09:29     KOWLOON-CANTON RAILWAY CORPORATION - Announcement                   

    The Stock Exchange of Hong Kong Limited takes no responsibility for       
    the contents of this announcement, makes no representation as to its      
    accuracy or completeness and expressly disclaims any liability            
    whatsoever for any loss however arising from or in reliance upon the      
    whole or any part of the contents of this announcement.                   
                                                                              
    This advertisement is for information purposes only and does not          
    constitute an invitation or offer to acquire, purchase or subscribe       
    for securities.                                                           
                                                                              
    NOTICE OF LISTING ON                                                      
    THE STOCK EXCHANGE OF HONG KONG LIMITED                                   
                                                                              
                                                                              
    KOWLOON-CANTON RAILWAY CORPORATION                                        
    (established in Hong Kong by the Kowloon-Canton Railway Corporation       
    Ordinance (Cap. 372))                                                     
                                                                              
    US$3,000,000,000                                                          
    MEDIUM TERM NOTE PROGRAMME                                                
                                                                              
    Arrangers                                                                 
                                                                              
    MORGAN STANLEY & CO. INTERNATIONAL LIMITED                                
    THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED                     
                                                                              
    Application has been made to The Stock Exchange of Hong Kong              
    Limited for the listing of the US$3,000,000,000 Medium Term Note          
    Programme (the `Programme') and for the listing of, and permission to     
    deal in any notes to be issued thereunder within 12 months after 7th      
    May, 2003 as described in the Offering Circular dated 7th May, 2003.      
    The listing of the Programme is expected to become effective on 14th      
    May, 2003.                                                                
                                                                              
    9th May, 2003