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21 E.1.2 2005 5 23 2006 3 29 2005 43

15.95 12 2005 5 now54.9 2005 12 31 15.95 2004 2005 12 31 12 2005 2005 2005 52005 20045.321.2 now 2005 12 31now 54.9 95.3ESPN Satellite Television Asian Region Limited (STAR) HBO Pacific Partners (HBO) 2006 2 TVB now TVB now 2006 3 20 2005 12 31 2004 176.78 SUNDAY Communications LimitedSUNDAY2005 159.31 EBITDA EBITDASUNDAY 2005 SUNDAY EBITDA 2005 1 1 2004 2005 48.21 2004 2005 1 1 2005 12 31 224.99 44 2005

200515.42 SUNDAY 2006 1 3G 11 3G 3G 2005 2004 12 31 3 7,497 8,434 15,931 7,549 7,785 15,334 4% 1 1,323 1,131 2,454 1,312 1,389 2,701 (9)% 3,352 1,802 5,154 2,321 3,542 5,863 (12)% 3,179 1,642 4,821 2,096 3,319 5,415 (11)% 173 160 333 225 223 448 (26)% 160 152 312 194 178 372 (16)% (631) (721) (1,352) (597) (671) (1,268) (7)% 11,701 10,798 22,499 10,779 12,223 23,002 (2)% (5,893) (4,574) (10,467) (4,536) (5,995) (10,531) 1% (2,571) (2,811) (5,382) (3,065) (2,840) (5,905) 9% EBITDA 2 4 3,335 3,445 6,780 3,347 3,491 6,838 (1)% 1 27 4 31 72 16 88 (65)% 322 376 698 358 416 774 (10)% 230 309 539 213 337 550 (2)% 92 67 159 145 79 224 (29)% (447) (412) (859) (599) (535) (1,134) 24% EBITDA 3,237 3,413 6,650 3,178 3,388 6,566 1% EBITDA 28% 32% 30% 29% 28% 29% 1% EBITDA 35% 34% 35% 34% 34% 34% 1% 2005 45

2005 2004 2,514 2,564 2,662 2,567 0% 1,127 1,164 1,175 1,144 2% 1,387 1,400 1,487 1,423 (2)% 5 67% 68% 70% 68% 0% 68% 69% 71% 69% 0% 65% 66% 70% 67% (1)% 972 994 849 969 3% now 441 549 269 361 52% 857 953 753 796 20% 715 798 558 660 21% 80 88 68 74 19% 139 132 160 148 (11)% Gbps 262 294 211 234 26% IDD 6 741 786 661 722 10% IPLCMbps 6,503 10,175 4,822 6,020 69% 1 2 EBITDA EBITDA EBITDA 3 20042005 1 1 4 2005EBITDASUNDAY EBITDA2,500 5 6 IDD 7 46 2005

2005 1 now SUNDAY2005 2005 12 31 159.31 SUNDAY153.33 2005 2004 12 31 3 2,462 2,400 4,862 2,739 2,671 5,410 (10)% 2,219 2,275 4,494 2,164 2,222 4,386 2% 1,167 1,166 2,333 1,176 1,209 2,385 (2)% 1,649 2,593 4,242 1,470 1,683 3,153 35% 7,497 8,434 15,931 7,549 7,785 15,334 4% (2,175) (2,757) (4,932) (2,006) (2,268) (4,274) (15)% (1,987) (2,232) (4,219) (2,196) (2,026) (4,222) 0% EBITDA 4 3,335 3,445 6,780 3,347 3,491 6,838 (1)% EBITDA 44% 41% 42.6% 44% 45% 44.6% (2)% EBITDA SUNDAY 44% 44% 44.1% 44% 45% 44.6% (0.5)% 2005 1 2005 5 20052004 5.321.2 2001 2005 2004 2005256.4 2004 256.7 2005 6 2005 12 3148.62 2004 2004 7 2008 6 30 2005 12 2004 2005 47

2005 12 31 44.94 now 2005 12 3195.3 now 54.9 now LAN WAN 2005 12 31 23.33 IPLC IDD IPLC IDD 2004 2005 10PCCW Global 2005 SUNDAY 2005 42.42 SUNDAY SUNDAY 2006 3 29 2005 1 2005 12 31 24.54 2005 12 31 51.54 2005 2 2004 3 26 2005 3 1 11.72004 5 10 2005 12 31 2006 3 29 2005 JALECO Ltd.JALECO 2005 8 194,800 3.75JALECO 1.59 3.12 13.52 48 2005

2005 12 31104.67 now SUNDAY 2005 12 31 2005 2004 3 2,677 2,996 11% 369 358 (3)% 2,336 2,551 8% 5,382 5,905 9% 2,694 2,535 (6)% (24) (56) (57)% 8,052 8,384 4% SUNDAY 2005 EBITDA 2 2005 12 31 EBITDA 66.5EBITDA SUNDAY2005 2005 12 31EBITDA 4 67.8EBITDA SUNDAYEBITDA 2005 12 316.26 JALECO 8(a) 2005 12 315.33 2005 12 3122.34 2031 3.65 300 SUNDAY 2005 2005 12 311.2 2005 10 28 5,200 2005 12 31 11.032005 12 31 2004 2.72 2004 2,000 2005 49

2005 12 31 200451.03 46.39 27(b) 2005 12 31 7 291.65 96.79 108 432005 2005 12 31 7 194.86 2005 228.08 2005 3 79.27 2004 8 2005 69 7.27 2005 6 2211.64 SUNDAY 2005 9 9 3.78 SUNDAY 2005 7 SUNDAYSUNDAY SUNDAY SUNDAY SUNDAY 8.74 2005 2005 6 30Telstra Corporation Limited 5,400 5Telstra 2005 6 303.65300 2005 7 202015 5.25 5 2005 12 52005 3.5 11 2005 12 31 7 2005 12 31 BBBBaa2 BBB+ 2005 12 3124.41 2004 19.72 SUNDAY 2005 2.1REACH Ltd. 16.27 now IPUK Broadband IP 2006IP 50 2005

2005 12 316,2002004 6,700 1.782004 2.24 2002 2004 12 31 Telstra 2005 6 30 Telstra 2004 8 3 2005 12 312.59 2004 12 31 2005 2004 403 129 34 119 437 248 2002 4 23 2000 7 24 6,522,000 48 49 9,9004.18 2001 1 12002 1 2 6.725 2002 5 29 2005 4 212006 2 3 3.082005 12 31 3.22 2005 51

2005 12 3114,108 2004 12,248SUNDAY EBITDA 2 2005 12 31 1220049.6 2005 10 46.52004 5.5 52 2005

54 78 79 80 82 84 85 86 190 191

2005 12 31 7 2005 12 3179 2005 10 6.5 (2004 5.54.37(2004 2.95 2006 5 302006 5 242005 12 31 12 (2004 9.62006 5 222006 5 24 190 23 25 17 19 27(f) 28 31 2005 3 160.253,600,000,000 16 250.25 54 2005

