2014 : 6823

2014 : 6823

1 2 2014 3 9 10 14 19 33 41 164

17,600 6823 2014 1

1 PCCW Global 16 Asia Africa Europe-1 2 Smart Living Store HomeSquare KDDI SK PlanetNFC NFC 2013 12 31 CSL New World Mobility Limited (CSLNW CSL Holdings Limited) 3 PCCW Global Phase3 Telecom Telecom Namibia 5 5 14 CSLNW VoLTE (Voice over LTE) PCCW Global 7 csl. Building for Tomorrow, Today 8 2014 6 30 Wi-Fi.HK Wi-Fi 9 SUN Mobile 10 PCCW Global du Smart Home PCCW Global Crypteia Networks 12 HKT educationgoogle The Club csl. 300Mbps 4G LTE-Advanced x csl. 2 2014

AfricaCom Awards 2014 Best Pan African Initiative Finalist Breakthrough LTE Development Finalist 2014 Asia Pacific Property Awards Highly Commended Retail Interior in Hong Kong 2014 AV Awards 2013 2014 10,000 2013 PCCW Global HKTSignature Store csl. Informa Telecoms & Media The International Property Awards AV Magazine RoadShow 2013 2014 / 2014 19 2014 3

I.T.2013 2014 2014 2014 2014 Computerworld Hong Kong Awards 2014 Best Corporate Mobile Services Provider Best Data and Telecom Services Provider Best Mobile Device Management csl. 1O1O 1O1O HKT's Mobile Device Management PCM Baronmead 51CallCenter Computerworld Hong Kong PCCW Global 2014Telecom Review SummitBest Asian Wholesale Operator Best African Wholesale Operator 1O1O 2014 1O1O Centre 2014 4 2014

2014 2013 2013 2013 2013 e-2014 Enterprise Europe Network Awards New Success Finalist Ethernet Excellence Awards Wholesale Service Provider of the Year APAC csl. Crypteia Networks PCCW Global e-zone European Commission Metro Ethernet Forum (MEF) 2014 13 2014 5

Global Carrier Awards 2014 Executive of the Year for Industry Contribution Best Asian Wholesale Carrier Finalist Best Technology Innovation Finalist PCCW Global PCCW Global Capacity Magazine IT 2014 2014 20 50 20~50 20 20~50 Hong Kong Telecommunications (HKT) Limited Hong Kong Telecommunications (HKT) Limited PCCW Global 6 2014

2014 2014 2014iChoice 2013 Most Valuable Services Awards in Hong Kong 2014 Most Reliable Mobile & Wireless Solutions 2014 2013 2013 2014 2014 2013 IDD 0060 HKT 1O1O 1O1O Uwants Mediazone PC3 2014 7

2014 2014 2013 Telecom Review Awards 2014 Best African Wholesale Operator Best Asian Wholesale Operator The Telecoms World Middle East Awards Best International Wholesale Carrier 2014 201450 3 3 3 18 4 18 TOUCH Brands 2014 World Communications Awards 2014 Users Choice Finalist 1O1O HKT Cloud Office HKTSignature Store Smart Living PCCW Global PCCW Global csl. PCCW Global x Telecom Review Terrapinn TOUCH Total Telecom 8 2014

2014 5 CSL New World Mobility Limited 2015 5 8 (FTTH) 50 PCCW Global 2015 2 10 2014 9

2014 12 31 CSL 2014 5 CSL New World Mobility Limited CSLNW CSL Holdings Limited 1O1O csl. SUN Mobile 2015 CSLNW CSLNW 100 csl. 12 150Mbps 300Mbps 4G LTE-Advanced csl. 1800MHz 2600MHz Cat 6 300Mbps CSLNW 12 csl. 1,000Mbps Wi-Fi LTE-A 300Mbps2015 54G LTE (VoLTE) VoLTE 3GPP R10 VoLTE 4G 3G VoLTE csl. 10 2014 1O1O 1O1O 1O1O 12 Leica 1O1O 10 2014

(FTTH) 50 Smart Living Smart Living Store HomeSquare Smart Living Wi-Fi 100 Wi-Fi CSLNW (FMI) FMI PCCW Global PCCW Global AAE-1(Asia Africa Europe-1) 2016 2014 11

PCCW Global Crypteia Networks PCCW Global Crypteia Smart Living PCCW Global PCCW Global 10 du 12 The Club The Club The Club IT Club The Club 60 Swiss AEX Wi-Fi 12 64 12 2014

2013 2014 2014 2015 CSLNW 12 18 Smart Living 2015 2 10 2014 13

14 2014 1972 1973 1977 1978 2001 63 2011 11 1999 82011 11 2007 4 2011 11 2002 62007 4 2011 11 1998 19971998 19931997 48 2011 11 1999 8 2011 11

50 2011 11 2007 4 2010 5 2006 9 2007 4 2009 72011 11 1999 9 Cable & Wireless HKT Limited 59 2011 11 1999 8 2011 11 1976 1980 Occidental International Oil Incorporated1983 Schlumberger Limited 1989 Vestey Group 1992 Boustead Singapore Limited 1995 Morgan Grenfell Investment Management (Asia) Limited 1997 54 2011 11 2010 5 2011 11 1996 11 2010 5 1999 3 1983 University College 2004 2001 3 9 2008 5 31 51 2011 11 2008 5 2011 11 2014 15

16 2014 54 2014 8 2014 7 (IIMA) 15Infosys Infosys Limited Infosys Lodestone Infosys 14 (EBA) 2009 22011 3 2007 1 2005 9 2006 122008 3 2005 10 2003 102005 8 2001 11 2003 10 2004 1988 2007 12 1992 2001 2005 1985 52 2011 11 2007 7

FREng, GBS, JP 74 2011 11 2000 102011 11 2007 9 2008 2 19962007 19941996 19901994 19851990 1999 7 2002 7 74 2011 11 2005 22011 11 2000 10 2005 2 1995 42003 4 1991 1994 19891991 19841989 2003 72009 1 (Sun-Times Media Group, Inc.) Sunil VARMA Varma 71 2011 11 Varma 40 Price Waterhouse Management Consultants IBM Consulting Group 1994 Price Waterhouse Price Waterhouse 19961998 Varma IBM Consulting Group IBM Consulting Group 19992000Asia Online, Ltd. 2003 HCL-Perot Systems 2014 17

Varma Varma International Asset Reconstruction Company Pvt. Ltd. Shriram City Union Finance Ltd. Varma Shriram EPC Ltd. Vistaar Livelihood Finance Pvt. Ltd. Varma 1962 7 Punjab University 1966 8 (Institute of Chartered Accountants of India)1972 6 1975 9 (Institute of Cost and Management Accountants of India) 68 2014 5 2004 2 2003 12 19461967 1985 1991 1998 1999 2003 12 Vedanta Resources plc Tata Consultancy Services Limited Godrej Consumer Products Limited Jet Airways (India) Limited Wockhardt LimitedMax India Limited Cairn India Limited Emaar MGF Land Limited ING Groep N.V. (Prudential Financial Inc.) 18 2014

19 2014 2014 12 31 2011 11 7 2011 11 7 (i) (ii) (iii) 2014 12 31 B.1.2 A.5.1

4258 4258 20 2014

2014 12 31 59 154 12 1418 (www.hkt.com) 2014 2014 5 8 2014 21

7 2/2 1/1 2/2 1/1 2/2 1/1 1/1 2014 20141 2 2 2 3 5/5 3/3 5/5 1/1 5/5 5/5 1/1 5/5 5/5 1/1 5/5 5/5 1/1 4/5 4/5 1/1 3/5 2/3 1/1 3/5 1/1 4/5 4/5 1/1 4 2/2 2/2 5/5 3/3 2/3 1/1 5/5 3/3 1/1 5/5 3/3 1/1 5/5 3/3 1/1 Sunil Varma 5 5/5 3/3 3/3 5/5 3/3 1/1 6 2/3 1/1 2/3 7 2/2 1/1 2/2 1/1 2/2 1/1 1/1 1. 2. 2014 3. 2014 4. 2014 8 5 5. 2014 5 8 6. 2014 5 8 7. 2014 5 8 22 2014

