Hutchison Whampoa Limited

Hutchison Telecommunications (Australia) Limited ABN 15 003 677 227 A member of the Hutchison Telecommunications Group Level 3, 504 Pacific Highway St Leonards NSW 2065 Telephone 02 9964 4646 Facsimile 02 9964 4668

News Release

Sydney, 17 April 2002 - Hutchison Telecommunications (Australia) Limited (Hutchison) (ASX: HTA), today announced a pro rata renounceable Rights Issue of Convertible Notes (Rights Issue) to raise approximately $600 million.

The capital raising is required to fund the development of the Company's third generation (3G) business, which includes Hutchison's commitment to provide a $600 million equity contribution to Hutchison 3G Australia Holdings Pty Limited (Hutchison 3G), the joint venture vehicle established as part of the alliance with Telecom Corporation of New Zealand Limited (TCNZ) for the development and operation of 3G wireless communications services in Australia.

Kevin Russell, Hutchison's Chief Executive Officer, said "the Rights Issue provides our shareholders with an opportunity to participate in the funding of the Company's future growth, with the potential to convert this investment into an equity holding at a later date."

"We believe 3G represents the next phase of growth in the wireless industry and Hutchison is well positioned to be a leading entrant in this market."

Hutchison Communications (Australia) Pty Limited (HCAPL), a wholly owned subsidiary of Hutchison Whampoa Limited (HWL), which holds 57.82% of all voting shares in Hutchison, intends to take up its full entitlement under the Rights Issue. HWL will underwrite the outstanding balance.

The notes will be issued at a 60% premium to the 10 trading day volume weighted average price (VWAP) of Hutchison's shares for the period between 6 May 2002 to 17 May 2002, subject to a minimum issue price of $0.50 per note. Shareholders will be entitled to subscribe for up to approximately 1.77 notes for each Hutchison ordinary share held, subject to the final issue price and number of notes to be issued. The final issue price and related details of the Rights Issue will be announced on 20 May 2002.

The notes will have a term of five years and will pay interest at the rate of 5.5% per annum, paid semi-annually. If the conversion right is exercised, each note will entitle the holder of the note to one ordinary share in Hutchison.

Hutchison has appointed ABN AMRO Rothschild and Salomon Smith Barney as Joint Lead Managers for the Rights Issue.

The Rights Issue will require certain shareholder approvals, which will be put to the Company's shareholders at the Annual General Meeting (AGM) on 24 May 2002. An Explanatory Memorandum, setting out more details on the terms of the notes and details of the approvals required from shareholders, as well as an Independent Expert's Report, will be dispatched to shareholders by 23 April 2002.

Subject to such approval, the proposed timetable for the Rights Issue will be as follows:

This press release does not constitute an offer of notes. Subject to the outcome of the AGM, the notes referred to in this press release will be issued by Hutchison and a prospectus made available. Shareholders who want to acquire the notes will need to complete the entitlement and acceptance form that will be in or accompany the prospectus. The prospectus will be mailed to all eligible shareholders in June 2002.

For media enquiries please contact Marie Kelly, Director of Public Affairs at (02) 9964 4831
For investor enquiries please contact Karen Mazor, Investor Relations Manager at (02) 9964 4885

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