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For immediate release22-8-2000

Orange Partners with DLJHutchison direct
to Lead the Wave of M-Brokerage in Hong Kong

Exclusive to Orangeworld users for mobile brokerage and investment services

Orange and DLJHutchison direct today announced a partnership to bring secured online investment and brokerage solution to Hong Kong's mobile phone users via the Orangeworld wirefree internet service. DLJHutchison direct is a 50-50 online brokerage joint venture between DLJdirect and E-Commerce Resources (ECR), a wholly owned subsidiary of Hutchison Whampoa Ltd.

Exclusive for Orange, the partnership will enable WAP users access to DLJHutchison direct's full range of online brokerage and investment services whenever and wherever they want. The DLJHutchison direct online trading platform also features proprietary technologies to ensure secured and reliable trading information and transactions at all times.

One-stop solution for mobile investment services

A broad array of online investment solutions including online financial contents for both local and international markets is now available for Orange users. Along with the most up-to-date financial content from renowned partners such as Reuters and Infocast, Orange users can also obtain Hong Kong stocks quotes, market index details plus information on top five stocks by volume and turnover, top five gainers and losers by percentage of the day, as well as top five gainers and losers by percentage and stock price in the NYSE, NASDAQ and AMEX market on-the-fly.

Other online investment services such as bilingual service, real-time quotes and online trading for both local and international markets via WAP phones will also be available in the fourth quarter this year.

Award-winning platform for secured online trading

As one of the world's premier online brokerage firms, DLJHutchison direct's online trading platform features DLJdirect's advanced technologies to ensure utmost site reliability and secured trading services. In the US, DLJdirect has earned the top ranking for site reliability in TheStreet.com's Online Broker Survey 2000, the biggest on-line broker survey to date.

The DLJHutchison direct trading platform is also equipped with award-winning investment management and online trading software, including the state-of-the-art SSL encryption technology for users to log into the network, which ensures maximum trading security. The same level of security measure is deployed for all delivery channels including the WAP platform.

"Combining DLJHutchison direct's leading edge online trading experience with our top-quality mobile infrastructure and services, Orange users are now able to take total control of their investment portfolio and trade execution anytime, anywhere, " said Stephen Ngan, Deputy Managing Director and Sales & Marketing Director (Wireless) of Hutchison Telecom. "With mobile Internet becoming an indispensable part of our lives, we will continue rolling out innovative and convenient WAP services to make every possibility in mobile communications a reality for Orange users."

"We are delighted to work with Orange to make DLJHutchison direct's proven online trading services accessible to mobile users in Hong Kong," said Rosemary T. McFadden, Director, Global Business Development of DLJdirect and a member of the Board of DLJHutchison direct. "The new delivery channel is going to revolutionize the entire brokerage industry as investors will be able to seamlessly connected to the stock markets around the world, regardless of time and location. Together with Orange, DLJHutchison direct is leading the wave of m-brokerage in Hong Kong."

Orangeworld Users Enjoy Early Bird Special Offer

Orangeworld users can now register with DLJHutchison direct via their WAP phones and enjoy an early bird special offer*, an 18-month waiver on the standard WAP monthly service charge.

* Users need to complete a "stock trade" with DLJHutchison direct or deposit a minimum amount of HK$10,000 in order to enjoy the early bird special offer.

About Hutchison Telecommunications (Hong Kong) Limited

Hutchison Telecom is the largest mobile phone operator in Hong Kong with a subscriber base of over 1.5 million, representing the largest share of the local market. Hutchison Telecom unveiled it's world-first CDMA commercial network in 1995 and its Asian first Dual Band GSM network in 1998. In May 2000, Hutchison Telecom launched the Orangeworld wirefree internet service as a groundbreaking initiative in the development of the mobile internet market in Hong Kong. Hutchison Telecom is actively expanding further its portfolio of service offerings in mobile internet, high-speed data communications and m-commerce services, as well as developing IS95B and GPRS technologies, as part of its migration to 3G. For more information about Hutchison Telecom, please visit the Company's website: www.orangehk.com

About DLJ Hutchison direct

DLJHutchison direct, is a 50-50 joint venture between DLJdirect and E-Commerce Resources Limited (ECRL), a wholly owned subsidiary of Hutchison Whampoa Ltd. The joint venture agreement extends throughout Asia to Hong Kong and mainland China, Thailand, Singapore, Malaysia, the Philippines, Taiwan and Indonesia. As the leading online financial services provider, DLJHutchison direct will offer a broad range of investment products and services to self-directed investors through multiple channels including Internet, WAP and Investor Services Representatives at the Call Center. DLJHutchison direct is targeted to launch its service in October.

About DLJdirect

DLJdirect is one of the world's premier online brokerage firms offering a diversified range of investment products and services to sophisticated, self-directed investors. As of June 30, 2000, DLJdirect had nearly one million worldwide customer accounts representing nearly $28 billion in assets. Headquartered in Jersey City, NJ, with offices in Parsippany, NJ, Charlotte, NC, Delray Beach, FL, Sandy City, UT, London, Tokyo, Hong Kong, and Dubai, DLJdirect employs more than 1,500 people. DLJdirect trades on the New York Stock Exchange under the ticker symbol "DIR" as a tracking stock of Donaldson, Lufkin & Jenrette. For more information on DLJdirect, visit the company's Web site at www.DLJdirect.com.

About Donaldson, Lufkin & Jenrette

Donaldson, Lufkin & Jenrette (DLJ), is a leading integrated investment and merchant bank serving institutional, corporate, government and individual clients. DLJ's businesses include securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; online, interactive brokerage services; and asset management. Founded in 1959 and headquartered in New York City, DLJ employs approximately 11,300 people worldwide and maintains offices in 13 cities in the United States and 16 cities in Europe, Latin America and Asia. The company has two classes of common stock trading on the New York Stock Exchange. Shares trading under the ticker symbol "DLJ" represent Donaldson, Lufkin & Jenrette, Inc. Shares trading under the ticker symbol "DIR" track the performance of DLJdirect, its online brokerage business. For more information on Donaldson, Lufkin & Jenrette, refer to the company's World Wide Web site at www.DLJ.com. The firm's world headquarters are located at 277 Park Avenue, New York, NY 10172.

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For further enquiries:
Frances Ng
Hutchison Telecom
Tel: (852) 2128 6739     Fax: (852) 2123 1257
Email: francesng@hthk.com

Oliver Ng
DLJHutchison direct
Tel: (852) 2127 7527     Fax: (852) 2127 7588
Email: oliver.ng@dljhutch.com