09:41     CHEUNG KONG<00001> & HUTCHISON<00013>-Joint Announcement (3)        

    14A.13(2). As the relevant percentage ratios represented by 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.                                                         
                                                                              
    GENERAL                                                                   
                                                                              
    The respective Boards of CKH and HWL, including the respective            
    Independent Non-executive Directors of CKH and HWL, consider              
    the contribution to the registered capital of, and any                    
    shareholders' loans to, JVCo through BDL on a 50/50 basis for             
    the purpose of the Development 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:                 
                                                                              
    "associate"     shall have the meaning ascribed to that term in the       
    Listing Rules                                                             
                                                                              
    "BDL"   Bayswater Developments Limited, a company incorporated            
    in the British Virgin Islands, which is an entity jointly                 
    controlled indirectly by, and an associated company of, CKH and           
    HWL                                                                       
                                                                              
    "Board" board of directors of CKH or HWL (as the case may be)             
                                                                              
    "CKH"   Cheung Kong (Holdings) Limited, a company incorporated            
    in Hong Kong, whose shares are listed on the Main Board of the            
    Stock Exchange                                                            
                                                                              
    "CKH Group"     CKH and its subsidiaries