S E A Holdings Limited — M&A Activity 2000

May 31, 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")

(Incorportated in Hong Kong (Incorportated in Hong Kong

with limited liability) with limited liability)

THE HKCB BANK THE HONG KONG BUILDING

HOLDING COMPANY LIMITED AND LOAN AGENCY LIMITED

("HKCB Holding") 香港建屋貸款有限公司

("HKBLA")

(Incorportated in Bermuda (Incorportated in Hong Kong

with limited liability) with limited liability)

JOINT ANNOUNCEMENT

Extension of deadline to 13th June, 2000 for the despatch of the circulars in respect of the transactions announced on 9th May, 2000.

The directors of Lippo, LCR, HKCB Holding and HKBLA announced on 9th May, 2000 the conditional purchase of mortgage loans from HKBLA by The Hongkong Chinese Bank, Limited ("HKCB") (the "Mortgage Agreement"), the conditional purchase of a controlling stake in HKBLA from HKCB by LCR (the "Share Acquisition Agreement") and a possible mandatory general 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 (together, the "Transactions"). Lippo, LCR, HKCB Holding and HKBLA are in the process of finalising the information to be included in their respective circulars (the "Circulars") relating to the Transactions. As a result, there has been a delay in the posting of the Circulars which were originally scheduled to be despatched to the relevant shareholders on or before 30th May, 2000. Application has been made to The Stock Exchange of Hong Kong Limited for an extension of the deadline for the posting of the Circulars to 13th June, 2000.

Securities and Futures Commission has given its consent to extend the date of despatch of the offer document to a date within 7 days of the date of completion of the Mortgage Agreement and the Share Acquisition Agreement. It is currently expected that completion of the Mortgage Agreement and the Share Acquisition Agreement will take place by the end of June 2000.

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 May, 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"