10:23     LIPPO<00226> & LIPPO CHINA RES<00156> - Joint Ann. (24)             

    "APM"   means Auric Pacific (M) Sdn. Bhd., a company                      
    incorporated in Malaysia with limited liability, a                        
    wholly-owned subsidiary of APG and an indirect                            
    wholly-owned subsidiary of Lippo and LCR                                  
    respectively;                                                             
                                                                              
    "APM(S)"        means Auric Pacific Marketing Pte. Ltd., a                
    company incorporated in Singapore with limited                            
    liability and a wholly-owned subsidiary of APF;                           
                                                                              
    "associates"    has the meaning ascribed to it under                      
    the Listing Rules;                                                        
                                                                              
    "Auric Changed Shareholding"    means the reduction                       
    of SFSB's shareholding interests in each of ACY and                       
    APFP from 30 per cent. to 25 per cent. on the Changed                     
    Shareholding Date, reference of which is made to Lippo                    
    and LCR's announcement dated 7th December, 2004;                          
                                                                              
    "Auric Group"   means APG and its subsidiaries;                           
                                                                              
    "Back to Back Arrangements"     means the anticipated                     
    sales from, and to, ACY and Chunex of certain of their                    
    respective products to, and from CYT and Chunex for                       
    onward sales to customers, and from suppliers, of ACY                     
    and Chunex pursuant to Clauses 6A of the Malaysian                        
    Agreement and the Singaporean Agreement;                                  
                                                                              
    "Changed Shareholding Date"     7th December, 2004,                       
    being the date on which the Auric Changed Shareholding                    
    shall have become effective and been completed;                           
                                                                              
    "Chun Yip Realty"       means Chun Yip Realty Sdn. Bhd.,                  
    a company incorporated in Malaysia with limited                           
    liability and a subsidiary of CYT whose issued and                        
    paid up capital is owned as to 99.9 per cent. by CYT;                     
                                                                              
    "Chunex"        means Chunex Pte. Ltd., a company                         
    incorporated in Singapore with limited liability for                      
    the purposes of facilitating the purchase of the                          
    Singaporean Shares by APF pursuant to the Singaporean                     
    Agreement;                                                                
                                                                              
    "Chunex Arrangements"   means the trading                                 
    arrangements between Chunex and APM(S) as detailed                        
    in the paragraph headed "Particulars about the Chunex                     
    Arrangements" in this announcement;                                       
                                                                              
    "Completion"    means completion of the Acquisitions                      
    which took place on the Completion Date;                                  
                                                                              
    "Completion Date"       means 1st December, 2003, the                     
    date on which completion of the sale and purchase of                      
    the Malaysian Shares and the Singaporean Shares shall                     
    have taken place in accordance with the terms of the                      
    Malaysian Agreement and the Singaporean Agreement                         
    respectively;                                                             
                                                                              
    "Consultancy Arrangements"      means the transactions                    
    contemplated under a consultancy agreement dated 4th                      
    November, 2003 entered into between ACY and SFSB in                       
    respect of the provision of consultancy services by                       
    SFSB to ACY and a trust and confidence agreement dated                    
    4th November, 2003 entered into between ACY and Mr.                       
    Wong Senior in respect of the non disclosure and non                      
    compete obligations of Mr. Wong Senior as a result                        
    of the provision of consultancy services by Mr. Wong                      
    Senior as SFSB's designated consultant under the                          
    aforementioned consultancy agreement to ACY;