Central Development Holdings Limited — Share Issue/Capital Change 2001

Aug 9, 2001

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 International Limited

(Incorporated in the Cayman Islands with limited liability)

Proposal for reduction of capital and

adjustment of nominal value of shares

Reference is made to the Announcement (as defined below). The Circular (as defined below) will be dispatched to the Shareholders on 10 August 2001. The Directors wish to announce the expected timetable.

INTRODUCTION

Reference is made to the announcement dated 1 August 2001 (“Announcement”) issued by the Company in relation to the Reduction of Capital. Unless otherwise defined, terms used in this announcement shall have the same meanings as those used in the Announcement.

DESPATCH OF CIRCULAR

A circular (“Circular”) containing details of the Reduction of Capital and a notice convening the Extraordinary General Meeting to approve the Reduction of Capital and the granting to the Directors of a general mandate to allot and issue New Shares not exceeding 20 per cent. of the issued share capital of the Company on the date the Reduction of Capital becoming effective (“Effective Date”) and a general mandate to repurchase New Shares not exceeding 10 per cent. of the issued share capital of the Company on the Effective Date, will be dispatched to the Shareholders on 10 August 2001.

EXPECTED TIMETABLE

2001

Latest time for the Shareholders to lodge forms of proxy for the

Extraordinary General Meeting 3:15 p.m., Tuesday, 4 September

Extraordinary General Meeting

3:15 p.m., Thursday, 6 September (or any time immediately following

the close of the annual general meeting of the Company to be held

at the same place and on the same day at 3:00 p.m.(whichever is the later))

The dates set out below are for indicative purposes only, the exact dates are subject to the availability of a date for hearing by the Court. Further announcement will be made upon the fixing of the date of hearing by the Court

Hearing of petition for confirmation of the Reduction

of Capital by Court expected to be on or before Friday, 19 October

Last day of trading in the Shares expected to be on or before Friday, 19 October

Effective Date after 4:00 p.m., Friday, 19 October

Commencement of trading of New Shares expected to be on or before Monday, 22 October

First day for free exchange of certificates for Shares for new certificates

for New Shares expected to be on or before Monday, 22 October

Last day for free exchange of certificates for Shares for new certificates

for New Shares expected to be on or before Wednesday, 21 November

GENERAL

As the size of each board lot of the New Shares will be the same as that of the Shares, being 5,000 Shares, there will not be any arrangement for parallel trading.

By Order of the Board

Annie Yuen Wing Kwan

Company Secretary

Hong Kong, 8 August 2001

Please also refer to the published version of this announcement in the i Mail dated 9/8/2001