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Transcription:

1 2 2016 4 9 10 11 14 20 35 44 208 A1

Now TVViu OTT (over-the-top) 25,000 0008 OTC Markets Group Inc.PCCWY 2016 1

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8 2016 6 30 ViuTVViuTVsix 962017 3 31 Now TV 2018 Smart Charge (HK) Limited 9 MOOV 11 Ultra Express Link Viu OTT 400 10 12 2016 3

10 Plus 201625 48 2016 10,000 2016 I.T. 2015 2016 500 2016 2016 IT 2016 2016 2016 Cloud Excellence Awards 2016 Best Platform-as-a-Service Computerworld Hong Kong Awards 2016 IT Outsourcing & Managed Service Provider Platform-as-a-Service Provider 2016 Now TV Now TV Viu Now TV APAC CIOoutlook Frost & Sullivan Job Market PCM Cloud Tech Forum Computerworld Hong Kong SOS Viu OTT 2016 4 2016

e2016 GoHome Awards 2016 2015 2016 50 20-50 2016 2016 IBM 2015 2016 IT Square 2015 Now TV Now TV Now TV Viu e-zone GoHome IBM 2016 5

2016 Marketing Excellence Awards 2016 Excellence in Data-driven Marketing 2015 2015 2016 2016 ViuTV Now TV Now TV Now TV Marketing Magazine 2015 Now TV2015 15 6 2016

2016 International Awards Group Gold World Medal Gold World Medal Oracle Excellence Awards APAC 2015 CIO PCM Biz. IT Excellence 2016 PCM IT Solution Excellence PromaxBDA Asia 2015 Promax Asia Best Entertainment Promo Gold Award Best News/Current Affairs Promo Silver Award PromaxBDA Asia 2016 Promax Asia Best In-house Station Image Silver Award ViuTV SAP2016 SAP Oracle Excellence Awards APAC ViuTV PromaxBDA Asia 2016 Best In-house Station Image Silver Award 2016 7

SAP 2016 SAP 2015-16 2015-16 2016 2016 Telecom Asia Awards OTT 2015 TOUCH Brands 2016 Touch Brands Award 2015 2016 VMware Yahoo Big Idea Chair2016 Now TV Viu SAP SAP Telecom Asia TOUCH VMware 8 2016

2016 12 31 2015 2016 * 39,149 38,210 165 174 39,314 38,384 (18,965) (17,743) (14,534) (15,114) 135 32 87 52 (1,634) (1,429) 52 66 (15) (21) 4,440 4,227 (447) (395) 3,993 3,832 2,295 2,051 1,698 1,781 30.58 26.79 30.54 26.76 7.96 8.16 17.04 20.17 EBITDA 1 EBITDA* 12,139 12,506 (261) (280) 11,878 12,226 * 351 38 2016 9

10 2016 2016 12 31 Now TV OTT Viu 2015 OTT 18 1,000 ViuTV2016 4 ViuTVsix 2017 3 31 D-Infinitum 2016 8 40 7 2017 OTT Viu OTT ViuViuTV 2017 2017 1 16

OTT 40 1,200 2000 (Forbes Global 2000) 690 Now TVOTT ViuMOOV Now TV Now TV Now One 4KNow One Now TVOTTNetflix OTTViu Viu OTT 181,000 Viu Viu Telecom Asia OTT Frost & Sullivan 2016 2016 9 MOOV150 OTT 2016 4 6 ViuTV99 2017ViuTV ViuTVsix2017 3 3196 ViuTVsix 2016 11

2016 2016 6 D-Infinitum D-Infinitum 4080 201670120 CMMi Level 5 SAP IBM 2016 2015CSL 2016 8 Smart Charge (HK) Limited 12 2016

40 7 FWD Northstar Group 2017 2017 2016 2019 2017 1 16 2016 13

14 2016 522010 5 2007 4 2006 92007 4 2009 72011 11 1999 9Cable & Wireless HKT Limited 552014 7 FWD IIMA 15Infosys Infosys Limited Infosys Lodestone Infosys 14 EBA 501999 8 2011 11

652002 9 Pritchard Englefield & Tobin 1979 1980 1991 1975 KBE, LVO 812002 6 1972 20 1982 Royal College of Defence Studies 19861993 1997 GBS 79 2009 92011 3 2011 3 1996 2009 6 AIG2001 2009 6AIG Life Insurance 20002009 6 20052015 4 The Philippine American Life and General Insurance Company AIG PineBridge Investments Asia Limited Bridge Holdings Company Limited 2004 6 2014 7 2001 1960 1998 2002 2003 2016 15

16 2016 592014 8 2005 12 2016 10 2006 4 2006 42008 102014 8 2016 10 2009 22016 10 2000 2005 1982 2002 2008 542007 7 2009 22011 3 2007 1 2005 9 2006 122008 3 2005 10 2003 102005 8 2001 11 2003 10 2004 1988 522008 5 2011 11 2007 12 1992 2001 2005 1985

46 2011 11 2012 5 20 2011 IVision Knight Capital (China) Fund I, L.P. B2B 2007 2012 6 20002002 Kingfisher plc 20022006 2003 2006 19982000 19951998 500.com Limited 2010FinanceAsia GBM, GBS, OBE, JP, MA Cantab. (Economics & Law), Hon. LLD (Cantab), Hon. DSc. (Imperial), Hon. LLD (Warwick), Hon. DBA (Edinburgh Napier), Hon. D.Hum.Litt (Trinity, USA), Hon. LLD (Hong Kong), Hon. DSocSc (Lingnan), Hon. DLitt (Macquarie), Hon. DSocSc (CUHK), FCA, FCPA, FCPA (Aust.), FCIB, FHKIB, FBCS, CITP, FCIArb, Officier de l Ordre de la Couronne, Grand Officer of the Order of the Star of Italian Solidarity, The Order of the Rising Sun, Gold Rays with Neck Ribbon, Commandeur dans l Ordre National de la Légion d Honneur 772000 10 1987 11 2000 8 Cable & Wireless HKT Limited CaixaBank, S.A. 19852012 2016 17

702004 2 2003 12 19461967 1985 1991 1998 1999 2003 12 Vedanta Resources plc Tata Consultancy Services Limited Godrej Consumer Products Limited Wockhardt Limited Max Financial Services Limited Max India LimitedCairn India Limited Emaar MGF Land Limited Jet Airways (India) Limited ING Groep N.V. Prudential Financial, Inc. 552012 3 Good Harbour Finance Limited 1988 Weatherite Manufacturing Limited 2000 18 2016

Bryce Wayne LEE 512012 5 Silver Lake Kraftwerk Credit Suisse Group AG Forbes 19 887 Lars Eric Nils RODERT Rodert552012 11 RodertÖstVāst Capital Management 2013 4 Brookfield Property Partners L.P. 2010 12 2013 4 Brookfield Infrastructure Partners L.P. Inter IKEA Treasury SEB Asset Management Rodert David Christopher CHANCE Chance592013 11 ChanceModern Times Group MTG ABTop Up TV Ltd. 2003 2011 Top Up TV Ltd. 19931998 British Sky Broadcasting Group plc ITV plc O2 plc 2016 19

Now TVOTT (over-the-top) 2016 12 31 4573 20 2016

4573 2016 12 31 7481 16 1419 www.pccw.com 20162016 5 5 2016 21

2016 20161 4/4 1/1 1/1 4/4 1/1 4/4 1/1 4/4 1/1 3/4 1/1 4/4 1/1 2/4 2 1/1 2/4 3 0/1 1/1 1/4 0/3 0/1 4/4 3/3 1/1 4/4 1/1 3/3 1/1 4/4 3/3 1/1 3/3 1/1 4/4 1/1 3/3 1/1 Bryce Wayne Lee 4/4 3/3 3/3 1/1 Lars Eric Nils Rodert 4/4 3/3 1/1 David Christopher Chance 4/4 1/1 1. 2. 3. 22 2016

3.133.13 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 52 2016 12 31 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2016 12 31 2016 23

24 2016

2003 5 www.pccw.com/ir www.hkexnews.hk Bryce Wayne Lee 2016 25

2016 22 2016 (i) 2015 (ii) 2016 (iii) 2016 (iv) (v) (vi) 201611 2003 5 2017 1 16 26 2016

2016 22 2016 (i) (ii) 2016 (iii) (iv) 2016 12 31 2,900 300 200 2016 27

2017 1 16 2017 Bryce Wayne Lee Lars Eric Nils Rodert 2016 22 2016 (i) 2015 12 31 (ii) 2015 12 31 2016 (iii) (iv) 2015 12 31 (v) (vi) 2016 6 30 (vii) 2016 6 30 (viii) 2016 12 31 (ix) 2016 (x) 2016 12 31 (xi) 20162017 28 2016

(xii) 2015 12 312016 6 30 (xiii) (xiv) 2019 12 31 (xv) (xvi) 2015 12 31 (xvii) 2016 12 31 2016 29

30 2016

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2016 8 2016 12 3115 97941 +852 2962 5725 co.sec@pccw.com www.pccw.com/ir 2016 33

208 20 2016 12 31 2017 1 16 34 2016

382.10 347.85 383.84 349.59 EBITDA 125.06EBITDA 122.26 23.88 20.51 26.79 20.17 2016 12 31 2016 12 31 382.10 EBITDA 125.06 CSL Holdings LimitedCSL OTTover-the-top 2016 12 31 383.84EBITDA 122.26 20.5126.79 2016 12 31 20.17 EBITDA EBITDA 2016 35

