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Transcription:

2014 : 0008

1 2 2014 3 6 7 8 12 17 27 35 184

IPTV now TV UK Broadband Limited 23,500 0008 OTC Markets Group Inc.PCCWY 2014 1

2 2013 12 31 now TVFibe TV now 3 LEED 6 MOOVMOOV app 7 8 2014 6 30 12 now TV now TV (return-path-data) now TV 122015 9 4 5 5 14 CSL New World Mobility Limited CSL Holdings Limited now TV 9 ivisionbanking 10 Powerb@se MCX10 300Mbps 4G LTE- Advanced (ESSA) 2 2014

Asia Pacific ICT Alliances (APICTA) Awards 2014 Asia Pacific ICT Alliances 10,000 I.T.2013 PCM now TV 2014 ERP Computerworld Hong Kong Awards 2014 Computerworld Hong Kong e-2014 e-zone now TV 2014 2014 now TV 2013 2014 3

2014 2013 now TV 2013 2014 now TV 2014 PCM Biz IT Excellence PCM IT 2014 PromaxBDA Asia Awards PromaxBDA Asia Best Leisure & Lifestyle Promo Gold Best In-house Station Image Silver now TV 2014 13 4 2014

50 2013 TOUCH Brands 2014 TOUCH Yahoo2013-2014 10 Plus now TV now TV 2014 5

2014 12 31 2013 2014 * 26,643 32,962 674 315 27,317 33,277 (13,111) (15,151) (10,735) (14,091) 685 2,717 80 90 (1,111) (1,418) 57 45 83 5 3,265 5,474 (210) (803) 3,055 4,671 1,885 3,310 1,170 1,361 25.98 45.14 25.95 45.05 6.35 6.99 13.85 13.21 EBITDA 1 EBITDA* 8,129 10,506 (96) (166) 8,033 10,340 * 271 29 6 2014

2014 12 31 OTT (over-the-top) now TVARPU 2015 7 8 5 CSL 2015 2 11 2014 7

OTT 13 2015 1 now TV now 2015 1now 80 MOOVApp6 IPTV MOOVMOOV2015 2 now TV190 now 100 App Store Google Play now TV 12 (Return-Path-Data, RPD) now TVnow TV 12now TV 12 2015 9 8 2014

Powerb@se MCX10 10 9 ivisionbanking ivisionbanking 2014 9

2014 5 CSL New World Mobility Limited (CSLNWCSL Holdings Limited) 2015 csl. 12 4G LTE-Advanced300Mbps 150Mbps2015 (FTTH) 50 CSLNW (FMI) PCCW Global 2014 8 2014 2017 10 2014

OTT now TV CSLNW FMI 2015 2015 2 11 2014 11

481999 8 2011 11 542014 7 (IIMA) 15Infosys Infosys Limited Infosys Lodestone Infosys 14 (EBA) 502010 5 2007 4 2006 92007 4 2009 72011 11 1999 9Cable & Wireless HKT Limited 12 2014

632002 9 Pritchard Englefield & Tobin Thomas Eggar incorporating Pritchard Englefield 1979 1980 1991 KBE, LVO 792002 6 1972 20 1982 (Royal College of Defence Studies) 19861993 1997 GBS 77 2009 92011 3 2011 3 AIG Life Insurance 20002009 6 AIG PineBridge Investments Asia Limited Bridge Holdings Company Limited 2004 6 2014 7 2001 1960 1998 2002 2003 1975 (The Philippine American Life and General Insurance Company) 19962009 6 AIG20012009 6 2014 13

14 2014 572014 8 2005 12 2006 4 2006 4 2008 10 2009 2 2000 2005 1982 2002 2008 522007 7 2009 22011 3 2007 1 2005 9 2006 122008 3 2005 10 2003 102005 8 2001 11 2003 10 2004 1988 512008 5 2011 11 2007 12 1992 2001 2005 1985

44 2011 11 2012 5 15 2011 IVision Knight Capital (China) Fund I, L.P. B2B 2007 2012 6 20002002 Kingfisher plc 20022006 2003 2006 19982000 19951998 2010 FinanceAsia 500.com Limited GBM, GBS, OBE, JP 752000 10 1987 11 2000 8 Cable & Wireless HKT Limited AFFIN Holdings Berhad CaixaBank, S.A. 682004 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 Limited Max India Limited Cairn India Limited Emaar MGF Land Limited ING Groep N.V. (Prudential Financial Inc.) 2014 15

532012 3 Good Harbour Finance Limited 1986 1988 Weatherite Manufacturing Limited 1992 2000 Bryce Wayne LEE 492012 5 Silver Lake Kraftwerk Credit Suisse Group AG (Forbes) 19 887 Lars Eric Nils RODERT Rodert532012 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 Chance572013 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 16 2014

now TV 2014 12 31 3657 2014 17

2014 12 31 58 3657 16 1216 (www.pccw.com) 2014 2014 5 8 18 2014

2014 20141 2 6/6 2/3 3/3 3 2/2 6/6 3/3 5/6 3/3 4 4/4 3/3 5/6 3/3 6/6 2/3 5/6 2/3 3/6 7 3/3 3/3 5 1/1 6/6 2/2 3/3 6 0/5 0/2 0/3 6/6 2/3 2/2 3/3 5/6 3/3 3/3 2/2 3/3 6/6 2/3 3/3 Bryce Wayne Lee 4/6 3/3 2/2 1/3 Lars Eric Nils Rodert 6/6 3/3 3/3 David Christopher Chance 6/6 3/3 1. 2. 20142014 5 82014 2 282014 5 8 3. 2014 7 14 4. 2014 7 13 5. 2014 8 6 6. 2014 8 6 7. 2014 19

3.13 3.13 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 37 2014 12 31 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2014 12 31 2014 8 6 2014 7 13 20 2014

2014 8 6 Bryce Wayne Lee 2014 8 6 2003 5 www.pccw.com/ir www.hkexnews.hk 2014 19 2014 21

2014 (i) 2013 (ii) 2014 (iii) 2014 (iv) (v) (vi) (vii) (viii) 2014 19 2015 2 11 2014 9698 2003 5 2014 (i) (ii) 2014 (iii) (iv) (v) 22 2014

2015 2 11 2014 12 31 2014 (i) (ii) 2013 12 31 (iii) 2013 12 31 2014 (iv) (v) 2013 12 31 2015 2 11 2015 (vi) (vii) 2014 6 30 Bryce Wayne Lee Lars Eric Nils Rodert 2014 19 (viii) 2014 6 30 (ix) 2014 12 31 (x) (xi) (xii) 2014 12 31 (xiii) 2014 2015 2014 23

(xiv) 2013 12 31 2014 6 30 (xv) 2013 12 31 (xvi) (xvii) 2017 12 31 2014 12 31 2014 12 31 3,0002013 2,9003,30020131,500 6 27 33 24 2014

25 2014 2007 5 18Sarbanes-Oxley ActSOASOA 2014

26 2014 184 20 2014 12 31 2014 3 622 2015 2 11 2012 8 11 20072011 11 2014 12 3115 65 979 41 +852 2962 5725 co.sec@pccw.com www.pccw.com/ir

329.62 332.77 EBITDA105.06 EBITDA103.40 33.10 45.14 13.21 2014 12 31 2014 12 31 329.62 EBITDA 105.06 over-the-top (OTT) now TV 2014 12 31 332.77EBITDA 103.40 13.06 33.10 45.14 2014 12 31 13.21 CSL New World Mobility Limited CSL Holdings LimitedCSL 2015 EBITDAEBITDA 2014 27

2013 2014 12 31 11,071 11,761 22,832 12,520 16,303 28,823 26% 1,299 1,721 3,020 1,487 1,744 3,231 7% 1,393 1,568 2,961 1,459 1,911 3,370 14% 28 30 58 18 26 44 (24)% (976) (1,252) (2,228) (1,044) (1,462) (2,506) (12)% 12,815 13,828 26,643 14,440 18,522 32,962 24% 499 175 674 224 91 315 (53)% 13,314 14,003 27,317 14,664 18,613 33,277 22% (6,343) (6,768) (13,111) (6,782) (8,369) (15,151) (16)% (3,025) (3,148) (6,173) (3,506) (4,280) (7,786) (26)% EBITDA 1 3,839 4,062 7,901 4,425 5,817 10,242 30% 223 285 508 180 272 452 (11)% 217 303 520 232 390 622 20% (268) (286) (554) (301) (329) (630) (14)% (75) (171) (246) (79) (101) (180) 27% EBITDA 1 3,936 4,193 8,129 4,457 6,049 10,506 29% 10 (106) (96) (81) (85) (166) (73)% EBITDA 1 3,946 4,087 8,033 4,376 5,964 10,340 29% EBITDA 1 31% 30% 31% 31% 33% 32% EBITDA 1 30% 29% 29% 30% 32% 31% (2,266) (2,305) (4,571) (2,517) (3,786) (6,303) (38)% 5 4 9 (2) (2) 196 489 685 688 2,029 2,717 297% 37 43 80 45 45 90 13% (595) (516) (1,111) (573) (845) (1,418) (28)% 32 108 140 9 41 50 (64)% 1,355 1,910 3,265 2,026 3,448 5,474 68% 28 2014

