-executive directors of listed companies in Hong Kong. Mr. Wang has not held other directorships in listed companies in the last three years.

Mr. Wang has no relationships with any directors, senior management or substantial or controlling shareholders of the Company and does not have any interests in the securities of the Company within the meaning of Party XV of the Securities and Futures Ordinance. In addition, Mr. Wang does not hold any position with the Group save as a director and a member of audit committee of the Company.

Resignation of Independent Non-executive Director and Member of Audit Committee

Mr. Yau Sui Ki, Christie (“Mr. Yau”) has resigned due to personal reasons and confirmed that he has no disagreement with the Board and there is no matter relating to his resignation as independent nonexecutive director and member of the audit committee of the Company that will need to be brought to the attention of the holders of securities of the Company.

Save as disclosed, the Board is not aware of any other matters that need to be brought to the attention of the holders of securities of the Company in respect of the above appointment and resignation.

The Company would like to take this opportunity to welcome Mr. Wang to the Board and thank Mr. Yau for his contributions to the Company during his tenure of office.

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As at the date of this Announcement, the Board comprises of four Executive Directors, namely, Mr. Chan Chun Hing, Kenneth, Mr. Tsang Kam Ching, David, Mr. Zhao Ming and Mr. Fung Tsun Pong; and three Independent Non-executive Directors, namely Mr. Wang Ji Cheng, Mr. Liu Ka Lim and Mr. Yip Tak On.

By order of the Board Seapower Resources International Limited Tsang Kam Ching, David Director

Hong Kong, 15th October 2004

• For identification only

Please also refer to the published version of this announcement in the China Daily.

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