23 2014 3.13 3.13 Sunil Varma 4258 2014 12 31 Sunil Varma 2014 12 31

合併企業管治報告 ( 續 ) 2011 11 29 www.hkt.com/ir www.hkexnews.hk Sunil Varma 2014 5 8 2014 5 8 24 2014

(v) 2013 (vi) 2014 2015 2 10 9496 2014 22 2014 (i) (ii) 2013 (iii) 2014 (iv) 2014 2014 25

2014 5 8 Sunil Varma 2014 5 8 2014 22 2014 (i) (ii) (iii) 2014 5 8 (iv) 2015 2 10 2015 Sunil Varma 2014 5 8 2014 22 (v) 2015 2 10 2014 12 31 26 2014

2014 (i) (ii) 2013 12 31 (xi) 2014 12 31 (xii) 20142015 (xiii) 2013 12 31 2014 6 30 (iii) 2013 12 31 2014 (xiv) 2013 12 31 (iv) (v) 2013 12 31 (xv) (xvi) 2014 12 31 (vi) (vii) 2014 6 30 (viii) 2014 6 30 (ix) 2014 12 31 2014 12 31 1,100 20139002,100 2013300 1 20 21 (x) 2014 27

2014 5 8 Sunil Varma 2014 5 8 2014 5 8 2015 2 10 2015 Sunil Varma 2014 5 8 2014 22 28 2014

2014 26 27 2014 (i) (ix) (x) 2014 12 31 2014 12 31 (ii) 2013 12 31 (iii) 2013 12 31 2014 (iv) 2013 12 31 (v) (vi) 2014 6 30 (vii) 2014 6 30 2014 12 31 4.3 2013 42013 (viii) 2014 12 31 2014 29

30 2014 2014

2014 12 3115 979 39 +852 2962 5926 cosec@hkt.com 2014 31

www.hkt.com/ir 20 2014 12 31 2015 2 10 164 32 2014

288.23 EBITDA102.42 29.91 42.20 33.54 2014 47.32 2014 12 31 44.30 23.30 2014 12 31 2014 5 CSL New World Mobility Limited CSL Holdings Limited CSLCSL 2014 12 31 288.23 EBITDA 102.42 CSL CSL 29.91 42.20 2014 12 31 33.54 2014 47.32 2014 12 31 44.30 CSL 12 18 Smart Living 2014 2015 2014 12 31 23.30 201444.30 21 23.30 2014 7 2014 33

2013 2014 12 31 7 7 7 9,200 10,051 19,251 9,565 10,348 19,913 3% 1,790 1,581 3,371 2,910 6,040 8,950 165% 318 370 688 286 278 564 (18)% (237) (241) (478) (241) (363) (604) (26)% 11,071 11,761 22,832 12,520 16,303 28,823 26% (4,901) (5,216) (10,117) (5,333) (6,720) (12,053) (19)% (2,331) (2,483) (4,814) (2,762) (3,766) (6,528) (36)% EBITDA 1 3,510 3,725 7,235 3,594 3,768 7,362 2% 453 427 880 965 2,182 3,147 258% (124) (90) (214) (134) (133) (267) (25)% EBITDA 1 3,839 4,062 7,901 4,425 5,817 10,242 30% EBITDA 1 38% 37% 38% 38% 36% 37% EBITDA 1 25% 27% 26% 33% 36% 35% EBITDA 1 35% 35% 35% 35% 36% 36% (2,399) (2,301) (4,700) (2,350) (3,536) (5,886) (25)% 10 3 13 (2) (2) 49 35 84 41 58 99 18% (458) (375) (833) (452) (672) (1,124) (35)% 6 44 50 2 (31) (29) 1,047 1,468 2,515 1,664 1,636 3,300 31% 34 2014

2013 2014 12 31 EBITDA 1 3,839 4,062 7,901 4,425 5,817 10,242 30% (712) (891) (1,603) (770) (2,032) (2,802) (75)% 6 (988) (992) (1,980) (1,135) (1,375) (2,510) (27)% 2,139 2,179 4,318 2,520 2,410 4,930 14% (107) (224) (331) (80) (315) (395) (19)% (239) (450) (689) (368) (433) (801) (16)% (309) (88) (397) (482) 102 (380) 4% 2 1,484 1,417 2,901 1,590 1,764 3,354 16% 43.43 47.32 3 45.21 44.30 4 2013 2014 2,651 2,651 2,654 2,654 0% 1,242 1,242 1,245 1,245 0% 1,409 1,409 1,409 1,409 0% 1,567 1,567 1,567 1,567 0% 1,408 1,408 1,408 1,404 0% 128 130 131 136 5% Gbps 2,276 2,967 3,016 3,372 14% IDD 521 474 431 397 (17)% 1,652 1,654 4,512 4,585 177% 1,017 1,019 3,183 3,178 212% 635 635 1,329 1,407 122% 2014 35

1 EBITDA EBITDA EBITDA 2 EBITDA 3 4 IDD 5 6 7 2014 12 31CSL Holdings Limited CSL New World Mobility Limited 2013 12 31 36 2014

2013 2014 12 31 7 7 7 1,680 1,754 3,434 1,682 1,801 3,483 1% 3,140 3,320 6,460 3,236 3,490 6,726 4% 3,222 3,489 6,711 3,465 3,538 7,003 4% 1,158 1,488 2,646 1,182 1,519 2,701 2% 9,200 10,051 19,251 9,565 10,348 19,913 3% (4,117) (4,534) (8,651) (4,301) (4,638) (8,939) (3)% (1,573) (1,792) (3,365) (1,670) (1,942) (3,612) (7)% EBITDA 1 3,510 3,725 7,235 3,594 3,768 7,362 2% EBITDA 1 38% 37% 38% 38% 36% 37% 2014 12 31 199.13 EBITDA 73.62 EBITDA 2014 12 31 34.83 34.342014 12 2,654,000 ARPU ARPU 2014 12 31 67.26 ARPU 2014 12 (FTTH) 504,000 2014 12 31 70.03 2014 12 31 27.01 2014 37

2013 2014 12 31 7 7 7 1,346 1,280 2,626 2,328 4,570 6,898 163% 444 301 745 582 1,470 2,052 175% 1,790 1,581 3,371 2,910 6,040 8,950 165% 440 401 841 964 2,123 3,087 267% 13 26 39 1 59 60 54% EBITDA 1 453 427 880 965 2,182 3,147 258% EBITDA 1 25% 27% 26% 33% 36% 35% EBITDA 1 33% 31% 32% 41% 46% 45% 2014 5CSL 2014 12 31 89.50 26.26 68.98 CSL 7.45 20.52 2014 CSL ARPU2014 12 ARPU210 219 2014 12 31 4,585,0003,178,000 2014 2014 12 31 IDD EBITDA 31.47 EBITDA 2014 5 CSL 2014 12 18 2014 12 31 5.64 6.882014 12 2014 12 316.04 4.78 2014 12 31 120.53 38 2014

65.28CSL 58.86 CSL 2014 12 31 124.16 EBITDA 1 CSL EBITDA 2014 12 31 102.42 EBITDA 2014 12 31 8.33 11.24 CSL 2014 7 2014 12 31 2.421,600 6,700 20133,900 2014 12 31 29.91 201324.60 2014 12 31 5 368.47 2013 12 31246.26 CSL 2014 7 2014 12 31 36.13 2013 12 3121.34 2014 12 31 5 332.34 2013 12 31224.92 2015 1 15 3 2030 2014 12 31 293.77 42.30 2014 12 31 5 2013 12 31 HONG KONG TELECOMMUNICATIONS (HKT) LIMITED 2014 12 31 Hong Kong Telecommunications (HKT) Limited Moody s Investors ServiceMoody s Standard & Poor s Ratings ServicesS&P s Baa2 BBB Moody s S&P s 2014 78 Hong Kong Telecommunications (HKT) Limited 6 2014 12 31 25.29 201320.25 2014 2013 2014 39