1 EBITDA EBITDA EBITDA 2 3 2013 2014 12 31 11,071 11,761 22,832 12,520 16,303 28,823 26% EBITDA 1 3,839 4,062 7,901 4,425 5,817 10,242 30% EBITDA 1 35% 35% 35% 35% 36% 36% 1,484 1,417 2,901 1,590 1,764 3,354 16% 2014 12 31 2014 5 CSLCSL 2014 12 31 288.23EBITDA 102.42 2014 12 31 33.54 2014 12 31 23.30 201444.30 2014 2014 7 2015 2 102014 2014 29

2013 2014 12 31 1,299 1,721 3,020 1,487 1,744 3,231 7% EBITDA 1 223 285 508 180 272 452 (11)% EBITDA 1 17% 17% 17% 12% 16% 14% 2014 12 31 30.2032.31 now TV now TVTVB 2014 EBITDA4.52 5.08 MOOV now 2014 12 12 2015 9 OTT 2014 12now TV 1,285,00048,000 12 now TV ARPU 187195 30 2014

2013 2014 12 31 1,393 1,568 2,961 1,459 1,911 3,370 14% EBITDA 1 217 303 520 232 390 622 20% EBITDA 1 16% 19% 18% 16% 20% 18% 2014 12 31 29.6133.70 2013 5 202,000 2014 2014 12 31 EBITDA 5.20 6.22 2014 12 31 56.93 2014 12 31 3.15EBITDA1.66 6.74EBITDA9,600 9.39 72.81 13.90 14.91 2017 2015 2 102014 2014 31

2014 12 31 4,40020135,8002014 6.302013 5.54 2014 12 3125.06 201322.28 2013 2014 12 31 6,073 6,722 12,795 6,730 8,340 15,070 (18)% 270 46 316 52 29 81 74% 6,343 6,768 13,111 6,782 8,369 15,151 (16)% 2014 12 31 151.51 77.86 CSL 63.03 2014 12 31 140.91 EBITDA 1 2014 12 31EBITDA 105.06 EBITDA 103.40 2014 12 319,000 14.18 CSL CSL 2014 7 2014 12 31 8.03 2.10 32 2014

2014 12 31 13.61 2014 12 31 33.102013 18.85 2014 12 31 2 419.57 2013 12 31300.56 CSL 2014 12 31 79.432013 12 31 55.092014 12 31 2 340.142013 12 31245.37 2015 1 153 2030 2014 12 31 395.64 116.47 293.7742.30 2014 12 31 2 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 Baa2BBB Moody s S&P s2014 78 Hong Kong Telecommunications (HKT) Limited 3 2014 12 31 32.22201326.07 20142013 2014 12 31 2014 33

2014 12 3120.50 201366.57 1.66 12 31 2013 2014 399 2,338 99 151 498 2,489 2015 5 14 2014 12 31 13.21201313.85 2015 5 7 2014 10 2014 6 30 6.9920136.35 20142014 (a) (b) 2014 2014 2015 5 21 2014 5 CSL 2014 12 31 23,500201322,200 EBITDA 34 2014

36 58 59 60 61 63 65 66 182 183 2014 35

2014 12 31 6 2014 12 3159 2014 106.992013 6.35 5.17 2014 12 3113.212013 13.85 182 21 23 15 17 25(f) 26 29 36 2014

32 2014 12 31 2014 7 14 2014 7 13 KBE, LVO GBS 2014 8 6 2014 8 6 GBM, GBS, OBE, JP Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 92 101ABryce Wayne Lee 2014 37

3.13 3.13 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 MehtaMehtaSky Advance Associates LimitedSky AdvanceAkash MehtaPasha Ventures KSH 2012 3 11PCRD Services Akash MehtaPasha Ventures KSHPCRD 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 38 2014

2014 12 31352 XV 1. 284,671,817 1(a) 1,821,250,692 1(b) 2,105,922,509 28.26% 672,311 2,301,906 2 2,974,217 0.04% 992,600 3(a) 511 3(b) 993,111 0.01% 351,352 4 351,352 0.005% 1,047,868 1,047,868 0.01% 1. (a) Chiltonlink LimitedChiltonlink Pacific Century Diversified LimitedPCD249,309,311 Eisner Investments LimitedEisner35,362,506 Chiltonlink Eisner (b) (i) Yue Shun LimitedYue Shun 36,726,857 Yue Shun 36,726,857 2014 39

1. 1. (b) (ii) 162,194,916 162,194,916 (iii) 1,622,325,919 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington Limited 1,622,325,919 Hopestar Holdings Limited (iv) PineBridge Investments LLCPBI LLC3,000 PBI LLC Chiltonlink ChiltonlinkPBI LLC 3,000 2. 3. (a) (b) 4. 2. A. PCCW-HKT Capital No.4 Limited PCCW-HKT Capital No.4 Limited900 4.25 2016 40 2014

2. B. 66,247,614 1(a) 147,909,017 1(b) 214,156,631 2.83% 388,377 1,729,000 2 2,117,377 0.03% 50,924 3(a) 25 3(b) 50,949 0.0007% 246,028 4 246,028 0.003% 169,302 169,302 0.002% XV (a) 0.0005 (b) 0.0005 2011 11 7 1. (a) PCD20,227,614Eisner46,020,000 (b) (i) Yue Shun3,122,464Yue Shun 3,122,464 (ii) 13,159,619 13,159,619 (iii) 131,626,804 131,626,804 (iv) PBI LLC130PBI LLC 130 2014 41

2. B. 2. 3. (a) (b) 4. 2014 12 31 XV 352 1. A. 1994 9 2019942004 5 19 199420042014 5 8 20142004 19942004 20042014 2014 (1) 2014 (2) 2014 42 2014

1. A. (3) 20142014 2014 (4) 2014 12 (5) 201410 (6) 20142014 (7) 2014 201414 (8) 2014(i) (ii) (9) 2014 2014 2014 10 2014 2014 2014 1 12014 12 31199420042014 2014 12 311994 20042014 2014 43

1. B. 2002 2006 5 2012 11 15 2012 11 15 10 (i) 2014 12 313,839,278307,920 796,3621,651,318 1,227,689 8,830,426 23,226 2014 12 3112,334,066302,144 (ii) 2014 12 316,099,854 195,797 2014 12 31 5,904,0572014 12 31 2014 1 12014 12 31 31(b) 2. A. 2011 11 72011 2021 (1) 20112021 44 2014

2. A. (2) (a) (b) (c) 20112021 (3) (i) 20112021 20112021 (ii) (i) 20112021 2011 11 29 (iii) 20112021 20112021 (4) 20112021 1220112021 (5) 20112021 (10) (6) 20112021 20112021 (7) 1.00 20112021 2014 45

2. A. (8) (i) (ii)(5) (iii) (9) 20112021 2011 202120112021(10) 201120212011 2021 2014 12 3120112021 B. 2011 10 11 (a) (b) 46 2014

2. B. 2014 12 31 12,962,935 1,757,269344,000 2,579,8002014 12 31 12,995,117 2014 12 31 14014331(d)(ii) 2014 12 31 3. 2003 3 172003 10 20032005 5 13 200320052005 2005 5 23 20032003 2005 31(c) 2005 2015 5 20052005 2005 2014 47

3. 20032014 12 31 2003 (1) 2014 1 12014 12 31 2014 2014 1 1 12 31 12.20.2004 12.20.2004 12.20.2004 12.19.2014 2.375 5,000,000 (2) 2014 12 31 2003 48 2014

3. 2003 (3) 2014 12 31 12.20.2004 12.20.2004 12.20.2004 12.19.2014 2.375 5,000,000 3.61 (4) 2014 12 31 2005 2005 18 2014 49

2014 12 31336 1,622,325,919 21.77% 1 1,784,520,835 23.94% Star Ocean Ultimate Limited 2 3 1,784,520,835 23.94% The Ocean Trust 2 1,784,520,835 23.94% The Starlite Trust 2 1,784,520,835 23.94% OS Holdings Limited 2 1,784,520,835 23.94% Ocean Star Management Limited 2 1,784,520,835 23.94% The Ocean Unit Trust 2 1,784,520,835 23.94% The Starlite Unit Trust 2 1,784,520,835 23.94% Star Ocean Ultimate Holdings Limited 3 1,784,520,835 23.94% 4 1,784,520,835 23.94% 4 1,784,520,835 23.94% 5 1,362,400,087 18.28% 1. (i) 162,194,916(ii)1,622,325,919 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 50 2014

2014 12 31336 Ocean Star Investment Management Limited 1,784,520,835 23.94% 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 2014 12 31 336 2014 12 318.10 1 2 2014 51

A A A A 2014 8 6 A A 2014 8 6 52 2014

1. 2. 2000 8 16 Cable & Wireless HKT LimitedPCCW-HKT Limited 110,000 12220133 44 2014 12 31 2014 53

