10:07     HGC HOLDINGS<00757> - Announcement (2)                              

    is not only consistent with the requirements of the Takeovers             
    Code, but the Company will also gain the flexibility in managing          
    its capital structure whilst it considers either to issue such            
    notes or prepay the Credit Facility in the meantime. The                  
    Directors, including the Independent Non-Executive Directors,             
    believe the varied terms to be fair and reasonable and in the             
    interests of the Company's shareholders as a whole.                       
                                                                              
    In this announcement, the following expressions have the                  
    following meanings unless the context requires otherwise:                 
                                                                              
    "Board" the board of Directors;                                           
                                                                              
    "Company"       Hutchison Global Communications Holdings Limited, a       
    company incorporated in Bermuda, whose shares are listed on the           
    Main Board of the Stock Exchange;                                         
                                                                              
    "connected person"      has the meaning ascribed to that expression       
    in the Listing Rules;                                                     
                                                                              
    "Credit Facility"       the principal amount of each borrowing by the     
    Company under the Credit Facility Agreement or the principal              
    amount outstanding of that borrowing;                                     
                                                                              
    "Credit Facility Agreement"     the facility agreement dated 12           
    March 2004 and made between the Company and HIL pursuant to which         
    HIL agreed to provide an interest-bearing facility of up to HK$1          
    billion in principal amount to the Company or its subsidiaries;           
                                                                              
    "Directors"     directors of the Company;                                 
                                                                              
    "Facility Convertible Note"     shall have the meaning ascribed to        
    that expression in the Company's shareholders' circular dated             
    18 February 2004, subject to the modification that such note              
    is to be issued to HTIHK (or as it may direct) instead of HIL,            
    and "Facility Convertible Notes" shall be construed accordingly;          
                                                                              
    "HIL"   Hutchison International Limited, a wholly owned                   
    subsidiary of HWL;                                                        
                                                                              
    "Hong Kong"     the Hong Kong Special Administrative Region of the        
    People's Republic of China;                                               
                                                                              
    "HTIHK" Hutchison Telecommunications International (HK)                   
    Limited, a wholly owned subsidiary of HTIL;                               
                                                                              
    "HTIL"  Hutchison Telecommunications International Limited, a             
    company incorporated in the Cayman Islands, whose shares and              
    American depositary shares are listed on the Main Board of the            
    Stock Exchange and New York Stock Exchange, Inc. respectively;            
                                                                              
    "HTIL Prospectus"       the prospectus issued by HTIL dated 30            
    September 2004 for the global offering of its shares;                     
                                                                              
    "HWL"   Hutchison Whampoa Limited, a company incorporated in Hong         
    Kong, whose shares are listed on the Main Board of the Stock              
    Exchange;                                                                 
                                                                              
    "Listing Rules" Rules Governing the Listing of Securities on the          
    Stock Exchange;                                                           
                                                                              
    "Loan Facility Assignment"      the agreement dated 20 September          
    2004 pursuant to which HIL transferred to HTIHK all the benefit           
    and  interest of HIL in the Credit Facility (together with                
    interest accrued in respect thereof) and the Credit Facility              
    Agreement;                                                                
                                                                              
    "Stock Exchange"        The Stock Exchange of Hong Kong Limited;