2014 12 31 2014 12 31 2013 12 31 2013 2014 182 2,128 64 62 5 12 251 2,202 2014 5 CSL 2014 12 31 17,600 201316,300 EBITDA 2014 12 31 23.302011 11 7 23.30 2014 6 30 21 2014 9 (i) 3000 (ii) 40 2014

42 59 60 61 62 64 66 67 68 153 154 155 156 157 158 159 160 2014 41

(i) (ii) 2014 12 31 2014 12 31 154 163 2011 11 7 7 2014 12 3160 2014 12 31 155 2014 6 30 212014 9 2014 12 31 23.30 23.30 2014 12 31 CAS Holding No. 1 Limited 153 42 2014

23 19 20 15 16 24(c) 25 2014 6 13 1,155,011,542 6.84100 18 2014 7 24 2014 12 31 7,571,742,334 2014 12 3128 2014 12 31 7 28 29 157 2014 12 31 2014 43

2014 8 5 FREng, GBS, JP CBE, LLD, JP Sunil Varma 2014 5 8 2014 5 8 2011 11 7 Sunil Varma 3.13 3.13 Sunil Varma 2013 2 15PCRD Services Pte Ltd PCRD Services KSH Distriparks Private LimitedKSH Pasha Ventures Private LimitedPasha VenturesAkash MehtaMehta Sky Advance Associates LimitedSky AdvanceAkash MehtaPasha Ventures KSH 2012 3 11PCRD Services Akash MehtaPasha Ventures KSH PCRD Services Sky AdvancePasha Ventures KSHPasha Ventures 2013 6 PCRD Services Sky Advance Mehta KSHKSH KSH PCRD Services 44 2014

KSH3.13 (i)ksh KSHKSH (ii) KSH(iii)Akash Mehta 2014 12 31352 XV 1. 66,247,614 1(a) 147,909,017 1(b) 214,156,631 2.83% 631,795 2,315,756 2 2,947,551 0.04% 388,377 1,729,000 2 2,117,377 0.03% 21,530 21,530 0.0003% 99,238 946 3 100,184 0.001% 2,790 2,790 0.00004% 2014 45

1. XV (a) 0.0005 (b) 0.0005 1. (a) Chiltonlink LimitedChiltonlink Pacific Century Diversified LimitedPCD20,227,614 Eisner Investments LimitedEisner46,020,000 Chiltonlink Eisner (b) (i) Yue Shun LimitedYue Shun 3,122,464 Yue Shun 3,122,464 (ii) 13,159,619 13,159,619 (iii) 131,626,804 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington Limited 131,626,804Hopestar Holdings Limited (iv) PineBridge Investments LLCPBI LLC130PBI LLC Chiltonlink ChiltonlinkPBI LLC 130 2. 3. 46 2014

2. A. 284,671,817 1(a) 1,821,250,692 1(b) 2,105,922,509 28.26% 50,630 780,204 200 831,034 0.01% 4 3 2 672,311 2,301,906 3 2,974,217 0.04% 265,320 265,320 0.004% 1,176,260 18,455 5 1,194,715 0.02% 64,180 64,180 0.001% 1. (a) PCD249,309,311Eisner35,362,506 (b) (i) Yue Shun 36,726,857Yue Shun 36,726,857 (ii) 162,194,916 162,194,916 (iii) 1,622,325,919 1,622,325,919 (iv) PBI LLC3,000PBI LLC 3,000 2. 20200 3. 4. 2009 10,000,000 2013 10 5. 2014 47

2. B. 5,000,000 5,000,000 1.24% 2003 3 17 2005 5 13 2014 2014 1 1 12 31 12.20.2004 12.20.2004 12.20.2004 12.19.2014 2.375 5,000,000 C. PCCW-HKT Capital No.4 Limited PCCW-HKT Capital No.4 Limited900 4.25 2016 2014 12 31 XV 352 48 2014

2011 11 720112021 (1) 20112021 (2) (a)(b) (c) 20112021 (3) (i) 20112021 20112021 (ii) (i) 20112021 2011 11 29 (iii) 20112021 20112021 (4) 20112021 12 20112021 (5) 20112021 (10) 2014 49

(6) 20112021 20112021 (7) 1.00 20112021 (8) (i) (ii) (5)(iii) (9) 20112021 20112021 20112021(10) 2011202120112021 2014 12 3120112021 2011 10 11 (a) (b) 50 2014

2014 12 31 12,962,935 2,210,9221,757,269 344,0002,579,8002014 12 31 12,995,117 2014 12 31118 121 27(b)(iii) 2014 12 31 18 2014 12 31336 4,775,714,681 63.07% 1 CAS Holding No. 1 Limited 4,775,714,681 63.07% The Capital Group Companies, Inc. 754,136,664 9.96% 2 XV (a) 0.0005 (b) 0.0005 1. CAS Holding No. 1 Limited 2. The Capital Group Companies, Inc. XV2014 7 16The Capital Group Companies, Inc. 2014 12 31The Capital Group Companies, Inc. 2015 1 9 545,097,500 2014 51

2014 12 31 336 2014 12 318.10 2000 8 16 Cable & Wireless HKT LimitedPCCW-HKT Limited 110,000 52 2014

208,000201328,000 40 2014 12 31 2013 12 27 (1) (17) 2014 1 1 2016 12 31 HKT Media Holdings Limited (1) 2013 12 27 Hong Kong Telecommunications (HKT) LimitedHK Telecom HK Telecom (2) 2013 12 27HK TelecomHK Telecom (6) (3) 2013 12 27HK Telecom HK Telecom 2014 53

HKT Media Holdings Limited (4) 2013 12 27 HK Telecom HK Telecom HK Telecom HK Telecom HK TelecomHK Telecom (5) 2013 12 27HK Telecom (6) 2013 12 27HK Telecom(2) (7) 2013 12 27HK Telecomeye (8) 2013 12 27 HK Telecom (9) 2013 12 27HK Telecom 54 2014

HKT Solutions Holdings Limited (10) 2013 12 27HK Telecom HK Telecom 2013 12 27HK TelecomHK Telecom (11) 2013 12 27 HK TelecomHK Telecom HK Telecom HK Telecom HK Telecom HK Telecom (12) (a) DCMS HK Telecom 2013 12 27 HK Telecom (b) ITSI HK Telecom 2013 12 27 HK Telecom (c) BPLO HK Telecom 2013 12 27 2014 55

(13) 2013 12 27 (14) 2013 12 27HKT Services LimitedHKT Services PCCW Services LimitedPCCW ServicesHKT Services (15) 2013 12 27HK Telecom PCCW-HKT LimitedHKTL HK TelecomHKTLi.Shop (16) PCCW Services 979 PCCW Services2008 10 31 2014 12 31 2017 12 31PCCW Services PCCW Services HKT Services 2013 12 27HKT Services (17) 3 2011 2 28 2011 9 92013 12 19 2016 2 27 HK Telecom 2012 5 25 2016 2 29 2013 12 27HK Telecom 56 2014

2014 12 31 (1) (17) 2014 12 31 2014 12 31 (1) 154,281 280,200 (2) 177,681 209,600 (3) 20,964 21,000 (4) 1,342 4,600 (5) 605,916 634,500 (6) 23,737 23,800 (7) 330,575 371,000 (8) 40 (9) 218 1,100 (10) 58,300 312,700 (11) 10,305 13,500 (12) (a) DCMS 329,700 350,000 (b) ITSI 81,300 81,300 ITSI 50,121 52,200 ITSI 131,421 133,500 (c) BPLO 126,000 152,200 587,121 635,700 (13) 74,100 150,000 1,500 7,500 (14) 81,866 120,800 (15) 37,396 72,300 (16) 128,177 132,000 (17) 12,838 18,400 2014 57