2014 12 31 2014 4 8Web Commerce LimitedWCLVision Knight Capital (China) GP II, L.P. Vision Knight Capital (China) Fund II, L.P.5003,900 Vision Knight Capital Management Company Limited 5.542.90 2014 4 9 14AWCLWCL 2012 8 13 0.1% 5% 14A 2014 4 8 1. 2014 12 10 2017 12 31 (1) (2) (3) 54 2014

1. (i) (ii) 2014 12 10 (i) 15 (ii) 2017 12 31 2014 12 31 2014 12 31 (1) 155,800 500,000 (2) 148,791 650,000 (3) 159,963 500,000 2008 1 4 2008 1 2014 55

1. 15 2014 12 3118,700,334 15 34,703,000 2. 3000 7402014 12 31 14A.56 2014 12 31 (i) (ii) (iii) 4 56 2014

2014 12 31 2015 2 11 2014 57

59 181 2014 12 31 11 80 2014 12 31 2015 2 11 58 2014

2014 12 31 2013 2014 5 6 27,317 33,277 (13,111) (15,151) (10,735) (14,091) 7 685 2,717 80 90 9 (1,111) (1,418) 57 45 83 5 6 8 3,265 5,474 11 (210) (803) 3,055 4,671 1,885 3,310 1,170 1,361 3,055 4,671 14 25.98 45.14 25.95 45.05 6618113 2014 59

2014 12 31 2013 2014 3,055 4,671 85 (15) (1) (1) 84 (16) (300) (389) (1,324) 192 (87) (1) 1 30 10 (45) (4) (122) (1,795) (38) (1,811) 3,017 2,860 1,871 1,742 1,146 1,118 3,017 2,860 66181 60 2014

2014 12 31 2013 2013 2013 1 1 8,800 (662) 8,138 28,416 1,885 1,170 3,055 (160) 85 85 (1) (1) (267) (33) (300) 160 32 192 1 1 33 (3) 30 40 (25) (20) (45) (4) (14) (24) (38) 36 1,871 1,146 3,017 (124) (42) (42) (35) (17) (52) 41 4 45 (1) 1 13 32 (985) (985) (985) 13 32 (462) (462) (462) (1,011) (1,011) (37) (37) (1,484) (1,060) (2,544) (1,447) 22 22 22 22 (1,484) (1,038) (2,522) (1,447) 2013 12 31 9,187 (554) 8,633 26,845 2014 61

2014 12 31 2014 2014 2014 1 1 9,187 (554) 8,633 26,845 3,310 1,361 4,671 3,564 (15) (15) (1) (1) (320) (69) (389) (1,206) (118) (1,324) (47) (40) (87) (1) (1) 17 (7) 10 29 5 (9) (4) (1,568) (243) (1,811) 29 1,742 1,118 2,860 3,593 (4) (4) (6) (3) (9) 74 22 96 1 (1) (3) (1) (4) 29 756 756 756 13 32 (1,009) (1,009) (1,009) 13 32 (517) (517) (517) (1,211) (1,211) (708) (1,194) (1,902) (770) 6 6 36 36 (124) (124) 24 37 61 (6) 18 12 2,917 2,917 (82) (48) (130) (64) 2,842 2,778 (772) 1,648 876 (770) 2014 12 31 10,157 2,212 12,369 29,668 66181 62 2014

2014 12 31 2013 2014 2013 2014 15 15,693 17,337 16 8,436 1,878 17 496 464 18 1,024 895 19 3,469 17,075 20 3,574 10,195 21 12,089 17,072 22 661 687 23 582 497 1 1 24 706 754 28 67 33(a) 1,078 1,059 571 806 36,358 51,648 12,089 17,072 21(b) 16,749 16,484 25(a) 541 528 25(b) 1,032 1,022 25(c) 5,396 6,429 8 38 25(d) 1,199 801 4(c) 89 95 28 49 25(e) 3,501 4,497 302 27 10 35(d) 5,509 7,943 1,900 1,093 17,579 21,391 18,657 17,615 25(f) (1) (4,823) (946) 25(g) (2,118) (2,331) (4,420) (6,787) (10) (11) 27 (521) (522) 34 (205) (429) 4(c) (126) (98) (1,929) (2,155) (1,338) (1,873) (10,658) (19,018) (10) (957) 6,921 2,373 18,647 16,658 43,279 54,021 30,736 33,730 2014 63

2014 12 31 2013 2014 2013 2014 26 (29,074) (36,494) (1,575) (1,778) 21(c) (2,010) (2,167) 28 (711) (217) (306) (117) 33(a) (2,658) (2,501) (951) (1,033) 30(a) (98) (116) 34 (605) (949) (549) (342) (34,646) (41,652) (3,891) (4,062) 8,633 12,369 26,845 29,668 29 1,818 1,818 29 9,146 9,146 29 10,964 11,720 10,964 11,720 32 (1,777) (1,563) 15,881 17,948 9,187 10,157 26,845 29,668 (554) 2,212 8,633 12,369 26,845 29,668 2015 2 11 66181 64 2014

2014 12 31 2013 2014 35(a) 7,312 10,553 21 7 35(c) 6,870 (2,554) (3,203) (8) (1,434) (573) (2,512) (3,538) 35(b) (49) (18,769) (14) (4) 7 (52) (81) (140) (68) 25 25 231 66 (37) (129) 181 17 1 1 13 12 (10) 10 (6,317) (19,371) 43 61 2,823 12 18,995 54,441 (904) (1,101) (15,687) (42,901) (1,442) (765) (1,011) (1,248) 6 11 (38) 11,328 957 2,510 (1) (76) 4,553 5,509 35(d) 5,509 7,943 66181 2014 65

2014 12 31 1 1994 10 18 97941 2 a. 62211 76 87 6229 32 b. 2014 1 1 27 2011 32 36 39 10 12 21 45 66 2014

2 b. 622 2014 3 329 32 62235892014 3 3 6229 2014 12 31 2(g) 2(l)(iii) 2(n) 3 c. 2014 67

2014 12 31 2 c. 39 2(j) 12 41 68 2014

2 c. 2(m)(ii) d. 2014 69

2014 12 31 2 e. 2(d) i. ii. iii. iv. v. f. 2(m)(ii) 2(h) (i) (ii) (iii) 70 2014

2 f. 5 13 5 30 1 17 g. 2(h) 2(w)(iv) 2(h) 2(h) 2014 71

2014 12 31 2 h. i. 2(g) ii. 2(f)2(m)(ii) 2(w)(iv) iii. 2(g)2(i) i. 2(m)(ii) 72 2014

2 j. 2(m)(ii) k. i. ii. 2014 73

2014 12 31 2 k. iii. iv. v. 2(m)(ii) 2 20 10 1 10 74 2014

2 l. (i) (ii)(iii) 2(m)(i) i. 12 2(w)(vi) 2(w)(viii) ii. 12 2(m)(i) iii. 12 2(m)(i) 2(w)(viii) 2(w)(vi) 2(m)(i) 2014 75

2014 12 31 2 m. i. 2(m)(ii) 76 2014

2 m. i. ii. 2014 77

2014 12 31 2 m. ii. iii. 34 2(m)(i) 2(m)(ii) n. 2(o) 12 12 o. i. ii. 78 2014

2 o. ii. p. q. 2(w)(v) r. 2(m)(i) 2014 79

2014 12 31 2 s. t. u. v. (i) (ii)(iii) w. i. ii. iii. 80 2014

2 w. iv. v. vi. vii. viii. x. y. i. ii. 2014 81

2014 12 31 2 y. iii. iv. 82 2014

2 z. i. ii. iii. 2014 83

2014 12 31 2 z. iii. iv. aa. bb. 84 2014

2 bb. 2005 1 1 2005 1 1 cc. i. ii. iii. iv. v. i vi. dd. 2014 85

2014 12 31 2 ee. 3 19 30(a) 37 i. 2014 12 31 2014 7 12014 12 31 5.27 2014 12 315.27 ii. 86 2014

3 ii. 2014 12 318,4005.66 18(b) 2014 12 315,200 22(d) iii. 2014 87

2014 12 31 3 iv. v. vi. 39 vii. (i)(ii) 2014 12 3118.78 viii. 3 88 2014

3 viii. ix. All's Well Media Company LimitedAWL AWL AWL AWL x. xi. 2013 5 23 1.84 14.28 2014 12 31 1.84 2014 12 31 2014 89

2014 12 31 3 xii. 2000 5 17 4 2013 2014 a 57 93 a 44 24 a 332 302 a 299 302 a 149 144 a 150 b 72 84 a. b. 2013 2014 56 56 14 25 2 3 72 84 90 2014

4 c. 22 23 5 2013 2014 24,842 29,823 1,920 3,260 283 272 194 27,317 33,277 6 EBITDAEBITDA 2014 91

2014 12 31 6 2013 22,429 1,849 2,324 58 657 27,317 a 403 1,171 637 17 (2,228) 22,832 3,020 2,961 58 674 (2,228) 27,317 EBITDA 7,901 508 520 (554) (96) (246) 8,033 2,025 201 250 124 7 2,607 2014 28,493 2,118 2,319 44 303 33,277 a 330 1,113 1,051 12 (2,506) 28,823 3,231 3,370 44 315 (2,506) 33,277 EBITDA 10,242 452 622 (630) (166) (180) 10,340 2,529 160 332 180 21 3,222 a. 92 2014