34 2005 12 31 2005 4 1 2005 7 1 KBE, LVO 2005 4 1 2005 4 1 GBS, OBE, JP CBE, LLD, JP 101A 101B 101C 3.13 2003 7 25 2005 55

2005 12 31 352 XV 1. A. 36,295,600 1,746,122,668 679,000 1,783,097,268 26.52% 1(a) 1(b) 1(c) 4,322,000 17,661,000 21,983,000 0.33% 3 20,068,000 20,068,000 0.30% 2 253,200 4,629,200 4,882,400 0.07% 2 760,000 15,800,200 16,560,200 0.25% 4 1,176,260 18,455 14,390,400 15,585,115 0.23% 5 2 992,600 511 6,000,000 6,993,111 0.10% 6(a) 6(b) 2 7,000,000 7,000,000 0.104% 2 4,000,000 4,000,000 0.06% 2 64,000 64,000 0.001% 600,000 600,000 0.01% 56 2005

1. A. 1. (a) Chiltonlink Limited Pacific Century Diversified LimitedPCD 2,548,600 Eisner Investments Limited33,747,000 Chiltonlink Limited Eisner Investments Limited (b) (i) (ii) 36,726,857Yue Shun Limited Yue Shun Limited 36,726,857 20,354,286 20,354,286 (iii) 1,526,094,301 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington Limited 1,526,094,301 (iv) 162,947,224PCD (c) 679,00067,900 10 2. 3. (i)pcd 2,161,000 (ii)15,500,000 4. (i) 20200(ii) 15,800,000 5. 6. (a) (b) B. 2005 12 31 234,000,258 (a) 231,839,258 231,839,258 2005 57

1. B. (b) PCD1.(a)2,161,000 2. 5,000,000 5,000,000 0.21% 5,000,000 5,000,000 0.21% XV 352 58 2005

1. 1994 9 201994 2002 5 23 1994 2001 9 1 2004 5 191994 20042004 1994 2004 20041994 2004 2005 12 31200472,599,000 2005 12 311994 158,899,073 12 (i) (ii) (iii) 2005 59

1. 2005 12 31 A. 1994 (1) 2005 1 12005 12 31 2005 1 2005 12 1 31 1 2 1 1 07.25.2003 07.25.2004 07.25.2004 4.3500 12,000,000 12,000,000 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2003 11.7800 2,134,000 2,134,000 08.17.2004 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 3,200,000 3,200,000 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 3,200,000 3,200,000 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 8,534,000 8,534,000 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2000 11.7800 272,000 272,000 08.17.2002 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 178,600 178,600 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 178,600 178,600 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 2,000,000 2,000,000 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2000 11.7800 3,200,000 3,200,000 08.17.2004 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 1,600,000 1,600,000 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 1,600,000 1,600,000 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 6,400,000 6,400,000 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2001 11.7800 3,575,200 3,575,200 08.17.2004 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 1,060,000 1060,000 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 1,060,000 1,060,000 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 5,695,200 5,695,200 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 5,000,000 5,000,000 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 2,000,000 2,000,000 07.25.2006 07.23.2013 60 2005

1. A. 1994 (1) 2005 1 12005 12 31 2005 1 2005 12 1 31 1 2 1 1 08.17.1999 3 08.17.2000 11.7800 9,691,190 6,430,925 09.15.1999 08.17.2009 10.25.1999 3 10.25.2000 22.7600 3,432,400 3,370,400 11.23.1999 10.25.2009 02.08.2000 02.08.2001 02.08.2001 75.2400 86,700 86,700 03.08.2000 02.08.2003 02.08.2010 08.26.2000 4 4 60.1200 3,908,000 1,048,600 09.24.2000 10.27.2000 5 5 24.3600 11,085,070 9,989,790 11.25.2000 01.22.2001 6 6 16.8400 11,156,718 7,529,852 02.20.2001 02.20.2001 02.08.2002 02.08.2002 18.7600 86,700 86,700 02.08.2004 02.08.2011 04.17.2001 7 7 10.3000 1,324,360 1,147,040 05.16.2001 07.16.2001 07.16.2002 07.16.2002 9.1600 648,600 365,760 09.15.2001 07.16.2004 07.16.2011 10.15.2001 10.15.2002 10.15.2002 8.6400 292,000 11.13.2001 10.15.2004 10.15.2011 05.10.2002 3 04.11.2003 7.9150 231,700 86,700 04.11.2012 06.19.2002 8 8 10.0900 179,000 08.01.2002 08.01.2003 08.01.2003 8.0600 200,000 200,000 08.01.2005 07.31.2012 11.13.2002 11.13.2003 11.13.2003 6.1500 6,860,000 6,820,000 11.13.2005 11.12.2012 07.25.2003 07.25.2004 07.25.2004 4.3500 62,282,678 46,939,006 07.25.2006 07.23.2013 09.16.2003 09.16.2004 09.16.2004 4.9000 1,190,000 190,000 09.15.2006 09.14.2013 08.17.1999 3 08.17.2000 11.7800 800,000 09.15.1999 08.17.2009 08.26.2000 4 4 60.1200 2,800,000 09.24.2000 01.22.2001 6 6 16.8400 2,800,000 02.20.2001 10.15.2001 10.15.2002 10.15.2002 8.6400 120,000 11.13.2001 10.15.2004 10.15.2011 10.11.2002 10.11.2002 10.11.2002 8.6165 1,200,000 1,200,000 10.10.2007 07.25.2003 07.25.2004 07.25.2004 4.3500 2,000,000 4,000,000 07.25.2006 07.23.2013 2005 61

1. A. 1994 (2) 2005 12 31 1 1 1 07.25.2003 07.25.2004 07.25.2004 4.3500 5,185,663 5.0470 07.25.2006 07.23.2013 (3) 2005 12 31 11.7800 2,460,265 22.7600 62,000 60.1200 59,400 24.3600 1,095,280 16.8400 826,866 10.3000 177,320 9.1600 282,840 8.6400 172,000 7.9150 145,000 10.0900 179,000 6.1500 40,000 4.3500 8,158,009 4.9000 1,000,000 62 2005

1. B. 2004 (1) 2005 1 12005 12 31 2005 1 2005 12 1 31 1 1 1 02.08.2005 02.08.2006 02.08.2006 4.4750 3,500,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 2,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 1,000,000 02.08.2007 02.07.2009 09.01.2005 09.01.2006 09.01.2006 5.2500 7,000,000 09.01.2008 08.31.2010 02.08.2005 02.08.2006 02.08.2006 4.4750 2,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 48,099,000 02.08.2007 02.07.2009 2005 63

