Kerry Properties Limited — Capital/Financing Update 2011

Dec 23, 2011

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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(Incorporated in Bermuda with limited liability)

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website: www.kerryprops.com (Stock Code: 00683)

website: www.ir.shangri-la.com ( Stock Code: 00069)

EXTENSION OF LONG STOP DATE FOR COMPLETION OF SALE AND PURCHASE OF EQUITY INTEREST IN A HANGZHOU COMPANY

Reference is made to the Joint Announcement in relation to, inter alia, the Hangzhou SPA pursuant to which KPCL agreed to sell and SACL agreed to purchase 25% of the equity interests in the Hangzhou Company (a company 100% owned by KPCL).

KPCL and SACL agreed to extend the long stop date for fulfilling the condition precedents for completion of the transfer of equity interests as stated in the Hangzhou SPA by one year and entered into the Supplemental Agreement in respect of this extension. All other terms of the Hangzhou SPA remain unchanged.

Reference is made to the Joint Announcement in relation to, inter alia, the Hangzhou SPA pursuant to which KPCL agreed to sell and SACL agreed to purchase 25% of the equity interests in the Hangzhou Company (a company 100% owned by KPCL).

According to the Hangzhou SPA, all condition precedents regarding the completion of the transfer of the 25% equity interests to SACL are required to be fulfilled by 31 December 2011. However, due to the extended time required for obtaining the approvals from the PRC government for the transfer of the relevant equity interests, one of the condition precedents as set out in the Hangzhou SPA regarding the obtaining of all required approvals and completion of registration procedures as required by the PRC laws has not yet been fulfilled. KPCL and SACL agreed to extend the long stop date and entered into the Supplemental Agreement to extend the long stop date for fulfilling the relevant condition precedents by one year. Save for the extension of the long stop date, all other terms of the Hangzhou SPA remain unchanged.

DEFINITIONS

Unless otherwise defined in this announcement, terms used herein shall have the same meanings as those defined in the Joint Announcement.

“Joint Announcement”

the joint announcement of KPL and SA of 31 December 2010 in relation to, inter alia, the Hangzhou SPA; and

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“Supplemental Agreement”

the supplemental agreement dated 23 December 2011 entered into between KPCL and SACL regarding the Hangzhou SPA, pursuant to which the long stop date for completion of the transfer of the 25% equity interests under the Hangzhou SPA will be extended for one year.

By Order of the Board Kerry Properties Limited KUOK Khoon Chen Chairman

By Order of the Board Shangri-La Asia Limited KUOK Khoon Ean Chairman

Hong Kong, 23 December 2011

As at the date hereof, the directors of KPL and SA are:

KPL

SA

Executive directors

Executive directors Mr KUOK Khoon Ean Mr LUI Man Shing Mr Madhu Rama Chandra RAO Mr Gregory Allan DOGAN

Mr KUOK Khoon Chen Mr WONG Siu Kong Mr HO Shut Kan Mr MA Wing Kai William Mr QIAN Shaohua Mr CHAN Wai Ming William

Non-executive directors Mr HO Kian Guan Mr KUOK Khoon Loong Edward Mr Roberto V ONGPIN Mr HO Kian Hock (alternate to Mr HO Kian Guan)

Non-executive director Mr TSE Kai Chi

Independent non-executive directors (alternate to Mr HO Kian Guan) Mr LAU Ling Fai Herald Mr KU Moon Lun Independent non-executive directors Ms WONG Yu Pok Marina, JP Mr Alexander Reid HAMILTON Mr Timothy David DATTELS Mr WONG Kai Man Mr Michael Wing-Nin CHIU Professor LI Kwok Cheung Arthur

• For identification purpose only

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