10:06     LIPPO<00226> & LIPPO CHINA RES<00156> - Joint Ann. (3)              

    and                                                                       
                                                                              
    (vii)   Mr. Wong Senior is the father of Mr. Sean Wong                    
    and therefore, would also be considered an associate                      
    of a connected person of Lippo and LCR under Rule                         
    14A.11(4)(b) of the Listing Rules.                                        
                                                                              
    After the Changed Shareholding Date, the Trading                          
    Arrangements, the Distribution Agreement and the                          
    Manufacturing Agreement ceased to be connected                            
    transactions as ACY and APFP no longer constituted                        
    associates of a connected person of Lippo and LCR                         
    under the Listing Rules as a result of the Auric                          
    Changed Shareholding.                                                     
                                                                              
    The Aggregate Connected Transactions have been, and                       
    the Continuing Transactions will continue to be,                          
    entered into on a recurring basis and on normal                           
    commercial terms in the ordinary course of business                       
    of the Auric Group. The Aggregate Connected                               
    Transactions are currently expected to amount in                          
    aggregate in the financial year ended 31st December,                      
    2004 to more than 0.3 per cent. and less than 3 per                       
    cent. of the audited net tangible asset value of each                     
    of LCR and Lippo as disclosed in their respective                         
    latest published audited accounts, and will be capped                     
    at such amount in such year. Accordingly, under the                       
    Previous Rules, the Aggregate Connected Transactions                      
    were subject to the disclosure requirements under                         
    Rule 14.25(1) of the Previous Rules and no independent                    
    shareholders' approvals were required or intended to                      
    be obtained under the Previous Rules.                                     
                                                                              
    However, for the purposes of the Listing Rules, each                      
    of the consideration and revenue ratios (as defined                       
    in the Listing Rules) on an annual basis for the                          
    Aggregate Connected Transactions for the financial                        
    year ended 31st December, 2004 is expected to equal                       
    more than 2.5 per cent. and the assets ratio is below                     
    2.5 per cent. with the profits and equity capital                         
    ratios not being applicable whilst the percentage                         
    ratios for the Continuing Transactions for the two                        
    financial years ending 31st December, 2006 are                            
    expected to equal less than 2.5 per cent (as a result                     
    of the changes to the Previous Rules and the Auric                        
    Changed Shareholding, the Chunex Arrangements, the                        
    Trading Arrangements, the Distribution Agreement and                      
    the Manufacturing Agreement are no longer connected                       
    transactions as at the date of this announcement).                        
                                                                              
    Accordingly, the Aggregate Connected Transactions                         
    for the financial year ended 31st December, 2004 was                      
    subject to the disclosure, reporting and                                  
    shareholders' requirements under Rule 14A.35 of the                       
    Listing Rules.                                                            
                                                                              
    The Directors jointly announce that in order to reduce                    
    administrative expenses and costs, Lippo and LCR have                     
    submitted a joint application to the Stock Exchange                       
    for a waiver from the requirements to hold                                
    extraordinary general meetings of Lippo and LCR under                     
    Rule 14A.35(4) of the Listing Rules to approve the                        
    Aggregate Connected Transactions for the financial                        
    year ended 31st December, 2004 on the basis that both                     
    Lippo Cayman and Lippo, being the respective indirect                     
    majority shareholders of Lippo and LCR (with                              
    approximately 57.3 per cent. and 71.1 per cent. of                        
    their issued share capitals respectively),                                
    constitute independent shareholders of Lippo and LCR                      
    respectively for the purposes of voting on                                
    resolutions to be proposed at such extraordinary                          
    general meetings to approve the Aggregate Connected                       
    Transactions as none of