1. B. 2004 (2) 2005 12 31 1 1 1 02.08.2005 02.08.2006 02.08.2006 4.4750 3,500,000 4.50 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 4.50 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 2,000,000 4.50 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 4.50 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 4.50 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 1,000,000 4.50 02.08.2007 02.07.2009 09.01.2005 09.01.2006 09.01.2006 5.2500 7,000,000 5.10 09.01.2008 08.31.2010 02.08.2005 02.08.2006 02.08.2006 4.4750 2,000,000 4.50 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 51,424,000 4.50 02.08.2007 02.07.2009 2005 12 31 0.99 2005 2004 2.54% 4.09 0.32 0.15 64 2005

1. B. 2004 (2) 2005 12 31 2(cc)(iii) (3) 2005 12 31 (4) 2005 12 31 4.4750 3,325,000 2. A. 2003 3 172003 33(e) 2003 2005 5 13 20032005 33(e)20052005 5 23 2003 2003 2005 2005 65

2. A. 2003 2005 12 31 2003 (1) 2005 1 12005 12 31 2005 1 2005 12 1 31 1 1 1 12.20.2004 12.20.2004 12.20.2004 2.375 5,000,000 5,000,000 12.19.2014 12.20.2004 12.20.2004 12.20.2004 2.375 5,000,000 5,000,000 12.19.2014 2005 12 312003 10,000,000 (2) 2005 12 31 2003 (3) 2005 12 31 (4) 2005 12 31 2005 2005 66 2005

2. B. SUNDAY Communications LimitedSUNDAY SUNDAY 2000 3 12000 SUNDAY 33(f)2002 5 22SUNDAY2002 SUNDAY 33(f)) 2000 SUNDAY2000 SUNDAY2000 SUNDAY 2000 SUNDAYSUNDAY 2002 SUNDAY SUNDAY 2000 SUNDAY2005 12 31 2000 SUNDAY (1) 2005 1 12005 12 31 2005 1 2005 12 1 31 1 1 9) 03.23.2000 9 03.22.2010 3.05 13,194,076 05.31.2000 9 05.30.2010 1.01 13,737,971 05.31.2000 9 05.30.2010 3.05 255,844 01.19.2001 9 01.18.2011 1.01 1,442,198 (2) 2005 12 31 (3) 2005 12 31 1 03.23.2000 3.05 12,632,274 561,802 05.31.2000 1.01 12,976,337 761,634 05.31.2000 3.05 155,929 99,915 01.19.2001 1.01 1,233,891 208,307 2005 67

2. B. SUNDAY Communications LimitedSUNDAY 2002 SUNDAY 2002 SUNDAY 1. 2. 1994 3. 4. (i)2001 5 262003 5 26(ii) (iii) 5. (i)2001 3 152005 3 15 (ii) 6. (i)2001 8 26 2002 12 72005 8 26 (ii) (iii) 7. (i)2001 5 262005 5 26(ii) (iii) 8. (i)2003 5 262003 10 27 (ii)2003 5 212005 5 21 9. 10. 18 68 2005

2005 12 31 336 1 1,526,773,301 22.71% 2 1,547,127,587 23.01% Star Ocean Ultimate Limited 3 1,547,127,587 23.01% The Ocean Trust 3 1,547,127,587 23.01% The Starlite Trust 3 1,547,127,587 23.01% OS Holdings Limited 3 1,547,127,587 23.01% Ocean Star Management Limited 3 1,547,127,587 23.01% The Ocean Unit Trust 3 1,547,127,587 23.01% The Starlite Unit Trust 3 1,547,127,587 23.01% 4 1,343,571,766 19.985% 5 231,839,258 3.45% 5 231,839,258 3.45% Star Ocean Ultimate Limited 5 231,839,258 3.45% The Ocean Trust 5 231,839,258 3.45% The Starlite Trust 5 231,839,258 3.45% OS Holdings Limited 5 231,839,258 3.45% Ocean Star Management Limited 5 231,839,258 3.45% The Ocean Unit Trust 5 231,839,258 3.45% The Starlite Unit Trust 5 231,839,258 3.45% 1. 1,526,094,30167,900679,000 2. (i)20,354,286(ii) 1 Borsington Limited Pacific Century International Limited Pacific Century Group (Cayman Islands) Limited Anglang Investments Limited, 3. 2004 4 18Ocean Star Management LimitedThe Ocean Unit Trust The Starlite Unit TrustOcean Star Management LimitedOS Holdings LimitedThe Ocean Trust The Starlite Trust The Ocean Unit Trust The Starlite Unit TrustStar Ocean Ultimate LimitedThe Ocean Trust The Starlite Trust 4. China Netcom Corporation (BVI) Limited 5. Star Ocean Ultimate Limited The Ocean Trust The Starlite Trust OS Holdings Limited Ocean Star Management Limited The Ocean Unit Trust The Starlite Unit Trust 2005 69

2005 12 31 336 Ocean Star Investment Management Limited 1,547,127,587 23.01% Ocean Star Investment Management Limited 231,839,258 3.45% Ocean Star Investment Management Limited The Ocean Unit Trust The Starlite Unit Trust The Ocean Unit Trust The Starlite Unit Trust Ocean Star Investment Management Limited 2005 12 31 336 70 2005

2005 12 31 8.10 1 2 3 4 4 2005 71

8.10 Trend Mico Incorporated TCL 4 72 2005

1. 2. 2000 8 16 110,000 3. 4. 320(2004 45 2004 14A 1. Unihub Global Network Technology (China) Limited 2005 73

1. (i)(ii) 14A.34 2004 8 27 2006 12 31 5.63 14A.45 14A.47 2005 12 315.61 2005 12 31 (i) (ii) (iii) 2005 12 31 (i) (ii) (iii) (iv) 2. 2005 4 1China Netcom Corporation (BVI) LimitedChina Netcom (BVI) China Netcom (BVI) 14A 2005 4 1 (a) 2005 4 1 74 2005

2. (a) 1995 9 12 7,000 10 20 4 1998 5 31 1998 8 317,000 45,445,914 24,554,086 1999 6 21 1998 3 10 2003 12 8 2010 5 31 2005 12 311,271 14A.32 14A (b) 2005 7 13 2005 8 31 ERP ERPERP ERP ERP2005 8 31 ERP9,6079,149.5 (c) 2005 8 25PCCW IMS China Development LimitedPCCW IMS China 2005 8 25 2006 3 2 PCCW IMS China PCCW IMS China 2006 3 2 2005 75

2. (c) 2006 3 2 3.183.0577 (d) 2005 8 12 2005 8 12 14A.14 (1) (2) (3) (i) (ii) 14A.35(1) 2005 4 1 2005 12 31 2005 4 1 2005 4 1 2005 12 31 2005 12 31 (1) 8,338 150,000 (2) 29,912 61,000 (3) 127,262 246,800 76 2005

