10:08     <00226><00156><00655> - Joint Announcement & Resumption (3)         

    into of the Agreement constitutes a discloseable                          
    transaction for each of HCL and LCR, and a major                          
    transaction for Lippo, under Chapter 14 of the Rules                      
    (the "Listing Rules") Governing the Listing of                            
    Securities on The Stock Exchange of Hong Kong Limited                     
    (the "Stock Exchange").                                                   
                                                                              
    None of Lippo Cayman Limited ("Lippo Cayman") and its                     
    associates (as defined in the Listing Rules) have any                     
    interest in the acquisition of the Property which is                      
    different from the interest of the other shareholders                     
    of Lippo as a whole. In addition, to the best of its                      
    knowledge, information and belief and having made all                     
    reasonable enquiries, the board of directors of Lippo                     
    confirms that none of the Seller, its ultimate                            
    beneficial owners and their respective associates (as                     
    defined in the Listing Rules) currently holds any                         
    shares in Lippo. Since the written approval from Lippo                    
    Cayman, being the controlling shareholder of Lippo,                       
    which as at the date of this announcement holds                           
    248,697,776 shares in Lippo, representing                                 
    approximately 57.34% of the issued share capital of                       
    Lippo, has been obtained for the entering into of the                     
    Agreement in accordance with rule 14.44 of the Listing                    
    Rules, no extraordinary general meeting will be held                      
    by Lippo for approving the entering into of the                           
    Agreement. The board of directors of each of LCR, HCL                     
    and Lippo confirms that, to the best of their                             
    knowledge, information and belief and having made all                     
    reasonable enquiries, the Seller and its ultimate                         
    beneficial owners are third parties independent of                        
    each of LCR, HCL and Lippo and their respective                           
    connected persons (as defined in the Listing Rules).                      
                                                                              
    REASONS FOR AND BENEFITS OF ENTERING INTO THE                             
    AGREEMENT                                                                 
    To broaden its asset portfolio, HCL has been exploring                    
    opportunities of acquiring quality property                               
    interests in Hong Kong and elsewhere in Asia. In view                     
    of the close proximity of Macau to the Pearl River                        
    Delta and the recent economic growth of Macau, the                        
    respective boards of directors of HCL, LCR and Lippo                      
    consider it to be beneficial to acquire the Property                      
    so as to capitalise on the current favourable                             
    situation in Macau. It has been planned that the                          
    Property will be used for principally residential                         
    redevelopment purposes by demolishing the buildings                       
    currently on the relevant site and constructing new                       
    buildings thereon, but no final decision has been made                    
    in this regard.                                                           
                                                                              
    By reference to the valuation report made by Wai &                        
    Ko Real Estate Ltd., an independent valuer in Macau,                      
    the open market value of the Property as at 21st                          
    January, 2005 was approximately HK$242,000,000. The                       
    respective boards of directors of LCR, HCL and Lippo,                     
    including their respective independent non-executive                      
    directors, consider the terms of the Agreement have                       
    been negotiated and arrived at after arm's length                         
    negotiations with reference to the prevailing                             
    property market conditions in Macau and on normal                         
    commercial terms, and that such terms are fair and                        
    reasonable and in the interests of LCR, HCL and Lippo,                    
    respectively, and their respective shareholders as                        
    a whole. The consideration for acquiring the Property                     
    has been and will be funded from internal resources                       
    and no borrowing has been made by the Purchaser for                       
    paying such consideration. Currently, the Purchaser                       
    is not arranging for any borrowing, nor does the                          
    Purchaser have any current intention to arrange for                       
    any borrowing, for paying such consideration. The                         
    respective boards of directors of HCL, LCR and Lippo                      
    consider that the