3000 740(1) (17) 2014 12 3114A.56 (1) (17) (i) (ii) (iii) 5 4 2014 12 31 2014 12 31 2015 2 10 58 2014

60 152 1 2014 12 31 2014 12 31 2015 2 10 2014 59

2014 12 31 2013 2014 6 7 22,832 28,823 (10,117) (12,053) (9,501) (12,416) 8 84 99 10 (833) (1,124) (24) (35) 74 6 9 2,515 3,300 12(a) (16) (242) 2,499 3,058 2,460 2,991 39 67 2,499 3,058 14 36.82 42.20 14 36.82 42.19 681521 13 60 2014

2014 12 31 2013 2014 2,499 3,058 (22) (150) (79) 21 86 (110) (10) (18) (53) (24) 1 (381) 2,500 2,677 2,461 2,610 39 67 2,500 2,677 681521 2014 61

2014 12 31 2013 2013 1 1 30,934 183 31,117 2,460 39 2,499 (22) (22) 86 86 (10) (10) (53) (53) 1 1 2,461 39 2,500 (52) (52) 13 13 13 (1,385) (1,385) 13 (1,348) (1,348) (40) (40) (2,772) (40) (2,812) 2013 12 31 30,623 182 30,805 62 2014

2014 2014 1 1 30,623 182 30,805 2,991 67 3,058 (150) (150) (79) (79) (110) (110) (18) (18) (24) (24) (381) (381) 2,610 67 2,677 (9) (9) 59 59 21 21 13 (1,553) (1,553) 13 (1,590) (1,590) (54) (54) 38(a) 36 36 39 (124) (124) 28(a) 7,771 7,771 4,699 (142) 4,557 2014 12 31 37,932 107 38,039 681521 2014 63

2014 12 31 2013 2014 15 14,108 15,489 16 291 278 17 36,044 49,655 18 3,892 10,307 19 207 171 20 645 550 21 171 61 22 8 21 26 67 30 359 371 556 639 56,348 77,542 3,259 4,006 24(a) 1,018 621 24(b) 3,000 3,875 5(a) 49 76 26 49 22 11 18 32(d) 2,134 3,613 9,471 12,258 24(c) 3,877 24(d) 1,803 1,979 2,403 5,023 31 209 433 5(a) 136 94 5(a) 441 278 1,738 1,997 427 734 7,157 14,415 2,314 (2,157) 58,662 75,385 64 2014

2013 2014 25 24,022 32,549 26 405 100 30 1,811 2,591 951 1,033 31 616 954 52 119 27,857 37,346 30,805 38,039 28 6 8 29 30,617 37,924 30,623 37,932 182 107 30,805 38,039 2015 2 10 681521 2014 65

2014 12 31 2013 2014 23 20,004 27,905 20,004 27,905 9 7 23(b) 7,490 7,437 32(d) 3 102 7,502 7,546 1 39 23(b) 93 224 94 263 7,408 7,283 27,412 35,188 28 6 8 28 27,406 35,180 27,412 35,188 2015 2 10 68152 66 2014

2014 12 31 2013 2014 32(a) 7,143 9,569 15 5 (1,980) (2,510) 39 20 (2,091) (3,219) 32(b) (18,769) 11 (52) (81) 25 25 (140) (68) (4,223) (24,586) 15,905 51,719 (703) (821) (15,607) (39,810) 5(a) (45) 878 (2,731) (3,141) (3) (91) 28(a) 7,807 (3,184) 16,541 (264) 1,524 (3) (45) 2,401 2,134 32(d) 2,134 3,613 681521 2014 67

2014 12 31 1 2014 12 31 2014 12 31 2014 12 31 5(a) 23 28 32(d) 34 2 2011 6 141961 97939 32 XI (a) (b) (c) OTC Markets Group Inc. 68 2014

3 a. b. 2014 1 1 27 2011 32 36 39 10 12 21 41 3(k)(i) 3(k)(ii) 3(m) 4 c. 2014 69

2014 12 31 3 c. 3(i) 12 38 3(l)(ii) d. 70 2014

3 d. e. 2012 1 111 11 f. 2014 71

2014 12 31 3 g. 3(l)(ii) 3(h) (i) (ii) (iii) 5 13 5 30 1 17 h. i. ii. 3(g)3(l)(ii) 3(u)(iii) 72 2014

3 h. iii. i. 3(l)(ii) j. i. ii. 2014 73

2014 12 31 3 j. iii. iv. 3(l)(ii) 20 1 10 k. (i) (ii) i. 12 74 2014

3 k. i. 3(u)(v) 3(u)(vii) ii. 12 3(l)(i) 3(u)(vii) 3(l)(i) l. i. 3(l)(ii) 2014 75

2014 12 31 3 l. i. ii. 76 2014

3 l. ii. iii. 34 3(l)(i) 3(l)(ii) m. 3(n) 12 12 n. i. 2014 77

2014 12 31 3 n. i. ii. o. p. 3(l)(i) 78 2014

3 q. r. s. t. (i)(ii) (iii) u. i. ii. 2014 79

2014 12 31 3 u. iii. iv. v. vi. vii. v. w. i. ii. iii. 80 2014

3 w. iv. x. i. 2014 81

2014 12 31 3 x. ii. iii. 82 2014

3 x. iii. iv. y. 2014 83

2014 12 31 3 y. z. i. ii. iii. iv. v. (i) vi. aa. bb. 84 2014

4 17 34 i. 3 ii. 2014 85

2014 12 31 4 ii. iii. iv. 86 2014

4 v. vi. 2014 12 31 2014 7 1 2014 12 31 7.70 2014 12 31 7.70 vii. 39 viii. 2014 12 39 ix. 2014 87

2014 12 31 5 CAS Holding No. 1 Limited 2013 2014 249 187 127 121 33 68 287 293 18 20 774 642 1,491 1,642 128 129 a. 20132014 12 31 20132014 12 31 2013 2014 2013 2014 32(c) (465) 521 24 (799) (441) (278) 49 76 (136) (94) (87) (18) 88 2014

5 b. 2013 2014 52 72 2 2 54 74 6 2013 2014 20,257 25,003 2,536 3,775 39 45 22,832 28,823 7 EBITDA EBITDA 2014 89

2014 12 31 7 2013 18,773 3,371 688 22,832 478 (478) 19,251 3,371 688 (478) 22,832 EBITDA 7,235 880 (214) 7,901 1,575 361 89 2,025 2014 19,309 8,950 564 28,823 604 (604) 19,913 8,950 564 (604) 28,823 EBITDA 7,362 3,147 (267) 10,242 1,487 959 83 2,529 2014 12 31CSL Holdings Limited CSL New World Mobility Limited 2013 12 31 90 2014

7 EBITDA 2013 2014 EBITDA 7,901 10,242 13 (2) (4,700) (5,886) 84 99 (833) (1,124) 74 6 (24) (35) 2,515 3,300 2013 2014 19,048 22,265 1,375 1,436 2,409 5,122 22,832 28,823 2014 12 31746.98 2013530.23 23.91 201327.20 8 2013 2014 21 22 42 47 22 (52) 39 55 (1) 27 84 99 2014 91

2014 12 31 9 a. 2013 2014 1,756 2,211 24 78 206 139 1,986 2,428 b. 2013 2014 39 45 129 164 (13) 2 (8) 10 2,076 3,071 12 13 2,612 2,802 2,394 3,645 7,723 8,408 (8) 6 (10) (3) 12 13 71 100 835 1,295 92 2014

10 2013 2014 (301) (586) (467) (370) (100) (122) (60) (110) (6) (3) (1) (1) (a) 5 (4) (930) (1,196) (b) 45 19 (885) (1,177) 52 53 (833) (1,124) a. 3.05 2013 4.57 3.09 20134.62 b. 2014 12 31 2013 2014 93