2. (d) 2005 4 12005 12 31 (i) (ii) (iii) 2005 4 12005 12 31 (i) (ii) (iii) (iv) 5 2005 12 31 2006 3 29 2005 77

79 189 2005 12 31 141 2005 12 31 2006 3 29 78 2005

2005 12 31 2005 2004 46 6 7 22,499 23,002 (10,467) (10,531) (8,052) (8,384) 8 626 409 9 (52) (40) (51) 533 57 11 (2,234) (2,018) 1 (4) 120 151 (4) (16) 10 2,970 2,575 13(a) (1,103) (999) 7 1,867 1,576 1,595 1,556 272 20 1,867 1,576 15 437 295 807 645 1,244 940 16 24.97 28.98 24.92 28.77 2005 79

2005 12 31 2005 2005 1 1 (6,716) 1,816 (4,900) 34 (52) (52) 34 97 43 140 34 (1,005) (1,005) 34 32 32 34 5 5 34 80 80 2005 1 1 (7,559) 1,859 (5,700) 34 (438) (438) 2005 1 1 (7,997) 1,859 (6,138) 34 (11) 27 16 34 89 89 78 27 105 1,595 272 1,867 22 22 34 100 100 7,894 7,894 15 34 (645) (645) 15 34 (437) (437) (79) (79) 2 2 88 88 11 11 (58) (58) 2005 12 31 610 2,122 2,732 80 2005

2004 2004 1 1 (7,839) 303 (7,536) 34 106 106 34 (1,093) (1,093) 34 25 25 34 21 21 34 112 112 2004 1 1 (8,668) 303 (8,365) 34 (26) (26) 34 (254) (254) 34 53 7 60 34 (16) (16) 34 (9) (9) 34 (16) (16) (268) 7 (261) 34 1,638 20 1,658 34 (93) (93) 34 (52) (52) 34 88 88 34 7 7 34 (32) (32) 1,556 20 1,576 23 23 34 93 93 15 34 (295) (295) 175 175 1,362 1,362 43 43 (40) (40) (11) (11) 2004 12 31 (7,559) 1,859 (5,700) 2005 81

2005 12 31 2005 2004 46 17 16,012 14,021 18 3,390 5,076 19 661 1,186 20 1,935 6,082 21 2,661 960 22 1,326 1,266 24 10 1,227 25 695 647 26 18 31 26(a) 388 26(b) 526 5(d) 15 38 203 287 35(a) 4 38 118 272 27,574 31,481 20 5,538 469 131 27(a) 4,293 4,418 27(b) 1,592 904 1,382 1,762 27(c) 534 470 5(d) 45 4 30 102 26(c) 312 26(d) 313 27(d) 45 51 27(e) 2,056 1,639 39(d) 9,679 3,494 25,709 13,524 27(f) (6,500) (9,012) 30 (62) 27(g) (997) (932) 28(b) 30(c) (5,214) (6,632) 29 (5,299) (1,584) 5(d) (1,153) (366) 27(h) (11) (5) (2,269) (1,283) (855) (1,080) (22,360) (20,894) 3,349 (7,370) 30,923 24,111 82 2005

2005 2004 46 28 (22,857) (20,480) (11) (11) 35(a) (2,181) (2,312) 30(c) (860) (996) 32(a) (13) (317) 29 (1,435) (4,884) (3G) 36 (531) 28(b) 30(c) (303) (811) (28,191) (29,811) 2,732 (5,700) 31 1,681 1,344 34 (1,071) (8,903) 610 (7,559) 2,122 1,859 2,732 (5,700) 2006 3 29 2005 83

2005 12 31 2005 2004 46 17 3 3 23 18,485 18,386 37(a) 3,621 5(c) 24 1,214 307 18,488 23,531 7 46 37(a) 76,039 66,370 25 1 4 39(d) 4,980 287 81,027 66,707 27(f) (461) 30 (15) (13) (80) 37(b) (67,508) (24) (24) (67,560) (565) 13,467 66,142 31,955 89,673 37(b) (67,508) 31,955 22,165 31 1,681 1,344 34 30,274 20,821 31,955 22,165 2006 3 29 84 2005

2005 12 31 2005 2004 46 39(a) 4,639 5,103 2,524 346 (2,491) (1,972) (20) (43) 281 (1) 39(b) (1,052) (10) 39(c) 111 13 50 (459) (34) 76 1,728 333 197 129 (20) 586 (102) (167) 159 67 6 10 11 113 77 5(c) (1,213) (49) (718) 7,894 22 23 (47) (27) 10,398 (1,652) (1,411) (874) (4,983) (12,965) 248 (1,082) (295) (79) 1,615 (6,445) 6,205 (2,060) (20) 19 3,494 5,535 39(d) 9,679 3,494 2005 85

2005 12 31 1. 1994 10 18 979 39 a. 2005 1 19China Netcom Group Corporation (BVI) LimitedCNC (BVI) CNC (BVI) 1,343,571,766 0.25 5.90CNC (BVI) CNC (BVI) China Netcom Corporation (BVI) Limited China Netcom (BVI) 79.2750 2005 3 16 2005 4 1China Netcom (BVI) b. 2011 2005 2 24 2.25 2004 5 1011.720110.10 2005 3 1 Asian Motion LimitedAsian Motion 520,000,000 2005 12 31 Asian Motion c. Reach Ltd. 2005 4 16Telstra Corporation LimitedTelstra TelstraTelstra PCCW Global (Singapore) Pte. Ltd.PCCW Communications (Singapore) Pte LtdPCCW Global (Singapore) TelstraPCCW Global (Singapore) TelstraReach Global Networks Limited1.57 12.25 Telstra2005 4 166800 PCCW Global (Singapore) TelstraPCCW Global (Singapore) 2005 3202217 1.06PCCW Global (Singapore) Telstra 86 2005

1. c. Reach Ltd. 15.761.57 12.25 4,500 3.51 7,400 4.02900 7,000 600 2.9 1.55Pacific Century Cable Holdings Limited 445,000,000 1.55 2003 4 15 Telstra2005 4 16 Telstra d. SUNDAY Communications LimitedSUNDAY 2005 6 13Distacom Hong Kong LimitedDistacom HKDistacom Communications Limited 1,380,000,000 SUNDAY0.10 SUNDAY Distacom HK SUNDAY SUNDAY 8.97SUNDAY0.65SUNDAY Townhill Enterprises LimitedTownhill 410,134,000 SUNDAY Townhill SUNDAY SUNDAY266,587,100 SUNDAY0.65 2005 6 22 PCCW Mobile Holding No.2 LimitedPCCW Mobile 1,790,134,000 SUNDAY SUNDAYSUNDAY 2005 7 8PCCW MobileCitigroup Global Markets Asia Limited26.1 PCCW Mobile SUNDAYSUNDAY 0.65 PCCW Mobile SUNDAY 2005 9 9PCCW Mobile 2,372,672,256 SUNDAY SUNDAY SUNDAY 2005 9 92006 4 15 SUNDAY 2005 87