6 EBITDA 2013 2014 EBITDA 8,033 10,340 9 (2) (4,571) (6,303) 685 2,717 80 90 (1,111) (1,418) 140 50 3,265 5,474 2013 2014 20,304 25,796 2,116 2,222 4,897 5,259 27,317 33,277 426.852013206.94 71.492013138.12 7 2013 2014 35(c) 42 2,112 631 656 9 2 42 47 64 33 1 22 (52) (78) (12) (84) (5) 14 685 2,717 2014 93

2014 12 31 8 a. 2013 2014 2 2 282 221 284 223 45 96 2,406 2,794 2,735 3,113 b. 2013 2014 9 272 194 (42) (29) 10 12 7 (34) (3) 3 (4) 149 187 10 2,347 3,408 24 22 2,200 2,873 1,939 3,187 223 10,949 11,964 2 29 30 85 105 1,014 1,498 94 2014

9 2013 2014 412 746 467 371 199 216 66 116 20 39 1 1 a 6 (2) (3) 4 3 (4) 1,171 1,487 b (60) (69) 1,111 1,418 a. 4.6420137.48 4.6220137.42 b. 2013 2014 95

2014 12 31 10 a. 2013 1 2 5.90 2.28 0.01 4.06 12.25 9.71 7.20 0.76 17.67 8.09 6.05 0.85 14.99 1.26 1.26 0.22 3 0.22 0.22 4 0.22 0.22 5 0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.55 6 0.53 1.08 0.22 0.22 Bryce Wayne Lee 0.22 0.40 0.62 Lars Eric Nils Rodert 0.22 0.53 0.75 David Christopher Chance 7 0.03 8 0.13 0.16 2.56 18.46 8.09 9.48 6.05 0.77 0.85 4.06 35.33 14.99 1 20132012 2 2013 3 2013 4 2013 5 2013 6 10.9210.9210.92 7 2013 11 28 8 10,172 96 2014

10 a. 2014 1 2 4.91 1.52 3 0.50 6.93 4 0.92 0.01 7.22 8.15 10.88 3.45 5 0.87 5.38 20.58 9.17 4.50 5 0.96 14.63 1.33 1.33 0.22 6 0.22 0.22 7 0.22 8 0.09 9 0.09 10 0.13 11 0.13 0.22 0.22 0.22 0.22 0.22 0.22 0.55 12 0.53 1.08 0.22 0.22 Bryce Wayne Lee 0.22 0.26 0.48 Lars Eric Nils Rodert 0.22 0.40 0.62 David Christopher Chance 0.33 13 0.53 0.86 2.86 19.76 9.17 4.97 4.50 1.38 0.96 12.60 41.57 14.63 1 2014 2 2014 7 14 3 2014 7 4 2014 7 13 5 20142013 6 2014 7 2014 8 2014 8 6 9 2014 10 2014 8 6 11 2014 12 10.9210.9210.92 13 10.92 2014 97

2014 12 31 10 b. i. 201310(a)2013 2013 2014 29.41 45.52 14.06 21.99 2.28 2.73 45.75 70.24 ii. 2013 2013 2014 12,500,00113,000,000 1 14,000,00114,500,000 1 15,500,00116,000,000 1 31,500,00132,000,000 1 41,500,00142,000,000 1 2 3 11 a. 2013 2014 417 381 (175) (441) 52 737 (2) 5 33(a) (82) 121 210 803 2013 98 2014

11 b. 2013 2014 3,265 5,474 539 903 80 (265) (20) (34) 232 190 84 127 (177) (436) (102) (309) (443) (16) 651 40 (23) (8) 210 803 2014 12 31 20132013 12 35.6420131.60 13 2013 2014 6.9920136.35 462 517 (2) (2) 460 515 13.85 201313.55 985 1,009 (4) (3) 981 1,006 1,441 1,521 13.21201313.85 1,007 985 a. b. 2014(i)(ii) c. 29(c) 2014 99

Exchange differences (23) 3 (75) (18) (113) 2014 12 31 14 2013 2014 1,885 3,310 7,272,294,654 7,353,412,940 (16,759,217) (20,355,930) 7,255,535,437 7,333,057,010 9,811,488 13,894,498 7,265,346,925 7,346,951,508 15 2013 1,334 12,105 15,818 11,548 1,648 42,453 4 630 147 570 1,248 2,599 41 1 1 2 2 348 627 366 (1,341) (13) (373) (35) (314) (735) (23) 3 (75) (18) (113) 1,302 12,713 16,482 12,155 1,555 44,207 410 8,934 8,679 8,889 7 26,919 48 829 804 666 2,347 (6) (373) (35) (309) (723) (3) 4 (16) (14) (29) 449 9,394 9,432 9,232 7 28,514 853 3,319 7,050 2,923 1,548 15,693 924 3,171 7,139 2,659 1,641 15,534 100 2014

15 2014 1,302 12,713 16,482 12,155 1,555 44,207 6 723 752 900 841 3,222 392 694 561 225 121 1,993 42 (50) (139) (189) 440 484 259 (1,183) (402) (21) (116) (539) (14) (80) (88) (12) (194) 1,636 14,088 18,170 13,272 1,334 48,500 449 9,394 9,432 9,232 7 28,514 54 1,330 1,225 799 3,408 42 (22) (100) (122) 7 (7) (402) (16) (112) (530) (2) (54) (39) (12) (107) 479 10,268 10,602 9,814 31,163 1,157 3,820 7,568 3,458 1,334 17,337 853 3,319 7,050 2,923 1,548 15,693 2014 12 312013 12 31 3,900 40 2013 2014 50 90 87 10 50 643 989 86 77 10 50 34 4 853 1,157 2014 101

2014 12 31 16 2013 2014 5,804 8,436 2,071 42 (7,182) 25 84 (95) (116) 631 656 8,436 1,878 20146.5620136.31 2,30020133,600 1,40020132,100 a. 20132014 12 31 2013 6,605 6,605 1,805 1,805 26 26 26 8,410 8,436 2014 1,848 1,848 30 30 30 1,848 1,878 102 2014

16 a. 2014 12 31 2013 5.5% 6.0% 200 890 5,750 6,450 1,300 1,684 2014 5,950 6,690 1,850 2,450 2013 12 31 2013 12 31 3,800 2014 12 3142(a) 2013 7 24 b. 2013 2014 10 50 26 30 50 1,239 10 50 7,171 1,848 8,436 1,878 2014 103

2014 12 31 16 c. 215 d. 2014 12 31 2013 2014 1 254 44 15 374 66 5 38 16 666 126 e. 2014 12 31 18.48201366.03 40 17 2013 2014 827 835 8 42 (15) 835 820 315 339 24 22 42 (5) 339 356 496 464 512 496 104 2014

17 2013 2014 50 80 77 10 50 403 383 10 50 13 4 496 464 2014 12 312013 18 2013 2014 a 379 329 b 645 566 1,024 895 a. 2014 12 31 b. 2014 12 315.662014 12 318,400 2014 105

2014 12 31 19 2013 2014 3,537 3,635 97 13,627 1 (21) 3,635 17,241 166 166 3,469 17,075 3,371 3,469 2013 2014 1,939 15,554 PCCW Global 735 734 IP BPO Holdings Pte. Ltd. 205 201 2,879 16,489 162 162 271 271 91 91 UK Broadband Limited 62 58 4 4 66 62 3,469 17,075 106 2014

19 20132014 2013 2014 81% 2% 16% 70% 2% 11% PCCW Global 19% 3% 10% 21% 3% 11% IP BPO Holdings Pte. Ltd. 35% 2% 13% 31% 2% 12% 46% 2% 15% 50% 2% 14% 26% 2% 12% 26% 2% 11% 2014 10 31 20 2013 a a 1,589 126 342 858 3,207 47 347 42 6,558 189 83 98 1,626 339 6 2,341 30 30 (21) (1,608) (3) (1,632) 6 11 5 22 1,595 324 436 956 3,225 52 686 45 7,319 938 80 190 285 1,646 23 11 3,173 b 80 134 26 148 1,759 8 45 2,200 (21) (1,608) (3) (1,632) 4 4 1,018 193 220 433 1,797 8 68 8 3,745 577 131 216 523 1,428 44 618 37 3,574 651 46 152 573 1,561 47 324 31 3,385 2014 107

2014 12 31 20 2014 1,595 324 436 956 3,225 52 686 45 7,319 192 108 2,558 296 4 3,158 1,343 2,332 2,716 6,391 42 (31) (31) (33) (1,796) (1,829) (9) (24) (6) (39) 2,929 483 412 3,396 3,987 2,762 982 18 14,969 1,018 193 220 433 1,797 8 68 8 3,745 b 128 160 27 353 1,827 307 71 2,873 (33) (1,796) (1,829) (1) (14) (15) 1,145 320 233 786 1,828 315 139 8 4,774 1,784 163 179 2,610 2,159 2,447 843 10 10,195 577 131 216 523 1,428 44 618 37 3,574 a. 2014 12 31 CSL Holdings LimitedCSL New World Mobility Limited CSL b. 21 2013 2014 132,425 137,400 276 276 132,701 137,676 (120,612) (120,604) 12,089 17,072 108 2014

