October 23, 2003, Hong Kong – The overwhelming response to the recently launched Cheung Kong (Holdings) Limited (‘Cheung Kong’) retail notes have led to an increase of issue amount to approximately HK$1 billion from the original HK$800 million. These notes mark the first issuance of retail notes by Cheung Kong, and due to oversubscription, the subscription deadline was pushed forward to end of banking hours yesterday from Friday noon.

The approximately HK$1 billion issuance will consist of HK$900 million five-year Hong Kong dollar Notes and A$20 million three-year Australian dollar Notes.

The Hongkong and Shanghai Banking Corporation Limited (‘HSBC’) is the sole underwriter of the Notes.

“We are very happy with the enthusiastic reception generated for the Group's first retail note issue. This has given us great encouragement for the launch of future ones. Initiatives will continue to be launched to introduce financial products targeted at retail investors in the market,” commented Mr Edmond Ip, Executive Director of Cheung Kong.

“HSBC is honoured to act as Sole Underwriter and one of the placing banks for Cheung Kong's debut retail bond issue. The issue, launched off Cheung Kong guaranteed retail bond programme, was well-received by retail investors. HSBC is extremely pleased with the result. HSBC will continue to support Cheung Kong and other issuers accessing, and, in turn, deepening the retail bond market," said Mr Aaron Tan, Managing Director, Debt Finance Group at HSBC.

The notes will be issued by Cheung Kong Bond Finance Limited, a wholly owned subsidiary of Cheung Kong, and will be guaranteed by Cheung Kong.

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