2005 12 31 1. e. 2005 7 22JALECO LTD.JALECO 2005 8 194,830 1.59 f. 2005 8 17 Great Eastern Telecommunications LimitedGET 2.608 2005 10 28 GET 5,200GET 2. a. 2005 1 1 4 b. 2005 12 31 2(g) 2(n)(i)2(n)(iii) 2(p) 2(t) 3 88 2005

2. c. 2(l) 2(o) d. 2005 89

2005 12 31 2. d. 2(o) e. 2(d) 2(o) f. 2(o) 2(h) (i)(ii) (iii) 90 2005

2. f. 5 15 5 25 2 17 g. 2(h) 2(z)(iv) 2(h) 2(h) h. i. 2(g) ii. 2(f)2(o) 2(z)(iv) 2005 91

2005 12 31 2. h. iii. i. j. 2005 1 1 2(z)(iii) 2005 1 1 k. l. 2(o) 92 2005

2. m. 2(o) 3G3G 2 20 10 3G 2 n. i. 12 ii. 12 2(o) iii. 12 2005 93

2005 12 31 2. n. iii. 2(o) 2(o) o. i. 94 2005

2. o. ii. p. q. 2005 95

2005 12 31 2. q. r. 2(z)(v) s. 2(o) 2(o) t. u. v. w. x. i. 96 2005

2. x. i. ii. y. z. i. ii. 2005 97

2005 12 31 2. z. iii. 2005 1 1 3 2005 1 1 3 iv. v. vi. vii. viii. aa. 98 2005

2. bb. i. ii. iii. cc. i. ii. 2005 99

2005 12 31 2. cc. iii. 2002 11 7 2004 12 31 2 2002 11 72002 11 72004 12 31 2 iv. 100 2005

2. dd. 2005 1 1 2005 1 1 ee. 2005 101

2005 12 31 3. a. 21 32(a) 33 40 i. 10 ii. 102 2005

3. a. iii. (billing reserves for pricing changes) 2005 1 1 2003 iv. 20(a) v. vi. 2005 103

2005 12 31 3. b. i. ii. 39 39 iii. iv. 2005 2 72004 12 21 1,330 28.08 104 2005

105 2005 4. 2005 1 1 2 47 a. 2004 1 2 7 8 10 11 12 14 16 17 18 19 21 23 24 27 28 31 32 33 36 37 38 39 40 12 15 21 2 3 5 3 4 2 7 8 10 11 12 14 16 19 21 23 27 28 31 33 37 38 12 15 5 4 i. 1 1

2005 12 31 4. a. i. 1 2005 1 1 1 2005 1 11 2(c) 4(b) 4(c) ii. 17 2005 1 1 17 2(f) 2(h) 20042005 12 31 4(b) 4(c) iii. 18 2(z)(i) 2005 1 118 20042005 12 31 4(b) 4(c) 106 2005

4. a. iv. 24 245 20 v. 3239 2005 1 13239 2(n) (p) 2(s) 2(v) (x) (i) (ii) 2005 1 1 39 2(n) 2005 1 1 39 2(p) 2005 1 1 32 2(x) 2005 107

2005 12 31 4. a. v. 3239 2005 1 1 39 2(s) 2(v) 392005 1 1 32 20042005 12 314(b) 4(c) vi. 336 2001 1 1 2001 1 1 2005 1 1336 2(l) 3 2001 1 1 2005 12 314(c) vii. 40 2(g) 2005 1 140 40 2005 1 1 108 2005

4. a. vii. 40 40(i) (ii) 2(f)2005 1 140 16 20042005 12 314(b) 4(c) viii.21 2005 1 1 21 2(bb) 20042005 12 31 4(b) 4(c) ix. 2 2005 1 1 2 2(cc)(iii) 2005 109

2005 12 31 4. a. ix. 2 2 2002 11 7 2002 11 7 2005 1 1 20042005 12 314(b) 4(c) x. 3 2005 1 13 2005 1 1 2(z)(iii) 3 2005 12 31 4(c) b. 82004 12 31 110 2005

4. b. i. 2004 12 31 2004 2004 1 17 18 32 21 2 4(a)(i) 4(a)(ii) 4(a)(iii) 4(a)(v) 4(a)(viii) 4(a)(ix) 22,895 107 107 23,002 (10,531) (10,531) (8,298) 7 (93) (86) (8,384) 461 (52) (52) 409 (40) (40) (51) (51) 57 57 (1,986) (32) (32) (2,018) (4) (4) 152 (1) (1) 151 (16) (16) 2,639 (1) 7 107 (32) (52) (93) (64) 2,575 (981) 1 (19) (18) (999) 1,658 7 88 (32) (52) (93) (82) 1,576 (20) 20 20 1,638 20 7 88 (32) (52) (93) (62) 1,576 1,638 7 88 (32) (52) (93) (82) 1,556 20 20 20 1,638 20 7 88 (32) (52) (93) (62) 1,576 30.50 0.13 1.64 (0.59) (0.97) (1.73) (1.52) 28.98 30.26 0.13 1.60 (0.58) (0.95) (1.69) (1.49) 28.77 2,903 93 93 2,996 2,379 (22) (22) 2,357 15 15 15 2005 111

2005 12 31 4. b. i. 2004 12 31 2004 2004 17 18 32 40 21 2 4 4 4 4 4 (a)(ii) 4(a)(iii) (a)(v) (a)(vii) (a)(viii) (a)(ix) 15,062 (1,157) 116 (1,041) 14,021 5,184 (108) (108) 5,076 1,189 (3) 1,186 1,186 11,198 11,198 31,444 32 5 37 31,481 13,524 13,524 (9,031) 19 19 (9,012) (6,617) (15) (15) (6,632) (1,052) (231) (231) (1,283) (3,967) (3,967) (20,667) (231) 4 (227) (20,894) (7,143) (231) 4 (227) (7,370) 24,301 32 (231) 4 5 (190) 24,111 (20,663) 183 183 (20,480) (2,613) 213 88 301 (2,312) (9) (987) (987) (996) (704) (107) (107) (811) (5,212) (5,212) (29,201) (774) 76 88 (610) (29,811) (4,900) 32 (1,005) 80 5 88 (800) (5,700) 1,344 1,344 18 11 11 29 137 137 137 25 8 97 105 130 202 202 202 (28,039) 32 (1,005) (122) (3) (52) (148) (1,298) (29,337) 19,936 19,936 (6,716) 32 (1,005) 80 5 45 (843) (7,559) 1,816 43 43 1,859 (4,900) 32 (1,005) 80 5 88 (800) (5,700) 112 2005

