HO BEE INVESTMENT LTD

(Incorporated in the Republic of Singapore on 8 August 1987)

Invitation in respect of 160,000,000 New Shares of $0.05 each comprising:-

(1) 40,000,000 Offer Shares at $0.48 each by way of public offer; and

(2) 120,000,000 Placement Shares by way of placement, comprising:-

i.104,000,000 Placement Shares at $0.48 each; and

ii.16,000,000 Reserved Shares at $0.48 each, reserved for employees and

business associates of the Group,

payable in full on application

The Board of Directors of Ho Bee Investment Ltd ("Ho Bee" or the "Company") is pleased to announce that as at the close of the Application List at 12.00 noon on 30 November 1999, there were 82,445 applications for the 40,000,000 Offer Shares available to the public for subscription. In total, these applicants applied for 1,360,163,000 Offer Shares, with application moneys received amounting to approximately $653 million.

Based on the 40,000,000 Offer Shares available to the public for subscription, the offer to the public is approximately 34.0 times subscribed.

To ensure a reasonable spread of shareholders of the Company, the Board of Directors of the Company has decided on the following basis of allotment:-

Of the 104,000,000 Placement Shares, 103,811,000 Placement Shares were successfully subscribed for. Accordingly, the balance of 189,000 Placement Shares were included as Offer Shares for subscription by the public. The spread of placees is as follows:-

The 16,000,000 Reserved Shares were also fully taken up by employees and business associates of the Group. The spread of Reserved Shares' applicants is as follows:-

The Shares will commence trading on a "ready" basis on 2 December 1999. There will be NO trading on a "when issued" basis.

The return of unsuccessful applications using printed Application Forms, by ordinary post at the risk of unsuccessful applicants, together with the full amount of the application moneys (without interest or any share of revenue earned or other benefit arising therefrom), will commence today and is expected to be completed by 8 December 1999. For unsuccessful Electronic Applications, it is expected that the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom) will be credited to the applicants' accounts with their Participating Banks (as defined in the Prospectus dated 22 November 1999) within three market days after the close of the Application List on 30 November 1999.

In respect of partially successful applications, the balance of the application moneys is expected to be refunded (without any interest or any share of revenue or other benefit arising therefrom) to the applicants, by ordinary post at their own risk (in the case of Electronic Applications) within 14 days after the close of the Application List on 30 November 1999.

The Board of Directors of Ho Bee is pleased to advise that CPF members may, with effect from 2 December 1999, use their CPF savings (subject to the 20 per cent sub-limit) to purchase the Company's Shares under and subject to the requirements of the CPF Investment Scheme.

The Company wishes to thank the public who have applied for Offer Shares and the Placement Shares, the relevant authorities and all who have helped in one way or another in the Company's initial public offering, for their support and assistance.

Issued by
The Development Bank of Singapore Ltd

For and on behalf of
Ho Bee Investment Ltd