09:43     HUTCHISON<00013> - Announcement (4)                                 

    In this announcement, the following expressions have the                  
    meanings set out below unless the context requires otherwise:             
                                                                              
    "Agreements"    the agreements dated 14 January 2005 entered into         
    by AS Watson (France) and AS Watson with (i) the Family                   
    Shareholders and Marionnaud and (ii) CAPE relating to the Offer           
                                                                              
    "AMF"   Autorite des Marches Financiers, an independent public            
    body overseeing financial market regulation in France                     
                                                                              
    "AS Watson"     A. S. Watson & Co., Limited, an indirect wholly           
    owned subsidiary of the Company                                           
                                                                              
    "AS Watson (France)"    AS Watson (France) SAS, a company                 
    incorporated under French laws                                            
      or the "Offeror"      and an indirect wholly owned subsidiary of        
    the Company                                                               
                                                                              
    "AS Watson Group"       companies in the HWL Group (including AS          
    Watson) comprising the retail and manufacturing division of the           
    HWL Group                                                                 
                                                                              
    "CAPE"  CAPE Holding                                                      
                                                                              
    "Directors"     directors of HWL                                          
                                                                              
    "Family Shareholders"   Mr. Marcel Frydman, the current Chairman          
    and Chief Executive Officer of Marionnaud, Mr. Gerald Frydman,            
    the current Managing Director and Chief Financial Officer of              
    Marionnaud and Mrs. Lydie Frydman, currently a director of                
    Marionnaud                                                                
                                                                              
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative Region of the        
    People's Republic of China                                                
                                                                              
    "HWL" or the "Company"  Hutchison Whampoa Limited, a limited              
    liability company incorporated in Hong Kong, the shares of which          
    are listed on the Main Board of the Stock Exchange                        
                                                                              
    "HWL Group"     HWL and its subsidiaries                                  
                                                                              
    "Listing Rules" Rules Governing the Listing of Securities on the          
    Stock Exchange                                                            
                                                                              
    "Marionnaud"    Marionnaud Parfumeries SA, a societe anonyme listed       
    on the Premier Marche of Euronext Paris                                   
                                                                              
    "Marionnaud Group"      Marionnaud and its subsidiaries                   
                                                                              
    "Marionnaud Shares"     shares with a nominal value of EUR3.5 each        
    of Marionnaud                                                             
                                                                              
    "OCEANE"        outstanding bonds in the principal amount of              
    EUR172,500,000 convertible or exchangeable into new or existing           
    Marionnaud Shares issued by Marionnaud in February 2002                   
                                                                              
    "Offer" offer made by AS Watson (France) for all of the issued            
    Marionnaud Shares and the OCEANE as at 14 January 2005                    
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited           
                                                                              
    "HK$"   Hong Kong dollars, the lawful currency of Hong Kong               
                                                                              
    "EUR"    Euros, the lawful currency of the European Union                 
                                                                              
    Note:   The figures in e are translated into HK$ at the rate of           
    EUR1 = HK$10.3 throughout this announcement for indication purposes only. 
                                                                              
    By Order of the Board                                                     
                                                                              
    Edith Shih                                                                
    Company Secretary                                                         
                                                                              
    Hong Kong, 14 January 2005                                                
                                                                              
    22/F, Hutchison House, 10 Harcourt Road, Hong Kong. Tel: 2128             
    1188  Fax: 2128 1705                                                      
    Website: www.hutchison-whampoa.com