09:07     CHEUNG KONG<00001> - Results Announcement (2)                       

                                                                              
    (ii)   In prior years, increases in valuations of investment properties   
    were credited to investment property revaluation reserve whereas decreases
    in valuations were firstly set off against revaluation reserve and        
    thereafter charged to the profit and loss account.  Deferred tax was      
    provided on the basis that the carrying amounts of investment properties  
    would be recovered through sale.  Following the adoption of HKAS 40 and   
    HKAS-Int 21, changes in fair value of investment properties are included  
    in the profit and loss account and deferred tax is provided on the basis  
    that the carrying amounts of investment properties will be recovered      
    through use.  These changes in accounting policies have been applied      
    retrospectively and the effects on the Group and jointly controlled       
    entities are as follows:-                                                 
                                    2004            2003                      
                                    HK$ Million     HK$ Million               
                                                                              
    Decrease in jointly controlled entities                                   
                                    (117)           (8)                       
    Increase in deferred tax liabilities                                      
                                    (85)            (59)                      
                                                                              
    Decrease in minority interests  4               4                         
                                    ----------------------                    
                                                                              
    Decrease in net assets          (198)           (63)                      
                                    ====================                      
                                                                              
                                                                              
    Increase in retained profits at 1st January,                              
                                                                              
                                    1,741           1,498                     
                                                                              
    Decrease in share of investment property revaluation reserve of jointly   
    controlled entities             (1,883)         (1,804)                   
                                                                              
    (Decrease)/increase in profit attributable to shareholders                
                                                                              
                                    (56)            243                       
                                                                              
                                    ---------------------------               
                                                                              
    Decrease in shareholders' funds (198)           (63)                      
                                    ==========================                
                                                                              
                                                                              
    Hutchison Whampoa Limited has (i) adopted Statement of Standard Accounting
    Practice Interpretation 22 "The Appropriate Accounting Policies for       
    Infrastructure Facilities"; and (ii) early adopted HKAS 36, HKAS 38, HKAS 
    40, HKFRS 3 and relevant interpretations. The adoption of these standards 
    has material effects on its profit attributable to shareholders, various  
    balance sheet items and opening shareholders' funds. The Group's share of 
    such effects has impact on the Group as follows:-                         
                                                                              
                                                                              
                                    2004            2003                      
                                    HK$ Million     HK$ Million               
                                                                              
    Decrease in associates          (2,408)         (3,258)                   
                                    ----------      ---------                 
    Decrease in net assets          (2,408)         (3,258)                   
                                                                              
                                    ==========      =======                   
                                                                              
    Decrease in retained profits at 1st January,                              
                                                                              
                                                    (3,258)         (1,908)   
                                                                              
    Increase/(decrease) in profit attributable to shareholders                
                                                                              
                                                    850             (1,350)   
                                                                              
                                                    -----------------------   
                                                                              
    Decrease in shareholders' funds                 (2,408)         (3,258)   
                                                                              
                                                    ========================  
                                                                              
                                                                              
    In summary, the Group's profit attributable to shareholders was increased 
    by HK$794 million for the year ended 31st December, 2004 and was decreased
    by HK$1,107 million for the year ended 31st December, 2003 (restated from 
    HK$9,815 million to HK$8,708 million); retained profits and reserves at 1 
    st January, 2004 were decreased by HK$1,517 million and HK$1,804 million  
    respectively; and retained profits and reserves at 1st January, 2003 were 
    decreased by HK$410 million and HK$1,665 million respectively.            
                                                                              
    The Group has already commenced an assessment of the impact of the other  
    new HKFRSs which have not been early adopted by the Group but is not yet  
    in a position to state whether these new HKFRSs would have a significant  
    impact on the Group's results and financial position.                     
                                                                              
    Certain comparative figures have been restated to conform with the current
    year's presentation.                                                      
                                                                              
    For more details, please refer to the press announcement today.