21 1,206.0420131,206.12 a. 2014 12 31 3,785,871.167 3,785,871.167 HKT 3 HKTGH Hong Kong Telecommunications (HKT) Limited 3 HKTL 63.1% 36.9% 636,000,005 63.1% 36.9% 2,488,200,001 63.1% 36.9% HKT Services Limited 3 1 63.1% 36.9% Esencia Investments Limited 1 100% Great Epoch Holdings Limited 1 100% 700,002 100% 3 PCCW Mobile HK Limited HKTL 7,900,280,100 1,254,000,000 5,507,310,269 1A 4B 63.1% 36.9% 100% PC Music Holdings Limited 11 100% PCCW Productions Limited 2 100% 3 350,000,002 63.1% 36.9% PCCW Teleservices Operations (Hong Kong) Limited 3 2 63.1% 36.9% 93,240,000 63.1% 36.9% 1, 3 2, 3 2,000,000 47.3% 52.7% PCCW Teleservices (US), Inc. 3 1,169 63.1% 36.9% 2014 109

2014 12 31 21 a. 2014 12 31 PCCW Global B.V. 3 18,000 63.1% 36.9% 10 63.1% 36.9% 3 3 167,743,479 63.1% 36.9% PCCW Global, Inc. 3 18.01 63.1% 36.9% HKT Global (Singapore) Pte. Ltd. 3 63.1% 36.9% 60,956,485.64 Gateway Global Communications Limited 3 1 63.1% 36.9% 1 10,250,000 100% IP/IT 36,294,067.89 100% 12,600,000 100% 1 IP/IT 2 100% 2 100% ICT 100,000 100% 201,334,156.50 70.8% 29.2% 4 2 70.8% 29.2% Talent Master Investments Limited 4 1 70.8% 29.2% Nihon Harmony Resorts KK 4 405,000,000 70.8% 29.2% Harmony TMK 4 100,000,000 4,150,000,000 70.8% 29.2% PT Prima Bangun Investama 4 26,000,000 70.8% 29.2% Phang-nga Leisure Limited 2, 4 2,000,000 27.6% 72.4% Phang-nga Paradise Limited 2, 4 2,000,000 27.6% 72.4% UK Broadband Limited 1 100% 110 2014

21 a. 2014 12 31 1 2 3 4 b. 2013 2014 56,944 56,679 (40,195) (40,195) 16,749 16,484 15.52201314.50 3.1420133.14 c. 2012 4 17PCCW Capital No. 4 Limited3 5.75102014 12 31320133 d. 25(b) 2014 111

2014 12 31 21 e. 20132014 12 31 2013 2014 2013 2014 56,348 77,542 9,773 3,129 9,471 12,258 2,564 4,368 65,819 89,800 12,337 7,497 (7,157) (14,415) (3,906) (1,748) (27,857) (37,346) (2,932) (187) 30,805 38,039 5,499 5,562 (182) (107) 30,623 37,932 5,499 5,562 20132014 12 31 2013 2014 2013 2014 22,832 28,823 674 315 2,515 3,300 293 2,357 (16) (242) (216) (866) 2,499 3,058 77 1,491 1 (381) (272) (1,440) 2,500 2,677 (195) 51 (39) (67) 2,461 2,610 (195) 51 1,011 1,248 112 2014

21 e. 20132014 12 31 2013 2014 2013 2014 7,460 9,944 34 (174) 14 20 18 18 (331) (395) (8) (27) 7,143 9,569 44 (183) (4,223) (24,586) (1,454) 6,262 (3,184) 16,541 1,437 (4,464) (264) 1,524 27 1,615 (3) (45) 10 (15) 1 1 2,401 2,134 829 866 12 31 2,134 3,613 866 2,466 2014 12 3128.17201330.58 11.05201311.67 2014 12 319,0002013 8,2006002013500 2014 12 31 45.112013 29.83 2014 12 31 54.97201353.95 2014 12 3122.122013 5.54 17.752013 9.174.072013 3.46 2014 113

2014 12 31 22 2013 2014 513 574 285 302 34 34 832 910 (171) (223) 661 687 765 761 2014 12 317,40020137,400 420135 12.1820131.67 420136 1 a. 2014 12 31 45% 300,000,000 22.1% 40,000,000 114 2014

22 b. 2014 12 31 2013 2014 1 13 10 15 8 8 21 18 392014 12 31 1,00020131,200 c. 12 31 12 31 2013 2014 2013 2014 566 642 45 25 2,070 2,169 153 97 (1,680) (1,694) (365) (389) (35) (59) 12 31 12 31 2013 2014 2013 2014 2,641 2,926 620 462 168 162 (68) (100) 5 6 2014 12 31 70020136001002013100600 2013500 2014 115

2014 12 31 22 d. 2013 2014 2013 2014 751 921 (96) (167) 168 162 (68) (100) 13 (12) (3) (11) (13) 921 1,058 (167) (267) 45% 45% 35%* 35%* 414 476 (58) (93) 24 24 241 292 (52) 414 476 207 171 * 20132014 12 3122.1% 2014 12 31 4,00020134,000 2014 12 3120132014 12 31 2013 23 2013 2014 2,876 2,833 544 501 25 26 3,445 3,360 (2,863) (2,863) 582 497 3,657 3,664 4.7820135.24 320133 1,50020131,200420134 116 2014

23 a. 2014 12 31 Genius Brand LimitedGBL 10,000 31.5% GBL b. 2014 12 31 2013 2014 83 71 2013 2014 1 2 2 15 4 3 6 5 2014 12 31 2,40020132,400120131.57 2014 117

2014 12 31 23 c. GBL 12 31 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) 118 2014

23 c. GBL 12 31 2013 2014 194 227 (79) (91) (31) (38) 1 1 (23) 1 (22) 2014 12 31 1,60020138,30020131,60020138,300 d. GBL 2013 2014 (10) (9) 1 (22) (9) (31) 50%* 50%* (5) (16) 524 478 519 462 * 20132014 12 31GBL31.5% 2014 12 31 3,50020136,300 2014 12 3110020131,100 2014 12 311,00020131,100 2014 119

2014 12 31 24 2013 2014 685 706 37 176 (1) (131) (28) (77) (12) 192 (87) 706 754 2013 2014 197 104 509 650 706 754 197 104 2014 12 311,20020137,700 2013100 2014 12 31100 100 100 25 a. b. 2014 12 3110.22201310.22 2013 12 311,000 2014 12 31 c. 2014 12 311.7920132.40 120 2014

25 d. 2013 2014 686 420 444 313 69 68 1,199 801 e. 2013 2014 i 3,725 4,731 ii (224) (234) 3,501 4,497 i. 2013 2014 0 30 1,784 2,479 31 60 555 640 61 90 270 289 91 120 129 190 120 987 1,133 3,725 4,731 ii. 2013 2014 241 224 149 187 (166) (177) 224 234 2014 12 311.5620131.25 1.5620131.25 2014 121

2014 12 31 25 e. iii. 2013 2014 1,350 2,053 0 30 846 924 31 60 290 328 61 90 169 203 90 846 989 2,151 2,444 3,501 4,497 7,60020131.55 f. 2013 2014 2013 2014 55.25 2015i 3,877 ii 1 946 946 1 4,823 946 1 4,823 946 i. 55.25 2015 2005 7 20PCCW-HKT Capital No.3 Limited55.25 2015 HKTGH HKTL HKTGH HKTL ii. 2014 12 31 2015 40 122 2014

25 g. 2013 2014 0 30 1,033 1,180 31 60 172 148 61 90 99 40 91 120 25 59 120 789 904 2,118 2,331 2,20020133,600 26 2013 2014 2013 2014 6,910 11,798 1,575 16,774 18,835 1,778 5,390 5,861 29,074 36,494 1,575 1,778 55.25 2015a 3,868 54.25 2016b 3,961 3,924 35.75 2022c 2,010 2,167 53.75 2023d 3,380 3,694 e 15,855 26,709 1,575 1,778 29,074 36,494 1,575 1,778 1,467 27,607 36,494 1,575 1,778 a. 55.25 2015 2014 12 3125(f)(i) b. 54.25 2016 2010 8 24PCCW-HKT Capital No.4 Limited54.25 2016 HKTGH HKTLHKTGH HKTL 2014 123

2014 12 31 26 c. 35.75 2022 2012 4 17PCCW Capital No. 4 Limited35.75 2022 d. 53.75 2023 2013 3 8PCCW-HKT Capital No.5 Limited53.75 2023 HKTGH HKTLHKTGH HKTL e. CSL 40 27 2014 516 5 521 1 1 517 5 522 2008 11 124 2014

