3G Operator Makes Preliminary Filings for 3 Italia IPO

ASIA : Hutchison Whampoa Limited (“Hutchison”) today announced that an application to Consob* and Borsa Italiana** in connection with the listing on the Italian Stock Exchange of 3 Italia S.p.A. (“3 Italia”) was submitted on 20 September 2005.

This is the first step towards an initial public offering of 3 Italia shares which is planned to be launched subject to market conditions and to obtaining all requisite approvals and fulfilling all relevant conditions. Hutchison also confirmed that 3 Italia is being advised in connection with the planned IPO by a group of five international banks and two Italian banks who have also been conditionally designated as joint global coordinators for the planned Global Offering: Goldman Sachs International, HSBC Bank plc, JP Morgan, Merrill Lynch International, Morgan Stanley, Banca IMI and Banca Caboto (Gruppo Intesa). 3 Italia has also retained Lazard as its financial adviser for the planned IPO.

Hutchison’s Group Managing Director, Mr Canning Fok ( inset ), said, “The development of 3 Italia has been excellent. As indicated in our Chairman’s Statement issued on 25 August 2005, I am pleased to confirm that 3 Italia achieved positive EBITDA after all customer acquisition costs for the month of August.

“Given 3 Italia’s unprecedented progress both in terms of customer and market share growth and profitability milestones, our advisers are confident that an initial public offering of shares of 3 Italia can be achieved that will satisfy our objectives. Such an IPO will be commercially beneficial and exciting for 3 Italia and will also be highly beneficial to Hutchison as it will set a clear and positive market benchmark for measuring the value of all our Group’s 3G businesses. Of course, as Hutchison will remain as the major and controlling shareholder of 3 Italia following the planned offering, our shareholders will continue benefit from the expected strong ongoing development of 3 Italia’s business following the IPO. ”

3 Italia, currently a subsidiary of the Company (approximately 91% owned), is the holding company of the 3 Italia Group, which provides mobile telecommunications, mobile media and mobile Internet and data services to its customers under the trademark “3” in Italy. 3 Italia currently had a total of 4.522 million customers as of 24 August 2005.