2017 OTT 2017 Now TV 2016 2017 36 2016

2015 2016 12 31 15,974 18,755 34,729 16,388 17,459 33,847 (3)% Now TV 1,425 1,513 2,938 1,391 1,509 2,900 (1)% OTT 165 267 432 271 312 583 35% 52 108 160 1,500 2,094 3,594 1,587 2,235 3,822 6% 25 34 59 30 30 60 2% (1,106) (1,497) (2,603) (1,310) (1,852) (3,162) (21)% 17,983 21,166 39,149 18,409 19,801 38,210 (2)% 99 66 165 115 59 174 5% 18,082 21,232 39,314 18,524 19,860 38,384 (2)% (8,027) (10,938) (18,965) (8,494) (9,249) (17,743) 6% (4,372) (4,099) (8,471) (4,421) (3,994) (8,415) 1% EBITDA 1 5,770 6,330 12,100 5,865 6,819 12,684 5% Now TV 207 284 491 184 229 413 (16)% OTT (17) (41) (58) (109) (126) (235) (305)% (8) (32) (40) (68) (115) (183) (358)% 246 442 688 254 507 761 11% (324) (386) (710) (304) (408) (712) 0% (90) (242) (332) (92) (130) (222) 33% EBITDA 1 5,784 6,355 12,139 5,730 6,776 12,506 3% (101) (160) (261) (121) (159) (280) (7)% EBITDA 1 5,683 6,195 11,878 5,609 6,617 12,226 3% EBITDA 1 32% 30% 31% 31% 34% 33% EBITDA 1 31% 29% 30% 30% 33% 32% (2,930) (3,130) (6,060) (3,208) (3,494) (6,702) (11)% 4 (7) (3) 2 1 3 60 75 135 (53) 85 32 (76)% 35 52 87 27 25 52 (40)% (764) (870) (1,634) (627) (802) (1,429) 13% 13 24 37 19 26 45 22% 2,101 2,339 4,440 1,769 2,458 4,227 (5)% 2016 37

1 EBITDA EBITDA EBITDA 2 3 2015 2016 12 31 15,974 18,755 34,729 16,388 17,459 33,847 (3)% EBITDA 1 5,770 6,330 12,100 5,865 6,819 12,684 5% EBITDA 1 36% 34% 35% 36% 39% 37% 1,953 2,140 4,093 2,051 2,632 4,683 14% 2016 12 31 2016 12 31 338.47 304.22 EBITDA 126.84 2016 12 3146.83 2016 12 31 34.76 2016 61.85 2017 1 132016 38 2016

Now TV 2015 2016 12 31 Now TV 1,425 1,513 2,938 1,391 1,509 2,900 (1)% Now TVEBITDA 1 207 284 491 184 229 413 (16)% Now TVEBITDA 1 15% 19% 17% 13% 15% 14% Now TV Now TV 2016 12 1,303,000 2016 12ARPU 192 Now TV2016 Now TV Now TV 29.38 29.00 EBITDA4.13 4.91 EBITDA Now TV OTT 2015 2016 12 31 OTT 165 267 432 271 312 583 35% OTTEBITDA 1 (17) (41) (58) (109) (126) (235) (305)% OTTOTTOTT 4.32 5.83OTT 2016OTT 182016 12 1,000freemium Freemium 121.2 1.6 3.86 MOOV OTT 2016 EBITDA 2.35 OTT 2016 39

2015 2016 12 31 52 108 160 EBITDA 1 (8) (32) (40) (68) (115) (183) (358)% 1.60 2016 4 1.83EBITDA ViuTV ViuTV ViuTVsix2017 3 31 96 2015 2016 12 31 1,500 2,094 3,594 1,587 2,235 3,822 6% EBITDA 1 246 442 688 254 507 761 11% EBITDA 1 16% 21% 19% 16% 23% 20% 2016 12 31 35.9438.22 ERP 2016 12 31 2016 12 31 EBITDA 6.88 7.61 2016 12 31 65.83 40 2016

2016 12 31 1.74EBITDA2.80 2015 1.65 EBITDA 2.61 (Pacific Century Place Jakarta)2016 7 31 2017 FWDNorthstar Group 2017 2019 Relish2016 12 31 6,0002015 5,900Relish2016 7.1220157.10 2016 12 3131.62 201526.03 2017 1 162016 2015 2016 12 31 6,544 8,995 15,539 6,973 7,472 14,445 7% 8,003 10,908 18,911 8,457 9,230 17,687 6% 8,027 10,938 18,965 8,494 9,249 17,743 6% 2016 12 31 144.452016 2016 2016 12 31 177.43 2016 41

84.15 CSLOTT 2016 12 31 2015 60.60 67.02 CSL CSL OTT 3.96 2016 12 31 151.14 EBITDA 1 2016 12 31EBITDA 125.06 EBITDA EBITDA 122.26 2016 12 315,200 14.29 2015 72016 255.25 54.25 2016 2016 12 31 13.77 2016 2015 2016 12 31 17.81 201516.98 2016 12 31 20.51201522.95 2016 7 103.00 7.50 2016 12 31 2 464.282015 12 31 427.222016 8 19.50 2016 12 31 52.10 2015 12 3175.04 2016 12 31 387.86131.33 271.8160.38 2016 12 31 2 2015 12 31 2016 12 31 3.95 4.47 2015CSL 2016 42 2016

HONG KONG TELECOMMUNICATIONS (HKT) LIMITED 2016 12 31 Hong Kong Telecommunications (HKT) Limited Moody s Investors Service Standard & Poor s Ratings Services Baa2BBB 3 2016 12 31 32.27201535.34 20162015 2016 12 31 2016 12 3133.73 201522.42 1.61 20151.61 12 31 2015 2016 2,391 923 90 76 2,481 999 2016 12 3144 25,000201525,400 EBITDA 2017 3 24 2016 12 31 20.17201517.04 2017 3 17 2016 10 2016 6 30 8.16 20157.96 2016 43

45 74 82 83 84 86 89 90 207 44 2016

2016 12 31 21 23 7 2016 1011133543 2016 45

20 37 46 2016

106562 362619 486584 2016 2016 4 2016 47

8Smart Charge (HK) Limited 2016 11 201612 2016 Powerb@seISO 14001 Powerb@se MCX10 LEED LEED 2016 PT Prima Bangun Investama 48 2016

2016 50 The Club 2,000 IT Girls Go Tech 2615 201610,0002015 201510,000 2016 10 2016 2016 49

106562 362 619 48658457 100 100 2015 42016 4 50 5 2015 12 3 50 2016

2016 12 3182 2016 108.162015 7.966.29 2016 12 3120.172015 17.04 207 15 17 25(f) 26 (i)2015 12 31 17.042016 6 30 8.16 5.0964.952 88,287,570 (ii)100,00010,000,000 29 2016 51

32 2016 12 31 KBE, LVO GBS GBM, GBS, OBE, JP Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 101David Christopher Chance www.pccw.com 52 2016

3.133.13 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2013 2 15PCRD Services Pte Ltd PCRD Services KSH Distriparks Private LimitedKSHPasha Ventures Private Limited Pasha VenturesAkash MehtaMehta Sky Advance Associates LimitedSky Advance Akash MehtaPasha Ventures KSH 2012 3 11PCRD Services Akash MehtaPasha Ventures KSH PCRD Services Sky AdvancePasha Ventures KSH Pasha Ventures 2013 6PCRD Services Sky Advance Mehta KSHKSH KSH PCRD Services KSH 3.13 (i)kshkshksh (ii)ksh (iii)akash Mehta 2016 53

2016 12 31352 XV 1. 307,694,369 1(a) 1,928,842,224 1(b) 2,236,536,593 28.97% 103,799 362,273 2 466,072 0.01% 3,464,886 1,404,388 2 4,869,274 0.06% 992,600 3(a) 511 3(b) 993,111 0.01% 367,479 4 367,479 0.005% 1,132,611 1,132,611 0.01% 1. (a) Chiltonlink LimitedChiltonlink Pacific Century Diversified LimitedPCD269,471,956 Eisner Investments LimitedEisner38,222,413 Chiltonlink Eisner 54 2016

1. 1. (b) (i) 175,312,270 175,312,270 (ii) 1,753,529,954 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington Limited 1,753,529,954Hopestar Holdings Limited 2. 3. (a) (b) 4. 2. 66,247,614 1(a) 144,786,423 1(b) 211,034,037 2.79% 116,350 2 116,350 0.002% 1,870,653 938,396 3 2,809,049 0.04% 50,924 4(a) 25 4(b) 50,949 0.0007% 246,028 5 246,028 0.003% 200,000 200,000 0.003% 2016 55

2. XV (a) 0.0005 (b) 0.0005 2011 11 7 1. (a) PCD20,227,614Eisner46,020,000 (b) (i) 13,159,619 13,159,619 (ii) 131,626,804 131,626,804 2. 3. 4. (a) (b) 5. 2016 12 31 XV 352 56 2016

1. A. 2014 5 820142014 2014 (1) 2014 (2) 2014 (3) 2014 2014 2014 2014 728,229,465 (4) 201412 500 (5) 20142014 201410 (6) 201414 2016 57

1. A. (7) (i)(ii) 5 (8) 2014 2014 10 2014 20142016 12 31 B. (i)(ii) 58 2016

1. B. (i) (ii) 2012 11 152012 11 15 10 2016 12 314,546,3611,123,994 258,475116,350 913,720154,022 4,033,838 30,05299,453 2016 12 317,505,8231,184,782 2016 12 313,714,867 431,9994,044,8932016 12 31 5,298,6752016 12 31 2016 1 12016 12 31 12,804,4981,184,782 31(b) 2016 59

2. A. 2011 11 7 2011202120112021 20112021 (1) 20112021 (2) (a) (b) (c) 20112021 (3) (i) 20112021 20112021 (ii) (i) 20112021 2011 11 29 (iii) 20112021 20112021 20112021 641,673,079 (4) 2011202112 20112021 500 60 2016

2. A. (5) 20112021 20112021 2011202110 (6) 1.00 20112021 (7) (i) (ii)5 (iii) (8) 2011202120112021 10 20112021 201120212016 12 31 B. 2011 10 11 (a)(b) 2016 61

2. B. (i) 20112021 (ii) (i)(ii) (i) (ii) (a)(b) (c)10 62 2016

2. B. 2011 10 11 10 2016 12 31 2,160,944 257,280 154,141 4,399,558 5,764,257 2016 12 31 31(d)(ii) 3. 2015 5 6 2015 5 7 20152015 2015 (1) 2015 (2) 2015 2016 63

3. (3) 2015 2015 2015 2015 40,266,831 (4) 201512 500 (5) 20152015 2015 10 (6) 201514 (7) (i) (ii)5 (8) 2015 201510 2015 20152016 12 31 18 64 2016

31 2016 12 312012592,553,354.40 0.501,185,106,708 2013 5 23 ACE Equity Holdings Limited Melati Holding LimitedMelati B Melati B2,300 Melati Melati B 2013 5 23 Rafflesia Investment LimitedRafflesiaMelati RafflesiaRafflesiaRafflesia 2023 5 23Rafflesia RafflesiaRafflesia 2016 12 312013 5 23 2013 6 2531(e) 2016 65

