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media release - Monday 20 August 2001

Hutchison Telecoms rejects media speculation

Over the weekend and early this morning there have been inaccurate media reports about the financial position of Hutchison Telecommunications. These reports resulted from comments made by the Australian Services Union regarding a delay in remuneration for a small number of Victorian employees last week.

In accordance with standard practice, salaries of $8.6 million were paid to 1,700 staff last week in a timely manner. The company experienced a one-off computer glitch which resulted in a 48 hour delay in the payment of $35,000 of commissions. Company management directly notified affected staff of the delay.

This was an isolated incident and media reports that the one-off commission payment delay was a prolonged issue are completely unfounded.

It has further been reported that our Brisbane office has been closed. Again, such a claim is completely unfounded.

Hutchison Telecoms has been providing communications services in Australia since 1989, and is backed by one of the largest and most successful companies in Asia, Hutchison Whampoa Limited (HWL). HWL has credit ratings of A(S&P)/A3 (Moody's) which are in the strong investment grade category. As the controlling shareholder, HWL owns 57.82% of HTAL. Mr Canning Fok, the Group Managing Director of HWL, is the Chairman of HTAL and HWL has four representatives on the seven member HTAL Board.

At 31 December 2000, HWL's assets totalled US$50.2 billion and Shareholders Funds were US$31.8 billion. For the year ended 31 December 2000, HWL generated NPAT before minority interests of US$4.54 billion on revenue of US$7.31 billion.

All media enquiries:

Marie Kelly. Director, Public Affairs, Hutchison Telecoms Tel: 02 9964 4831