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*** LUM CHANG HOLDINGS LIMITED – EXCHANGE OFFER ***

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INVITATION (THE “INVITATION”) TO THE HOLDERS OF THE OUTSTANDING
S$50,000,000 5.50 PER CENT. NOTES DUE 2019 (ISIN: SG71F9000007) (THE
“EXISTING NOTES”) ISSUED BY LUM CHANG HOLDINGS LIMITED (THE “COMPANY”) TO
OFFER TO EXCHANGE ANY AND