09:34     CHEUNG KONG<00001> & HUTCHISON<00013> - Joint Ann. (3)              

    The respective Boards of CKH and HWL, including the respective            
    Independent Non-executive Directors                                       
    of CKH and HWL, consider the contribution of the Consideration            
    and any Additional Payment 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                                                               
                                                                              
    In this announcement, the following expressions shall have the            
    following meanings unless the context otherwise requires:                 
                                                                              
    "Acquisition"   the acquisition by the Purchaser of the Property          
    and the Licences pursuant to the Sale and Purchase Agreement              
                                                                              
    "Additional Payment"    an amount which is payable by the                 
    Purchaser to the Vendor under the Profit Participation Agreement          
    if planning permission comprising private residential housing             
    is obtained prior to the prescribed deadline and is of an amount          
    which is determined in accordance with a pre-agreed formulation           
    set forth therein based, inter alia, on any additional area over          
    which such planning permission is obtained                                
                                                                              
    "associate"     shall have the meaning ascribed to that term in the       
    Listing Rules                                                             
                                                                              
    "Board" board of directors of CKH or HWL (as the case may be)             
                                                                              
    "CIS" or "Purchaser"    Convoys Investment S.a r.l., a company            
    incorporated in Luxembourg, which is an entity jointly                    
    controlled indirectly by, and an associated company of, CKH and           
    HWL                                                                       
                                                                              
    "CKH"   Cheung Kong (Holdings) Limited, a company incorporated            
    in Hong Kong, whose shares are listed on the Main Board of the            
    Stock Exchange