2014 12 31 11 a. 2013 1 2 18.75 3 11.36 1.41 31.52 5.23 4.92 0.40 10.55 0.22 0.22 0.22 4 0.22 0.22 5 0.22 0.33 6 0.33 0.22 0.22 0.33 7 0.53 0.86 Sunil Varma 0.33 8 0.33 1.87 24.51 16.28 1.81 44.47 1 2012 2013 2 2013 3 4 2013 5 2013 6 109,200 7 109,200 8 109,200 94 2014

11 a. 2014 1 2 19.73 3 12.24 1.48 8.24 41.69 5.51 3.45 0.42 4.24 13.62 4 0.22 0.22 0.22 5 0.22 0.22 6 0.22 7 0.12 8 0.12 0.22 0.22 0.33 9 0.53 0.86 Sunil Varma 0.33 10 0.33 11 0.21 12 0.21 1.87 25.77 15.69 1.90 12.48 57.71 1 2013 2014 2 2014 3 4 2014 8 5 5 2014 6 2014 7 2014 5 8 8 38,748 9 109,200 10 109,200 11 2014 5 8 12 70,756 2014 95

2014 12 31 11 b. i. 2013 11(a) 2013 2014 12 31 2013 2014 10.27 10.67 2.83 3.88 0.82 1.05 0.29 1.21 14.21 16.81 ii. 2013 2014 12 31 2013 2014 3,500,0014,000,000 1 4,000,0014,500,000 4,500,0015,000,000 1 5,000,0015,500,000 1 1 5,500,0016,000,000 2 3 3 12 a. 2013 2014 365 348 39 47 7 (2) 30(a) (395) (151) 16 242 2013 96 2014

12 b. 2013 2014 2,515 3,300 415 545 15 10 (6) (19) 25 1 15 7 7 (2) (88) (305) (362) 3 (8) 5 16 242 2014 12 31 2013 2013 13 2013 2014 21201321 1,348 1,590 (1) (1) 1,347 1,589 24.21 2013 21.58 1,385 1,553 (1) (1) 1,384 1,552 2,731 3,141 2014 12 31 23.3017.642013 2013 12 3124.2115.53 2014 12 31 23.3017.64 201324.2115.53 2014 97

2014 12 31 14 2013 2014 2,460 2,991 6,682,895,634 7,094,443,832 (2,558,277) (6,135,686) 6,680,337,357 7,088,308,146 1,517,577 1,164,461 6,681,854,934 7,089,472,607 2013 12 312014 12 31 28(a) 15 2013 1,077 18,983 19,407 11,064 1,494 52,025 497 147 209 1,172 2,025 341 627 245 (1,213) (3) (552) (35) (27) (617) (8) (75) (3) (86) 1,074 19,261 20,071 11,488 1,453 53,347 551 15,940 12,622 8,685 37,798 20 792 818 446 2,076 (1) (552) (35) (27) (615) (2) (15) (3) (20) 570 16,178 13,390 9,101 39,239 504 3,083 6,681 2,387 1,453 14,108 526 3,043 6,785 2,379 1,494 14,227 98 2014

15 2014 1,074 19,261 20,071 11,488 1,453 53,347 557 752 469 751 2,529 38 392 694 561 225 121 1,993 39 (16) (16) 437 484 184 (1,105) (401) (21) (62) (484) (47) (88) (135) 1,466 20,501 21,759 12,288 1,220 57,234 570 16,178 13,390 9,101 39,239 26 1,281 1,238 526 3,071 39 (11) (11) (401) (16) (60) (477) (39) (38) (77) 596 17,019 14,574 9,556 41,745 870 3,482 7,185 2,732 1,220 15,489 504 3,083 6,681 2,387 1,453 14,108 2013 2014 50 36 33 10 50 468 837 504 870 2014 99

2014 12 31 16 2013 2014 536 536 233 245 12 13 245 258 291 278 303 291 2013 2014 50 28 26 10 50 263 252 291 278 17 2013 2014 36,026 36,044 19 13,627 (1) (16) 36,044 49,655 100 2014

17 2013 2014 30,830 30,962 1,146 1,146 509 505 3,356 16,816 203 226 36,044 49,655 2014 2013 2014 70% 1% 10% 75% 1% 9% 19% 3% 10% 21% 3% 11% 62% 2% 16% 52% 2% 11% 2014 10 31 2014 101

2014 12 31 18 2013 530 1,501 2,617 5,087 342 10,077 99 1,335 339 149 1,922 (1,261) (136) (1,397) 5 (1) 5 9 535 1,600 2,690 5,092 681 13 10,611 96 604 1,371 3,410 23 5,504 (a) 28 234 1,429 728 44 149 2,612 (1,261) (136) (1,397) 124 838 1,539 4,138 67 13 6,719 411 762 1,151 954 614 3,892 434 897 1,246 1,677 319 4,573 2014 535 1,600 2,690 5,092 681 13 10,611 108 2,314 256 161 2,839 38 1,343 2,332 2,716 6,391 (1,392) (161) (1,553) (8) (7) (15) 1,870 4,040 3,612 7,801 937 13 18,273 124 838 1,539 4,138 67 13 6,719 (a) 75 439 1,527 530 70 161 2,802 (1,392) (161) (1,553) (1) (1) (2) 198 1,277 1,674 4,667 137 13 7,966 1,672 2,763 1,938 3,134 800 10,307 411 762 1,151 954 614 3,892 a. 102 2014

19 2013 2014 207 223 (52) 207 171 41 41 2013 12 317,400 51 1.67 61 2014 12 317,400 4 1 2.18 41 a. 2014 12 31 35% 40,000,000 2014 103

2014 12 31 19 b. 2014 12 31 2013 2014 1 11 6 1 5 10 7 362014 12 31 c. 2013 2014 45 25 153 97 (365) (389) 2013 2014 620 462 (68) (100) d. 2013 2014 (96) (167) (68) (100) (3) (167) (267) 35% 35% (58) (93) 24 24 241 292 (52) 207 171 2014 12 3120132014 12 31 2013 104 2014

20 2013 2014 121 72 524 478 645 550 320133 a. 2014 12 31 Genius Brand Limited 10,000 50% GBL GBL b. 2014 12 31 2013 2014 132 112 1 4 3 1 5 6 5 2014 12 31 3,900 20133,9001.58 20132.49 2014 105

2014 12 31 20 c. GBL 2013 2014 1,119 1,063 20 43 19 20 39 63 (240) (261) (30) (54) (270) (315) (897) (842) (897) (842) (9) (31) (9) (31) 2013 2014 194 227 (79) (91) (31) (38) 1 1 (23) 1 (22) 2014 12 31 1.34 20132,2001.15 20131,700 106 2014

20 d. GBL 2013 2014 (10) (9) 1 (22) (9) (31) 50% 50% (5) (16) 524 478 519 462 2014 12 318,800 20131.26 2014 12 3120132014 12 31 2013 21 2013 2014 85 171 29 86 (110) 171 61 171 61 2014 12 312014 12 31 2013 2014 107

2014 12 31 22 2013 2014 19 39 (11) (18) 8 21 27(b)(iv) 23 2013 2014 20,004 27,905 a. 2014 12 31 Gateway Global Communications Limited 1 100% Hong Kong Telecommunications 100% (HKT) Limited HKTL 2,488,200,001 HKT HKTGH 636,000,005 100% HKT Services Limited 1 100% 108 2014

23 a. 2014 12 31 PCCW Global B.V. 18,000 100% PCCW Global, Inc. 18.01 100% 167,743,479 100% 10 100% HKT Global (Singapore) Pte. Ltd. 60,956,485.64 100% 2,000,000 75% 2 PCCW 7,900,280,100 100% HKTL Mobile HK Limited 1,254,000,000 2014 109

