09:29     SHUI ON CONS<00983> - Announcement (3)                              

    Rules                                                                     
                                                                              
    "Board"   the board of Directors                                          
                                                                              
    "Chik Wan Quarry"   the quarry at Chik Wan Island, Zhuhai in the PRC      
    which does not form part of the Sale                                      
                                                                              
    "Company"   Shui On Construction and Materials Limited, a company         
    incorporated in Bermuda and listed on the main board of the Stock         
    Exchange                                                                  
                                                                              
    "Completion"   completion of the Sale under the Agreement                 
                                                                              
    "Director(s)"   the director(s) of the Company                            
                                                                              
    "Group"   the Company and its subsidiaries                                
                                                                              
    "Guishan Site Formation"   the site formation work being carried out at   
    Guishan Island, Zhuhai, PRC where aggregates are excavated                
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "Hong Kong"   the Hong Kong Special Administrative Region of the          
    People's Republic of China                                                
                                                                              
    "Listing Rules"   the Rules Governing the Listing of Securities on the    
    Stock Exchange                                                            
                                                                              
    "PRC" or "Chinese Mainland" or    the People's Republic of China, and     
    for the purpose of this announcement, excluding Hong Kong and the Macau   
    Special Administrative Region.                                            
      "Mainland"                                                              
                                                                              
    "Purchaser"   Maxking Investments Limited, an independent third party     
    not connected with the directors, chief executive or substantial          
    shareholders of the Company or any of their respective subsidiaries or    
    their respective associates                                               
                                                                              
    "Sale"   the sale of the Subject Companies under the Agreement            
                                                                              
    "SOR"   Shui On Rock Products Limited, a wholly-owned subsidiary of the   
    Company                                                                   
                                                                              
    "Stock Exchange"   The Stock Exchange of Hong Kong Limited                
                                                                              
    "Subject Companies"   Ken On Concrete Co. Ltd., Instant Mortars Ltd.,     
    Shui On Cement Co. Ltd. and Honest China Limited                          
                                                                              
    "Subject Group"   the Subject Companies and their respective              
    subsidiaries                                                              
                                                                              
    "Vendor"   Shui On Building Materials Limited                             
                                                                              
    As at the date of this Announcement, the Board comprises:-                
                                                                              
    Executive Directors:   Lo Hong Sui, Vincent (Chairman), Wong Ying Wai,    
    Wilfred (Vice Chairman), Choi Yuk Keung, Lawrence (Vice Chairman), Wong   
    Yuet Leung, Frankie (Chief Executive Officer), Wong Fook Lam, Raymond     
    and Lowe Hoh Wai Wan, Vivien                                              
                                                                              
    Non-Executive Directors:   Enright, Michael John and Wong Hak Wood,       
    Louis                                                                     
                                                                              
    Independent Non-Executive Directors:   Griffiths, Anthony, Cheung Kin     
    Tung, Marvin and Cheng Mo Chi, Moses.                                     
                                                                              
    By Order of the Board                                                     
    Shui On Construction and Materials Limited                                
    Janice Tam                                                                
    Company Secretary                                                         
                                                                              
    Hong Kong, 5 January 2005