GP Batteries International Limited

Singapore, 5 February 1998 - Mainboard-listed GP Batteries International Limited ("GP Batteries Group" or "GP Batteries") and Duracell announce the completion of the acquisition by GP Batteries Group of Duracell's rechargeable Lithium Ion battery production facility and the signing of the on-going Technology Agreement. GP Batteries is the Battery Division of Hong Kong listed Gold Peak Group.

GP Batteries will take over the operations of Duracell's factory at Waterbury, Connecticut in the United States from early February 1998. Production of Lithium Ion batteries and the current range of rechargeable battery packs previously manufactured by Duracell, which includes: DR 201, DR202, DR35, DR35S, DR36, DR36S, DR15, DR17, DR30 and selected customized products will continue. These products will be supplied to OEM customers as well as marketed under the "GP" brand worldwide. The PowerSmartTM DBOS battery management system will continue to be featured in selected products.

GP Batteries will retain approximately 100 Duracell employees including most of the senior management as well as technical staff who are experienced with the technology and production process. As a result, the management of the factory and the quality excellence of the products is expected to remain the same.

An integral part of the transaction is a Technology Agreement wherein future products developments and enhancements to existing technology will be shared between GP Batteries and Duracell. Duracell's Worldwide Technology Center in Needham, Massachusetts, will be responsible for the continual research and development of the Lithium Ion battery technology.

GP Batteries will embark on plans for the expansion of the production capabilities at its Waterbury facility. The expansion is expected to be completed within this year.

"This acquisition represents more than a mere transfer of assets. GP Batteries is building a partnership with Duracell for the development of future rechargeable battery technology. This will strengthen our technical and market position in the industry. " said Mr. Andrew Ng, Chairman and Chief Executive of GP Batteries.

Trading of GP Batteries shares and warrants on the Stock Exchange of Singapore will be suspended on 5 February 1998.

GP Batteries International Limited has been listed on the mainboard of the Stock Exchange of Singapore Limited since 1991. It is the Battery Division of Hong Kong listed Gold Peak Industries (Holdings) Limited. GP Batteries is principally engaged in the development, manufacture and marketing of batteries and battery related products. It is currently one of the world's major suppliers of primary and rechargeable batteries with manufacturing operations and distribution centres in over 10 countries.

Duracell is a wholly-owned subsidiary of The Gillette Company and is headquartered in Bethel, Connecticut. Duracell is the world's leading manufacturer of high-performance alkaline batteries. Duracell also markets rechargeable lithium ion, nickel-metal hydride, primary lithium and zinc air batteries. DURACELL batteries are sold throughout the world, primarily under the DURACELL trademark.

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