10:21     LIPPO<00226> & LIPPO CHINA RES<00156> - Joint Ann. (20)             

    Connected Transaction in the relevant year as set out                     
    in each category above. Transactions contemplated                         
    under the Aggregate Connected Transactions will take                      
    place from time to time on a recurring basis.                             
                                                                              
    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                        
    Continuing Transactions, the Chunex Arrangements,                         
    the Distribution Agreement, the Manufacturing                             
    Agreement and the Trading Arrangements 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                           
    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 Lippo Cayman, Lippo nor LCR                       
    nor any of their respective subsidiaries and                              
    associates has any interest in such transactions                          
    which is different from that of any other shareholder                     
    of Lippo or LCR save for (i) Lippo and LCR's                              
    shareholding interests in APG; and (ii) Lippo Cayman                      
    and Lippo's shareholding interests in Lippo and LCR                       
    respectively. Accordingly, neither Lippo Cayman nor                       
    Lippo need to abstain from such voting process were                       
    Lippo or LCR to convene extraordinary general                             
    meetings to approve the Aggregate Connected                               
    Transactions.                                                             
                                                                              
    To the best of the Directors' knowledge, information                      
    and belief and having made reasonable enquiry,                            
    members of the CYT Group (including the respective                        
    counterparties to the Aggregate Connected                                 
    Transactions) and their respective ultimate                               
    beneficial owners and associates do not hold any                          
    shareholding interests or directorships in Lippo or                       
    LCR.                                                                      
                                                                              
    As at the date of this announcement, Lippo Cayman is                      
    interested in 248,697,776 shares of HK$0.10 each in                       
    Lippo, representing approximately 57.3 per cent. of                       
    the issued share capital of Lippo giving the right                        
    to attend and vote at the relevant extraordinary                          
    general meeting of Lippo for approval of the Aggregate                    
    Connected Transactions whilst Lippo is interested in                      
    6,544,696,389 shares of HK$0.10 each in LCR,                              
    representing approximately 71.1 per cent. of the                          
    issued share capital of LCR giving the right to attend                    
    and vote at the relevant extraordinary general                            
    meeting of LCR for approval of the Aggregate Connected                    
    Transactions. To the best knowledge, information and                      
    belief of the Directors, having made all reasonable                       
    enquiries, no other shareholder of Lippo and LCR nor                      
    their associates has any interest in the Aggregate                        
    Connected Transactions and none therefore need to                         
    abstain from the voting process as regards the                            
    Aggregate Connected Transactions were Lippo or LCR                        
    to convene extraordinary general meetings to approve                      
    such transactions. On 25th January, 2005, such                            
    approvals were received by each of Lippo and LCR from                     
    Lippo Cayman and Lippo respectively thereby providing                     
    Lippo and LCR with the requisite majority                                 
    shareholders' approvals of the Aggregate Connected                        
    Transactions without the unnecessary costs of                             
    extraordinary general meetings being incurred.                            
                                                                              
    The approvals of such shareholders of each of Lippo