2014 12 31 23 a. 2014 12 31 93,240,000 100% 1 PCCW Teleservices Operations (Hong Kong) Limited 2 100% 350,000,002 100% PCCW Teleservices (US), Inc. 1,169 100% 1. 2. 2014 12 31 b. 2013 2014 7,490 7,437 (93) (224) 74.37 201374.37 0.3 110 2014

23 c. 2014 12 311.07 20131.825,300 20131.60 2,400 20132,2003,000 2013 24 a. 2013 2014 518 252 431 301 69 68 1,018 621 b. 2013 2014 (i) 3,123 4,026 (ii) (123) (151) 3,000 3,875 i. 2013 2014 0 30 1,563 2,161 31 60 478 542 61 90 192 258 91 120 87 146 120 803 919 3,123 4,026 2014 111

2014 12 31 24 b. ii. 2013 2014 125 123 9(b) 129 164 (131) (136) 123 151 2014 12 31 1.51 20131.23 9,700 20138,500 iii. 2013 2014 1,112 1,754 0 30 788 818 31 60 234 304 61 90 122 154 90 744 845 1,888 2,121 3,000 3,875 2,500 20134,700 112 2014

24 c. 2013 2014 5 5.25 2015 (i) 3,877 3,877 (i) 5 5.25 2015 2015 2005 7HKTGH PCCW-HKT Capital No.3 Limited5 5.25 2015 HKTGH HKTL HKTGH HKTL d. 2013 2014 0 30 895 974 31 60 114 128 61 90 98 39 91 120 19 37 120 677 801 1,803 1,979 2,200 20133,600 2014 113

2014 12 31 25 2013 2014 3,868 11,798 16,774 17,057 3,380 3,694 24,022 32,549 5 5.25 2015(a) 3,868 5 4.25 2016(b) 3,961 3,924 5 3.75 2023(c) 3,380 3,694 12,813 24,931 24,022 32,549 24,022 32,549 a. 5 5.25 2015 20152014 12 3124(c)(i) b. 5 4.25 2016 2016 2010 8HKTGH PCCW-HKT Capital No.4 Limited5 4.25 2016 2016HKTL HKTGHHKTL HKTGH c. 5 3.75 2023 2023 2013 3HKTGH PCCW-HKT Capital No.5 Limited5 3.75 2023 2023HKTL HKTGHHKTL HKTGH 37 114 2014

26 2013 2014 (a) 67 (a) 49 (b) 405 100 2014 12 3110 77.59201310 77.55 12 12 a. 2014 12 31 5 38.7920135 38.77 2014 12 317.7790 20137.7790 34(c)(i) b. 2014 12 31 5 38.792013 5 38.77 7.7570 20137.757 34(c)(i)2.1152013 2.11534(c)(ii) (i)(ii) 2014 12 31400 2013500 10 2014 115

2014 12 31 27 a. 25,000 2014 6 130,000 b. i. 1994 9 20 1994 2004 5 19 1994 2004 2014 5 8 2014 2004 19942004 20042014 2014 (1) 2014 (2) 2014 (3) 2014 2014 2014 (4) 2014 12 116 2014

27 b. i. (5) 2014 10 (6) 2014 2014 (7) 2014 2014 14 (8) 2014(i) (ii) (9) 2014 2014 2014 (10) 2014 2014 2014 1 12014 12 311994200420142014 12 31 199420042014 (10) 2013 2014 4.35 13,341,335 (11) 4.35 (13,341,335) 2014 117

2014 12 31 27 b. i. (11) 2013 2014 2004 7 252013 7 23 4.35 13,341,335 13,341,335 ii. 20112021 2011 11 7 20112021(a) (b) (c) 2011202120132014 12 3120112021 20132014 12 31 iii. 2011 10 11 (1) (2) 118 2014

27 b. iii. 20132014 12 31 2013 2014 1,158,000 7,360,797 9.0520137.71 6,737,000 190,000 6.842013 1,007,112 (534,203) (2,579,800) 7,360,797 5,978,109 (1) 2013 2014 5.98 1,140,265 7.27 2,955,982 (3) 7.59 2,387,498 9.03 12,962,935 (4) 6.84 (37,578) 8.99 (344,000) (5) 5.98 (534,203) 7.71 (2,579,800) (2) 7.27 2,955,982 8.89 12,995,117 2014 119

2014 12 31 27 b. iii. (2) 2013 2014 2012 4 11 2012 4 112014 4 11 5.98 588,460 2013 3 21 2013 3 212014 3 21 7.59 1,183,919 2013 3 21 2013 3 212015 3 21 7.59 1,183,603 1,169,756 2014 4 11 2014 4 112015 4 11 8.26 732,874 2014 4 11 2014 4 112016 4 11 8.26 732,583 2014 7 1 2014 7 12015 4 1 9.13 3,996,269 2014 7 1 2014 7 12016 4 1 9.13 3,182,201 2014 7 1 2014 7 12017 4 1 9.13 3,181,434 2,955,982 12,995,117 2014 12 311.0420130.63 (3) 2013 2014 2013 3 21 2013 3 212014 3 21 7.59 1,193,910 2013 3 21 2013 3 212015 3 21 7.59 1,193,588 2014 4 11 2014 4 112015 4 11 8.26 741,687 2014 4 11 2014 4 112016 4 11 8.26 741,389 2014 7 1 2014 7 12014 7 1 9.13 814,068 2014 7 1 2014 7 12015 4 1 9.13 4,098,245 2014 7 1 2014 7 12016 4 1 9.13 3,284,177 2014 7 1 2014 7 12017 4 1 9.13 3,283,369 2,387,498 12,962,935 120 2014

27 b. iii. (4) 2013 2014 2012 4 11 2012 4 112013 4 11 5.98 545 2012 4 11 2012 4 112014 4 11 5.98 17,057 2013 3 21 2013 3 212014 3 21 7.59 9,991 6,647 2013 3 21 2013 3 212015 3 21 7.59 9,985 13,847 2014 4 11 2014 4 112015 4 11 8.26 8,813 2014 4 11 2014 4 112016 4 11 8.26 8,806 2014 7 1 2014 7 12015 4 1 9.13 101,976 2014 7 1 2014 7 12016 4 1 9.13 101,976 2014 7 1 2014 7 12017 4 1 9.13 101,935 37,578 344,000 (5) 2013 2014 2012 4 11 2012 4 112013 4 11 5.98 534,203 2012 4 11 2012 4 112014 4 11 5.98 588,460 2013 3 21 2013 3 212014 3 21 7.59 1,177,272 2014 7 1 2014 7 12014 7 1 9.13 814,068 534,203 2,579,800 5,900 20131,300 5,900 20131,300 2014 121

2014 12 31 27 b. iv. 2002 2002 6 102002 11 12 2006 5 2012 11 152012 11 1510 2013 2014 2,236,000 5,487,130 20133.85 4,277,000 5,000,000 (1,025,870) (3,092,530) (935) 5,487,130 7,393,665 122 2014

(5) 27 b. iv. (1) 2013 2014 2.80 2,204,935 3.43 5,062,070 (3) 3.62 3,939,584 3.99 715,566 (4) 3.11 (56,579) 3.62 (25,974) (5) 2.80 (1,025,870) 3.32 (3,092,530) (2) 3.43 5,062,070 3.72 2,659,132 (3) 3.99 2,582,240 (4) 3.99 (66,987) (2) 3.99 2,515,253 5,062,070 5,174,385 2014 123

