10:33     HUTCH TELECOM<02332> - Announcement (3)                             

    HTIL also has an additional economic interest in approximately            
    13.86% common stock of HMTL based on its minority equity interest         
    in the joint venture entities between the Kotak Mahindra Group            
    and the HTIL Group companies that, directly or indirectly, hold           
    equity interests in the relevant mobile telecommunications                
    operator.                                                                 
                                                                              
    INFORMATION ON THE VENDORS, HMTL, HETL, HTEL AND FASCEL                   
                                                                              
    Essar is a connected person of HTIL by virtue of being a                  
    substantial shareholder of HTEL and HETL. The Essar Group is              
    one of India's largest corporate houses with interests spanning           
    the manufacturing and service sectors in both old and new                 
    economies: steel, power, shipping, constructions, oil and gas             
    and telecom.                                                              
                                                                              
    JKF and UM Telematics are connected persons of HTIL by virtue             
    of being associates of the Kotak Mahindra Group, a substantial            
    shareholder of TII. TII is an indirect non-wholly owned                   
    subsidiary of HTIL. UM Telematics is also a substantial                   
    shareholder of HTEL and Fascel. The Kotak Mahindra Group is a             
    leading Indian financial services group specialising in banking,          
    insurance, stock broking, mutual funds and investment banking             
    and includes Kotak Mahindra Bank Limited, a bank listed on the            
    stock exchanges of India.                                                 
                                                                              
    IndusInd, is a connected person of HTIL by virtue of being a              
    substantial shareholder of Fascel. The Hinduja Goup provides              
    a wide range of products and services in over 50 countries in             
    three core areas: international trading; investment banking and           
    global investments.                                                       
                                                                              
    HMTL is a subsidiary of HTIL before the Consolidation and is              
    expected to remain a subsidiary after the Consolidation. For              
    the financial years ended 31 December 2002 and 31 December 2003,          
    the approximate net profits before and after taxation and                 
    extraordinary items of HMTL were as follows:                              
                                                                              
                                             HMTL                             
                                        Approximate                Approximate
                        net profits before taxation net profits after taxation
    Financial year ended    and extraordinary items    and extraordinary items
                                                INR                        INR
                                              (HK$)                      (HK$)
                                                                              
    31 December 2002                  1,054,396,000               983,565,000 
                                       (187,949,000)             (175,324,000)
    31 December 2003                  2,214,126,000             1,276,183,000 
                                       (394,675,000)             (227,484,000)
                                                                              
    The audited net asset value of HMTL as at 31 December 2003 was            
    INR 3,241,194,000 (approximately HK$577,753,000).                         
                                                                              
    For the financial year ended 31 December 2002, the approximate net profits
    before and after taxation and extraordinary items attributable to the     
    interests acquired, namely, 51.04% of HETL, 67.42% of HTEL and 51% of     
    Fascel respectively were as follows:                                      
                                                                              
                   51.04% of HETL  67.42% of HTEL  51% of Fascel              
    Approximate   Approximate   Approximate    Approximate net                
    Approximate   Approximate                                                 
    net profits before              net profits after   net profits before    
    profits (loss) after            net profits before  net profits after     
    Financial    taxation and       taxation and        taxation and          
                 taxation and            taxation and            taxation and 
    year ended   extraordinary items extraordinary items extraordinary items  
                 extraordinary items