28 2013 2014 2013 2014 a 67 67 a 49 b (16) 17 (16) 17 b (695) (234) (290) (134) (711) (217) (306) (117) 2014 12 31 13100.87 201313100.81 12 12 a. 2014 12 31538.8020135 38.77 7.7790 20137.7790 37(c)(i) b. 2014 12 31862.08 2013862.04 7.7555 7.7570 20137.7555 7.7570 37(c)(i)2.115 4.4320132.1154.4337(c)(ii) (i)(ii) 2014 125

2014 12 31 28 2002013600 29 12 31 2013 2014 a 20130.25 b 10,000,000,000 2,500 12 31 2013 2014 1 1 7,272,294,654 1,818 7,272,294,654 1,818 c 170,883,007 756 d 10,000,000 2014 3 3 e 9,146 12 31 7,272,294,654 1,818 7,453,177,661 11,720 a. 2014 3 3622 b. 6221352014 3 3 c. 2014 12 312013 20144.1484.988114,240,69456,642,313 2013 d. 2014 12 31 0.0110,000,000 2013 e. 62211 37 2014 3 3 126 2014

30 a. 2003 7 1 2015 1 1 19 20112014 12 31 Society of Actuaries 2014 12 312013 12.4201312.6 i. 2013 2014 iii 283 295 iv (185) (179) 98 116 ii. 2013 2014 52% 55% 42% 42% 6% 3% 100% 100% 2014 127

2014 12 31 30 a. iii. 2013 2014 368 283 3 7 5 (74) 14 (14) (14) 283 295 iv. 2013 2014 186 185 2 4 11 4 (14) (14) 185 179 v. 2013 2014 1 3 1 3 vi. 2013 2014 2.50% 2.10% 3.00% 3.00% 201120132014 12 31 2011 128 2014

30 a. vi. 2013 2014 0.25% (3.10%) 3.30% (3.10%) 3.30% 0.25% 3.10% * 3.20% * 1 (4.50%)** 4.50%** (4.60%)** 4.80%** * ** 20114 20112 vii. 20132014 12 31 1 1 2 2013 2 5 5 14 14 42 332 402 1 1 2 2014 2 5 5 14 14 43 325 396 b. CSL Holdings Limited 1.06 2014 12 31 2014 129

2014 12 31 30 c. 25,000 2014 6 130,000 31 a. 1994 9 20 19942004 5 19 199420042014 5 8 20142004 19942004 20042014 2014 i. 2014 ii. 2014 iii. 20142014 2014 130 2014

31 a. iv. 2014 12 v. 201410 vi. 20142014 vii. 2014 201414 viii. 2014(i) (ii) ix. 2014 2014 2014 10 2014 2014 2014 1 12014 12 311994200420142014 12 31 199420042014 2014 131

2014 12 31 31 a. x. 2013 2014 4.35 39,965,538 xi 4.35 (39,965,538) xi. 2013 2014 2004 7 252013 7 23 4.35 39,965,538 39,965,538 b. 2002 2002 6 10 2002 11 12 2006 5 132 2014

31 b. 2012 11 152012 11 15 10 2013 2014 11,713,109 19,104,824 4.20 20133.81 11,021,000 855,000 (12,611) (3,629,285) (8,830,426) 19,104,824 11,116,787 0.01 10,000,000 2013 2014 181,500 169,413 9.05 20137.11 18,000 65,000 6.842013 28,924 (30,087) (68,378) 169,413 194,959 2014 133

2014 12 31 31 b. i. 2013 2014 2.89 11,645,118 3.33 18,552,903 iii 3.65 10,775,218 4.01 3,839,278 iv 3.44 (238,148) 3.94 (1,227,689) v 2.87 (3,629,285) 3.22 (8,830,426) ii 3.33 18,552,903 3.53 12,334,066 iii 4.12 6,099,854 iv 3.99 (195,797) ii 4.12 5,904,057 2013 2014 7.59 17,450 iii 7.59 17,450 9.08 307,920 v 8.55 (23,226) ii 7.59 17,450 9.04 302,144 134 2014

31 b. ii. 2013 2014 2012 3 5 2012 3 52014 7 8 2.93 2,077,000 2012 3 5 2012 3 52015 7 8 2.93 3,461,000 3,461,000 2012 4 11 2012 4 112014 4 11 2.80 2,004,251 2012 6 15 2012 6 152014 6 15 2.97 419,864 2013 3 21 2013 3 212014 3 21 3.62 4,053,930 2013 3 21 2013 3 212015 3 21 3.62 4,190,786 3,792,114 2013 5 10 2013 5 102014 5 10 4.17 308,036 2013 5 10 2013 5 102015 5 10 4.17 308,036 308,036 2013 7 5 2013 7 52016 7 8 3.61 519,000 519,000 2013 7 5 2013 7 52017 7 8 3.61 1,211,000 1,211,000 2014 4 11 2014 4 112015 4 11 3.99 1,451,594 2014 4 11 2014 4 112016 4 11 3.99 1,591,322 18,552,903 12,334,066 2014 4 11 2014 4 112015 4 11 3.99 2,554,533 2014 4 11 2014 4 112016 4 11 3.99 2,553,605 2014 11 10 2014 11 102015 11 10 4.95 397,960 2014 11 10 2014 11 102016 11 10 4.95 397,959 5,904,057 2013 2014 2013 3 21 2013 3 212014 3 21 7.59 8,725 2013 3 21 2013 3 212015 3 21 7.59 8,725 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 9.13 101,751 2014 7 1 2014 7 12016 4 1 9.13 87,250 2014 7 1 2014 7 12017 4 1 9.13 87,230 17,450 302,144 2014 12 310.7720131.031.15 20130.72 2014 135

2014 12 31 31 b. iii. 2013 2014 2013 3 21 2013 3 212014 3 21 3.62 4,146,161 2013 3 21 2013 3 212015 3 21 3.62 4,282,985 2013 5 10 2013 5 102014 5 10 4.17 308,036 2013 5 10 2013 5 102015 5 10 4.17 308,036 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 2014 4 11 2014 4 112015 4 11 3.99 1,451,594 2014 4 11 2014 4 112016 4 11 3.99 1,591,322 2014 5 2 2014 5 22015 5 2 4.11 398,181 2014 5 2 2014 5 22016 5 2 4.11 398,181 10,775,218 3,839,278 2014 4 11 2014 4 112015 4 11 3.99 2,652,462 2014 4 11 2014 4 112016 4 11 3.99 2,651,473 2014 11 10 2014 11 102015 11 10 4.95 397,960 2014 11 10 2014 11 102016 11 10 4.95 397,959 6,099,854 2013 2014 2013 3 21 2013 3 212014 3 21 7.59 8,725 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 12014 7 1 9.13 14,501 2014 7 1 2014 7 12015 4 1 9.13 101,751 2014 7 1 2014 7 12016 4 1 9.13 87,250 2014 7 1 2014 7 12017 4 1 9.13 87,230 17,450 307,920 136 2014

31 b. iv. 2013 2014 2012 4 11 2012 4 112013 4 11 2.80 4,376 2012 4 11 2012 4 112014 4 11 2.80 49,342 2,974 2013 3 21 2013 3 212014 3 21 3.62 92,231 31,166 2013 3 21 2013 3 212015 3 21 3.62 92,199 397,187 2014 5 2 2014 5 22015 5 2 4.11 398,181 2014 5 2 2014 5 22016 5 2 4.11 398,181 238,148 1,227,689 2014 4 11 2014 4 112015 4 11 3.99 97,929 2014 4 11 2014 4 112016 4 11 3.99 97,868 195,797 v. 2013 2014 2012 3 5 2012 3 52013 7 8 2.93 1,384,000 2012 3 5 2012 3 52014 7 8 2.93 2,077,000 2012 4 11 2012 4 112013 4 11 2.80 1,825,420 2012 4 11 2012 4 112014 4 11 2.80 2,001,277 2012 6 15 2012 6 152013 6 15 2.97 419,865 2012 6 15 2012 6 152014 6 15 2.97 419,864 2013 3 21 2013 3 212014 3 21 3.62 4,022,764 2013 3 21 2013 3 212015 3 21 * 3.62 1,485 2013 5 10 2013 5 102014 5 10 4.17 308,036 3,629,285 8,830,426 * 2015 3 21 2014 137

2014 12 31 31 b. v. 2013 2014 2013 3 21 2013 3 212014 3 21 7.59 8,725 2014 7 1 2014 7 12014 7 1 9.13 14,501 23,226 3,70020133,200 3,70020133,200 c. 2003 3 172003 10 2003 2005 5 132003 200520052005 5 232003 2003 20052005 2005 (i)(ii) (iii)2005 20052005 5 23 2005 5 23 2005 12 138 2014

31 c. 2005 2015 5 20052005 2005 20132014 12 31 2005 2014 12 312005 2003 i. 2013 2014 2.375 5,000,000 2.375 5,000,000 iii 2.375 (5,000,000) ii 2.375 5,000,000 2.375 5,000,000 ii. 2013 2014 2004 12 20 2004 12 20 2004 12 20 2014 12 19 2.375 5,000,000 5,000,000 2005 1 1 iii. 2013 2014 2014 10 14 2.375 3.56 12 5,000,000 12 5,000,000 2014 139