4. b. ii. 2004 12 31 2004 2004 32 2 4(a)(v) 4(a)(ix) 3 3 20,721 (2,483) 148 (2,335) 18,386 3,621 3,621 3,621 1,214 1,214 307 307 22,245 1,138 148 1,286 23,531 66,370 66,370 66,370 337 337 337 66,370 66,370 66,707 (565) (565) (228) 66,370 66,370 66,142 22,017 67,508 148 67,656 89,673 (67,508) (67,508) (67,508) 22,017 148 148 22,165 1,344 1,344 18 11 11 29 19,980 19,980 137 137 137 675 675 22,017 148 148 22,165 c. 2005 12 31 2005 1 12004 12 31 2005 1 1 2005 113

2005 12 31 4. c. i. 2005 12 31 3 32 1 17 18 39 36 40 2 3 4(a)(i) 4(a)(ii) 4(a)(iii) 4(a)(v) 4(a)(vi) 4(a)(vii) 4(a)(ix) 4(a)(x) 147 (672 ) (525 ) 571 571 7 25 105 73 (100 ) 110 345 2 347 (2) (2) (1) (1) (1) 7 147 368 105 75 (100 ) (101 ) 500 1 (26 ) 18 (7) 7 121 368 105 75 (100 ) (83) 493 7 121 368 105 47 (98 ) (50) 500 28 (2 ) (33) (7) 7 121 368 105 75 (100 ) (83) 493 0.11 1.89 5.76 1.65 0.73 (1.53 ) (0.78 ) 7.83 0.11 1.89 5.75 1.64 0.73 (1.53 ) (0.78 ) 7.81 100 100 (23 ) (23 ) (105 ) (105 ) 16 16 114 2005

4. c. i. 2005 12 31 3 32 17 18 39 36 40 21 2 3 4(a)(ii) 4(a)(iii) 4(a)(v) 4(a)(vi) 4(a)(vii) 4(a)(viii) 4(a)(ix) 4(a)(x) (1,157) 116 (1,041) (108) (108) 1,196 (3) 1,193 105 8 8 121 721 721 (118) (118) 39 (118) 105 13 8 721 768 102 102 89 89 (55) (55) 26 (822) (796) 162 (822) (660) (62) (62) (215) (80) 18 (277) (215) (142) 18 (339) (215) 20 (804) (999) 39 (215) (98) 105 13 8 (83) (231) (213) (213) 187 88 275 (856) 9 (847) 382 382 (669) 178 88 (403) 39 (884) 80 105 13 96 (83) (634) 25 25 223 223 (120) 97 (23) 183 183 89 89 39 (884) (192) 105 133 (52) (246) (50) (1,147) 39 (884) 80 105 13 45 2 (50) (650) 51 (2) (33) 16 39 (884) 80 105 13 96 (83) (634) 2005 115

2005 12 31 4. c. ii. 2005 12 31 32 39 2 4(a)(v) 4(a)(ix) (8,531) 247 (8,284) 76,039 76,039 (15) (15) (67,620) (67,620) (67,635) (67,635) 8,404 8,404 (127) 247 120 (127) 247 120 25 25 222 222 (127) (127) (127) 247 120 5. 2005 2004 a 276 293 a c 135 135 a 404 387 a 34 a c 765 905 a 14 b 164 170 116 2005

5. a. b. 2005 2004 117 127 4 4 43 39 164 170 c. 2001 1 31 2003 4 15 TelstraTelstra 15 12 93.62010 12 31 2005 4 161(c) 2005 12 31 1.63(2004 8.55 2004 6 17Telstra 3.109 24.2512 1.5545 12.13 2004 6 182010 12 31 2004 6 182502004 12 31 12.14 24 2005 4 16 1(c) 2005 117

2005 12 31 5. c. 2004 6 17 TelstraTelstra 2,500 1.95 2005 12 31(2004 2005 12 3141(c) 1(c) 2005 4 162005 12 31 5.52(2004 2005 4 16 1(c) d. 24 25 9,8004 2010 6. 2005 2004 46 15,703 15,720 1,727 1,532 4,821 5,415 248 335 22,499 23,002 118 2005

7 a. now 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 46 46 46 46 46 46 15,143 14,698 1,945 2,174 5,099 5,767 312 363 22,499 23,002 788 636 509 527 55 96 9 (1,352) (1,268) 15,931 15,334 2,454 2,701 5,154 5,863 312 372 (1,352) (1,268) 22,499 23,002 4,471 4,728 (83) (63) 539 1,274 (102) (635) 4,825 5,304 (271) (899) 533 57 (2,234) (2,018) 120 162 (4) 1 (11) 121 147 (4) (16) (4) (16) 2,970 2,575 (1,103) (999) 1,867 1,576 2005 119

2005 12 31 7 a. 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 2005 2004 46 46 46 46 46 46 6,810 1,532 136 42 100 104 177 366 2,267 2,061 96 135 119 140 122 112 33 28 21 16 6 5 20 7 109 99 4 4 41 11 212 21,839 17,202 1,348 1,508 17,247 18,577 1,731 1,507 42,165 38,794 697 1,858 2 8 14 705 1,874 10,413 4,337 53,283 45,005 5,557 4,759 845 904 9,463 8,496 738 693 16,603 14,852 33,948 35,853 50,551 50,705 120 2005

7 b. 2005 2004 2005 2004 2005 2004 46 46 20,613 21,212 35,048 33,388 5,394 1,651 1,498 1,468 4,956 4,780 110 46 388 322 2,161 626 1,744 370 22,499 23,002 42,165 38,794 7,248 2,067 8 2005 2004 46 264 73 (6) (25) 22 (18) (187) a (69) 319 2 5 b 59 c 524 10 11 27 24 626 409 2005 121

2005 12 31 8 a. 2004 12 21Partner Link Investments Limited 1,3302005 2 82005 2 82005 12 31 2,800 4,100 b. 2004 3 5 65.57 29.67 Asian Motion 35.92004 5 10 2004 12 31 3,600 2004 10 28 Asian MotionLehman Brothers Asia Limited118,000,000 2.18 Asian Motion2.18118,000,000 2004 12 31 3,6002005 1 1 4(a)(viii)2,800 3,100 c. 2004 4 30 Asian Motion Citigroup Global Markets Hong Kong Futures and Securities Limited 237,000,000 2.65 2004 12 31 2.52Asian Motion2004 11 30Asian Motion450,000,000 2.48 2004 12 31 3.11 2005 1 1 2.38 2.86 9 2005 2004 a 50 29 2 11 52 40 a. 2005 12 315,000(2004 2,900 122 2005

10 a. 2005 2004 46 4 4 32(a)(iii) (240) (129) 151 170 (85) 45 100 93 2,662 2,858 2,677 2,996 b. 2005 2004 46 9 1 11 166 3 19 98 24 56 211 34 248 335 (21) (54) 50 29 137 45 17 9 2,543 2,357 16 15 135 97 63 1,692 1,473 4,119 4,665 16 14 89 86 260 231 2005 123