2014 12 31 27 b. iv. (2) 2013 2014 2012 4 11 2012 4 112014 4 11 2.80 1,143,842 2013 3 21 2013 3 212014 3 21 3.62 1,959,172 2013 3 21 2013 3 212015 3 21 3.62 1,959,056 1,943,566 2014 4 11 2014 4 112015 4 11 3.99 357,786 2014 4 11 2014 4 112016 4 11 3.99 357,780 5,062,070 2,659,132 2014 4 11 2014 4 112015 4 11 3.99 1,257,872 2014 4 11 2014 4 112016 4 11 3.99 1,257,381 2,515,253 5,062,070 5,174,385 2014 12 310.5720130.62 (3) 2013 2014 2013 3 21 2013 3 212014 3 21 3.62 1,969,851 2013 3 21 2013 3 212015 3 21 3.62 1,969,733 2014 4 11 2014 4 112015 4 11 3.99 357,786 2014 4 11 2014 4 112016 4 11 3.99 357,780 3,939,584 715,566 2014 4 11 2014 4 112015 4 11 3.99 1,291,377 2014 4 11 2014 4 112016 4 11 3.99 1,290,863 2,582,240 3,939,584 3,297,806 124 2014

27 b. iv. (4) 2013 2014 2012 4 11 2012 4 112013 4 11 2.80 500 2012 4 11 2012 4 112014 4 11 2.80 34,723 2013 3 21 2013 3 212014 3 21 3.62 10,679 10,484 2013 3 21 2013 3 212015 3 21 3.62 10,677 15,490 56,579 25,974 2014 4 11 2014 4 112015 4 11 3.99 33,505 2014 4 11 2014 4 112016 4 11 3.99 33,482 66,987 56,579 92,961 (5) 2013 2014 2012 4 11 2012 4 112013 4 11 2.80 1,025,870 2012 4 11 2012 4 112014 4 11 2.80 1,143,842 2013 3 21 2013 3 212014 3 21 3.62 1,948,688 1,025,870 3,092,530 1,900 20131,1001,900 2013 1,100 2014 125

2014 12 31 27 c. CSL Holdings Limited 1.06 2014 12 31 28 2013 2014 20,000,000,000 10,000,000 20,000,000,000 10,000,000 20,000,000,000 10,000,000 20,000,000,000 10,000,000 0.0005 2014 1 1 6,416,730,792 3,208,365 6,416,730,792 3,208,365 1,155,011,542 577,506 2014 12 31 6,416,730,792 3,208,365 7,571,742,334 3,785,871 0.0005 2014 1 1 6,416,730,792 3,208,365 6,416,730,792 3,208,365 1,155,011,542 577,506 2014 12 31 6,416,730,792 3,208,365 7,571,742,334 3,785,871 a. 2014 12 312014 6 27100 18 6.841,155,011,542 78 126 2014

28 20132014 12 31 2013 2013 1 1 27,344 36 27,380 (1,385) (1,385) (1,348) (1,348) 2,759 2,759 2013 12 31 27,344 62 27,406 2014 2014 1 1 27,344 62 27,406 (1,553) (1,553) (1,590) (1,590) 28(a) 7,769 7,769 3,148 3,148 2014 12 31 35,113 67 35,180 2014 127

2014 12 31 29 2013 2013 1 1 26,250 464 (347) 177 4 (7) 4,387 30,928 2,460 2,460 (22) (22) 86 86 (10) (10) (53) (53) (22) (63) 86 2,460 2,461 (52) (52) 13 13 (3) 3 (1) (1,384) (1,385) (1) (1,347) (1,348) 8 (49) (2,731) (2,772) 2013 12 31 26,250 442 (347) 114 86 12 (56) 4,116 30,617 128 2014

29 2014 2014 1 1 26,250 442 (347) 114 86 12 (56) 4,116 30,617 2,991 2,991 (150) (150) (79) (79) 21 (110) (110) (18) (18) (24) (24) (229) (42) (110) 2,991 2,610 (9) (9) 59 59 21 21 (20) 20 (1) (1,552) (1,553) (1) (1,589) (1,590) 28(a) 7,769 7,769 7,769 21 37 11 (3,141) 4,697 2014 12 31 7,769 26,250 213 (347) 72 (3) 49 (45) 3,966 37,924 2014 129

2014 12 31 30 a. 2013 1,827 2 (1) 1,828 12(a) (34) (364) 3 (395) 19 19 1,793 (362) 21 1,452 2014 1,793 (362) 21 1,452 12(a) (138) (13) (151) 921 921 (2) (2) 2,576 (362) 6 2,220 2013 2014 12 (280) (280) 12 (79) (91) (359) (371) 12 1,601 2,349 12 210 242 1,811 2,591 1,452 2,220 130 2014

30 b. 2014 12 3144.48 201361.09 2014 12 311,400 20132,100 2014 12 318.2220138.06 31 2014 12 31 2013 2014 209 10 219 433 30 463 166 23 189 375 69 444 246 96 342 307 117 424 204 96 300 272 171 443 825 225 1,050 1,387 387 1,774 (209) (10) (219) (433) (30) (463) 616 215 831 954 357 1,311 2014 131

2014 12 31 32 a. 2013 2014 2,515 3,300 (52) (53) 889 1,172 1 1 (5) 4 (21) (22) (42) (47) 1 (27) 2,076 3,071 (13) 2 (55) (8) 10 129 164 2,612 2,802 12 13 (74) (6) 24 35 52 24 82 (16) (52) (9) 8 (22) (39) 472 296 (138) (555) (430) 5 3 (25) 4 (216) (270) (1) 24 54 (186) 1 (42) (38) 18 7,460 9,944 14 20 (293) (326) (38) (69) 7,143 9,569 132 2014

32 b. 2013 2014 20,029 1,993 6,391 1,776 1,186 (3,655) (308) (921) (64) (36) 26 14 6,402 13,627 20,029 (74) 19,955 (1,186) 18,769 c. 2014 12 315,500 2013 2.31 d. 2013 2014 2013 2014 2,134 3,613 3 102 12 31 2,134 3,613 3 102 2014 133

2014 12 31 33 34 2013 171 171 8 8 67 67 28 28 28 8 67 171 274 2,893 2,893 3,000 3,000 11 11 49 49 2,134 2,134 8,076 11 8,087 8,104 19 67 171 8,361 134 2014

34 2013 1,803 1,803 2,403 2,403 209 209 136 136 441 441 4,992 4,992 24,022 24,022 405 405 616 616 52 52 405 24,690 25,095 405 29,682 30,087 2014 135

2014 12 31 34 2014 61 61 21 21 25 25 25 21 61 107 3,546 3,546 3,875 3,875 49 49 18 18 76 76 3,613 3,613 11,110 18 49 11,177 11,135 39 49 61 11,284 136 2014

34 2014 3,877 3,877 1,979 1,979 5,023 5,023 433 433 94 94 278 278 11,684 11,684 32,549 32,549 100 100 954 954 119 119 100 33,622 33,722 100 45,306 45,406 2013 2014 7,490 7,437 3 102 7,493 7,539 2013 2014 1 39 93 224 94 263 2014 137

2014 12 31 34 a. 30 20132014 12 31 24(b) 20132014 12 31 36 b. 36 138 2014

34 b. 2013 1 1 2 2 5 5 (1,803) (1,803) (1,803) (2,403) (2,403) (2,403) (219) (219) (209) (136) (136) (136) (441) (441) (441) (5,002) (5,002) (4,992) (665) (4,462) (17,304) (4,288) (26,719) (24,022) 46 32 (113) (465) (500) (405) (189) (342) (300) (831) (616) (5) (5) (29) (52) (91) (52) (624) (4,624) (17,788) (5,105) (28,141) (25,095) (5,626) (4,624) (17,788) (5,105) (33,143) (30,087) 2014 139

2014 12 31 34 b. 2014 1 1 2 2 5 5 (3,992) (3,992) (3,877) (1,979) (1,979) (1,979) (5,023) (5,023) (5,023) (463) (463) (433) (94) (94) (94) (278) (278) (278) (11,829) (11,829) (11,684) (659) (12,212) (18,013) (4,195) (35,079) (32,549) 45 10 (87) (85) (117) (100) (444) (424) (443) (1,311) (954) (14) (6) (47) (107) (174) (119) (628) (12,652) (18,571) (4,830) (36,681) (33,722) (12,457) (12,652) (18,571) (4,830) (48,510) (45,406) 2013 2014 1 1 (1) (1) (1) (39) (39) (39) (93) (93) (93) (224) (224) (224) (94) (94) (94) (263) (263) (263) 140 2014