2016 12 31336 1,753,529,954 22.72% 1 1,928,842,224 24.99% Star Ocean Ultimate Limited 2 3 1,928,842,224 24.99% The Ocean Trust 2 1,928,842,224 24.99% The Starlite Trust 2 1,928,842,224 24.99% OS Holdings Limited 2 1,928,842,224 24.99% Ocean Star Management Limited 2 1,928,842,224 24.99% The Ocean Unit Trust 2 1,928,842,224 24.99% The Starlite Unit Trust 2 1,928,842,224 24.99% Star Ocean Ultimate Holdings Limited 3 1,928,842,224 24.99% 4 1,928,842,224 24.99% 4 1,928,842,224 24.99% 5 1,424,935,885 18.46% 1. (i) 175,312,270(ii)1,753,529,954 Borsington Limited Pacific Century International Limited Pacific Century Group (Cayman Islands) Limited Anglang Investments Limited 2. 2004 4 18 Ocean Star Management Limited The Ocean Unit Trust The Starlite Unit Trust Ocean Star Management Limited OS Holdings LimitedThe Ocean Trust The Starlite Trust The Ocean Unit Trust The Starlite Unit TrustStar Ocean Ultimate LimitedThe Ocean Trust The Starlite Trust 3. 2013 11 4Star Ocean Ultimate LimitedStar Ocean Ultimate Holdings Limited 4. Ocean Star Investment Management Limited OS Holdings Limited Star Ocean Ultimate Holdings Limited 5. China Unicom Group Corporation (BVI) Limited 66 2016

2016 12 31336 Ocean Star Investment Management Limited 1,928,842,224 24.99% Ocean Star Investment Management Limited The Ocean Unit Trust The Starlite Unit TrustThe Ocean Unit Trust The Starlite Unit Trust Ocean Star Investment Management Limited 2016 12 31 336 5 2016 67

2016 12 318.10 A A A A 68 2016

2016 11 1 A A 2016 11 1 2016 11 1 75,240 2016 69

3692015121 2016 12 31 2016 12 31 1. 2014 12 102017 12 31 (1) 70 2016

1. (2) (a) (b) (c) (a) (b) (c) (3) 2014 12 10 (i) 15 (ii) 2016 71

1. 2016Hong Kong Telecommunications (HKT) LimitedHKTL HKTL15 2014 12 10 14A.52 2017 12 31 2016 12 31 2016 12 31 (1) 139,111 550,000 (2) 131,608 650,000 (3) 5,983 550,000 2008 1 4 2008 1 15 2016 12 3118,541,256 15 36,777,000 201614A 72 2016

2. 3000 7402016 12 31 14A.56 2016 12 31 (i) (ii) (iii) 5 14A 2016 12 31 2017 1 16 2016 73

82 206 2016 12 31 2016 12 31 74 2016

6 2016 12 31 383.84 331.63 23.62 26.30 2016 75

12 33 2016 12 31 11.96 76 2016

16 2016 12 31 32.16 31.88 2016 77

18 2016 12 31 3.80 5.44 78 2016

19 2016 12 31 180.95 197.01 119.82 2016 2016 79

405 80 2016

Sean William Tuckfield 2017 1 16 2016 81

2016 12 31 2015 2016 6 7 39,314 38,384 (18,965) (17,743) (14,534) (15,114) 8 135 32 87 52 10 (1,634) (1,429) 52 66 (15) (21) 7 9 4,440 4,227 12 (447) (395) 3,993 3,832 2,295 2,051 1,698 1,781 3,993 3,832 14 30.58 26.79 30.54 26.76 90206 82 2016

2016 12 31 2015 2016 3,993 3,832 (18) (26) (18) (26) (402) (165) (10) (7) (1) 14 (309) 787 (67) 47 (789) 676 (807) 650 3,186 4,482 1,690 2,434 1,496 2,048 3,186 4,482 90206 2016 83

2016 12 31 2015 2015 1 1 10,157 2,212 12,369 2,295 1,698 3,993 (18) (18) (345) (57) (402) 10 (20) (10) (1) (1) (213) (96) (309) (38) (29) (67) (605) (202) (807) 1,690 1,496 3,186 (29) (29) (57) (37) (94) 69 18 87 (2) 2 (3) 1 (2) 29 785 785 13 32 (985) (985) 13 32 (601) (601) (1,399) (1,399) (823) (1,415) (2,238) 6 6 19 19 25 25 (823) (1,390) (2,213) 2015 12 31 11,024 2,318 13,342 84 2016

2016 2016 1 1 11,024 2,318 13,342 2,051 1,781 3,832 (26) (26) (135) (30) (165) (6) (1) (7) (4) 18 14 525 262 787 29 18 47 383 267 650 2,434 2,048 4,482 (3) (3) (3) (3) 68 12 80 (12) 12 (3) 1 (2) 29 449 449 13 32 (1,299) (1,299) 13 32 (629) (629) (1,587) (1,587) (1,432) (1,562) (2,994) (1) (1) (53) (53) (54) (54) (1,432) (1,616) (3,048) 2016 12 31 12,026 2,750 14,776 90206 2016 85

2016 12 31 * 2015 2016 2015 2016 15 18,713 19,701 16 2,084 3,216 17 442 422 18 851 924 19 18,183 18,095 20 10,526 11,982 17,072 17,072 22 618 725 23 485 628 24 806 1,057 28 289 12 33(a) 1,066 1,134 845 897 54,619 59,070 17,072 17,084 18,862 21,281 25(a) 513 510 25(b) 106 139 25(c) 7,106 9,019 36 19 25(d) 774 943 5(c) 90 98 28 60 25(e) 3,969 3,778 17 16 1 453 35(d) 7,503 4,751 815 587 20,139 19,707 19,713 21,887 25(h) 807 20,139 20,514 19,713 21,887 86 2016

* 2015 2016 2015 2016 25(f) (3,879) (457) 25(g) (2,494) (2,731) (6,763) (6,844) (12) (11) 27 (322) (321) 34 (448) (173) 5(c) (69) (35) (2,168) (2,160) (1,350) (1,327) (17,493) (14,048) (12) (11) 25(h) (36) (17,493) (14,084) (12) (11) 26 (38,090) (45,131) (2,690) (3,978) (2,987) (3,024) 28 (586) (98) (143) (84) 33(a) (2,775) (2,916) (1,079) (1,071) 30(a) (133) (154) 34 (627) (544) (633) (810) (43,923) (50,724) (5,820) (7,086) 13,342 14,776 30,953 31,874 2016 87

2016 12 31 * 2015 2016 2015 2016 29 12,505 12,954 12,505 12,954 32 (1,481) (928) 18,448 18,920 11,024 12,026 30,953 31,874 2,318 2,750 13,342 14,776 30,953 31,874 2017 1 16 * 20162015 12 314 2016 12 31 90206 88 2016

2016 12 31 2015 2016 35(a) 12,518 9,953 6 8 35(c) (452) (3,517) (3,184) (516) (966) (4,171) (4,975) 35(b) (1,241) 35(b) (77) (13) (160) (69) (49) (35) (127) (110) 31 22 17 (117) (378) 7 6 221 87 2 1 8 5 (1) (452) (62) (10,191) (10,060) 20,233 18,991 (1,135) (1,025) (19,656) (17,466) (797) (1,477) (1,399) (1,587) 6 (1) 5 (53) (2,743) (2,618) (416) (2,725) (24) (21) 7,943 7,503 7,503 4,757 25(h) (6) 35(d) 7,503 4,751 90206 2016 89

2016 12 31 1 1994 10 18 97941 2 a. 622 b. 2016 1 1 1 16 16 27 2011 28 2011 38 41 10 11 12 14 2014 10 2012 2014 43 2016 12 31 20162015 12 312016 12 31 62244 90 2016

2 b. 2(g) 2(l)(iii) 2(n) 3 c. 39 2(j) 12 2016 91

2016 12 31 2 c. 2(m)(ii) d. 92 2016

2 d. e. 1111 2(d) i. ii. iii. iv. v. 2016 93

2016 12 31 2 f. 2(m)(ii) 2(h) (i) (ii) (iii) 5 20 5 35 1 17 g. 2(h) 94 2016

2 g. h. i. 2(g) ii. 2(f)2(m)(ii) 2(w)(iii) iii. 2(g)2(i) i. 2(m)(ii) 2016 95

2016 12 31 2 j. 2(m)(ii) k. i. ii. iii. 96 2016

2 k. iv. 5 15 v. 2(m)(ii) 20 1 12 2016 97

2016 12 31 2 l. (i) (ii)(iii) 2(m)(i) i. 12 2(w)(v) 2(w)(vii) ii. 12 2(m)(i) iii. 12 2(m)(i) 2(w)(vii) 2(w)(v) 2(m)(i) 98 2016

2 m. i. 2(m)(ii) 2016 99

2016 12 31 2 m. i. ii. 100 2016

2 m. ii. iii. 34 2(m)(i) 2(m)(ii) 2016 101

2016 12 31 2 n. 2(o) 12 12 o. i. ii. 102 2016

2 p. q. 2(w)(iv) r. 2(m)(i) s. 2016 103

2016 12 31 2 t. u. v. (i) (ii)(iii) w. i. 104 2016

2 w. ii. iii. iv. v. vi. vii. x. 2016 105

2016 12 31 2 y. i. ii. iii. iv. 106 2016

2 z. i. ii. iii. 2016 107

2016 12 31 2 z. iii. iv. aa. bb. 108 2016

2 bb. 2005 1 1 2005 1 1 cc. i. ii. iii. iv. v. i vi. vii. 2016 109

2016 12 31 2 dd. ee. ff. 2 3 19 30(a) 37 i. 110 2016

3 i. 2015 12 319,500 500 8 ii. 2016 111

2016 12 31 3 iii. iv. v. (i)(ii) 2016 12 3132.16201520.84 vi. 112 2016

4 2015 2016 17,072 17,072 12 17,072 17,084 18,862 21,281 36 19 815 587 19,713 21,887 (12) (11) (12) (11) (2,690) (3,978) (2,987) (3,024) (143) (84) (5,820) (7,086) 30,953 31,874 12,505 12,954 32 18,448 18,920 30,953 31,874 2017 1 16 2016 113

Key management compensation b 95 2016 12 31 5 2015 2016 a 88 66 a 17 16 a 146 155 a 277 265 a 186 117 a 56 b 95 88 a. b. 2015 2016 69 70 14 14 4 4 8 95 88 c. 22 23 114 2016