2005 12 31 11 2005 2004 46 153 113 5 943 927 1,166 993 2,262 2,038 (28) (20) 2,234 2,018 2004 12 a. 2005 1 4.29 2 15.00 8.00 0.63 4.28 7.30 0.64 2.70 3 3.00 0.19 11.48 8.83 0.81 5.00 13.09 0.54 11.00 7.90 0.90 4 0.05 2.80 2.05 5 0.24 2.54 0.12 0.20 6 0.15 7 0.15 0.20 0.20 0.20 0.30 8 0.20 0.40 9 0.30 10 0.40 1.75 59.89 50.29 4.15 124 2005

12 a. 1 200520052006 2 3 4 2005 4 12005 7 1 5 6 2005 4 1 7 2005 4 1 8 10 9 2005 2 1 10 10 2004 1 4.26 2 15.00 8.20 0.63 4.28 13.69 0.64 2.89 3 3.94 0.07 4.00 14.18 0.45 5.00 13.12 0.52 10.00 7.80 0.83 4 5.32 3.90 0.35 5 1.25 0.13 2.45 0.22 0.20 0.30 6 0.40 0.20 0.20 0.20 0.30 7 8 0.18 0.30 1.38 55.15 65.05 3.82 1 200320032004200420042005 2 3 4 2004 8 26 5 2004 2 29 6 10 7 10 8 2004 2 10 2005 125

2005 12 31 12 b. 2005 ii i 2003 7 25 4.3500 12,000,000 12,000,000 8,000,000 6.59 2005 2 8 4.4750 3,500,000 3,500,000 2.31 2003 5 15 4,322,000 2,161,000 2,161,000 5.71 11.13 2003 7 25 4.3500 8,534,000 8,534,000 5,689,333 4.68 2005 2 8 4.4750 3,000,000 3,000,000 1.98 2003 7 25 4.3500 2,000,000 2,000,000 1,333,333 1.10 2005 2 8 4.4750 2,000,000 2,000,000 1.32 2003 7 25 4.3500 6,400,000 6,400,000 4,266,666 3.51 2005 2 8 4.4750 3,000,000 3,000,000 1.98 2003 7 25 4.3500 5,695,200 5,695,200 3,796,800 3.13 2005 2 8 4.4750 3,000,000 3,000,000 1.98 2003 7 25 4.3500 5,000,000 5,000,000 3,333,333 2.74 2005 2 8 4.4750 1,000,000 1,000,000 0.66 2005 9 1 5.2500 7,000,000 7,000,000 1.42 2003 7 25 4.3500 2,000,000 2,000,000 1,333,333 1.10 2005 2 8 4.4750 2,000,000 2,000,000 1.32 41.53 11.13 126 2005

12 b. 2004 ii i 2003 7 25 4.3500 12,000,000 12,000,000 4,000,000 8.94 2003 5 15 6,483,000 2,161,000 4,322,000 7.68 11.78 2003 7 25 4.3500 8,534,000 8,534,000 2,844,666 6.36 2003 7 25 4.3500 2,000,000 2,000,000 666,666 1.49 2003 7 25 4.3500 6,400,000 6,400,000 2,133,333 4.77 2003 7 25 4.3500 5,695,200 5,695,200 1,898,400 4.24 2003 7 25 4.3500 5,000,000 5,000,000 1,666,666 3.72 2003 7 25 4.3500 2,000,000 2,000,000 666,666 1.49 38.69 11.78 i. 20052004 ii. 33(a) 33(c) 2005 12 311.57612004 1.6409 2004 2005 127

2005 12 31 13 a. 2005 2004 46 1,105 1,305 77 (76) 5 10 35(a) (84) (240) 1,103 999 2004 b. 2005 2004 46 2,970 2,575 520 451 (177) (76) 348 353 444 456 13 (142) (29) (27) (21) (26) 5 10 1,103 999 14 28.09(2004 5.48 128 2005

15 a. 2005 2004 6.5 (2004 5.5 437 295 122004 9.6 807 645 1,244 940 b. 2005 2004 9.62004 645 16 2005 2004 46 1,595 1,556 23 1,595 1,579 6,388,671,140 5,369,998,643 12,760,758 21,928,842 96,864,195 6,401,431,898 5,488,791,680 2005 12 314.51 20072005 12 31 2004 12 314.51 2007113.5 20052004 12 31 2005 129

2005 12 31 17 2005 3,200 8,331 7,884 7,040 642 27,097 4(a)(ii) (1,244) (4) (1,248) 1,956 8,331 7,884 7,036 642 25,849 229 382 147 518 1,276 600 1,916 553 999 4,068 (11) 221 39 130 (379) (738) (46) (1) (235) (1,020) (6) (34) (40) 1,207 9,335 10,220 7,625 1,746 30,133 341 4,025 3,019 4,650 12,035 (204) (3) (207) 137 4,025 3,019 4,647 11,828 46 1,010 645 842 2,543 50 50 (84) (45) (1) (165) (295) 2 (7) (5) 99 4,992 3,663 5,367 14,121 1,108 4,343 6,557 2,258 1,746 16,012 1,819 4,306 4,865 2,389 642 14,021 130 2005

17 2004 3,365 7,398 8,304 5,374 1,141 25,582 4(a)(ii) (1,249) (4) (1,253) 2,116 7,398 8,304 5,370 1,141 24,329 13 418 337 575 629 1,972 177 656 (757) 1,234 (1,128) 182 (103) (141) (180) (424) 37 37 (247) (247) 1,956 8,331 7,884 7,036 642 25,849 278 3,268 2,490 3,886 9,922 (185) (2) (187) 93 3,268 2,490 3,884 9,735 60 898 500 899 2,357 29 29 (16) (141) (166) (323) 30 30 137 4,025 3,019 4,647 11,828 1,819 4,306 4,865 2,389 642 14,021 2,023 4,130 5,814 1,486 1,141 14,594 2005 12 31 3,100 (2004 3,300 2005 131

2005 12 31 17 2005 2004 46 50 93 767 10 50 930 966 40 41 10 50 45 45 1,108 1,819 2005 12 31 2005 7 1 1.1 2005 5 5 5 5 2 2 2 2 3 3 3 3 132 2005

17 2004 2 2 3 3 5 5 2 2 2 2 3 3 18 2005 2004 5,184 5,880 4(a)(vii) (108) (92) 5,076 5,788 (182) (1,765) (179) 77 (13) 2 (338) 3,390 5,076 2005 12 31 2005 133

2005 12 31 18 2005 2004 46 50 1,765 10 50 4 2 50 696 681 10 50 2,690 2,628 3,390 5,076 2005 12 31 2005 2004 46 1 208 191 15 333 333 5 45 96 586 620 2004 12 312005 2 7 134 2005