34 c. i. 20132014 12 31 2014 12 3110 77.59201310 77.55 2014 141

2014 12 31 34 c. i. 2013 2014 529 315 1,053 106 8 11 672 277 953 63 (481) (186) (975) (40) (211) (94) (3,877) (11,209) (7,618) (10,700) 414 (10,558) 140 (74) (431) (276) (149) 7,755 7,760 (3,019) (17) (3,074) (9) 2014 12 31 2014 12 31 2,600 20132,500 2014 12 31 3,900 20133,900 2014 12 31 2014 12 31 20132014 12 31 142 2014

34 c. ii. 2013 2014 % % 5.42 3,877 4.28 7,829 3.17 3,924 1.65 12,813 1.56 24,931 3.95 3,380 3.95 3,694 24,022 36,426 2014 12 31 10 2014 12 312,000 20131,200 10 20132014 12 31 2014 143

2014 12 31 34 c. iii. 21 22 d. 20132014 12 31 2013 2014 3,877 3,963 24,022 24,501 32,549 32,757 34(e) e. 144 2014

34 e. 2013 171 171 19 19 67 67 190 67 257 (405) (405) 2014 61 61 39 39 49 49 100 49 149 (100) (100) 20132014 12 31 f. 2014 145

2014 12 31 35 a. 2013 2014 856 656 617 868 1,473 1,524 2013 2014 37 21 1,436 1,503 1,473 1,524 b. 2014 12 31 2013 2014 1 695 1,240 15 877 1,125 5 15 10 1,587 2,375 2013 2014 1 1,054 1,283 15 692 744 5 300 264 2,046 2,291 2014 12 31 1112013111 146 2014

35 c. 2014 12 31 2013 2014 227 2,177 227 2,177 36 2013 2014 182 2,128 64 62 5 12 251 2,202 37 2014 12 31 293.77 2013176.76 42.30 2013 47.50CSL2014 7 2014 12 31 34(b) 24(c) 25 2014 147

2014 12 31 38 a. 2014 12 31 i. CSL Holdings Limited CSL New World Mobility Limited CSL 2014 5 14 CSL Holdings Limited CSL New World Mobility Limited 4G 3G 2G 25.80 200.17 CSL 2014 5 25.72 199.432014 12 31 2015 2015 (i) CSL 20,017 (6,402) 13,615 148 2014

38 a. 2014 12 31 i. CSL Holdings Limited CSL New World Mobility Limited CSL (i) CSL CSL 1,992 6,391 14 1,574 26 202 1,186 (287) (2,745) (622) (64) (308) (921) 6,438 (36) 6,402 20,017 (74) 19,943 (1,186) 18,757 2014 149

2014 12 31 38 a. 2014 12 31 i. CSL Holdings Limited CSL New World Mobility Limited CSL (ii) 2014 1 1CSL 29.42 3.71 CSL CSL2014 12 31 ii. Crypteia Network S.A. 2014 10 20Crypteia Networks S.A. 39 2014 10 14 1.8 2.25 2014 12 225 (14) (199) (36) 79 8 55 150 2014

39 15 5 117 58 234 191 (177) (98) (7) 323 (124) 199 211 (191) 20 40 2015 1HKT Capital No. 1 Limited3 23.28152030 HKTGH HKTLHKTGH HKTL 2014 151

2014 12 31 41 2014 12 31 2014 12 31 19 2011 2014 7 1 16 2016 1 1 16 2016 1 1 27 2011 2016 1 1 28 2011 2016 1 1 38 2016 1 1 41 2016 1 1 10 2016 1 1 11 2016 1 1 14 2016 1 1 15 2017 1 1 9 2014 2018 1 1 2014 12010 2012 2014 7 1 2014 12011 2013 2014 7 1 2014 102012 2014 2016 1 1 2014 12 31 152 2014

2014 12 31 2010 2011 2012 2013 2014 15,414 16,357 17,348 18,773 19,309 2,316 2,658 3,049 3,371 8,950 797 810 684 688 564 18,527 19,825 21,081 22,832 28,823 (7,451) (8,149) (9,027) (10,117) (12,053) (8,131) (8,510) (9,073) (9,501) (12,416) 40 (28) 18 84 151 (1,562) (1,504) (805) (833) (1,124) (73) (19) (79) 50 (81) 1,350 1,615 2,115 2,515 3,300 (378) (344) (455) (16) (242) 972 1,271 1,660 2,499 3,058 925 1,221 1,610 2,460 2,991 47 50 50 39 67 12 31 2010 2011 2012 2013 2014 57,213 56,854 56,810 56,348 77,542 10,454 8,184 9,563 9,471 12,258 (17,233) (6,862) (16,005) (7,157) (14,415) (6,779) 1,322 (6,442) 2,314 (2,157) 50,434 58,176 50,368 58,662 75,385 (30,921) (27,243) (19,251) (27,857) (37,346) 19,513 30,933 31,117 30,805 38,039 2014 12 31CSL Holdings Limited CSL New World Mobility Limited 2013 12 31 2014 153

155 163 2014 12 31 11 80 2014 12 31 2015 2 10 154 2014

2014 12 31 2013 2014 13 45 (42) (45) 5 (29) 6 (29) 160 163 2014 155

2014 12 31 2013 2014 (29) (29) 160 163 156 2014

2014 12 31 2013 2013 1 1 (13) (13) (29) (29) (29) (29) 2013 12 31 (42) (42) 2014 2014 1 1 (42) (42) 2014 12 31 (42) (42) 160 163 2014 157

2014 12 31 2013 2014 4(c) 39 84 39 84 80 82 4(c) 1 44 81 126 (42) (42) (42) (42) 7 (42) (42) (42) (42) 2015 2 10 160 163 158 2014

2014 12 31 2013 2014 (29) (13) (45) 41 2 1 43 160 163 2014 159

2014 12 31 1 2011 6 14 979 39 2 a. b. 10 3 c. 160 2014

2 d. i. ii. iii. iv. v. (i) vi. 3 4 2013 2014 13 45 a. b. 20132014 12 31 c. 2014 161

2014 12 31 5 2013 2014 41 43 6 20132014 12 31 20132014 12 31 7 2013 2014 (a) 1 (b) 10,000 10,000 1 1 1 1 1 a. 2014 3 3622 b. 622 135 2014 3 3 8 9 162 2014

10 2014 12 31 2014 12 31 19 2011 2014 7 1 16 2016 1 1 16 2016 1 1 27 2011 2016 1 1 28 2011 2016 1 1 38 2016 1 1 41 2016 1 1 10 2016 1 1 11 2016 1 1 14 2016 1 1 15 2017 1 1 9 2014 2018 1 1 2014 12010 2012 2014 7 1 2014 12011 2013 2014 7 1 2014 102012 2014 2016 1 1 2014 12 31 2014 163

FREng, GBS, JP Sunil Varma PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands 979 39 2014 2014 www.hkt.com/ir (www.hkexnews.hk) A) 2014 B) 2014 183 17M +852 2862 8688 +852 2865 0990 hkt@computershare.com.hk 2014 2014 2014 6823 6823.HK 6823 HK FREng, GBS, JP Sunil Varma 979 39 Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall, Cricket Square Grand Cayman, KY1-1102 Cayman Islands 183 17 1712-1716 +852 2862 8555 +852 2865 0990 hkinfo@computershare.com.hk 183 17 1712-1716 +852 2862 8555 +852 2865 0990 hkinfo@computershare.com.hk 2014 12 31 1,000 7,571,742,334 2014 12 31 21.00 23.30 2014 2014 2014 2015 +852 2514 5084 ir@hkt.com www.hkt.com 2015 2 10 2015 5 13 14 2015 5 14 2015 5 29 2015 5 7 164 2014

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