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Joint Venture Agreement

BackJan 14, 2002

The Board of Directors of Tung Lok Restaurants (2000) Ltd ("Tung Lok" or "the Company") wishes to announce that the Company has entered into a 50/50 Joint Venture Agreement with Nova Leisure Pte Ltd to manage and operate a restaurant cum entertainment establishment at Ngee Ann City.

The joint venture company, Imperium Fine Dining And Entertainment Pte Ltd ("Imperium") will have an issued and paid up capital of $2,000,000/-. Imperium is the third joint venture entered by Tung Lok since its IPO in March 2001.

Tung Lok will finance its subscription of the shares in Imperium from internal resources and borrowings from financial institutions.

None of the Directors or substantial shareholders of the Company have any direct or indirect interest in the joint venture transaction, save their shareholdings in the Company. The transaction is also not expected to have any material effect on the net earnings per share or net tangible assets per share of the Company for the financial year ending 31 December 2002.