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Andala wins an Italian UMTS licence

Rome, Hong Kong, October 27, 2000 - Hutchison Whampoa subsidiary Andala 3G S.p.A., is pleased to announce that it has won a licence in the UMTS (Universal Mobile Telecommunications System) auction held by the Italian Government.

Andala successfully bid 4,700 billion Lire (approximately 2.428 billion Euros or HK$15.82 billion) for 10 MHz of paired spectrum, and 5MHz of unpaired spectrum, and 1,600 billion Lire (approximately 0.826 billion Euros or HK$5.38 billion) for an additional 5 MHz of paired spectrum available to Andala as a new entrant to the Italian mobile market.

Mr. Canning Fok, Group Managing Director of Hutchison Whampoa commented: "This represents an important step in our European 3G strategy where Italy is an important market with great potential. We are now well placed with our partners in Andala to create an exciting third generation business leading the way in product innovation and development as well as customer service".

The Managing Director of Andala, Renato Soru commented: " We are very pleased with the outcome of the auction. The Italian partners of Andala have proved to be a strong group and Hutchison is the best possible international partner. Hutchison contributed strong financial support and a proven ability to create a successful business from scratch. Moreover it has allowed Andala to participate in a wider European project. We are now looking forward to get on with the real job".

Mr. Rodolfo De Benedetti, Chief Executive Officer of CIR, commented: "Our strong commitment in developing a growing presence in new generation telecommunications business has been greatly enhanced by winning the UMTS licence. CIR is proud to be a significant partner of Andala and looks forward to benefitting from the synergies that the alliance with Hutchison Whampoa will bring in a highly strategic business for CIR shareholders not only in Italy, but in Europe as well."

Franco Bernab, Vice President of Andala commented: "A good part of the credit for our success, and all our gratitude, goes to the team that has been working on the project since the beginning."

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