09:36     HUTCH TELECOM<02332> & HGC HOLDINGS<00757>-Ann. & Resumed-6         

    States absent registration or exemption from registration.                
                                                                              
    The cash consideration of HK$0.65 per Scheme Share under the              
    Cash Alternative of the Cancellation Consideration represents:            
                                                                              
    *       a premium of approximately 36.84% over the closing price of       
    HK$0.475 per HGCH Share as quoted on the Stock Exchange on the            
    HGCH Last Trading Day;                                                    
                                                                              
    *       a premium of approximately 44.61% over the average closing        
    price of approximately HK$0.449 per HGCH Share based on the daily         
    closing prices as quoted on the Stock Exchange over the 1 month           
    period from 29 March 2005 up to and including the HGCH Last               
    Trading Day;                                                              
                                                                              
    *       a premium of approximately 43.09% over the average closing        
    price of approximately HK$0.454 per HGCH Share based on the daily         
    closing prices as quoted on the Stock Exchange over the 12 month          
    period from 26 April 2004 up to and including the HGCH Last               
    Trading Day; and                                                          
                                                                              
    *       a premium of approximately 1797.81% over the audited              
    consolidated net asset value per HGCH Share of approximately              
    HK$0.034 as at 31 December 2004.                                          
                                                                              
    On the basis of the consideration of HK$0.65 per Scheme Share             
    under the Cash Alternative, the Proposal values the entire Scheme         
    Shares at (a) approximately HK$2,130,106,659 assuming none of             
    the Outstanding HGCH Share Options has been exercised prior to            
    the Record Date and all Scheme Shareholders elect for the Cash            
    Alternative under the Proposal; or (b) approximately                      
    HK$2,203,491,659 assuming all of the Outstanding HGCH Share               
    Options have been exercised prior to the Record Date and all              
    Scheme Shareholders elect for the Cash Alternative under the              
    Proposal. The Cancellation Consideration payable by HTIL in cash          
    under the Scheme and funds for repayment of any indebtedness              
    incurred pursuant to the HWL Vendor Share Arrangement will be             
    financed from external financing facilities.                              
                                                                              
    Whether the election of the Cancellation Consideration is in              
    a form of the Share Alternative or the Cash Alternative, the              
    implementation of the Proposal is not expected to have a material         
    financial impact on HTIL. ABN AMRO, the financial adviser to              
    HTIL, is satisfied that sufficient financial resources are                
    available to HTIL for the implementation of the Proposal.                 
                                                                              
    The value of HK$0.7048 per Scheme Share under the Share                   
    Alternative of the Cancellation Consideration represents:                 
                                                                              
    *       a premium of approximately 48.38% over the closing price of       
    HK$0.475 per HGCH Share as quoted on the Stock Exchange on the            
    HGCH Last Trading Day;                                                    
                                                                              
    *       a premium of approximately 56.81% over the average closing        
    price of approximately HK$0.449 per HGCH Share based on the daily         
    closing prices as quoted on the Stock Exchange over the 1 month           
    period from 29 March 2005 up to and including the HGCH Last               
    Trading Day;                                                              
                                                                              
    *       a premium of approximately 55.16% over the average closing        
    price of approximately HK$0.454 per HGCH Share based on the daily         
    closing prices as quoted on the Stock Exchange over the 12 month          
    period from 26 April 2004 up to and including the HGCH Last               
    Trading Day; and                                                          
                                                                              
    *       a premium of approximately 1957.81% over the audited              
    consolidated net asset value per HGCH Share of approximately              
    HK$0.034 as at 31 December 2004.                                          
                                                                              
    INFORMATION ON THE HGCH GROUP