6 2015 2016 32,789 33,522 6,466 4,802 59 60 39,314 38,384 7 2016 115

2016 12 31 7 EBITDAEBITDA 2015 34,364 2,163 2,569 55 163 39,314 365 1,207 1,025 4 2 (2,603) 34,729 3,370 3,594 59 165 (2,603) 39,314 EBITDA 12,100 393 688 (710) (261) (332) 11,878 3,054 234 117 83 46 3,534 116 2016

7 2016 33,163 2,362 2,630 57 172 38,384 684 1,281 1,192 3 2 (3,162) 33,847 3,643 3,822 60 174 (3,162) 38,384 EBITDA 12,684 (5) 761 (712) (280) (222) 12,226 2,878 192 95 48 14 3,227 EBITDA 2015 2016 EBITDA 11,878 12,226 (3) 3 (6,060) (6,702) 135 32 87 52 (1,634) (1,429) 37 45 4,440 4,227 2016 117

2016 12 31 7 2015 2016 32,453 32,272 1,483 1,284 5,378 4,828 39,314 38,384 467.602015440.27 96.73201585.99 8 2015 2016 75 41(b)(i)(iv) 29 (4) 2 56 48 4 (2) (60) 32 106 (95) (5) (2) (19) 3 (1) 135 32 118 2016

9 a. 2015 2016 3 3 361 378 364 381 87 80 4,965 5,262 5,416 5,723 (2,022) (2,449) 3,394 3,274 b. 2015 2016 3 59 60 (6) (5) 7 (47) (2) 312 337 10 4 2,141 1,774 22 20 3,897 4,908 6,359 4,698 12,606 13,045 3 15 (12) 3 33 32 4 2 5 6 6 1 1,760 1,491 2016 119

2016 12 31 10 2015 2016 1,456 1,347 119 87 26 43 1 a (4) 1 (3) 2 3 (2) 16 16 38 (3) 1,652 1,491 b (18) (62) 1,634 1,429 a. 90020152,800 80020152,400 b. 2015 120 2016

c 11 a. 2015 1 2 0.04 0.04 10.28 1.60 0.10 1.10 3 1.07 14.15 7.38 3.68 0.02 7.19 3 0.89 13.07 32.23 4 6.87 2.95 0.09 5.56 3 1.03 16.50 1.09 0.14 1.23 0.46 5 0.46 0.46 6 0.46 0.23 7 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.92 8 0.53 1.45 0.40 9 0.40 Bryce Wayne Lee 0.23 0.40 0.63 Lars Eric Nils Rodert 0.23 0.53 0.76 David Christopher Chance 0.35 10 0.53 0.88 3.97 18.75 6.87 7.41 2.95 0.16 0.09 8.29 5.56 1.96 1.03 13.07 53.61 16.50 1 2 2015 3 201520142014 12 31 4 5 2015 6 2015 7 2015 8 11.5011.5011.50 23.0011.50 9 149,65874,8292015 5 7 10 11.50 11 2014 7 132015 12 31 1,0142014722 2016 121

2016 12 31 11 a. 2016 1 2 0.04 0.04 10.56 1.61 0.10 2.50 3 1.09 0.56 16.42 7.58 3.78 0.03 9.72 3 0.91 11.76 33.78 4 6.95 2.98 0.09 4.50 3 1.04 15.56 0.97 0.13 0.16 1.26 0.46 5 0.46 0.46 6 0.46 0.23 7 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.92 8 0.53 1.45 0.58 9 0.58 Bryce Wayne Lee 0.23 0.40 0.63 Lars Eric Nils Rodert 0.23 0.53 0.76 David Christopher Chance 0.35 10 0.40 0.75 4.15 19.11 6.95 7.38 2.98 0.33 0.09 12.22 4.50 2.00 1.04 12.32 57.51 15.56 1 2 2016 3 201620152015 12 31 4 5 2016 6 2016 7 2016 8 11.5011.5011.50 23.0011.50 9 23.0011.50 10 11.50 11 2014 7 132016 12 31 18720151,014 122 2016

11 b. 2016 12 31 2015 c. 2016 12 31 20152016 12 31 2015 d. 2016 12 312015 e. 2016 12 31 2015 f. 2016 12 312015 g. 2016 12 31 2015 2016 123

2016 12 31 11 h. i. 201511(a)2015 2015 2016 41.13 36.14 25.58 24.71 1.90 2.00 68.61 62.85 ii. 2015 2015 2016 16,000,00116,500,000 1 19,500,00120,000,000 1 43,000,00143,500,000 1 52,000,00152,500,000 1 2 2 12 a. 2015 2016 483 676 8 (191) 75 98 (199) 6 33(a) 80 (194) 447 395 2015 124 2016

12 b. 2015 2016 4,440 4,227 733 697 6 (4) (50) (35) 201 173 129 278 (191) (185) (123) (30) (252) (492) (6) (7) 447 395 2016 12 31 13 2015 2016 8.1620157.96 601 629 (2) (1) 599 628 17.04 201513.21 985 1,299 (2) (1) 983 1,298 1,582 1,926 20.17201517.04 1,299 1,557 a. b. 29(a) 2016 125

Exchange differences (23) 3 (75) (18) (113) Exchange differences (23) 3 (75) (18) (113) 2016 12 31 14 2015 2016 2,295 2,051 7,521,736,989 7,670,021,895 (17,131,028) (13,204,717) 7,504,605,961 7,656,817,178 9,571,065 8,477,779 7,514,177,026 7,665,294,957 15 2015 1,636 14,088 18,170 13,272 1,334 48,500 34 481 1,542 258 1,219 3,534 55 15 70 241 458 119 (818) 5 2 7 (411) (249) (95) (755) (55) (129) (20) (204) 1,675 14,399 19,792 13,549 1,737 51,152 479 10,268 10,602 9,814 31,163 52 617 748 724 2,141 (411) (249) (94) (754) (33) (56) (22) (111) 531 10,441 11,045 10,422 32,439 1,144 3,958 8,747 3,127 1,737 18,713 1,157 3,820 7,568 3,458 1,334 17,337 126 2016

15 2016 1,675 14,399 19,792 13,549 1,737 51,152 501 410 591 1,725 3,227 (77) 409 556 413 (1,378) (77) (243) (326) (101) (2) (672) 8 (129) (33) (25) (179) 25(h) (573) (85) (14) (672) 1,606 14,364 20,399 14,342 2,068 52,779 531 10,441 11,045 10,422 32,439 51 471 568 684 1,774 (7) (7) (243) (326) (98) (667) 1 (68) (16) (35) (118) 25(h) (274) (69) (343) 576 10,327 11,271 10,904 33,078 1,030 4,037 9,128 3,438 2,068 19,701 1,144 3,958 8,747 3,127 1,737 18,713 2016 12 312002015200 40 2016 12 31 2016 1 12016 12 31 2.82 2016 12 312.82 2016 127

2016 12 31 16 2015 2016 1,878 2,084 340 1,126 (130) 4 (4) 2 2,084 3,216 2016 12 31 2002015400 2016 12 316.20020152.93 2016 12 312.36 1,00020151.68 200 a. 20152016 12 31 2015 2,058 2,058 26 26 26 2,058 2,084 2016 3,188 3,188 28 28 28 3,188 3,216 128 2016

16 a. 20162015 12 31 2015 5,730 6,280 2,000 2,450 2016 5,750 6,000 2,285 2,460 2013 7 24 b. 115 2016 129

2016 12 31 16 c. 2016 12 31 2015 2016 1 37 49 15 31 43 5 2 4 70 96 d. 2016 12 31 31.88201520.58 40 17 2015 2016 820 820 356 378 22 20 378 398 442 422 464 442 2016 12 312015 130 2016

18 2015 a b 566 329 895 8 4 12 (7) (7) (49) (49) 525 326 851 2016 a b 525 326 851 13 29 42 6 25 31 544 380 924 a. 2016 12 31 2016 12 31 b. 2016 12 31 2016 12 31 2015 12 31 2016 131

2016 12 31 19 2015 2016 17,241 18,349 1,131 (23) (38) 25(h) (62) 18,349 18,249 166 166 25(h) (12) 166 154 18,183 18,095 17,075 18,183 2015 2016 15,591 15,591 723 717 197 197 139 117 16,650 16,622 1,111 1,111 271 271 91 91 60 18,183 18,095 Vuclip41(b)(i) 132 2016

19 20152016 2015 2016 66% 2% 11% 62% 2% 9% 23% 3% 10% 22% 3% 10% 31% 2% 10% 33% 2% 9% 54% 2% 14% 54% 2% 14% 26% 2% 12% 26% 2% 11% 2016 10 31 20 2015 2,929 483 412 3,396 3,987 2,762 982 18 14,969 306 117 3,014 292 20 3,749 346 152 498 (73) (1,670) (1,743) (3) (19) (4) (2) (28) 2,926 716 393 3,513 5,327 3,106 1,426 38 17,445 1,145 320 233 786 1,828 315 139 8 4,774 146 166 25 465 2,470 479 146 3,897 (65) (1,670) (1,735) (12) (3) (2) (17) 1,291 421 246 1,251 2,625 792 285 8 6,919 1,635 295 147 2,262 2,702 2,314 1,141 30 10,526 1,784 163 179 2,610 2,159 2,447 843 10 10,195 2016 133

2016 12 31 20 2016 2,926 716 393 3,513 5,327 3,106 1,426 38 17,445 592 2,061 3,179 669 5 6,506 (38) (499) (2,742) (3,279) (10) (63) (2) (11) (86) 25(h) (330) (12) (342) 2,916 1,270 5,075 5,750 3,095 2,095 43 20,244 1,291 421 246 1,251 2,625 792 285 8 6,919 146 396 22 452 3,087 488 311 6 4,908 (38) (499) (2,742) (3,279) (2) (42) (2) (4) (50) 25(h) (226) (10) (236) 1,435 779 1,204 2,958 1,276 596 14 8,262 1,481 491 3,871 2,792 1,819 1,499 29 11,982 1,635 295 147 2,262 2,702 2,314 1,141 30 10,526 134 2016

