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HUTCHISON WHAMPOA LIMITED
(Incorporated in Hong Kong with limited liability)

ANNOUNCEMENT

VoiceStream Wireless Corporation and Deutsche Telekom AG entered into a definitive merger agreement today and subsidiaries of Hutchison Whampoa Limited (the "Company") are amongst owners of more than 50% of VoiceStream's outstanding shares to agree to vote in favour of the merger.

VoiceStream Wireless Corporation ("VoiceStream" which is NASDAQ listed) and Deutsche Telekom AG ("Deutsche Telekom" which is Frankfurt Stock Exchange and NYSE listed) jointly announced today the entering into of a definitive merger agreement. VoiceStream will become part of Deutsche Telekom's mobile telephony group and VoiceStream senior management will lead Deutsche Telekom's US mobile operations.

Under the terms of the merger agreement, each share of common stock of VoiceStream will be converted into the right to receive a combination of US$30 in cash and 3.2 Deutsche Telekom ordinary shares, subject to certain adjustments. VoiceStream shareholders may elect to receive in lieu of this combination either US$200 in cash or 3.7647 Deutsche Telekom ordinary shares for each common stock of VoiceStream held, subject to the election and proration procedure set forth in the merger agreement and subject to certain other possible adjustments. Based on current fully diluted VoiceStream shares, VoiceStream shareholders will receive in the aggregate approximately 829 million Deutsche Telekom shares and approximately US$7.8 billion.

The Company, through its wholly owned subsidiaries, controls approximately 22% of VoiceStream's common stock on a fully diluted basis. Such subsidiaries of the Company are amongst the owners of more than 50% of VoiceStream's outstanding shares to have agreed to vote in favour of the merger.

The transaction is subject to regulatory approvals, approval by VoiceStream stockholders, and customary closing conditions. It is expected to be completed in the first half of 2001.

At completion of the transaction, assuming an election of 3.2 Deutsche Telekom shares for each common stock held by the Company's subsidiaries, the Company would receive cash proceeds of over US$1.6 billion together with approximately 179 million Deutsche Telekom shares, representing approximately 4.6% of Deutsche Telekom's enlarged share capital as a result of the transaction. The Company made its investments in VoiceStream in 1998 and 1999 at an aggregate costs of approximately HK$10 billion.

By Order of the Board

Edith Shih
Company Secretary

Hong Kong, 24 July 2000

22/F, Hutchison House, 10 Harcourt Road, Hong Kong. Tel: 2128 1188 Fax: 2128 1705

Please also refer to the published version of this announcement in Hong Kong iMail and Sing Tao Daily.

Source: Hutchison Whampoa Limited

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