Sing Lun Holdings Limited

(Incorporated in the Republic of Singapore on 30 December 1999)

Invitation in respect of 60,000,000 new ordinary shares of $0.10 each (the "New Shares") comprising:-

(a) 15,000,000 Offer Shares at $0.29 for each Offer Share by way of public offer; and

(b) 45,000,000 Placement Shares by way of placement, comprising:

(i) 39,000,000 Placement Shares at $0.29 for each Placement Share;

(ii) 5,000,000 Reserved Shares at $0.26 for each Share reserved for the Directors, management and employees of the Group; and

(iii) 1,000,000 Reserved Shares at $0.29 for each Share reserved for the business associates of the Group,

payable in full on application

The Board of Directors of Sing Lun Holdings Limited (the "Company") is pleased to announce that at the close of the Application List at 12.00 noon on 13 September 2000, there were 1,727 applications for the 15,000,000 Offer Shares available to the public for subscription. In total, these applicants applied for 16,826,000 Offer Shares, with application moneys received amounting to approximately $4.88 million. Based on the 15,000,000 Offer Shares available to the public for subscription, the offer to the public is approximately 1.12 times subscribed.

All valid applications will be accepted. To ensure a reasonable spread of shareholders of the Company, the Board of Directors of the Company has decided on the following basis of allocation:-

The Placement Shares of 39,000,000 were fully taken up by institutional and other investors. The spread of placees is as follows:-

The 6,000,000 Reserved Shares have also been fully taken up by the Directors, management, employees and business associates of the Group. The spread of the Reserved Shares is as follows:-

The applicants for the Offer Shares included Mdm Foo Sen Yue, the spouse of the Managing Director of the Company, Mr Lee Kwok Kie @ Patrick Lee, who had applied for 100,000 Offer Shares. As a result of such application and allotment, after the Invitation, Mr Lee Kwok Kie @ Patrick Lee has a deemed interest in 138,950,960 shares in the Company, representing 57.90% of the enlarged share capital of the Company, instead of 138,850,960 shares, representing 57.85% of the enlarged share capital of the Company, as disclosed in the Prospectus.

The Company's Shares will commence trading on a "ready" basis on 15 September 2000. 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 the unsuccessful applicants, together with the full amount of the application moneys (without interest or any share of revenue or other benefit arising therefrom), will commence today and is expected to be completed by 20 September 2000. 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 6 September 2000) within three market days after the close of Application List.

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 applications made using printed Application Forms) or through the crediting of the relevant amount to the applicants' accounts with their Participating Banks (in the case of Electronic Applications) within 14 days after the close of Application List.

The Board of Directors of Sing Lun is pleased to advise that CPF members may, with effect from the date on which the Company's Shares are traded as indicated above, use their CPF savings (subject to the 50 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 the Shares, the relevant authorities and all who have helped in one way or another in the Company's public offering, for their support and assistance.

DBS Bank and POSBank customers may call the DBS IPO Results Enquiry Service at 327 4767 to check the provisional results of their IPO applications. Customers will be required to enter their CDP Securities Account Number when utilising the automated service.

Issued by
The Development Bank of Singapore Ltd

For and on behalf of
Sing Lun Holdings Limited