For immediate release

[HONG KONG, 4 November 2004] AS Watson (ASW), the retail and manufacturing division of Hutchison Whampoa Limited (HWL), has won the "Top Retailer Gold Award - Hong Kong" in the inaugural Retail Asia Pacific Top 500 Awards organised by Asia Retail Publishing. The Group's subsidiaries Watsons Your Personal Store and PARKnSHOP supermarket were ranked amongst the Asia Top 10 retail companies in its respective retail category. [See Appendix 1]

Mr Ian Wade, Group Managing Director of AS Watson, said: "Retailing in Asia has been very competitive. We are delighted to be named 'Top Retailer in Hong Kong' which is a testament to our flexible and innovative operating strategy. Going forward, we will continue our proactive expansion around the globe, bringing to more customers fun and unique shopping experience."

The Retail Asia Pacific Top 500 Awards is the first-ever regional award of its kind, presented by Retail Asia Publishing (Organiser), Euromonitor International (Official Market Information Provider) and KPMG (Principal Programme Partner). Top 500 retail companies in Asia were ranked according to Euromonitor International's market research with Gold, Silver or Bronze Awards given to the top performing retail companies in 14 economies¹. Apart from the country/regional winners, the Asia Top 10 retail companies in seven retail formats² were also recognised by special certificates.

Remarks

¹ The 14 markets are Hong Kong, Mainland China, Taiwan, Japan, Korea, Singapore, Thailand, Malaysia, Indonesia, India, Vietnam, The Philippines and New Zealand

² The seven retail formats are "Convenience Stores", "Supermarkets", "Hypermarkets", "Department Stores", "Health & Beauty Specialists", "Specialty - Hardlines" and "Others"

About AS Watson

A wholly-owned subsidiary of Hong Kong-based conglomerate Hutchison Whampoa Limited, AS Watson (ASW) operates 13 retail brands with over 4,600 stores spanning from health & beauty chains to its food, electronics & general merchandise, and airport retail arms. Also an established player in the beverage industry, ASW provides a full range of beverages from bottled water, fruit juices, soft drinks and tea products to some of the world's finest wine labels via its international wine wholesaling and distribution network. ASW employs over 64,000 people and in 2003, its reported turnover was HKD 63 billion (approx. USD 8 billion).

[Appendix 1]

Top 10 Retailers - Hong Kong

1. AS Watson Group
2. Dairy Farm International Holdings
3. Aeon Stores (Hong Kong)
4. China Resources Enterprise
5. Broadway Photo Supply
6. Wheelock
7. Li & Fung (Retailing)
8. Dickson Concepts (International)
9. Sa Sa International Holdings
10. Wing On (Hong Kong)

"Health & Beauty Specialists" - Asia Top 10 Retailers

"Supermarket" - Asia Top 10 Retailers