10:09     LIPPO<00226> & LIPPO CHINA RES<00156> - Joint Ann. (9)              

    between the period after Completion to 30th March,                        
    2004 amounted to approximately RM2,760,000                                
    (equivalent to approximately HK$5,520,000),                               
    representing 0.21 per cent. and 0.13 per cent. of the                     
    net tangible assets of Lippo and LCR respectively                         
    based on the then latest published audited accounts                       
    for information purposes under the Previous Rules.                        
    ACY's purchases under the Distribution Agreement                          
    between the period after Completion to the Auric                          
    Changed Shareholding amounted to approximately                            
    RM14,341,000 (equivalent to approximately                                 
    HK$28,682,000) and for the period from 1st January,                       
    2004 to the Changed Shareholding Date as included in                      
    the financial year ended 31st December, 2004 amounted                     
    to approximately RM13,820,000 (equivalent to                              
    approximately HK$27,640,000 for information purposes                      
    under the Listing Rules. The percentage ratios (as                        
    defined under the Listing Rules) for each of the three                    
    financial years ending 31st December, 2006 as regards                     
    the proposed caps for the Distribution Agreement are                      
    as follows:                                                               
                                                                              
    For the year ended      For the year ending     For the year              
    ending                                                                    
    Percentage ratios       31st December, 2004     31st                      
    December, 2005  31st December, 2006                                       
    Lippo   LCR     Lippo   LCR     Lippo   LCR                               
                                                                              
    Assets ratio    0.34%   0.34%   N/A     N/A     N/A     N/A               
    Revenue ratio   1.53%   1.53%   N/A     N/A     N/A     N/A               
    Consideration ratio     3.41%   1.69%   N/A     N/A     N/A               
            N/A                                                               
                                                                              
    Particulars of the Manufacturing Agreement:                               
    The Manufacturing Agreement was entered into on 17th                      
    January, 2005 between APM and APM(S) as the purchaser                     
    and APFP as the manufacturer and relates to the                           
    appointment of APFP to manufacture, pack and deliver                      
    certain dairy spread products for APM and APM(S), for                     
    a term of three years with effect from the Completion                     
    Date unless terminated by APM and APM(S). Upon the                        
    expiry of such agreement, the parties may extend the                      
    Manufacturing Agreement for such period and on such                       
    terms as the parties may mutually agree in writing                        
    provided that APFP has not committed any material                         
    breach of such agreement. The price for the products                      
    manufactured and supplied to APM and APM(S) will be                       
    calculated based on a formula referring to the cost                       
    of materials and contract manufacturing fee, such                         
    formulae may be varied on a quarterly basis to be                         
    agreed between parties. The terms of the                                  
    Manufacturing Agreement have been arrived at between                      
    parties after arms length negotiations and the                            
    transactions contemplated therein (including terms                        
    as regards the payment method and credit periods for                      
    the relevant products) have been, and will be,                            
    conducted on normal commercial terms.                                     
                                                                              
    Caps for the Manufacturing Agreement:                                     
    The transactions entered into pursuant to the                             
    Manufacturing Agreement between the period after                          
    Completion to 30th March, 2004 amounted to                                
    approximately HK$2,865,000, representing 0.11 per                         
    cent. and 0.07 per cent. of the net tangible assets                       
    of the Lippo and LCR respectively based on the then                       
    latest published audited accounts for information                         
    purposes under the Previous Rules. The transactions                       
    entered between the period after Completion and the                       
    Changed Shareholding Date amounted to approximately                       
    HK$15,607,000 and for the period from 1st January,                        
    2004 to the Changed Shareholding Date as included in                      
    the financial year ended 31st December, 2004 amounted                     
    to approximately