Press Release

For Immediate Release

Shui On Wins Five Awards in the
Hong Kong Occupational Safety & Health Award 2002

(Hong Kong, 26 June, 2002) Shui On Construction and Materials Limited ("SOCAM", HKEX stock code: 983) and Shui On Building Contractors Limited, a subsidiary of SOCAM, have won five awards in the Hong Kong Occupational Safety & Health Award 2002, including "Safety Management System Award - Construction" Gold Award, "Safety Technological Achievement Award" Bronze Award, "Safety Performance Award (Construction)" and "Best Presentation Award" Bronze Award and Certificate of Merit" (please see attachment for details). Over 150 leading companies from different sectors, including construction, utilities, transportation, health care, public services, petrol-chemical, financial and estate management, participated in the Award.

"Hong Kong Occupation Safety & Health Award" is organized by the Occupation Safety and Health Council, the Labour Department and ten other leading organizations. It is launched with an aim to recognize organizations that have outstanding achievements in sustaining safety and health at the workplace. There are four categories of awards: Safety Management System Award, Safety Performance Award, Safety Technological Achievement Award and Safety Enhancement Program Award.

"Site safety has always been a top priority in our daily operations," said Mr Louis Wong, Deputy Managing Director of SOCAM. "The Hong Kong Occupational Safety & Health Award reflects and acknowledges the concerted effort of our site staff, subcontractors and workers. We are also glad that Shui On's Total Quality Safety Management System and the Innovation for Excellence programme are well received by the public. We will continue to do our best to provide and maintain a safe and healthy workplace for our staff."

Shui On maintains a comprehensive Environmental Management System under its Total Quality Management culture. The company has not only been awarded ISO14001 certification for environmental management by the Hong Kong Quality Assurance Agency (HKQAA), but is also the first company in Hong Kong to be awarded this certification by the Chinese National Accreditation Committee for Environmental Management System Certifications Bodies (CACEB).

SOCAM, a member of the Shui On Group, was listed on the Hong Kong Stock Exchange in 1997 and is engaged in construction, construction materials and property development in Hong Kong and the Chinese Mainland. Apart from SOCAM, the Shui On Group has a separate, non-listed property arm with investments in Shanghai, Hong Kong, Beijing, Guangzhou and New York.

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The full text of this release can be accessed through the Internet at the following websites:

For further information, please contact:

Shelly Cheng / Olivia Chow
Tel: (852) 2879 1866
Fax: (852) 2787 4211
Email: corpcomm@shuion.com.hk

Attachment

List of awards won by Shui On Construction and Materials Limited (SOCAM) and Shui On Building Contractors Limited (SOBC) in the "Hong Kong Occupational Safety & Health Award 2002"