PCCW Global B.V.3 Netherlands/France Sales, distribution and marketing of telecommunications services and products EUR18,000 63.1% 36.9% 21 a. 2016 12 31 3,785,871.167 63.1% 36.9% 3,785,871.167 HKT 3 636,000,008 63.1% 36.9% HKTGH Hong Kong Telecommunications 9,945,156,001 63.1% 36.9% (HKT) LimitedHKTL 3 HKT Services Limited 3 1 63.1% 36.9% Esencia Investments Limited 1 100% Great Epoch Holdings Limited 1 100% 700,002 100% 3 HKTL 4 7,900,280,100 1,254,000,000 5,507,310,269 1 A 4B 50A 100B 50C 63.1% 36.9% 100% 100% Vuclip, Inc. 1 94.8% 5.2% PCCW Productions Limited 2 100% 350,000,002 63.1% 36.9% 3 93,240,000 63.1% 36.9% 1, 3 2, 3 2,000,000 47.3% 52.7% PCCW Global B.V. 3 18,000 63.1% 36.9% 10 63.1% 36.9% 3 3 232,208,090.65 63.1% 36.9% PCCW Global, Inc. 3 18.01 63.1% 36.9% 2016 135

2016 12 31 21 a. 2016 12 31 HKT Global (Singapore) Pte. Ltd. 3 63.1% 36.9% 60,956,485.64 Gateway Global Communications 1 63.1% 36.9% Limited 3 PCCW Global (Japan) K.K. 3 10,000,000 63.1% 36.9% Gateway Communications S.A.S. 3 10,000 63.1% 36.9% Gateway Communications 1,000 63.1% 36.9% (Proprietary) Limited 3 2, 3 41,600,000 37.8% 62.2% Relish Networks plc 3 403,010.74 63.1% 36.9% 7,539,543 1 10,250,000 100% IP IT 36,294,067.89 100% 12,600,000 100% 1 25,000 100% IP IT 2 100% 2 100% ICT 100,000 100% 201,234,656.50 70.8% 29.2% 5 2 70.8% 29.2% Talent Master Investments Limited 5 1 70.8% 29.2% Nihon Harmony Resorts KK 5 405,000,000 70.8% 29.2% Harmony TMK 5 100,000,000 70.8% 29.2% 4,950,000,000 PT Prima Bangun Investama 5 26,000,000 70.8% 29.2% Phang-nga Leisure Limited 2, 5 2,000,000 27.6% 72.4% Phang-nga Paradise Limited 2, 5 2,000,000 27.6% 72.4% 136 2016

21 a. 2016 12 31 1 2 3 4 562 622 5 b. 25(b) c. 20152016 12 31 2015 2016 2015 2016 77,570 80,921 3,375 4,665 12,347 12,445 2,890 1,663 89,917 93,366 6,265 6,328 (14,778) (11,302) (777) (1,102) (37,404) (42,905) (233) (280) 37,735 39,159 5,255 4,946 (119) (63) 37,616 39,096 5,255 4,946 20152016 12 31 2015 2016 2015 2016 34,729 33,847 165 174 4,586 5,698 (268) (346) (600) (771) 187 (18) 3,986 4,927 (81) (364) (503) 714 (226) 56 3,483 5,641 (307) (308) (37) (38) 3,446 5,603 (307) (308) 1,399 1,587 2016 137

2016 12 31 21 c. 20152016 12 31 2015 2016 2015 2016 11,723 12,800 432 (408) 11 13 12 11 (365) (551) (9) (14) 11,369 12,262 435 (411) (7,215) (7,934) (1,077) (992) (4,003) (5,207) (6) 449 151 (879) (648) (954) 4 (7) (3) 7 1 1 3,613 3,768 2,466 1,815 12 31 3,768 2,882 1,815 868 2016 12 31 55.67201540.22 20.91201515.18 2016 12 31 3.0820153.07 2,30020152,300 2016 12 3162.06201547.71 2016 12 3148.81201551.89 2016 12 3127.50201523.18 23.60201518.843.6020153.84 138 2016

22 2015 2016 611 718 291 291 34 34 936 1,043 (318) (318) 618 725 755 811 a. 2016 12 31 Latto Ltd.Latto OTT 300,000,000 40,000,000 2,505.15 10,417.32 45% 22.1% 21.1% LattoOTT 2016 139

2016 12 31 22 b. 2016 12 31 2015 2016 1 7 6 15 4 6 11 12 392016 12 31 20020151,400 c. Latto 12 31 12 31 12 31 2015 2016 2015 2016 2015 2016 645 605 3 3 52 3,064 3,889 57 72 16 (2,494) (3,221) (404) (426) (16) (54) (14) Latto 12 31 12 31 12 31 2015 2016 2015 2016 2015 2016 3,212 3,255 226 227 4 166 176 (77) (29) (10) 5 5 2016 12 31 201540020152015400 140 2016

22 d. Latto 2015 2016 2015 2016 2015 2016 1,058 1,161 (267) (344) 64 166 176 (77) (29) (10) (52) (67) 22 (2) (11) (11) 1,161 1,259 (344) (351) 52 45% 45% 35%* 35%* 33.5%* 522 567 (120) (123) 17 24 24 46 310 313 (147) (147) 522 567 67 67 63 * 2016 12 31Latto22.1% 201522.1%21.1% 2015 2016 12 311.1820159,6004 2015 4 120151.9520152.14 42015 4 12015 2016 12 31 2,80020152,900 2016 12 3120159,500 2016 12 3120152016 12 31 2015 2016 141

2016 12 31 23 2015 2016 2,819 3,003 509 468 25 25 3,353 3,496 (2,868) (2,868) 485 628 3,664 3,871 2016 12 314.46 20154.8432015 a. 2016 12 31 Genius Brand LimitedGBL 10,000 31.5% GBL b. 2016 12 31 2015 2016 61 55 2015 2016 1 2 3 15 3 4 5 7 2016 12 31 2,40020152,40020155,200 142 2016

23 c. GBL 12 31 2015 2016 1,029 986 9 30 21 25 30 55 (244) (275) (28) (61) (272) (336) (805) (730) (22) (24) (827) (754) (40) (49) (40) (49) GBL 12 31 2015 2016 241 219 (92) (84) (35) (32) 2 1 (11) (10) (9) (9) 2016 12 31 1,70020151,00020151,70020151,000 2016 143

2016 12 31 23 d. GBL 2015 2016 (31) (40) (9) (9) (40) (49) 50%* 50%* (20) (24) 484 446 464 422 * 2016 12 31GBL31.5% 201531.5% 2016 12 31 2.0620152,100 24 2015 2016 754 806 172 378 (30) (115) (78) (2) (5) (10) (7) 806 1,057 2015 2016 24 12 782 1,045 806 1,057 144 2016

24 2016 12 311,9002015200 1,4002015 2016 12 311.1520153,000 1.0620153,200 2015100 25 a. 2016 12 31 5.1020155.13 b. 2016 12 319,50020159,600 c. 2016 12 318.1920151.41 d. 2015 2016 407 491 316 381 51 71 774 943 2016 145

2016 12 31 25 e. 2015 2016 i 4,216 4,050 ii (247) (272) 3,969 3,778 i. 2015 2016 1 30 2,297 2,276 31 60 651 510 61 90 256 324 91 120 207 223 120 805 717 4,216 4,050 ii. 2015 2016 234 247 312 337 (299) (311) (1) 247 272 2016 12 312.7220152.47 146 2016

25 e. iii. 2015 2016 1,880 1,972 1 30 921 701 31 60 307 207 61 90 157 237 90 704 661 2,089 1,806 3,969 3,778 3,70020154,900 f. 2015 2016 54.25 2016i 3,879 ii 457 3,879 457 457 3,879 i. 54.25 2016 2010 8 24 PCCW-HKT Capital No.4 Limited54.25 2016 HKTGH HKTLHKTGH HKTL 2016 2 2016 147

2016 12 31 25 f. ii. 2016 12 31 2017 40 g. 2015 2016 1 30 1,571 1,664 31 60 102 155 61 90 81 86 91 120 101 36 120 639 790 2,494 2,731 5,80020156,100 h. Transvision Investments LimitedTransvision 2016 12 31 TransvisionUK Broadband Limited Transvision (i) 12 31 2015 2016 15 329 19 50 20 106 33 264 35 13 4 35(d) 6 807 148 2016

25 h. (ii) 12 31 2015 2016 (2) (29) (1) (4) (36) (iii) Transvision 12 31 2015 2016 (200) 26 2015 2016 3,544 1,194 20,077 23,713 14,469 20,224 38,090 45,131 35.75 2022a 2,194 2,190 53.75 2023b 3,711 3,736 3 2030c 2,308 2,311 53.625 2025d 3,821 3,829 21.65 2027e 1,666 1,613 1 2030f 769 770 7.503.00 2026g 5,775 h 23,621 24,907 38,090 45,131 38,090 45,131 2016 149

2016 12 31 26 a. 35.75 2022 2012 4 17PCCW Capital No. 4 Limited35.75 2022 b. 53.75 2023 2013 3 8 PCCW-HKT Capital No.5 Limited53.75 2023 HKTGH HKTLHKTGH HKTL c. 3 2030 2015 1 15 HKT Capital No. 1 Limited3 2030 HKTGH HKTLHKTGH HKTL d. 53.625 2025 2015 4 2 HKT Capital No. 2 Limited53.625 2025 HKTGH HKTLHKTGH HKTL e. 21.65 2027 2015 4 10 HKT Capital No. 3 Limited21.65 2027 HKTGH HKTLHKTGH HKTL f. 1 2030 2015 5 20PCCW Capital No. 5 Limited1 2030 g. 7.503.00 2026 2016 7 14 HKT Capital No. 4 Limited7.503.00 2026 HKTGH HKTLHKTGH HKTL h. 40 150 2016

27 2016 322 (1) 321 2008 11 28 2015 2016 a 62 c 227 289 b 60 60 c (449) (14) d (137) (84) (586) (98) 2016 151

2016 12 31 28 a. 2016 12 31 15.00 37(c)(ii) 2016 12 311002015 b. 2015 6 252 800 6,200 2016 6 27 2016 6 27 2015 12 316,0006,000 2016 12 31 c. 2016 12 3112.5096.94 2015538.77 7.7544 7.7580 20157.7545 7.7550 37(c)(i) 2016 12 31538.79 2015538.79 7.7570 20157.7570 37(c)(i) 38.792015 38.79 2016 12 31 1,7002015 2016 12 315.0338.87 20155.0338.87 7.7329 7.7330 20157.7329 7.7330 37(c)(i) 2016 12 311,90020152,100 152 2016

28 c. 2016 12 31216.65 2015216.65 8.3245 20158.3245 37(c)(i) 2016 12 3120151,700 d. 2016 12 31323.27 2015323.27 7.7555 20157.7555 37(c)(i) 37(c)(ii) (i)(ii) 1002015400 2016 153

