DISSOLUTION OF BREAM'S ONE LIMITED, A WHOLLY OWNED SUBSIDIARY INCORPORATED IN UNITED KINGDOM 

ANNOUNCEMENT

Hwa Hong Corporation Limited (Hwa Hong) wishes to advise that Breams One Limited (BOL), a company incorporated in United Kingdom, has been dissolved on 6 April 2004.

BOL is a wholly owned subsidiary of Singapore Warehouse Company (Private) Ltd., which is in turn a wholly owned subsidiary of Hwa Hong.

BY ORDER OF THE BOARD

Tan Mee Choo

Company Secretary

14 July 2004

Submitted by Tan Mee Choo, Company Secretary on 14/07/2004 to the SGX