S E A Holdings Limited — M&A Activity 2000

Jul 3, 2000

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.

LIPPO LIMITED LIPPO CHINA

RESOURCES LIMITED

力寶有限公司 力寶華潤有限公司

("Lippo") ("LCR")

(Incorporated in Hong Kong (Incorporated in Hong Kong

with limited liability) with limited liability)

THE HKCB BANK HOLDING THE HONG KONG BUILDING

COMPANY LIMITED AND LOAN AGENCY LIMITED

("HKCB Holding") 香港建屋貸款有限公司

(Incorporated in Bermuda ("HKBLA")

with limited liability) (Incorporated in Hong Kong

with limited liability)

JOINT ANNOUNCEMENT

* Resolutions were duly passed on 30th June, 2000 to approve the Mortgage Sale, the Share Acquisition and the Offer.

* Completion of the Mortgage Sale and the Share Acquisition will be postponed to 14th August, 2000.

* The Offer will be made within 7 days after completion of the Mortgage Sale and the Share Acquisition.

Reference is made to the joint announcements of Lippo, LCR, HKCB Holding and HKBLA dated 9th May, 30th May and 15th June, 2000 and the circulars of the respective companies all dated 15th June, 2000 relating to the conditional purchase of mortgage loans from HKBLA by The Hongkong Chinese Bank, Limited ("HKCB") (the "Mortgage Sale"), the conditional purchase of a controlling stake in HKBLA from HKCB by LCR (the "Share Acquisition") and a possible mandatory general offer (the "Offer") by Somerley Limited on behalf of LCR for all the issued shares in HKBLA not already owned by LCR or parties acting in concert with it.

The directors of Lippo, LCR, HKCB Holding and HKBLA announce that at the respective extraordinary/special general meetings of the companies held on 30th June, 2000, resolutions were duly passed to approve the Mortgage Sale, the Share Acquisition and the Offer. However, repayment of the bridging loan arranged by HKBLA to fund the repayment of the syndicated loan can only be made on the 12th day of each month in accordance with the terms of the loan agreement. Accordingly, the earliest day that a repayment can be made so that the Mortgage Sale can be completed, after taking into consideration the required 14-day notice period, is 14th August, 2000. Consequently, the parties have agreed on 30th June, 2000 to postpone the completion date of the Mortgage Sale and the Share Acquisition to 14th August, 2000. Accordingly, the composite offer document in relation to the Offer will only be despatched within 7 days after completion of the Mortgage Sale and the Share Acquisition. A further announcement will be made upon completion of the Mortgage Sale and the Share Acquisition and the despatch of the composite offer document to the shareholders of HKBLA.

By Order of the Board By Order of the Board

Lippo Limited Lippo China Resources Limited

Davy Lee Millie Luk

Secretary Secretary

By Order of the Board By Order of the Board

The HKCB Bank Holding The Hong Kong Building

Company Limited and Loan Agency Limited

Andrew Hau Chan Wai Lam

Secretary Secretary

Hong Kong, 30th June, 2000

The directors of Lippo jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, after having made all reasonable enquiries, that to the best of their knowledge, 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 directors of LCR jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, after having made all reasonable enquiries, that to the best of their knowledge, 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 directors of HKCB Holding jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, after having made all reasonable enquiries, that to the best of their knowledge, 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 directors of HKBLA jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, after having made all reasonable enquiries, that to the best of their knowledge, 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 Hong Kong i-mail"