10:32     HUTCH TELECOM<02332> - Announcement (2)                             

    A description of the interest being transferred (column (2))              
    by each Vendor (column (1)) in return for new HMTL shares (column         
    (3)) at the agreed value set out in column (4) is set out below.          
                                                                              
    (1)              (2)               (3)                (4)                 
                                                          Aggregate price     
           Percentage interest    Percentage interest        at which new     
               in the relevant    in the total issued         HMTL shares     
                 company being  share capital of HMTL          are issued     
    Vendor         transferred    after Consolidation                 INR     
                                               (approximate amount in HK$)    
                                                                              
    Essar          49.03% of HETL       14.46%          12,303,492,407.40     
                                                        (2,193,136,000)       
    Essar          33.52% of HTEL        5.77%           4,909,268,069.77     
                                                          (875,092,000)       
    JKF             2.01% of HETL        0.59%             504,205,828.30     
                                                           (89,876,000)       
    UM Telematics  33.90% of HTEL        5.84%           4,965,625,037.11     
                                                       (885,138,000)          
    UM Telematics  21.00% of Fascel      3.58%        3,047,021,635.27        
                                                       (543,141,000)          
    IndusInd       30.00% of Fascel      5.11%        4,348,571,855.29        
                                                       (775,146,000)          
                                                                              
    The new HMTL shares have a par value of INR10 each (approximately         
    HK$1.78) and were issued at a premium of INR 237.99                       
    (approximately HK$42.42) each.                                            
                                                                              
    INTRA-GROUP TRANSACTIONS                                                  
                                                                              
    To effect the Consolidation, in addition to completing the                
    Transactions, HMTL also acquired from seven indirect wholly               
    owned subsidiaries of HTIL their entire respective interests              
    in HETL, HESL, HTEL and Fascel (namely, an aggregate of 48.96%            
    in HETL, 32.58% in HTEL, 49% in Fascel and 49% in HESL) in return         
    for the issue of an aggregate of 113,373,819 new shares in HMTL           
    at a par value of INR10 (approximately HK$1.78) and premium of            
    INR 237.99 (approximately HK$42.42) each.                                 
                                                                              
    The underlying valuations of the Indian Operating Companies for           
    effecting the Consolidation were arrived at based on a relative           
    valuation formula agreed among the parties after extensive arm's          
    length negotiations.                                                      
                                                                              
    All requisite Indian government and regulatory approvals,                 
    consent and permissions for effecting the Consolidation have              
    been obtained. The Consolidation was completed on 1 February              
    2005.                                                                     
                                                                              
    SHAREHOLDING STRUCTURE BEFORE AND AFTER THE CONSOLIDATION                 
                                                                              
    For the summary organisational chart was disclosed in the                 
    Prospectus showing the equity interests held by the major                 
    shareholders of the Indian Operating Companies before the                 
    Consolidation, please refer to the press announcement today.              
                                                                              
                                                                              
                                                                              
    Note:   An additional 0.01% interest has been acquired by HTEL            
    since the date of the Prospectus.                                         
                                                                              
    For the summary organisational chart shows the equity                     
    interests held in HMTL following the Consolidation,                       
    please refer to the press announcement today.                             
                                                                              
    Note:   In addition to the 42.34% equity interest in HMTL,