2014 12 31 31 d. i. 20112021 2011 11 7 20112021 (a) (b) (c) 2011202120132014 12 31 2011202120132014 12 31 ii. 2011 10 11 (i) (ii) 140 2014

31 d. ii. 20132014 12 31 2013 2014 1,158,000 7,360,797 9.05 20137.71 6,737,000 190,000 6.842013 1,007,112 (534,203) (2,579,800) 7,360,797 5,978,109 (i) 2013 2014 5.98 1,140,265 7.27 2,955,982 (iii) 7.59 2,387,498 9.03 12,962,935 (iv) 6.84 (37,578) 8.99 (344,000) (v) 5.98 (534,203) 7.71 (2,579,800) (ii) 7.27 2,955,982 8.89 12,995,117 2014 141

2014 12 31 31 d. ii. (ii) 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 (iii) 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 12,962,935 142 2014

31 d. ii. (iv) 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 (v) 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 5,90020131,3003,700 20139002,2002013400 2014 143

2014 12 31 31 e. i. 2013 5 23 MelatiMelati 2,300 MelatiMelati Melati Melati 1 Melati2014 12 31Melati 2013 ii. 2013 5 23 Rafflesia Rafflesia 2023 5 23 Rafflesia RafflesiaRafflesia Rafflesia Rafflesia 1 Rafflesia2014 12 31Rafflesia 2013 144 2014

32 2013 (a) 2013 1 1 9,143 7,388 3 (44) 100 1,188 89 166 (31) (11,020) 6,982 1,885 1,885 85 85 (1) (1) (267) (267) 160 160 1 1 33 33 (25) (25) (267) 8 161 1,969 1,871 (42) (42) (35) (35) 41 41 (63) 63 12 (12) (1) (1) (981) (4) (985) (460) (2) (462) (1,441) (30) (40) 27 (1,484) 2013 12 31 9,143 5,947 3 (74) 60 921 97 327 (31) (9,024) 7,369 2014 145

2014 12 31 32 2013 (a) 2013 1 1 9,143 7,388 3 83 (49) 10,030 26,598 (160) (160) 40 40 (4) (4) 36 (160) (124) (63) 63 (985) (985) (462) (462) (1,447) (63) 63 (1,447) 2013 12 31 9,143 5,941 3 20 (13) 9,933 25,027 146 2014

32 2014 (a) 2014 1 1 9,143 5,947 3 (74) 60 921 97 327 (31) (9,024) 7,369 3,310 3,310 (15) (15) (1) (1) (320) (320) (1,206) (1,206) (47) (47) (1) (1) 17 17 5 5 (1,526) 22 (48) 3,294 1,742 (4) (4) (6) (6) 74 74 33 (37) 5 1 (3) (3) 2014 3 3 2(b) 29 (9,143) (3) (9,146) (1,006) (3) (1,009) (515) (2) (517) (9,143) (1,521) (3) 29 29 (1) (10,610) 2014 147

2014 12 31 32 2014 (a) 24 24 (6) (6) (82) (82) (82) 18 (64) (9,143) (1,521) (3) 29 29 (82) 17 (10,674) 2014 12 31 4,426 (45) 89 (605) 119 279 (113) (5,713) (1,563) 2014 1 1 9,143 5,941 3 20 (13) 9,933 25,027 3,564 3,564 29 29 29 3,564 3,593 2014 3 3 2(b) 29 (9,143) (3) (9,146) (1,009) (1,009) (517) (517) (9,143) (1,526) (3) (10,672) 2014 12 31 4,415 20 16 13,497 17,948 148 2014

32 a. 2004 6 302004 3279C 2006 1 10 5.4442.431.06 PCCW Capital No. 2 Limited4.5020071 2006 3 27 2014 12 312013 2014 12 31 44.15201359.41134.97201399.33 2014 12 31 179.122013158.74 33 a. 2013 1,745 184 376 (671) (16) 1,618 11(a) 216 (20) 158 (443) 7 (82) 19 19 13 13 (1) 25 1,974 164 547 (1,114) 9 1,580 2014 1,974 164 547 (1,114) 9 1,580 11(a) (3) (19) 163 (15) (5) 121 921 921 42 (480) (705) 19 (1,166) (6) (6) (2) (14) 2,406 145 (1) (1,129) 21 1,442 2014 149

2014 12 31 33 a. 2013 2014 12 (919) (878) 12 (159) (181) (1,078) (1,059) 12 2,463 2,279 12 195 222 2,658 2,501 1,580 1,442 b. 1,60020134.43 2014 12 31 99.27 2013112.483,500 20132.279.8020132.012014 12 31 34 2014 12 31 2013 2014 205 14 219 429 32 461 162 29 191 370 74 444 239 62 301 307 117 424 204 96 300 272 171 443 810 201 1,011 1,378 394 1,772 (205) (14) (219) (429) (32) (461) 605 187 792 949 362 1,311 150 2014

35 a. 2013 2014 3,265 5,474 (10) 10 (80) (90) 925 1,085 179 334 1 1 6 (2) 2,347 3,408 (64) (33) (1) (9) (2) (42) (47) (631) (656) (2,112) (22) 78 12 84 52 (9) 2 149 187 2,200 2,873 24 22 (140) (50) (42) (4) (35) (6) (17) (3) 45 96 1 7 199 (8) (105) 473 406 (286) (674) (450) 137 13 287 5 19 20 (25) (35) (216) 493 (438) 1 (10) (28) 4 (219) (18) 46 7,685 10,666 42 57 (361) (84) (54) (86) 7,312 10,553 2014 151

2014 12 31 35 b. 2013 2014 1 1,993 6,391 14 1 29 1,574 26 202 16 1,186 (1) (12) (287) (6) (2,746) (22) (622) (64) (5) (308) (921) 1 6,438 (36) 1 6,402 78 13,627 79 20,029 65 19,955 74 14 79 20,029 (65) (19,955) 16 1,186 (49) (18,769) (14) 152 2014

35 c. 2014 12 31 2013 2014 67 7,182 10 31 5 69 117 238 399 (1,983) (195) (177) (11) (1,166) 4,586 (124) 4,462 7,492 (1,983) (4,462) (259) 1,324 7 2,112 7,492 (399) (223) 6,870 2014 153

2014 12 31 35 d. 2013 2014 2013 2014 6,551 8,965 1,900 1,093 (10) (1,032) (1,022) 12 31 5,509 7,943 1,900 1,093 36 154 2014

37 2013 1 1 706 706 67 67 45 45 1 45 67 706 819 541 541 1,032 1,032 4,466 4,466 89 89 3,501 3,501 10 10 5,509 5,509 15,148 15,148 1 15,193 67 706 15,967 2014 155

2014 12 31 37 2013 1 1 2,118 2,118 4,420 4,420 521 521 205 205 126 126 7,391 7,391 29,074 29,074 711 711 605 605 549 549 711 30,228 30,939 711 37,619 38,330 156 2014

37 2014 1 1 754 754 271 271 1 271 754 1,026 528 528 1,022 1,022 5,323 5,323 95 95 49 49 4,497 4,497 7,943 7,943 19,408 49 19,457 1 19,679 49 754 20,483 2014 157

2014 12 31 37 2014 4,823 4,823 2,331 2,331 6,787 6,787 522 522 429 429 98 98 14,990 14,990 36,494 36,494 217 217 949 949 342 342 217 37,785 38,002 217 52,775 52,992 2013 2014 16,749 16,484 7 37 1,900 1,093 18,656 17,614 158 2014

37 2013 10 10 1,575 1,575 2,010 2,010 306 306 306 3,585 3,891 306 3,595 3,901 2014 946 946 11 11 957 957 1,778 1,778 2,167 2,167 117 117 117 3,945 4,062 117 4,902 5,019 2014 159

2014 12 31 37 a. 30 20132014 12 31 25(e) 2013 2014 12 31 39 b. 39 160 2014

37 b. 2013 1 1 2 2 5 5 (1) (1) (1) (2,118) (2,118) (2,118) (4,420) (4,420) (4,420) (521) (521) (521) (219) (219) (205) (126) (126) (126) (7,405) (7,405) (7,391) (847) (7,713) (17,640) (6,988) (33,188) (29,074) 68 45 (193) (808) (888) (711) (191) (301) (300) (792) (605) (13) (331) (35) (255) (634) (549) (792) (8,190) (18,169) (8,351) (35,502) (30,939) (8,197) (8,190) (18,169) (8,351) (42,907) (38,330) 2014 161

2014 12 31 37 b. 2014 1 1 2 2 5 5 (4,951) (4,951) (4,823) (2,331) (2,331) (2,331) (6,787) (6,787) (6,787) (522) (522) (522) (461) (461) (429) (98) (98) (98) (15,150) (15,150) (14,990) (805) (12,358) (20,259) (6,784) (40,206) (36,494) 66 19 (119) (216) (250) (217) (444) (424) (443) (1,311) (949) (29) (13) (233) (157) (432) (342) (768) (12,796) (21,035) (7,600) (42,199) (38,002) (15,918) (12,796) (21,035) (7,600) (57,349) (52,992) 162 2014

