Hongkong Land signs up Franklin Templeton Investments as Chater House tenant

Company cites consolidation, competitiveness and location as key factors

HONG KONG, 10th December 2002 -- Hongkong Land today announced that it has secured Franklin Templeton Investments (Asia) Limited (Franklin Templeton Investments) for one floor (18,397 sq. ft net of office space) at Chater House in Central, reflecting continuing demand for Hongkong Land's strong offering of world-class offices, prime location, quality management and competitiveness.

Franklin Templeton Investments will consolidate its various local operations which are spread across multiple offices into the 17th floor of Chater House from February 2003. The move follows a review of the Company's operational requirements and available options in Central.

Raymond Chow, Executive Director of Hongkong Land, said, "We are pleased to welcome Franklin Templeton Investments, one of the world's largest investment management organisations, to Chater House. Franklin Templeton Investments' commitment demonstrates that even in today's challenging business conditions, customers see the benefits of moving into world-class and well-managed offices in prime locations.

"Since the beginning of this year, Hongkong Land has secured close to 50 new office tenants for its Central portfolio. We see this as positive endorsement of our competitiveness. Our emphasis on professionally meeting our customers' needs and providing high quality services pays off, especially in competitive markets."

Jones Lang LaSalle, who handled the transaction, said "Franklin Templeton Investments' decision to relocate to Chater House represents a glowing endorsement from a leading financial institution in Central's latest Grade A office building. Franklin Templeton Investments have chosen an opportune time to relocate in current market conditions to enjoy the high profile, connectivity and amenity afforded by the building. Both landlord and tenant have demonstrated that demand persists for premium quality product in Central Hong Kong, despite the currently depressed commercial property market."

Jed Plafker, Country Head, Hong Kong, Franklin Templeton Investments, said, "We saw compelling reasons for relocating and consolidating our Hong Kong operations, and we selected Chater House because of its excellent location and its world-class design and facilities that allow for highly efficient use of space and maximum flexibility in services. Our experience with Hongkong Land as a reliable and quality-focused landlord was also a key factor."

Chater House is Hongkong Land's newest building in Central. The building is well linked to other major buildings and landmarks in Central and has excellent access to all modes of transport, including both MTR and Airport Express stations. The 430,000 net sq. ft (498,000 sq. ft gfa) office tower features the latest telecommunications and mechanical and engineering facilities. The retail podium offers 45,000 net sq. ft (81,000 sq. ft gfa) of prime retail space.

For further information, please contact:
Hongkong Land
Helen Chiu		Tel: 2842 8222
Golin/Harris Forrest
Sue So		Tel: 2501 7966

Notes to Editor

About Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is a wholly-owned subsidiary of Franklin Resources, Inc [NYSE:BEN], a global investment organisation operating as Franklin Templeton Investments. The San Mateo, California-based company has over 50 years of investment experience and more than US$252 billion in assets as at 30th October 2002.

About Hongkong Land
Hongkong Land is a leading property and infrastructure investment, management and development group. The Company owns and manages some five million sq. ft. of prime office and retail space in the heart of Hong Kong's Central business district. It is active primarily in the Hong Kong SAR, Mainland China and Singapore, and has a portfolio of property and infrastructure interests in other Asian cities. Hongkong Land has its primary share listing in London and the shares are also listed in Singapore and Bermuda. The Company is a member of the Jardine Matheson Group.