Kerry Properties Limited — M&A Activity 2003

Apr 28, 2003

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.

PROPOSED PRIVATISATION OF KERRY PROPERTIES LIMITED BY KERRY HOLDINGS LIMITED BY WAY OF A SCHEME OF ARRANGEMENT

APPOINTMENT OF INDEPENDENT FINANCIAL ADVISER

The KPL Directors wish to announce the appointment of N M Rothschild & Sons (Hong Kong) Limited as the independent financial adviser to the independent board committee of KPL in relation to the Proposal and the Scheme.

Reference is made to the joint announcement dated 23 April 2003 (the “Joint Announcement”) made by KHL and KPL. Terms used herein shall have the same meanings as in the Joint Announcement.

The KPL Directors wish to announce that N M Rothschild & Sons (Hong Kong) Limited has been appointed as the independent financial adviser to the independent board committee of KPL pursuant to Rule 2.1 of the Takeovers Code in relation to the Proposal and the Scheme.

Shareholders and potential investors should be aware that the implementation of the Proposal is subject to the conditions as set out in the Joint Announcement being fulfilled or waived, as applicable, and thus may or may not become effective. They are advised to exercise caution when dealing in the Shares.

By order of the Board of Kerry Properties Limited Chow Yin Ping, Anita Company Secretary

Hong Kong, 28 April 2003

The KPL Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

“Please also refer to the published version of this announcement in the South China Morning Post”

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