2016 12 31 29 12 31 2015 2016 1 1 7,453,177,661 11,720 7,621,350,679 12,505 a 168,173,018 785 88,287,570 449 b 10,000,000 12 31 7,621,350,679 12,505 7,719,638,249 12,954 a. 2016 12 312015 20165.0964.95284,268,7784,018,792 2015 12 3120142015 5.0884.09696,011,59572,161,423 b. 2016 12 310.0110,000,000 30 a. 2003 7 1 2014 12 312017 12 31 1,340 19 20112016 12 31 2016 12 312015 12.2201512.4 154 2016

30 a. i. 2015 2016 iii 296 317 iv (163) (163) 133 154 ii. 2015 2016 52% 50% 43% 45% 5% 5% 100% 100% 2016 155

2016 12 31 30 a. iii. 2015 2016 295 296 6 5 2 3 8 28 (15) (15) 296 317 iv. 2015 2016 179 163 3 7 4 3 (8) 5 (15) (15) 163 163 v. 2015 2016 2 2 2 2 vi. 2015 2016 1.90% 1.20% 3.00% 3.00% 201120152016 12 31 2011 156 2016

30 a. vi. 2015 2016 0.25% (3.10%) 3.30% (3.20%) 3.40% 0.25% 3.10% * 3.20% * 1 (4.80%)** 4.90%** (5.10%)** 5.20%** * ** 20114 20112 vii. 20152016 12 31 2015 1 1 2 2 5 5 14 14 44 312 384 2016 1 1 2 2 5 5 15 15 45 299 374 2016 157

2016 12 31 30 b. 30,000 31 a. 2014 5 820142014 2014 i. 2014 ii. 2014 iii. 2014 2014 2014 iv. 201412 500 158 2016

31 a. v. 20142014 201410 vi. 201414 vii. (i)(ii) 5 viii. 2014 2014 10 2014 20142016 12 31 b. 2016 159

2016 12 31 31 b. 2012 11 152012 11 15 10 2015 2016 11,116,787 7,563,005 5.08 20154.98 5,837,000 538,000 (220) (9,390,562) (4,035,311)* 7,563,005 4,065,694 10,000,000 7,493,846 0.01 10,000,000 (1,521) (2,504,633) (4,043,420) 7,493,846 13,450,426 * 2016 12 31 1,473 2015 2016 194,959 194,623 11.15 20159.93 191,000 243,000 (75,239) (116,097) (99,453) 194,623 338,170 160 2016

31 b. i. 2015 2016 3.62 13,129,985 4.59 6,993,300 # iii 5.35 3,265,515 5.14 4,546,361 iv 4.22 (40,213) v 3.50 (9,390,562) 4.55 (4,033,838) ii 4.59 6,964,725 4.94 7,505,823 3.99 5,108,138 4.81 6,059,227 # iii 5.35 3,790,428 5.01 3,714,867 iv 4.52 (306,131) 4.92 (431,999) v 3.99 (2,504,633) 4.57 (4,043,420) ii 4.81 6,087,802 5.12 5,298,675 # 2016 12 312015 5 728,575 2015 2016 9.04 302,144 9.17 190,293 iii 10.30 13,163 10.92 1,123,994 iv 9.13 (8,917) 10.54 (30,052) v 8.95 (116,097) 9.13 (99,453) ii 9.17 190,293 10.80 1,184,782 2016 161

2016 6 8 2016 6 82018 4 5 5.20 2016 6 8 2016 6 82018 4 5 11.18 2016 12 31 31 b. ii. 2015 2016 2013 7 5 2013 7 52016 7 8 3.61 519,000 2013 7 5 2013 7 52017 7 8 3.61 1,211,000 1,211,000 2014 4 11 2014 4 112016 4 11 3.99 1,583,499 2014 11 10 2014 11 102016 11 10 4.95 397,959 2015 5 7 2015 5 72016 5 7 5.35 1,519,092 2015 5 7 2015 5 72017 5 7 5.35 1,734,175 1,748,462 2016 4 5 2016 4 52017 4 5 5.01 612,809 2016 4 5 2016 4 52018 4 5 5.01 904,078 2016 6 8 2016 6 82017 4 5 5.20 1,514,738 2016 6 8 2016 6 82018 4 5 5.20 1,514,736 6,964,725 7,505,823 2014 4 11 2014 4 112016 4 11 3.99 2,416,821 2015 5 7 2015 5 72016 5 7 5.35 1,836,134 2015 5 7 2015 5 72017 5 7 5.35 1,834,847 1,719,186 2016 4 5 2016 4 52017 4 5 5.01 1,788,946 2016 4 5 2016 4 52018 4 5 5.01 1,787,499 2016 6 8 2016 6 82017 4 5 5.20 1,522 2016 6 8 2016 6 82018 4 5 5.20 1,522 6,087,802 5,298,675 2015 2016 2014 4 11 2014 4 112016 4 11 8.26 8,594 2014 7 1 2014 7 12016 4 1 9.13 84,277 2014 7 1 2014 7 12017 4 1 9.13 84,259 81,145 2015 5 7 2015 5 72016 5 7 10.30 6,582 2015 5 7 2015 5 72017 5 7 10.30 6,581 6,581 2016 4 5 2016 4 52017 4 5 10.70 292,416 2016 4 5 2016 4 52018 4 5 10.70 291,957 2016 6 8 2016 6 82017 4 5 11.18 256,342 2016 6 8 2016 6 82018 4 5 11.18 256,341 190,293 1,184,782 2016 12 310.6420150.73 0.7220150.74 162 2016

31 b. iii. 2015 2016 2015 5 7 2015 5 72016 5 7 5.35 1,525,216 2015 5 7 2015 5 72017 5 7 5.35 1,740,299 2016 4 5 2016 4 52017 4 5 5.01 612,809 2016 4 5 2016 4 52018 4 5 5.01 904,078 2016 6 8 2016 6 82017 4 5 5.20 1,514,738 2016 6 8 2016 6 82018 4 5 5.20 1,514,736 3,265,515 4,546,361 2015 5 7 2015 5 72016 5 7 5.35 1,895,897 2015 5 7 2015 5 72017 5 7 5.35 1,894,531 2016 4 5 2016 4 52017 4 5 5.01 1,856,674 2016 4 5 2016 4 52018 4 5 5.01 1,855,149 2016 6 8 2016 6 82017 4 5 5.20 1,522 2016 6 8 2016 6 82018 4 5 5.20 1,522 3,790,428 3,714,867 2015 2016 2015 5 7 2015 5 72016 5 7 10.30 6,582 2015 5 7 2015 5 72017 5 7 10.30 6,581 2016 4 5 2016 4 52017 4 5 10.70 305,905 2016 4 5 2016 4 52018 4 5 10.70 305,406 2016 6 8 2016 6 82017 4 5 11.18 256,342 2016 6 8 2016 6 82018 4 5 11.18 256,341 13,163 1,123,994 2016 163

2016 12 31 31 b. iv. 2015 2016 2013 3 21 2013 3 212015 3 21 3.62 20,142 2014 4 11 2014 4 112016 4 11 3.99 7,823 2015 5 7 2015 5 72016 5 7 5.35 6,124 2015 5 7 2015 5 72017 5 7 5.35 6,124 40,213 2014 4 11 2014 4 112015 4 11 3.99 49,900 2014 4 11 2014 4 112016 4 11 3.99 136,784 104,346 2015 5 7 2015 5 72016 5 7 5.35 59,763 90,901 2015 5 7 2015 5 72017 5 7 5.35 59,684 101,374 2016 4 5 2016 4 52017 4 5 5.01 67,728 2016 4 5 2016 4 52018 4 5 5.01 67,650 306,131 431,999 2015 2016 2014 7 1 2014 7 12015 4 1 9.13 2,973 2014 7 1 2014 7 12016 4 1 9.13 2,973 2014 7 1 2014 7 12017 4 1 9.13 2,971 3,114 2016 4 5 2016 4 52017 4 5 10.70 13,489 2016 4 5 2016 4 52018 4 5 10.70 13,449 8,917 30,052 164 2016

31 b. v. 2015 2016 2012 3 5 2012 3 52015 7 8 2.93 3,461,000 2013 3 21 2013 3 212015 3 21 3.62 3,771,972 2013 5 10 2013 5 102015 5 10 4.17 308,036 2013 7 5 2013 7 52016 7 8 3.61 519,000 2014 4 11 2014 4 112015 4 11 3.99 1,451,594 2014 4 11 2014 4 112016 4 11 3.99 1,583,499 2014 11 10 2014 11 102015 11 10 4.95 397,960 2014 11 10 2014 11 102016 11 10 4.95 397,959 2015 5 7 2015 5 72016 5 7 5.35 1,533,380 9,390,562 4,033,838 2014 4 11 2014 4 112015 4 11 3.99 2,504,633 2014 4 11 2014 4 112016 4 11 3.99 2,312,475 2015 5 7 2015 5 72016 5 7 5.35 1,730,945 2,504,633 4,043,420 2015 2016 2013 3 21 2013 3 212015 3 21 7.59 8,725 2014 4 11 2014 4 112015 4 11 8.26 8,594 2014 4 11 2014 4 112016 4 11 8.26 8,594 2014 7 1 2014 7 12015 4 1 9.13 98,778 2014 7 1 2014 7 12016 4 1 9.13 84,277 2015 5 7 2015 5 72016 5 7 10.30 6,582 116,097 99,453 2016 165

2016 12 31 31 b. v. 2016 12 31 4,70020153,900 4,70020153,900 c. 2005 5 2320052015 5 6 20152015 2015 5 720152015 5 7 2015 2015(i) (ii) 2015 2015 2015 5 7 2015 5 7 2015 12 20152016 12 31 20052015 20152016 12 31 166 2016

31 d. i. 2011 11 720112021 20112021 20112021 (i) 20112021 (ii) (a) (b) (c) 20112021 (iii) (1) 20112021 20112021 (2) (1) 20112021 2011 11 29 (3) 20112021 20112021 (iv) 2011202112 20112021 500 (v) 20112021 20112021 2011202110 2016 167

2016 12 31 31 d. i. (vi) 1.00 20112021 (vii) (1) (2)5 (3) (viii) 201120212011202110 20112021 201120212016 12 31 ii. 2011 10 11 (a)(b) 168 2016

31 d. ii. (i) 20112021 (ii) 2011 10 11 10 2016 12 31 2015 2016 5,978,109 9,596,941 9.92 9,326,000 (5,707,168) (4,399,558)* 9,596,941 5,197,383 * 2016 12 31 1,302 2016 169

