09:34     CHEUNG KONG<00001> & HUTCHISON<00013> - Joint Ann. (4)              

    "CKH Group"     CKH and its subsidiaries                                  
                                                                              
    "Completion"    completion of the Acquisition under the Sale and          
    Purchase Agreement                                                        
                                                                              
    "Condition"     the grant of satisfactory planning permission in          
    relation to the Property and the release of the Vendor Guarantor          
    as guarantor under any planning agreement in respect of the               
    Property entered into with the local planning authority as more           
    particularly described in the Sale and Purchase Agreement                 
                                                                              
    "Consideration" 100,000,000 pounds (or approximately HK$1,455             
    million) (exclusive of VAT), representing the consideration for           
    the sale and purchase of the Property and the Licences                    
                                                                              
    "HWL"   Hutchison Whampoa Limited, a company incorporated in Hong         
    Kong, whose shares are listed on the Main Board of the Stock              
    Exchange                                                                  
                                                                              
    "HWL Group"     HWL and its subsidiaries                                  
                                                                              
    "intra-group sale"      any sale of the whole or part of the Property     
    or shares of CIS to a specified member of the HWL Group, any              
    person or company connected with or a director of such member             
    or any entity jointly controlled by CKH and HWL                           
                                                                              
    "Licences"      such of the existing licences for the use of certain      
    structures adjacent to the Property as more particularly                  
    described in the Sale and Purchase Agreement                              
                                                                              
    "Listing Rules" the Rules Governing the Listing of Securities             
    on the Stock Exchange                                                     
                                                                              
    "Net Consideration      an amount which is payable by the Purchaser       
    to the Vendor under the Profit                                            
      Payment"      Participation Agreement which is determined in            
    accordance with a pre-agreed formulation set forth therein based,         
    inter alia, on the amount of any net consideration received from          
    any sale, other than an intra-group sale, of the whole or part            
    of the Property or of shares of CIS effected within twelve months         
    after the date of Completion                                              
                                                                              
    "Profit Participation   the agreement dated 13 May, 2005 and              
    entered into by the Vendor and CIS                                        
      Agreement"    which governs the basis for computing the amount          
    of, and the Vendor's entitlement to, any Additional Payment               
                                                                              
    "Property"      the freehold premises comprising land and buildings       
    with an aggregate area of approximately 16 hectares located at            
    the Royal Naval Yard Deptford (or otherwise known as the Convoys          
    Wharf, Deptford), London, the United Kingdom                              
                                                                              
    "Sale and Purchase      the contract dated 13 May, 2005 for the sale      
    and purchase of the Property and                                          
      Agreement"    the Licences and entered into by CIS, the Vendor          
    and the Vendor Guarantor                                                  
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "VAT"   has the meaning ascribed to that term in the Sale and             
    Purchase Agreement which includes value added tax chargeable              
    under the Value Added Tax Act 1994                                        
                                                                              
    "Vendor"        News Property One Limited, a company registered in        
    England, which is an indirect subsidiary of the Vendor Guarantor          
                                                                              
    "Vendor Guarantor"      News International Limited, a company