OFFERING MEMORANDUM CONFIDENTIAL US$1,500,000,000 Hutchison Whampoa International (09) Limited (incorporated in the Cayman Islands with limited liability) 7.625% Guaranteed Notes due 2019 unconditionally and irrevocably guaranteed by Hutchison Whampoa Limited (incorporated in Hong Kong with limited liability) Offer Price: 99.676% plus accrued interest, if any Hutchison Whampoa International (09) Limited will issue US$1,500,000,000 principal amount of 7.625% guaranteed notes due 2019. The obligations of the Issuer will be unconditionally and irrevocably guaranteed by Hutchison Whampoa Limited. The notes will bear interest from and including April 9, 2009 at the rate set forth above, payable semi-annually in arrears on April 9 and October 9 of each year (commencing October 9, 2009). The notes will not be redeemable by the Issuer prior to maturity, except upon the occurrence of certain changes in the Cayman Islands, Hong Kong or PRC tax law requiring the payment of Additional Amounts as described therein. The notes will (subject to the lien covenant in the notes) be unsecured. Application will be made to the Singapore Exchange Securities Trading Limited (“SGX-ST”) for permission to deal in and the listing of the notes. See “General Information”. The SGX-ST takes no responsibility for the correctness of any statement made, opinion expressed or reports contained herein. Admission to the Official List of the SGX-ST and quotation of the notes on the SGX-ST is not to be taken as an indication on the merits of the Issuer, Hutchison Whampoa Limited or the notes. The notes are expected to be rated “A-” by Fitch Ratings Ltd., “A3” by Moody’s Investors Service Limited and “A-” by Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc. See “Ratings”. Investing in the notes involves risks that are described in the “Risk Factors” section beginning on page 18 of this offering memorandum. The notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction. Unless they are registered, the notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction. Accordingly, the notes are only being offered to “qualified institutional buyers” in reliance on Rule 144A under the Securities Act and non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. For further details about eligible offerees and resale restrictions, see “Transfer Restrictions”. It is expected that the notes will be ready for delivery through the facilities of The Depository Trust Company against payment in New York, New York on or about April 9, 2009. Joint Bookrunners and Joint Lead Managers Deutsche Bank Securities HSBC J.P. Morgan The date of this offering memorandum is April 6, 2009. 1 TABLE OF CONTENTS Page Summary ............................................................................................................................................................................1 Risk Factors......................................................................................................................................................................18 Use of Proceeds................................................................................................................................................................32 Exchange Rates ................................................................................................................................................................33 The Issuer.........................................................................................................................................................................34 Capitalization of Hutchison..............................................................................................................................................35 Selected Consolidated Financial Information of Hutchison.............................................................................................36 Management’s Discussion and Analysis of Results of Operations and Financial Condition of Hutchison ..................................................................................................................................42 Business of Hutchison......................................................................................................................................................66 Business Strategy .............................................................................................................................................................75 Operations ........................................................................................................................................................................77 Hong Kong.....................................................................................................................................................................140 Management of Hutchison .............................................................................................................................................141 Hutchison’s Connected Transactions..............................................................................................................................144 Description of the Notes and the Guarantee...................................................................................................................146 Taxation..........................................................................................................................................................................159 Plan of Distribution ........................................................................................................................................................162 Transfer Restrictions ......................................................................................................................................................166 Available Information.....................................................................................................................................................169 Ratings............................................................................................................................................................................169 Validity of the Notes and the Guarantee.........................................................................................................................169 Independent Auditor.......................................................................................................................................................169 General Information .......................................................................................................................................................170 Summary of Certain Differences between Hong Kong Financial Reporting Standards and U.S. GAAP ............................................................................................................................................................172 Consolidated Financial Statements of Hutchison........................................................................................................... F-1 Glossary of Certain Terms..............................................................................................................................................G-1 2 Except as discussed below, Hutchison Whampoa International (09) Limited (the “Issuer”) and Hutchison Whampoa Limited (“Hutchison” or the “Guarantor”) accept responsibility for the information contained in this document which is material in the context of this offering. To the best knowledge and belief of the Issuer and Hutchison (each of which has taken reasonable care to ensure that such is the case), the information contained in this document (subject as set out below in respect of information contained herein provided by other sources referred to herein) is in accordance with material facts and does not omit anything likely to materially affect the import of such information. The distribution of this offering memorandum and the offer and sale of the notes in certain jurisdictions may be restricted by law. Persons into whose possession this offering memorandum comes must inform themselves about and observe any such restrictions. This offering memorandum does not constitute, and may not be used for or in connection with, an offer to any person to whom it is unlawful to make such an offer or a solicitation by anyone not authorized so to act. Investors should rely only on the information contained or incorporated by reference in this offering memorandum. The Issuer and the Guarantor have not, and the Initial Purchasers (see “Plan of Distribution” for identities of Initial Purchasers) have not, authorized any other person to provide investors with different information. If anyone provides any investor with different or inconsistent information, such investor should not rely on it. The Issuer, the Guarantor and the Initial Purchasers are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. Each investor should assume that the information appearing in this offering memorandum is accurate only as of the date on the front cover of this offering memorandum or the date specifically referred to in its contents.