Gold Peak's Singapore-Listed Subsidiary CIH Limited Announces Q3 Results.

HONG KONG -- CIH Limited ("CIHL"), listed on the Singapore Exchange Securities Trading Limited and a member company of Gold Peak Industries (Holdings) Limited (SEHK code: 40), announced its unaudited third quarter financial results today.

CIHL is currently 65.2%-owned by Singapore-listed GP Industries Limited which is an 87.2% subsidiary of Gold Peak.

Financial highlights of Singapore-listed CIH Ltd's Q3 Results:

                      For the 3 months ended September 30     % of
                      ------------------------------------   change
                           2004 Q3           2003 Q3
                      ------------------------------------------------
Turnover                   S$ 34.7M           S$51.7M        - 32.9%
                         HK$ 157.8M        HK$ 233.6M
----------------------------------------------------------------------
Profit/(Loss)             (S$ 1.1M)            S$1.3M       - 186.3%
 attributable to         (HK$ 5.0M)          HK$ 5.8M
 shareholders
----------------------------------------------------------------------

                  * Figures in Hong Kong dollar are for reference only

Business Review of CIHL

For the third quarter ended September 30, 2004, the 50:50 joint venture company with Schneider Electric SA, Clipsal Asia Holdings Limited ("CAHL"), recorded an increase in turnover by approximately 30% as compared with the corresponding quarter in 2003. The significant sales growth was due to favourable business sentiments resulting in increased building activities in Asia and the Middle East. However, as only 50% of the turnover of CAHL has been taken up by CIHL Group using its proportionate consolidation accounting policy, the reported turnover this quarter decreased by 32.9% to S$34.7 million compared with that of the corresponding quarter in 2003.

Despite rising costs of raw materials, gross profit margin was maintained for the quarter as compared with the same period last year. An operating profit before the share of results of associated companies was achieved for the quarter which was attributable mainly to an unrealised exchange gain of approximately S$1.8 million recorded on receivables denominated in Australian dollars which strengthened against the Singapore dollar at the close of this quarter.

In China, the business sentiment during the period under review was relatively stable despite the austerity measures implemented by the Chinese government during the second quarter to cool the excessive investment in certain industries. However, competition remained very stiff. The improvement in effectiveness of CAHL's sales operations has resulted in encouraging sales growth of electrical wiring accessories, electronic and data-communications products. In Hong Kong, the improvement in sales continued due to booming property market.

Competition in the other Asian markets remained intense but CAHL's performances in these markets improved except that in Singapore.

In the Middle East, strong sales growth was achieved. The capacity in the new manufacturing facility in Sharjah set up in June 2004 has expanded with the installation and commissioning of new injection and extrusion equipment.

In the light fittings business, the PIERLITE brand was launched in Beijing and Guangzhou with positive response from the market. Aggressive recruitments have started with an aim to strengthen the sales and product development teams.

In this quarter, there was a loss of S$0.6 million from share of results of associated companies compared to a profit of S$4.5 million in the corresponding quarter in 2003. This was mainly due to the disposal of CIHL's entire 52.4% interest and 39.8% interest in Gerard Industries Pty Ltd in Australia and Lovato SpA in Italy respectively at the end of last year. Consequently, the taxation charge for the quarter reported on was substantially lower.

Prospects of CIHL

The business environment in most of CIHL's markets will continue to improve but price competition in the building and construction industries is expected to remain keen. However, in China, the measures undertaken by the government to rein in an overheated economy have slowed down the growth of the building industry. This is expected to make the price competition even more severe.

CAHL will focus on productivity improvement to counter the rising raw material prices caused by the high oil prices. On the product side, the introduction of the new C-Concept range of wiring accessories in the fourth quarter to the Thailand, Taiwan and Philippines markets will provide a better momentum to grow CAHL's businesses.

CIHL Group will continue to invest and grow its light fittings business. The PIERLITE and GP brands light fitting products will be promoted at roadshows in November 2004 in major cities in China including Tianjin, Shenyang, Shanghai, Hangzhou, Changsha and Xiamen.

In other corporate activities, CIHL Group will continue to rationalize its existing investments and explore new investment opportunities.

Background information on Gold Peak:

Gold Peak Group is an Asian multinational group which owns a diversified portfolio of high-quality industrial investments via its major industrial investment vehicle, the Singapore-listed GP Industries Limited. Its Technology and Strategic Division is primarily engaged in the development of new product technologies and strategic investments. In the industrial sector, the Group has established a leadership position in Asia for most of its product categories including GP Batteries and CLIPSAL electrical installation products.

The parent company, Gold Peak Industries (Holdings) Limited, was established in 1964 and has been listed in Hong Kong since 1984. Currently, Gold Peak holds an 87.2%(a) interest in GP Industries while GP Industries holds a 65.2%(a) interest in CIH Limited ("CIHL") and a 49.1%(a) interest in GP Batteries. GP Industries, GP Batteries and CIHL are listed in Singapore.

Gold Peak Group has manufacturing, research & development, marketing and distribution operations in more than ten countries around the world.

Gold Peak's ordinary shares are listed on the Hong Kong Stock Exchange. Ordinary share information on Gold Peak may be accessed on the Reuters Equity 2000 service under the symbol 0040 HK and on Bloomberg under the symbol 40 HK. Gold Peak ADRs, each equal to ten ordinary shares, trade on the NASD OTC Bulletin Board under the symbol GPINY.

(a) shareholding % as at Nov 5, 2004

For more information on Gold Peak or GP Batteries, please visit our website at: www.goldpeak.com or www.gpbatteries.com.sg.