09:33     CHEUNG KONG<00001> & HUTCHISON<00013> - Joint Ann. (1)              

    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 howsoever arising from or in            
    reliance upon the whole or any part of the contents of this               
    announcement.                                                             
                                                                              
    CHEUNG KONG (HOLDINGS) LIMITED  HUTCHISON WHAMPOA LIMITED                 
    (Incorporated in Hong Kong with limited liability)                        
            (Incorporated in Hong Kong with limited liability)                
    (Stock Code: 001)       (Stock Code: 013)                                 
                                                                              
    JOINT ANNOUNCEMENT                                                        
    CONNECTED TRANSACTION                                                     
                                                                              
    The respective Boards of CKH and HWL wish to announce that on             
    13 May, 2005, CIS, an entity jointly controlled indirectly by             
    CKH and HWL, entered into the Sale and Purchase Agreement for             
    the purpose of the Acquisition at the Consideration of                    
    100,000,000 pounds (or approximately HK$1,455 million) (exclusive of      
    VAT). CIS also entered into a Profit Participation Agreement              
    with the Vendor. It is expected that the Consideration and any            
    Additional Payment will be funded by CKH and HWL in proportion            
    to their indirect 50/50 interest in CIS.                                  
                                                                              
    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. CIS 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 or to be provided by each of            
    CKH and HWL to CIS by way of the contribution to the Consideration        
    and any Additional Payment on an unsecured basis and on normal            
    commercial terms in proportion to their 50/50 interest in CIS             
    constitutes or will constitute a connected transaction for each           
    of CKH and HWL under Listing Rule 14A.13(2). As the relevant              
    percentage ratios represented by the estimated aggregate of such          
    contribution amount for each of CKH and HWL 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.                                                         
                                                                              
    CONTRIBUTION TO THE CONSIDERATION UNDER THE SALE AND PURCHASE             
    AGREEMENT AND ANY CONTRIBUTION TO THE ADDITIONAL PAYMENT                  
                                                                              
    On 13 May, 2005, CIS, an entity jointly controlled indirectly             
    by CKH and HWL, entered into the Sale and Purchase Agreement              
    with the Vendor and the Vendor Guarantor pursuant to which the            
    Vendor has agreed to sell and CIS has agreed to purchase the              
    Property and the Licences upon and subject to the terms and               
    conditions of the Sale and Purchase Agreement.                            
                                                                              
    The Consideration for the Acquisition is 100,000,000 pounds (or           
    approximately HK$1,455 million) (exclusive of VAT). The amount            
    of the Consideration is arrived after arm's length negotiations           
    between the parties. If the Condition shall not be fulfilled              
    or waived, either the Vendor or CIS may rescind the Sale and              
    Purchase Agreement by notice. CIS has paid an aggregate amount            
    of 10,000,000 pounds (or approximately HK$145.5 million) in cash as       
    deposit and part payment of the Consideration which is refundable         
    upon termination of the Sale and Purchase Agreement