HUTCHISON WHAMPOA LIMITED

AUDITED FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002

Inset is Cannung Fok Group MD of Hutchison Whampoa based in Hong Kong.

HIGHLIGHTS

* Profit attributable to shareholders, excluding exceptional gains,
increased 44%
* Earnings before interest expense and taxation ("EBIT") of HK$24,447
million, increase of 13%
* Operating business divisions all achieved EBIT growth
* 3G development completed and ready to start business in 2003
* Cash and liquid investments, at market value, totalled HK$130,267
million

CHAIRMAN'S STATEMENT

The Group's strong performance in 2002 reflects solid earnings growth with
all of the Group's operating business divisions reporting improved results
despite the continuing uncertain economic conditions and volatile markets.
In this challenging period, the Group focused on continuing to develop its
existing businesses while laying the groundwork for future growth and value
creation in the new 3G mobile multimedia telecommunication operations.

The telecommunication division's turnover of HK$13,367 million and EBIT of
HK$818 million, an increase of 17% and 14% respectively, reflect the results
of the Hong Kong mobile and fixed line operations, the Australian
operations, India, Israel and other 2G operations, and dividends received
from equity investments in Vodafone Group and Deutsche Telekom. Turnover
increased mainly due to continued strong subscriber growth in the 2G
operations in India and Israel. Currently, the Group's Hong Kong,
Australia, India, Israel and other 2G operations have over 6.1 million
subscribers, a growth of 34% from the beginning of the year. EBIT increased
14%, mainly due to improved results in Hong Kong, India and Israel and
increased dividends received on equity investments, partially offset by
losses in the listed Australian operations. The Group's 3G operations in
the UK, Italy, Sweden, Denmark and Austria along with the CDMA-1X operation
in Thailand were in a pre-operating investment phase in 2002 and the related
pre-operating expenses of HK$1,871 million which have been charged to the
profit and loss account, have been compensated for by the release of
provisions made in previous years.

In Hong Kong, the Group has maintained its position as the largest mobile
operator with approximately 1.7 million subscribers currently and an
approximate 28% market share. The 2G mobile operations successfully reduced
operating costs and reported a stabilisation of its average revenue per user
("ARPU") after several years of intense price competition, resulting in EBIT
well above last year. EBIT from the 2G operations more than covered the
pre-operating expenses of its 3G business. The construction of the 3G
network is on schedule and services are targeted to commence in June this
year. In October, the Group sold an effective 3.73% equity interest in the
Hong Kong 2G and 3G operations to a strategic partner, NEC Corporation,
reducing the Group's interests to 70.9%.

Hutchison Global Communications ("HGC"), formerly Hutchison Global Crossing,
which owns and operates a terrestrial fibre optic network in Hong Kong,
continued to grow its business and reported strong customer growth for its
broadband, data and voice services as well as its international bandwidth
business. HGC increased its duct routes to over 3,300 kilometres. HGC
reported improved operations, achieving its first month of EBIT in November
and reducing its full year loss before interest expense and taxation
("LBIT") by 49% on an annualised basis compared to last year.

In Australia, listed Hutchison Telecommunications Australia ("HTA")
announced a 44% increase in its net loss attributable to shareholders
compared to last year of A$197 million, which reflects reduced losses from
its existing 2G operations as a result of increased subscribers and ongoing
cost reduction initiatives, offset by pre-operating expenses of A$85 million
incurred as it builds its 3G network, which is scheduled to commence
operations in the first half of this year. Orange Mobile subscribers
increased by 37% from the beginning of the year to over 263,000 and the 2G
operation reached a milestone by reporting positive earnings before interest
expense, taxation, depreciation and amortisation ("EBITDA") in the second
half of the year.

The Group's 2G operations in India increased their combined subscriber base
by 80% from the beginning of the year to over 2.0 million currently. EBIT
decreased 15% reflecting continuing EBIT growth from the four existing
operations in Mumbai, Delhi, Kolkata and Gujarat, offset by start-up losses
from operations in the new licence areas in Andhra Pradesh, Karnataka and
the city of Chennai, which all launched GSM network services in June 2002.
The Indian operations continue to progress satisfactorily and are expected
to provide further growth in the future. In January 2003, an agreement was
reached to purchase, subject to regulatory approval, a licence to operate
cellular mobile telephone services in the state of Punjab.

In Israel, listed Partner Communications ("Partner") has continued to grow
its subscriber base, which at the end of 2002 totalled over 1.8 million, a
26% increase from the beginning of the year. Partner announced a milestone
first time profit attributable to shareholders of US$18 million for the
year, compared to a loss of US$69 million last year. During the year,
Partner's original 2G spectrum licence was extended for an additional
fourteen years to 2022 at no cost.

In Europe, the Group focused on finalising the deployment of networks,
integration of systems, final user testing and preparations for commercial
operations in its 3G businesses this year. In both the UK and Italy, the
teams have been working hard and are satisfied that the 3G networks in these
countries are now ready to provide quality services to customers.
Consequently, the 3G operations in both countries are now "open for
business". Handset pricing policies and tariff plans have been announced
and early customer responses have been encouraging. Hutchison 3G UK has
opened flagship 3 stores and other high street outlets and signed agreements
with major handset distributors. Hutchison 3G Italy has also established
its distribution channels, announced its handset pricing policies and tariff
plans and received enthusiastic customer interest. On 3 March this year,
the Group informed the market that the delivery of handsets would begin in
both the UK and Italy in mid-March and suppliers have committed to deliver
700,000 units by the end of May. 3G services in Sweden, Denmark and Austria
are scheduled to commence later this year. Through a rigorous review of
capital expenditure requirements, operating methods and costs, the Group is
projecting to reduce the aggregate peak funding requirement for its 3G
business through to 2005 by over Euro4,000 million (HK$31,000 million). By
the end of this year, approximately 100% of the licence costs and
approximately 70% of the capital expenditure requirements for the 3G
operations are expected to have been incurred, substantially completing the
3G telecommunication investment phase. The peak funding requirements for
both the UK and Italy operations are currently being met by mainly existing
non or limited recourse syndicated bank loans and matching loans from
equipment vendors. The Group expects to provide some further financial
support to its 3G businesses during their start-up phase and has substantial
liquid assets to cover any such requirements. As the 3G businesses move
from a development phase to full operations mode in 2003, the Group is
confident the services will be successfully received.

On 9 August 2002, the Group together with Singapore Technologies Telemedia
received the United State of America Bankruptcy Court's approval of an
agreement for each to invest US$125 million for a 30.75% interest in a newly
constituted Global Crossing Ltd ("GC") on its emergence from bankruptcy. GC
owns and operates an integrated global fiber-optic network that reaches 27
countries and more than 200 major cities around the globe. This transaction
is scheduled to be completed in the first half of 2003, subject to obtaining
regulatory approvals and satisfaction of other closing conditions.