37 b. 2013 1 1 2 2 5 5 (10) (10) (10) (10) (10) (10) (32) (1,607) (1,639) (1,575) (112) (112) (336) (2,700) (3,260) (2,010) 22 13 (80) (343) (388) (306) (122) (1,706) (416) (3,043) (5,287) (3,891) (132) (1,706) (416) (3,043) (5,297) (3,901) 2014 1 1 2 2 5 5 (959) (959) (946) (11) (11) (11) (970) (970) (957) (34) (34) (1,910) (1,978) (1,778) (112) (112) (336) (2,589) (3,149) (2,167) 21 9 (32) (131) (133) (117) (125) (137) (2,278) (2,720) (5,260) (4,062) (1,095) (137) (2,278) (2,720) (6,230) (5,019) 2014 163

2014 12 31 37 c. i. 20132014 12 31 2014 12 3113 100.87201313100.81 164 2014

37 c. i. 2013 2014 503 650 20 13 547 521 1,078 287 864 1,020 3,184 454 (482) (364) (975) (217) (211) (94) (3,877) (13,219) (9,785) (11,998) 1,197 (9,819) 537 (608) (1,206) (809) (510) 10,081 10,087 (2,525) (9) (541) 27 2013 2014 16 1 264 34 (2,010) (2,167) (1,994) 1 (1,903) 34 2,326 2,328 332 1 425 34 2014 165

2014 12 31 37 c. i. 2014 12 31 50020132,100400 2013300 2014 12 313,90020133,9002013 2014 12 31 2014 12 31 1002013 2013 ii. 166 2014

37 c. ii. 2013 2014 2013 2014 % % % % 5.42 3,877 5.42 3,868 3.17 3,961 3.17 3,924 7,829 7,801 1.77 15,856 1.59 27,655 2.06 1,575 1.82 2,724 4.70 5,390 4.70 5,861 5.97 2,010 5.97 2,167 21,246 33,516 3,585 4,891 29,075 41,317 3,585 4,891 2014 12 3110 2,30020131,6003002013300 10 2013 2014 167

2014 12 31 37 c. iii. 24 d. 20132014 12 31 2013 2014 (1) (1) (4,823) (4,909) (29,074) (29,893) (36,494) (37,059) 168 2014

37 e. 2013 197 197 509 509 67 67 197 67 509 773 (711) (711) 2014 104 104 650 650 49 49 104 49 650 803 (217) (217) 2013 2014 (306) (117) 2014 169

2014 12 31 37 e. 3 20 2013 20 60 15% 30% 201315% 30% 15% 70% 201315% 70% 10% 50% 201310% 50% 2014 12 31 2013 12 31 2014 12 31 2013 2014 587 509 37 176 (131) (28) 93 5 (77) (12) 509 650 2014 12 316.5020135.09 2014 12 311,20020137,700 2013100 170 2014

37 f. 38 a. 2013 2014 1,773 2,396 860 1,288 2,633 3,684 2013 2014 283 208 114 1,616 23 49 47 2,164 1,813 2,633 3,684 2014 171

2014 12 31 38 b. 2014 12 31 2013 2014 1 934 1,504 15 1,492 1,821 5 465 536 2,891 3,861 2013 2014 1 1,057 1,288 15 699 752 5 300 264 2,056 2,304 115 c. 2014 12 31 2013 2014 2,205 1,752 227 2,177 2,432 3,929 172 2014

39 2013 2014 2013 2014 399 2,338 146 189 52 2,326 2,328 64 62 4 10 2 1 10 16 10 16 11 11 10 498 2,489 2,484 2,534 40 2014 12 31 395.642013241.50116.47 201381.34 25(f) 26 2013 2014 39 6,603 1,848 182 20 5 10 6,657 2,050 a. 2014 12 311.66 2014 173

2014 12 31 41 a. 2014 12 31 i. CSL 2014 5 14CSL Holdings Limited 4G 3G 2G 25.80200.17CSL 2014 525.72 199.432014 12 31 2015 2015 (i) CSL 19,943 74 20,017 (6,402) 13,615 174 2014

41 a. 2014 12 31 i. 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 19,943 CSL (1,186) 18,757 (ii) 2014 1 1CSL 29.42 2.34CSL CSL 2014 12 31 ii. Crypteia Networks S.A. 2014 10 20 Crypteia Networks S.A. 2014 175

2014 12 31 41 b. 2013 12 31 i. 2013 5 2 6,500 1,4001,400 1,4002014 12 31 2014 12 31 2014 12 31 (i) 2013 65 2013 2014 14 79 (1) 78 SAP 176 2014

41 b. 2013 12 31 i. (i) 1 1 29 16 (1) (40) (5) 1 65 (16) 49 2014 14 1,3001,900600 (ii) 1002013 12 31 (iii) 2013 12 31 9,5002,400 2013 1 12013 12 31 1.361,700 42 a. Gain Score LimitedGain Score 2014 4 8Gain Score Limited Gain Score Limited 9.2872.01Gain Score 2014 177

2014 12 31 42 a. Gain Score LimitedGain Score 2014 89.3972.81 Gain Score 7,058 (1,983) (4,263) 1,245 7 2,057 Gain Score 15 62 16 7,182 17 10 20 31 5 11 4 208 (1,983) (97) (4) 33(a) (1,166) 4,263 7,058 Gain Score (208) 6,850 178 2014

42 b. 2014 10 14 1.8 2.25 2014 12 225 (14) (199) (36) 79 7 55 15 5 58 117 234 191 (98) (177) (7) 323 (124) 199 211 (191) 20 2014 179

2014 12 31 43 a. 2014 12 31 2013 2014 61 (37) 24 2014 12 31 6,10011,178,000 3,700 2,400 b. 2013 12 31 2013 12 311,1002 2014 12 31 12013 44 2015 1HKT Capital No. 1 Limited323.28152030 HKTGH HKTLHKTGH HKTL 180 2014

45 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 181

2014 12 31 2010* 2011* 2012 2013 2014 22,962 24,638 25,318 27,317 33,277 (10,533) (11,397) (11,816) (13,111) (15,151) (8,924) (9,604) (10,150) (10,735) (14,091) 1,217 143 371 685 2,717 27 71 62 80 90 (1,587) (1,565) (966) (1,111) (1,418) (82) 32 (22) 140 50 3,080 2,318 2,797 3,265 5,474 (756) (542) (232) (210) (803) 2,324 1,776 2,565 3,055 4,671 1,926 1,607 1,661 1,885 3,310 398 169 904 1,170 1,361 12 31 2010* 2011 2012 2013 2014 29,387 30,909 33,070 36,358 51,648 18,746 14,941 16,774 17,579 21,391 (17,744) (10,747) (19,412) (10,658) (19,018) 1,002 4,194 (2,638) 6,921 2,373 30,389 35,103 30,432 43,279 54,021 (30,997) (27,656) (22,294) (34,646) (41,652) (608) 7,447 8,138 8,633 12,369 12 31 2010 2011 2012 2013 2014 19,521 17,120 17,418 15,874 17,912 * 20102011 12 31 2010 12 31 19 2011 182 2014

2014 328-1 Aza Iwaobetsu, Kutchan-cho, Abuta-gun, Hokkaido, Japan 788,510 619,705 70.8% * Moo 3 & 9, Thai Muang Subdistrict, Thai Muang District Phang-nga, 82120, Thailand 1,700,465 70.8% * 12 18 520 100% Jenderal Sudirman Kav., 9,277 90,500 70.8% No. 52-53 Lot 10 Senayan, Kebayoran Baru, 2017 South Jakarta, Indonesia * 50 1050 2014 183

2014 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 2014 2014 www.pccw.com/ir (www.hkexnews.hk) A) 2014 B) 2014 183 17M +852 2862 8688 +852 2529 6087 pccw@computershare.com.hk 2014 2014 2014 OTC Markets Group Inc. 10 0008 0008.HK 8 HK PCCWY 183 17 1712-1716 +852 2862 8555 +852 2529 6087 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 2014 12 31 2014 12 31 2014 2014 2014 2014 2015 979 41 +852 2514 5084 ir@pccw.com 1,000 7,453,177,661 6.99 13.21 2015 2 11 2015 5 13 14 2015 5 14 2015 6 19 2015 5 7 www.pccw.com 184 2014

電 訊 盈 科 有 限 公 司 ( 於 香 港 註 冊 成 立 的 有 限 公 司 ) 香 港 鰂 魚 涌 英 皇 道 979 號 太 古 坊 電 訊 盈 科 中 心 41 樓 電 話 :+852 2888 2888 傳 真 :+852 2877 8877 www.pccw.com 電 訊 盈 科 的 股 份 於 香 港 聯 合 交 易 所 有 限 公 司 上 市 ( 股 份 代 號 :0008), 並 以 美 國 預 託 證 券 方 式 在 美 國 的 OTC Markets Group Inc.( 場 外 交 易 市 場 ) 買 賣 ( 代 號 :PCCWY) 2015 電 訊 盈 科 有 限 公 司, 版 權 所 有, 不 得 翻 印 本 報 告 採 用 的 可 循 環 再 造 紙 張, 是 由 無 氯 元 素 及 無 酸 紙 漿 製 造