On Sun Hung Kai

On Sun Hung Kai

We refer to the article in The Jakarta Post, Dec. 26, 1995.

Acting for and on behalf of our Client Mr. Edward Lee we hereby would like to point out that you have made a grave factual error with regard to the above captioned matter when you mentioned that "Former Sun Hung Kai president Edward Lee was expelled from the company by its shareholders following the license suspension".

Mr. Edward Lee voluntarily resigned for personal reasons as the active President Director of PT. Sun Hung Kai Securities Indonesia at an Extraordinary General Meeting of Shareholders held on Nov. 30, 1995 and has been given full discharge of responsibilities towards the company (acquit et descharge) by the above mentioned Shareholders General Meeting, as can be seen from the attached statement made by the company (To Whom It May Concern) dated Nov. 30, 1995.

GANI DJEMAT & PARTNERS

Jakarta

Note: This letter was accompanied by a letter from Utomo Josodirdjo, President Commissioner of PT Sun Hung Kai Securities confirming that Mr. Edward Yuen Tse Lee resigned voluntarily and has been given full discharge of his responsibilities towards the Company (acquit et descharge) by the shareholders meeting held on Nov. 30, 1995.

--Editor