Central Development Holdings Limited — Capital/Financing Update 2002

Dec 2, 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.

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Seapower Resources International Limited 海暉國際實業有限公司

(Provisional Liquidators Appointed)

(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

POSTPONEMENT OF THE CAYMAN ISLANDS COURT HEARING

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SEAPOWER – ANNOUNCEMENT 2ND DECEMBER, 2002

The Provisional Liquidators announce that the Cayman Islands Court hearing of petition to sanction the Scheme, originally scheduled for 29 November 2002, has been postponed due to the inavilability of the Cayman Islands Court to hear that matter and the Provisional Liquidators were only notified of this postponement on the morning of 29 November 2002 (Cayman Islands time). The Provisional Liquidators are liaising with the Court for a rescheduled hearing date. Further announcement in relation to the date of the hearing will be issued as and when appropriate.

The Provisional Liquidators would like to remind the Shareholders that an Extraordinary General Meeting of the Company will be held at 10:00am on Monday, 9 December 2002 at Plaza V, Novotel Century Hong Kong, 238 Jaffe Road, Wanchai, Hong Kong for the purpose of considering and approving the restructuring of Seapower Resources International Limited (Provisional Liquidators Appointed).

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 until after Completion and sufficient public float has been restored. Further announcements will be made if material developments take place.

Reference is made to circular issued by the Company and the Investors dated 14 November 2002 (the “Circular”) and the joint announcement made by the Company and the Investors dated 14 November 2002. Terms used in this announcement shall have the same meanings as those defined in the Circular.

The Provisional Liquidators announce that the Cayman Islands Court hearing of petition to sanction the Scheme, originally scheduled for 29 November 2002, has been postponed due to the inavilability of the Cayman Islands Court to hear that matter and the Provisional Liquidators were only notified of this postponement on the morning of 29 November 2002 (Cayman Islands time). The Provisional Liquidators are liaising with the Court for a rescheduled hearing date. Further announcement in relation to the date of the hearing will be issued as and when appropriate.

The Provisional Liquidators would like to remind the Shareholders that an Extraordinary General Meeting of the Company will be held at 10:00am on Monday, 9 December 2002 at Plaza V, Novotel Century Hong Kong, 238 Jaffe Road, Wanchai, Hong Kong for the purpose of considering and approving the restructuring of Seapower Resources International Limited (Provisional Liquidators Appointed).

Shareholders should note that the Restructuring Proposal is subject to the satisfaction of the conditions precedent as set out in the Circular.

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 until after Completion and sufficient public float has been restored. Further announcements will be made if material developments take place.

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SEAPOWER – ANNOUNCEMENT 2ND DECEMBER, 2002

For and on behalf of SEAPOWER RESOURCES INTERNATIONAL LIMITED (Provisional Liquidators Appointed) Cosimo Borrelli

W.K. Fan, Joseph Joint and Several Provisional Liquidators

Hong Kong, 2 December 2002

The Provisional Liquidators jointly and severally accept full responsibility for the accuracy of the information contained in this announcement 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.

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

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SEAPOWER – ANNOUNCEMENT 2ND DECEMBER, 2002