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

CONNECTED TRANSACTION

The board of directors of the Company announces that Hutchison Telecommunications Limited, an indirect wholly owned subsidiary of the Company, has provided a guarantee in respect of the liabilities of Hutchison Telecommunications (Australia) Limited under a bid bond facility for A$116,250,000 taken out by it from an independent financial institution. Hutchison Telecommunications (Australia) Limited is a non wholly owned subsidiary of the Company listed on the Australian Stock Exchange, indirectly owned as to approximately 57.8% by the Company, directly owned as to approximately 12.5% by Leanrose Pty Limited and approximately 29.7% owned by the public.
Leanrose Pty Limited is a connected person of the Company by virtue of it being (i) a substantial shareholder of Hutchison Telecommunications (Australia) Limited and (ii) an associate of Mr. Barry-Roberts Thomson, who is a director of Hutchison Telecommunications (Australia) Limited. The guarantee constitutes a connected transaction of the Company for the purpose of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

THE GUARANTEE

Date: 14 February 2001

Parties

Guarantor: Hutchison Telecommunications Limited ("HTL"), an indirect wholly owned subsidiary of Hutchison Whampoa Limited (the "Company")

Beneficiary: A financial institution independent of the directors, chief executive and substantial shareholders of the Company, its subsidiaries and their respective associates (as defined in the Listing Rules) (the "Bank")

Purpose: To guarantee the obligations and liabilities of Hutchison Telecommunications (Australia) Limited ("HTAL") under a bid bond facility for A$116,250,000 (approximately HK$480,473,000) obtained by HTAL from the Bank (the "Guarantee") in support of HTAL's tender in an auction to acquire radio frequency spectrum licence in the 2.1GHz band in Australia (the "Auction"). HTL will receive a credit support fee from HTAL for rendering and maintaining the Guarantee.

REASONS FOR ENTERING INTO THE CONNECTED TRANSACTION

The directors of the Company (the "Directors") consider that the Guarantee is in the interests of the Company in that it provides support to HTAL in the Auction, giving the opportunity to HTAL to acquire additional spectrum for use on the proposed high speed data network without the requirement to build additional infrastructure.

The Directors, including the non-executive Directors, consider that the Guarantee is upon normal commercial terms and the terms of the Guarantee and the credit support fee are arrived at after arms-length negotiations between the parties and are fair and reasonable insofar as the shareholders of the Company are concerned.

GENERAL

HTAL carries on the business of providing telecommunications services in Australia. The Guarantee constitutes a connected transaction of the Company under the Listing Rules. The maximum exposure of HTL under the Guarantee is within the de-minimis exemption in respect of connected transactions under Rule 14.25(1) of the Listing Rules. Details of the transaction will be disclosed in the next annual report and accounts of the Company.

By Order of the Board
Edith Shih
Company Secretary

Hong Kong, 20 February 2001

22/F, Hutchison House, 10 Harcourt Road, Hong Kong. Tel: 2128 1188 Fax: 2128 1705
Website: http://www.hutchison-whampoa.com

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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Date:	14 February 2001
Parties
Guarantor:	Hutchison Telecommunications Limited ("HTL"), an indirect wholly owned subsidiary of Hutchison Whampoa Limited (the "Company")
Beneficiary:	A financial institution independent of the directors, chief executive and substantial shareholders of the Company, its subsidiaries and their respective associates (as defined in the Listing Rules) (the "Bank")
Purpose:	To guarantee the obligations and liabilities of Hutchison Telecommunications (Australia) Limited ("HTAL") under a bid bond facility for A$116,250,000 (approximately HK$480,473,000) obtained by HTAL from the Bank (the "Guarantee") in support of HTAL's tender in an auction to acquire radio frequency spectrum licence in the 2.1GHz band in Australia (the "Auction"). HTL will receive a credit support fee from HTAL for rendering and maintaining the Guarantee.