2016 6 8 2016 6 82018 4 5 11.18 2016 12 31 31 d. ii. (i) 2015 2016 8.89 12,995,117 9.27 8,155,710 (iii) 10.30 1,572,820 10.89 2,160,944 (iv) 9.16 (705,059) 9.57 (154,141) (v) 8.70 (5,707,168) 9.19 (4,398,256) (ii) 9.27 8,155,710 9.93 5,764,257 (ii) 2015 2016 2014 4 11 2014 4 112016 4 11 8.26 718,558 2014 7 1 2014 7 12016 4 1 9.13 2,949,476 2014 7 1 2014 7 12017 4 1 9.13 2,948,821 2,881,371 2015 4 1 2015 4 12016 4 1 10.20 1,215 2015 4 1 2015 4 12017 4 1 10.20 1,215 1,215 2015 5 7 2015 5 72016 5 7 10.30 768,644 2015 5 7 2015 5 72017 5 7 10.30 767,781 749,315 2016 4 5 2016 4 52017 4 5 10.70 640,488 2016 4 5 2016 4 52018 4 5 10.70 639,494 2016 6 8 2016 6 82017 4 5 11.18 426,187 2016 6 8 2016 6 82018 4 5 11.18 426,187 8,155,710 5,764,257 2016 12 310.4520150.73 170 2016

2016 4 5 2016 4 52018 4 5 10.70 31 d. ii. (iii) 2015 2016 2015 4 1 2015 4 12015 4 1 10.20 2,074 2015 4 1 2015 4 12016 4 1 10.20 2,070 2015 4 1 2015 4 12017 4 1 10.20 2,070 2015 5 7 2015 5 72016 5 7 10.30 783,750 2015 5 7 2015 5 72017 5 7 10.30 782,856 2016 4 5 2016 4 52017 4 5 10.70 654,800 2016 4 5 2016 4 52018 4 5 10.70 653,770 2016 6 8 2016 6 82017 4 5 11.18 426,187 2016 6 8 2016 6 82018 4 5 11.18 426,187 1,572,820 2,160,944 (iv) 2015 2016 2013 3 21 2013 3 212015 3 21 7.59 1,760 2014 4 11 2014 4 112015 4 11 8.26 4,041 2014 4 11 2014 4 112016 4 11 8.26 14,025 8,772 2014 7 1 2014 7 12015 4 1 9.13 188,004 2014 7 1 2014 7 12016 4 1 9.13 232,725 23,200 2014 7 1 2014 7 12017 4 1 9.13 232,613 67,450 2015 4 1 2015 4 12016 4 1 10.20 855 2015 4 1 2015 4 12017 4 1 10.20 855 2015 5 7 2015 5 72016 5 7 10.30 15,106 7,665 2015 5 7 2015 5 72017 5 7 10.30 15,075 18,466 2016 4 5 2016 4 52017 4 5 10.70 14,312 2016 4 5 2016 4 52018 4 5 10.70 14,276 705,059 154,141 2016 171

2016 12 31 31 d. ii. (v) 2015 2016 2013 3 21 2013 3 212015 3 21 7.59 1,167,996 2014 4 11 2014 4 112015 4 11 8.26 728,833 2014 4 11 2014 4 112016 4 11 8.26 709,786 2014 7 1 2014 7 12015 4 1 9.13 3,808,265 2014 7 1 2014 7 12016 4 1 9.13 2,926,276 2015 4 1 2015 4 12015 4 1 10.20 2,074 2015 4 1 2015 4 12016 4 1 10.20 1,215 2015 5 7 2015 5 72016 5 7 10.30 760,979 5,707,168 4,398,256 2016 12 313,30020154,800 2,10020153,0001,20020151,800 e. i. 2013 5 23 Melati BMelati 2,300 MelatiMelati Melati Melati 1 Melati2016 12 31Melati 2015 172 2016

31 e. ii. 2013 5 23 Rafflesia Rafflesia 2023 5 23 Rafflesia RafflesiaRafflesia Rafflesia Rafflesia 1 Rafflesia2016 12 31Rafflesia 2015 2016 173

2016 12 31 32 2015 (a) 2015 1 1 4,426 (45) 89 (605) 119 279 (113) (5,713) (1,563) 2,295 2,295 (18) (18) (345) (345) 10 10 (1) (1) (213) (213) (38) (38) (345) (251) 9 2,277 1,690 (29) (29) (57) (57) 69 69 39 (69) 28 (2) (2) (1) (3) (983) (2) (985) (599) (2) (601) (1,582) 10 (6) (30) (1,608) 2015 12 31 2,844 (35) 83 (950) (132) 288 (113) (3,466) (1,481) 174 2016

32 2015 (a) 2015 1 1 4,415 20 16 13,497 17,948 2,134 2,134 (48) (48) (48) 2,134 2,086 (985) (985) (601) (601) (1,586) (1,586) 2015 12 31 2,829 20 (32) 15,631 18,448 2016 175

2016 12 31 32 2016 (a) 2016 1 1 2,844 (35) 83 (950) (132) 288 (113) (3,466) (1,481) 2,051 2,051 (26) (26) (135) (135) (6) (6) (4) (4) 525 525 29 29 (135) 554 (10) 2,025 2,434 (3) (3) (3) (3) 68 68 20 (66) 34 (12) (2) (1) (3) (1,298) (1) (1,299) (628) (1) (629) (1,926) 17 (2) 30 (1,881) 2016 12 31 918 (18) 81 (1,085) 422 278 (113) (1,411) (928) 176 2016

32 2016 (a) 2016 1 1 2,829 20 (32) 15,631 18,448 2,323 2,323 77 77 77 2,323 2,400 (1,299) (1,299) (629) (629) (1,928) (1,928) 2016 12 31 901 20 45 17,954 18,920 2016 177

2016 12 31 32 a. 2004 6 302004 3279C 2006 1 10 5.4442.431.06 PCCW Capital No. 2 Limited4.5020071 2006 3 27 2016 12 312015 2016 12 319.01201528.29 179.542015156.31 2016 12 31 188.55 2015184.60 33 a. 2015 2,406 145 (1) (1,129) 21 1,442 12(a) 133 (31) (9) (13) 80 194 (8) 186 1 1 2,539 308 (1) (1,145) 8 1,709 2016 2,539 308 (1) (1,145) 8 1,709 12(a) 169 (37) (318) (8) (194) 3 3 25(h) 264 264 2,708 271 (1) (1,196) 1,782 178 2016

33 a. 2015 2016 12 (849) (1,086) 12 (217) (48) (1,066) (1,134) 12 2,473 2,702 12 302 214 2,775 2,916 1,709 1,782 b. 2016 12 312.6425(h) 2016 12 31 79.88201589.25 5,50020155,3007.0020159.69 2016 12 31 34 2016 12 31 2015 2016 448 34 482 173 7 180 123 19 142 123 19 142 312 112 424 312 112 424 192 100 292 109 41 150 1,075 265 1,340 717 179 896 (448) (34) (482) (173) (7) (180) 627 231 858 544 172 716 2016 179

2016 12 31 35 a. 2015 2016 4,440 4,227 (87) (52) 1,634 1,429 (75) (29) 4 (2) (56) (48) (4) 2 60 (32) (106) 95 5 2 19 (2) 3 (3) 312 337 10 4 2,141 1,774 3,897 4,908 22 20 (37) (45) (29) (3) (57) (3) (37) 87 80 2 2 (12) (42) 15 3 916 (33) (617) (2,102) 18 (116) 56 3 289 (150) (35) (106) 332 539 (200) (1) (47) (50) 2 (7) (3) (7) 33 (31) 12,914 10,542 36 22 (372) (523) (60) (88) 12,518 9,953 180 2016

35 b. 2015 2016 70 498 8 93 68 (23) (84) (11) (6) (10) (194) 409 (19) 390 1,094 1,484 1,283 26 Vuclip 41(b)(i) 107 68 1,484 (1,283) (26) 68 (1,241) (77) (13) 2016 181

2016 12 31 35 c. 2015 12 314.52 2015 Gain Score Limited d. 2015 2016 7,610 5,349 (1) (453) (106) (139) 25(h) (6) 12 31 7,503 4,751 36 182 2016

37 2015 806 806 121 121 121 806 927 513 513 106 106 6,069 6,069 90 90 60 60 3,969 3,969 1 1 7,503 7,503 18,251 60 18,311 18,372 60 806 19,238 2016 183

2016 12 31 37 2015 3,879 3,879 2,494 2,494 6,763 6,763 322 322 448 448 69 69 13,975 13,975 38,090 38,090 586 586 627 627 604 604 586 39,321 39,907 586 53,296 53,882 184 2016

37 2016 1,057 1,057 289 289 157 157 157 289 1,057 1,503 510 510 139 139 7,112 7,112 98 98 3,778 3,778 453 453 4,751 4,751 16,841 16,841 16,998 289 1,057 18,344 2016 185

2016 12 31 37 2016 457 457 2,731 2,731 6,844 6,844 321 321 173 173 35 35 10,561 10,561 45,131 45,131 98 98 544 544 808 808 98 46,483 46,581 98 57,044 57,142 186 2016

37 a. 30 20152016 12 31 25(e) 20152016 12 31 39 b. 39 2016 187

2016 12 31 37 b. 2015 1 1 2 2 5 5 (3,907) (3,907) (3,879) (2,494) (2,494) (2,494) (6,763) (6,763) (6,763) (322) (322) (322) (482) (482) (448) (69) (69) (69) (14,037) (14,037) (13,975) (778) (4,300) (22,040) (19,040) (46,158) (38,090) i (21) (33) (152) (299) (505) (586) (142) (424) (292) (858) (627) ii (48) (78) (226) (1,088) (1,440) (604) (847) (4,553) (22,842) (20,719) (48,961) (39,907) (14,884) (4,553) (22,842) (20,719) (62,998) (53,882) 188 2016

37 b. 2016 1 1 2 2 5 5 (479) (479) (457) (2,731) (2,731) (2,731) (6,844) (6,844) (6,844) (321) (321) (321) (180) (180) (173) (35) (35) (35) (10,590) (10,590) (10,561) iii (991) (2,166) (26,193) (25,219) (54,569) (45,131) (33) (51) (199) 219 (64) (98) (142) (424) (150) (716) (544) ii (82) (59) (29) (1,255) (1,425) (808) (1,106) (2,418) (26,845) (26,405) (56,774) (46,581) (11,696) (2,418) (26,845) (26,405) (67,364) (57,142) i. 2015 12 312,2005.0338.87 31 20303.761.28 2020 1 152020 5 20 3126(c)26(f)28(c)2016 12 314,900 ii. 2016 12 311.0220154,700 216.652015216.65 26(e)28(c) iii. 2016 12 31 19.502015 2016 12 3115 3G 2016 189

