CHINA STATE CONSTRUCTION DEVELOPMENT HOLDINGS LIMITED — Share Issue/Capital Change 2002

Jun 26, 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.

Universal Appliances Limited DVN (Holdings) Limited

(incorporated in Hong Kong with limited liability) (incorporated in Bermuda with limited liability)

ADOPTION OF NEW SHARE OPTION SCHEME BY DVN (HOLDINGS) LIMITED

The respective ordinary shareholders of UAL and DVN approved the adoption of the New Share Option Scheme and the termination of the Existing Share Option Scheme by DVN at the Meetings held today.

UAL Directors and DVN Directors refer to the joint announcement made by UAL and DVN on 28 May 2002 (the “Joint Announcement”) and the circulars to the respective shareholders of UAL and DVN dated 11 June 2002 regarding, among others, the adoption of the New Share Option Scheme and the termination of the Existing Share Option Scheme by DVN. Unless otherwise defined, capitalized terms used herein have the same meanings as in the Joint Announcement.

UAL Directors and DVN Directors are pleased to announce that at the Meetings held today, the respective ordinary shareholders of UAL and DVN approved the adoption of the New Share Option Scheme and the termination of the Existing Share Option Scheme by DVN. The New Share Option Scheme will come into effect upon the Listing Committee of the Stock Exchange granting the listing of, and permission to deal in, any new ordinary shares of DVN which may fall to be allotted and issued upon the exercise of the subscription rights attaching to the options (up to 10% of the issued share capital of DVN as of today) that may be granted under the New Share Option Scheme.

By Order of the Board By Order of the Board Universal Appliances Limited DVN (Holdings) Limited Ko Chun Shun, Johnson Lui Pan Chairman Chief Executive Officer

Hong Kong, 26 June 2002

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

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UNIVERSAL APPLIANCES LIMITED – ANNOUNCEMENT 26 JUNE 2002