09:35     CHEUNG KONG<00001> & HUTCHISON<00013>-Joint Announcement(3)         

    HWL is a substantial shareholder of certain subsidiaries of CKH           
    and hence is a connected person of CKH within the meaning of              
    the Listing Rules. CKH is a substantial shareholder of HWL and            
    hence is a connected person of HWL within the meaning of the              
    Listing Rules. Clevinger is an associate of each of CKH and HWL           
    and thus a connected person of CKH and HWL within the meaning             
    of the Listing Rules.                                                     
                                                                              
    The financial assistance provided by each of CKH and HIL to               
    Clevinger by way of the provision of the                                  
    50/50 several guarantees and their respective contributions to            
    the Consideration on an unsecured basis and on normal commercial          
    terms in proportion to their 50/50 interest in Clevinger                  
    constitute connected transaction for each of CKH and HWL under            
    Listing Rule 14A.13(2). As the relevant percentage ratios                 
    represented by such guarantee or contribution amount for each             
    of CKH and HWL (before any adjustment) are more than 0.1% but             
    less than 2.5%, such provision of financial assistance is                 
    according to Listing Rule 14A.66(2) exempt from the independent           
    shareholders' approval requirements and is subject to the                 
    reporting and announcement requirements set out in Listing Rules          
    14A.45 to 14A.47. If following any adjustment to the                      
    Consideration, the relevant percentage ratios represented by              
    the amount of such financial assistance for CKH or HWL (as the            
    case may be) are equal to or more than 2.5%, CKH or HWL (as the           
    case may be) will comply with the requirements of the Listing             
    Rules applicable thereto.                                                 
                                                                              
    GENERAL                                                                   
                                                                              
    The respective Boards of CKH and HWL, including the respective            
    Independent Non-executive Directors of CKH and HWL, consider              
    the provision of the 50/50 several guarantees and the                     
    contribution of the Consideration on a 50/50 basis for the                
    purpose of the Acquisition to be in the interests of CKH and              
    HWL and their respective shareholders, and are on normal                  
    commercial terms and fair and reasonable insofar as CKH and HWL           
    and their respective shareholders are concerned.                          
                                                                              
    The directors (Note) of CKH as at the date of this announcement           
    are Mr. LI Ka-shing (Chairman), Mr. LI Tzar Kuoi, Victor                  
    (Managing Director and Deputy Chairman), Mr. George Colin MAGNUS          
    (Deputy Chairman), Mr. KAM Hing Lam (Deputy Managing Director),           
    Mr. CHUNG Sun Keung, Davy, Mr. IP Tak Chuen, Edmond, Ms. PAU              
    Yee Wan, Ezra, Ms. WOO Chia Ching, Grace and Mr. CHIU Kwok Hung,          
    Justin as Executive Directors; Mr. LEUNG Siu Hon, Mr. FOK                 
    Kin-ning, Canning, Mr. Frank John SIXT and Mr. CHOW Kun Chee,             
    Roland as Non-executive Directors; and Mr. KWOK Tun-li, Stanley,          
    Mr. YEH Yuan Chang, Anthony, Mr. Simon MURRAY, Mr. CHOW Nin Mow,          
    Albert, Ms. HUNG Siu-lin, Katherine, Dr. WONG Yick-ming, Rosanna,         
    Mr. KWAN Chiu Yin, Robert and Mr. CHEONG Ying Chew, Henry as              
    Independent Non-executive Directors.                                      
                                                                              
    The directors of HWL as at the date of this announcement are              
    Mr. LI Ka-shing (Chairman), Mr. LI Tzar Kuoi, Victor (Deputy              
    Chairman), Mr. FOK Kin-ning, Canning (Group Managing Director),           
    Mrs. CHOW WOO Mo Fong, Susan (Deputy Group Managing Director),            
    Mr. Frank John SIXT (Group Finance Director), Mr. LAI Kai Ming,           
    Dominic, Mr. George Colin MAGNUS and Mr. KAM Hing Lam as Executive        
    Directors; Mr. William SHURNIAK as Non-executive Director; and            
    Mr. Michael David KADOORIE, Mr. Holger KLUGE, Mr. William Elkin           
    MOCATTA (Alternate to Mr. Michael David Kadoorie), Mr. Simon              
    MURRAY, Mr. OR Ching Fai, Raymond and                                     
    Mr. WONG Chung Hin as Independent Non-executive Directors.                
                                                                              
    DEFINITIONS