09:36     KERRY PPT<00683> & SHANGRI-LA ASIA<00069> - Joint Ann. (2)          

    extended to 31 March 2005 or such later date as the parties may agree     
    to allow additional time for the execution of such contracts and          
    agreements.                                                               
                                                                              
    Due to recent changes in the PRC laws regarding disposition of            
    state-owned assets, the PRC government approvals have not yet been        
    obtained as at 31 March 2005. In order to allow sufficient time to        
    resolve issues arising therefrom and to reach a properly considered       
    decision, KPL and SA have agreed that the deadline for the execution of   
    all the contracts and agreements contemplated under the Underlying        
    Contracts would be further extended to 31 December 2005 or such later     
    date as the parties may agree. The transaction may or may not proceed     
    in the form announced in the First Joint Announcement. KPL and SA will    
    make a further announcement and, if necessary, comply with the Listing    
    Rules obligations, when appropriate.                                      
                                                                              
    The KPL Board and the SA Board do not consider the delay to have any      
    material adverse effect on KPL and SA, respectively.                      
                                                                              
    As at the date of this announcement, the KPL Directors are Messrs. Ang    
    Keng Lam+, Wong Siu Kong+, Ho Shut Kan+, Ma Wing Kai, William+, William   
    Winship Flanz#, Lau Ling Fai, Herald# and Christopher Roger Moss#,        
    O.B.E. and the SA Directors are Messrs. Kuok Khoon Loong, Edward+, Ye     
    Longfei+, Giovanni Angelini+, Lui Man Shing+, Ng Si Fong, Alan+, Ho       
    Kian Guan@, Lee Yong Sun@, Roberto V. Ongpin@, Alexander Reid             
    Hamilton#, Tow Heng Tan# and Timothy David Dattels#, Madam Kuok Oon       
    Kwong@ and Mr. Ho Kian Hock@ (alternate to Mr. Ho Kian Guan).             
                                                                              
    By Order of the Board                                                     
    Kerry Properties Limited                                                  
    Ang Keng Lam                                                              
    Chairman                                                                  
                                                                              
      By Order of the Board                                                   
      Shangri-La Asia Limited                                                 
      Kuok Khoon Loong, Edward                                                
      Chairman                                                                
                                                                              
    Hong Kong, 13 April 2005                                                  
                                                                              
                                                                              
    +  Executive director                                                     
    @  Non-executive director                                                 
    #  Independent non-executive director