2016 12 31 37 c. i. 20152016 12 31 2016 12 31 25.53197.87201518.03139.70 216.652015 216.65 190 2016

37 c. i. 2015 2016 8 13 9 1,468 197 361 1,103 168 337 3 1,630 37 458 1,524 51 225 (1,494) (61) (203) (1,699) (153) (145) (74) (33) (3,879) (457) (12,803) (1,666) (18,611) (1,613) (15,152) (1,493) 629 (18,173) (1,547) 437 (225) (52) (629) 317 (78) (424) 12,803 1,666 18,611 1,613 (2,574) 121 755 (12) 13 2016 191

2016 12 31 37 c. i. 2016 12 31 60020152,100 20152016 12 311.082015 7,100 2016 12 31 2015500 20152016 12 315,1002015 5,300 2016 12 31 1002015 20152016 ii. 192 2016

37 c. ii. 2015 2016 % % 3.17 3,879 4.08 12,275 3.58 18,034 1.84 1,484 16,154 19,518 5.18 457 1.60 23,621 1.52 23,423 5.04 2,194 5.24 2,190 25,815 26,070 41,969 45,588 2016 193

2016 12 31 37 c. ii. 2016 12 3150201520 8,50020153,500 5020152020152016 iii. 24 d. 20152016 12 31 2015 2016 (3,879) (3,890) (457) (457) (38,090) (38,600) (45,131) (45,168) 194 2016

37 e. 2015 24 24 782 782 60 60 24 60 782 866 (22) (22) (586) (586) (586) (22) (608) 2016 12 12 1,045 1,045 289 289 12 289 1,045 1,346 (22) (22) (98) (98) (98) (22) (120) 2016 195

2016 12 31 37 e. 196 2016

37 e. 3 20 20153 20 15% 30% 201515% 30% 15% 70% 201515% 70% 10% 50% 201510% 50% 2016 12 31 2015 12 31 2016 12 31 2015 2016 2015 2016 650 782 (22) 172 378 (22) (30) (115) (78) (2) 70 782 1,045 (22) (22) 2016 12 3110.4520157.82 2015 12 31200 2016 197

2016 12 31 37 f. 38 a. 2015 2016 170 64 1,254 472 19 34 701 715 2,144 1,285 b. 2016 12 31 2015 2016 1 1,321 1,371 15 1,573 1,312 5 391 280 3,285 2,963 2016 12 31 1152015115 198 2016

38 b. 2015 2016 1 1,139 942 15 853 889 5 266 299 2,258 2,130 2016 12 31 1152015115 c. 2016 12 31 2015 2016 1,696 1,306 2,171 214 3,867 1,520 39 2015 2016 2,391 923 1 60 56 7 2 12 6 11 11 2,481 999 2016 199

2016 12 31 40 2016 12 31 387.862015384.31131.33 2015145.35 2016 12 31 37(b) 25(f) 26 2015 2016 2 2 2,058 3,188 143 87 8 39 88 2,242 3,373 2016 12 31 1.6120151.61 41 a. 2016 12 31 2016 12 31 b. 2015 12 31 i. Vuclip, Inc.Vuclip 2015 12 31 Vuclip, Inc. 12.862,200 Vuclip3,900 over-the-topott Vuclip, Inc. Vuclip, Inc. Dynamic Adaptive Transcoding Vuclip OTT 200 2016

41 b. 2015 12 31 i. Vuclip, Inc.Vuclip 2016 12 31 (i) Vuclip 1,115 Vuclip 107 64 1,286 (337) 949 OTT Vuclip Vuclip Vuclip 2016 201

2016 12 31 41 b. 2015 12 31 i. Vuclip, Inc.Vuclip (i) Vuclip Vuclip 11 486 76 67 (23) (51) (6) (10) (194) 356 (19) 337 1,115 (67) 2015 12 31 1,048 2016 12 31 13 (ii) 1,7002015 12 31 (iii) 2015 12 311.48 6,5002015 1 12015 12 31 2.168,500 202 2016

41 b. 2015 12 31 i. Vuclip, Inc.Vuclip (iv) Vuclip Vuclip 2,900 2015 12 31 (v) 2,200Vuclip EBITDA3 EBITDA 2018 12 31 2016 12 31 ii. Keycom plcrelish Networks plcrelish 2015 4 7Relish Networks plc2015 6 1,6601.96Relish Networks plc 2015 12 31 1,6301.92 2016 12 31 2016 203

2016 12 31 41 b. 2015 12 31 ii. Keycom plcrelish Networks plcrelish (i) Relish 166 4 26 196 (53) 143 Relish 56 12 8 17 1 (30) (11) 53 204 2016

41 b. 2015 12 31 ii. Keycom plcrelish Networks plcrelish (i) Relish 166 26 192 (1) 2015 12 31 191 (ii) 5002015 12 31 (iii) 2015 1 1Relish 2,400 100Relish Relish2015 12 31 iii. Syntelligence Ltd 2015 5 26 Syntelligence Ltd 42 a. 2015 12 31 2015 12 31500 2016 12 31500 2016 205

2016 12 31 43 2016 12 31 2016 12 31 7 2017 1 1 12 2017 1 1 2 2018 1 1 15 2018 1 1 9 2014 2018 1 1 16 2019 1 1 2016 12 31 15 15 1515 16 16 38(b) 206 2016

2016 12 31 2012 2013 2014 2015 2016 25,318 27,317 33,277 39,314 38,384 (11,816) (13,111) (15,151) (18,965) (17,743) (10,150) (10,735) (14,091) (14,534) (15,114) 371 685 2,717 135 32 62 80 90 87 52 (966) (1,111) (1,418) (1,634) (1,429) (22) 140 50 37 45 2,797 3,265 5,474 4,440 4,227 (232) (210) (803) (447) (395) 2,565 3,055 4,671 3,993 3,832 1,661 1,885 3,310 2,295 2,051 904 1,170 1,361 1,698 1,781 12 31 2012 2013 2014 2015 2016 33,070 36,358 51,648 54,619 59,070 16,774 17,579 21,391 20,139 20,514 (19,412) (10,658) (19,018) (17,493) (14,084) (22,294) (34,646) (41,652) (43,923) (50,724) 8,138 8,633 12,369 13,342 14,776 12 31 2012 2013 2014 2015 2016 17,418 15,874 17,912 18,460 18,855 2016 207

2016 KBE, LVO GBS GBM, GBS, OBE, JP Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 979 41 +852 2888 2888 +852 2877 8877 2016 2016 www.pccw.com/ir www.hkexnews.hk A) 2016 B) 2016 183 17M +852 2862 8688 +852 2865 0990 pccw@computershare.com.hk 2016 2016 2016 OTC Markets Group Inc. 10 0008 0008.HK 8 HK PCCWY 183 17 1712 1716 +852 2862 8555 +852 2865 0990 hkinfo@computershare.com.hk Citibank, N.A. PCCW American Depositary Receipts Citibank Shareholder Services P.O. Box 43077 Providence, Rhode Island 02940 3077, USA +1 877 248 4237 +1 781 575 4555 citibank@shareholders-online.com www.citi.com/dr 1,000 2016 12 31 7,719,638,249 2016 12 31 8.16 20.17 * * 2017 2016 2016 2016 2016 2017 979 41 +852 2514 5084 ir@pccw.com www.pccw.com 2017 1 16 2017 3 23 24 2017 3 24 2017 4 19 2017 3 17 208 2016

A1

A1 A2 A3 A4 A6 A10 A11 A13 A15 A2

B1 B2 B3 B4 B5 B6 B7 B8 A16 A16 A16 A18 A19 A19 A20 A20 A21 A25 A26 A26 A31 A3

A4 00082016 12 31 27 6823 2016 0432

ISO 9001 2008 90%Now TV 11 87.6% Smart Charge 83.5% ISO 27001 SOS 2615 2016 20,000 1,400 A5

A6

A7

2016 23 19 13 15 14 8 9 7 20 3 1 10 4 2 16 11 6 5 21 17 12 18 22 23 A8

A. A1 A2 A3 1. 2. 3. 4. 5. 6. B. B1 7. 8. B2 9. B3 10. B4 11. B5 12. B6 B7 13. 14. 15. 16. 17. 18. 19. 20. B8 21. 22. 23. A9

A1-A3 A10

A1 1 1 2 2020 1 (HCFCs Smart Charge 2016 Smart Charge (HK) Limited Smart Charge 1 (SOx) (NOx) (CO) (VOC) 2 4 A11

2 3 20162 2016 Now TV 2016 11 A12

A2 4 12 2016 90 2014 A13

2016 2015csl 2016 Powerb@se ISO 14001 LEED 2016 5 E&M e Smart Living Smart Living (Powerb@se) Smart Charge A14

12 A3 6 Green Matters 2016-2017 2016-2017 2016/17 2016 BEC A15

B1-B4 A16 B1 25,000 7 1 23 45 ASPECT B1: EMPLOYMENT

8 17 2016 10 2016 6 SOS A17

B2 9 A18

A19 B4 11 20161,400 B3 10 (1) (2) 201625 2016

B5-B7 B5 12 2,000 2016ISO 9001 2008 A20 o

o o o o o o 2016 B6 13 14 A21

A22 ISO 27001 15 2016 18 Junior App Junior Pack

16 17 (GPON) (LTE) IPv4 IPv6 ISO 3,000 400 Wi-Fi 2016 2016 ISO 9001 ISO 20000 A23

18 2008 45 30 500 A24

B7 19 20 2016 2016 A25

B8 B8 21 10,0002015 2015 10 Plus A26

22 IT2016 IT 15 IMA Google EYE 2016 Google EYEEYE Girls Go Tech (STEM) HKT education HKT education (STEM) HKT education Wi-FiHKT educationgoogle Apple 150 A27

23 2016 2615 2016 A28

Better SHA Teen IT IT A29

1O1O A30

A. A1 (a) (b) > A2 > A3 > B. B1 (a) (b) > B2 (a) (b) > A31

B. B3 B4 (a) (b) > > B5 > B6 (a) (b) > B7 (a) (b) > B8 > A32

FSC TM C007445