Central Development Holdings Limited — Capital/Financing Update 2002

Dec 16, 2002

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.

SEAPOWER RESOURCES LEADER GLORY HOLDINGS LIMITED INTERNATIONAL LIMITED (Incorporated in the British Virgin Islands with limited liability) 海暉國際實業有限公司 and

(Provisional Liquidators Appointed) MR PANG MAN KIN, NIXON

(Incorporated in the Cayman Islands with limited liability)

RESTRUCTURING OF SEAPOWER RESOURCES INTERNATIONAL LIMITED (PROVISIONAL LIQUIDATORS APPOINTED) INVOLVING, INTER ALIA, CAPITAL REORGANISATION, DEBT RESTRUCTURING INVOLVING CREDITORS’ SCHEMES OF ARRANGEMENT IN ACCORDANCE WITH SECTION 86 OF THE CAYMAN COMPANIES LAW AND SECTION 166 OF THE COMPANIES ORDINANCE, SUBSCRIPTION OF NEW SHARES AND WARRANTS, WHITEWASH WAIVER, OTHER PROPOSALS REGARDING ADOPTION OF NEW SHARE OPTION SCHEME AND GENERAL MANDATE TO ISSUE NEW SHARES

ANNOUNCEMENT RESULTS OF THE CAYMAN ISLANDS COURT HEARING

The Provisional Liquidators are pleased to announce that, on 12 December 2002, the Cayman Islands Court sanctioned the Scheme, and granted the orders for the Capital Reorganisation, and subject to the issue of the Closing Notice, the discharge and release of the Provisional Liquidators.

The release of this announcement does not necessarily indicate that the Restructuring Proposal will be successfully implemented and completed as the conditions precedent to the Restructuring Proposal may not be fulfilled or otherwise waived. Trading in the Shares of the Company has been suspended since 2:30 p.m. on 28 December 2001 and will remain suspended after Completion until sufficient public float has been restored.

Reference is made to the circular issued by the Company and the Investors dated 14 November 2002 (the “Circular”), as well as the joint announcements made by the Company and the Investors dated 14 November 2002, 9 December 2002, 11 December 2002 in relation to the despatch of the Circular, the results of the Extraordinary General Meeting, as well as the result of the Hong Kong Court hearing and the postponement of the Cayman Islands Court hearing. Terms used in this announcement shall have the same meanings as those defined in the Circular.

The Provisional Liquidators are pleased to announce that, on 12 December 2002, the Cayman Islands Court sanctioned the Scheme, and granted the orders for the Capital Reorganization, and subject to the issue of the Closing Notice, the discharge and release of the Provisional Liquidators.

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Further announcements in relation to the resumption of trading of the Shares and the trading arrangement for the Capital Reorganisation will be made by the Company.

The release of this announcement does not necessarily indicate that the Restructuring Proposal will be successfully implemented and completed as the conditions precedent to the Restructuring Proposal may not be fulfilled or otherwise waived. Trading in the Shares of the Company has been suspended since 2:30 p.m. on 28 December 2001 and will remain suspended after Completion until sufficient public float has been restored.

For and on behalf of By Order of the Board SEAPOWER RESOURCES LEADER GLORY HOLDINGS LIMITED INTERNATIONAL LIMITED Mr. Pang Man Kin, Nixon (Provisional Liquidators Appointed) Director Cosimo Borrelli AND W.K. Fan, Joseph Mr. Pang Man Kin, Nixon

Joint and Several Provisional Liquidators

Hong Kong, 13 December 2002

The Provisional Liquidators jointly and severally accept full responsibility for the accuracy of the information contained in this announcement other than that relating to the Investors and confirm, having made all reasonable inquiries, that to the best of their knowledge, the opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

The Investors and the directors of Leader Glory accept full responsibility for the accuracy of the information contained in this announcement other than that relating to the Group and confirm, having made all reasonable inquiries, that to the best of their knowledge and belief, the opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

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

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