19 2005 2004 4(a)(ii) (vii) 1,364 1,369 1,364 1,369 (224) (321) (5) 819 1,364 178 166 178 166 16 15 (3) (33) (3) 158 178 661 1,186 1,186 1,203 2005 2004 46 50 99 610 10 50 550 562 10 50 12 14 661 1,186 2005 135

2005 12 31 20 2005 2004 3 3 a 7,473 6,548 (5,538) (469) 1,935 6,079 1,935 6,082 a. 2000 5 17 2003 2 21 2005 2004 1,625 1,535 (665) 1,701 90 2,661 1,625 665 602 2005 1 1 (665) 63 665 2,661 960 960 933 200410 202004 12 31 4(a)(vi) 2005 1 13 2005 1 1 136 2005

21 2005 2004 BtN Accessa 585 PCCW Globala 585 SUNDAYb 1,538 2,123 585 162 162 58 52 Omnilink 120 50 6 6 346 270 168 81 24 24 2,661 960 a. BtN AccessPCCW GlobalBtN Access5.85PCCW Global b. SUNDAY 15.38SUNDAY 2006 2005 PCCW Global 24.2% 4.0% 14.0% SUNDAY 3.3% 10.5% 59.3% 2.0% 12.0% 51.3% 5.8% 12.0% Omnilink 18.4% 3.0% 17.0% 18.0% 12.0% 2005 137

2005 12 31 21 PCCW Global 22 2005 3G a 1,518 375 106 63 2,062 10 101 65 7 183 20 20 (8) (8) 1,528 375 98 101 65 90 2,257 332 375 31 58 796 b 78 20 16 21 135 410 375 51 16 79 931 1,118 47 101 49 11 1,326 1,186 75 5 1,266 138 2005

22 2004 1,518 375 93 63 2,049 5 5 8 8 1,518 375 106 63 2,062 256 375 11 57 699 b 76 20 1 97 332 375 31 58 796 1,186 75 5 1,266 1,262 82 6 1,350 a. 3G3G3G2005 12 31 b. 23 2005 2004 46 146,471 146,463 247 148 146,718 146,611 (128,233) (128,225) 18,485 18,386 1,282.332004 1,282.25 2005 139

2005 12 31 23 2005 12 31 6,092,100,052 100% 1 2,163,783,209 100% PCCW-HKT Business 2 100% Services Limited PCCW-HKT Network 3 100% Services Limited 2 100% 500,002 100% 3,500,000,100 100% 3,500,000,095 A1 B4 140 2005

23 PCCW Teleservices 2 100% Operations (Hong Kong) Limited 10,000 100% 2 100% 1,000,000 100% Corporate Access Limited 10 100% 10 100% Beyond The Network 2 100% Limited PCCW Global (Singapore) 2 100% Pte. Ltd. 2 6,750,000 100% Omnilink Technology 14,850 100% Limited 200,000,000 38.2% 3 1,200 100% IP/IT IP/IT 2 100% 2005 141

2005 12 31 23 2 100% 100,000 100% 1 10,000 100% 359,189 76.97% 240,245,987 61.66% 2 61.66% 100,000,000 61.66% 4 Talent Master Investments 1 61.66% Limited 1,087,000,000 56.56% SUNDAY Communications 299,000,000 79.35% Limited 1,254,000,100 79.35% 100 1,254,000,000 SUNDAY 3G (Hong Kong) 3G 2 79.35% Limited UK Broadband Limited 1 100% 1. 3 31 2. 3. 4. 142 2005

24 2005 2004 2005 2004 2,815 2,815 8 2,361 2,353 24 27 2,847 5,203 2,353 (2,837) (3,976) (1,139) 10 1,227 1,214 3,130 3,130 2004 11.39 12.14(5(c)) 1(c) 2005 12 31 Reach Ltd. 5,890,000,000 50% 2005 2004 12 31 1,648 3,166 2,240 2,121 3,888 5,287 (2,806) (13,221) (2,927) (3,720) (1,845) (11,654) 12 31 5,478 6,300 (3,254) (6,575) 2,224 (275) 2005 143

2005 12 31 24 2005 12 31 2005 2004 2,705 2,705 1,139 5(c) 1,214 8,578 8,578 11,283 13,636 (11,283) (12,422) 1,214 25 2005 2004 2005 2004 758 708 78 78 34 39 1 4 870 825 1 4 (175) (178) 695 647 1 4 975 1,000 2000 2003 2005 12 31 Great Eastern 43,112,715 49% Telecommunications Limited* 15,600,000 37.04% 50,000,000 45% * 3 31 144 2005

25 2005 2004 1,674 1,725 (230) (218) 497 487 447 279 2005 12 311002004 100 2005 12 316002004 500 26 2005 2004 18 31 a 388 b 526 c 312 d 313 856 732 a. 2005 2004 1,765 (1,377) 388 2004 50 2004 12 311,900 2005 145

2005 12 31 26 b. 2005 2004 101 1 102 424 526 102 8,700 6,700 2005 12 312,100 c. 2005 2004 255 57 312 2002 30(c)2005 12 311.782004 2.24 2004 d. 2005 2004 242 71 313 2005 1 139 2005 12 31 146 2005

27 a. b. 2005 12 3113.322004 9.03 2005 12 312.592004 34(a)(iii) 2005 12 31 100 2004 12 31100 43) c. 2005 2004 417 351 103 86 14 33 534 470 d. 8(b) 2005 12 314,500 2004 5,100 2004 2006 e. 2005 2004 0 30 1,247 1,055 31 60 354 253 61 90 110 108 91 120 107 88 120 466 327 2,284 1,831 (228) (192) 2,056 1,639 2005 147

2005 12 31 27 e. 2005 2004 1,602 1,290 230 154 185 151 30 27 9 17 2,056 1,639 f. 2005 2004 2005 2004 46 6,500 2 28(a) 12 28(b) 8,998 461 6,500 9,012 461 473 461 6,500 8,539 2005 2004 2005 2004 6,500 8,998 461 14 6,500 9,012 461 43 148 2005

27 g. 2005 2004 0 30 648 636 31 60 82 67 61 90 43 22 91 120 49 41 120 175 166 997 932 2005 2004 651 651 110 90 204 154 28 25 4 12 997 932 h. 2005 2004 784 794 (795) (799) (11) (5) 2005 12 317.822004 7.82 2005 12 318002004 2005 149

2005 12 31 28 2005 2004 2005 2004 46 a 18,885 17,163 b 3,972 3,317 22,857 20,480 a. 2005 2004 2005 2004 12 18,885 17,163 18,885 17,175 27(f) (12) 18,885 17,163 4.567.88 i 3,508 3,547 56 ii 3,847 3,900 3003.65 iii 1,950 108 iv 7,701 7,766 55.25 v 3,829 18,885 17,163 18,885 17,163 150 2005

28 a. 188.85 i. 4.567.88 2003 1 24PCCW Capital No. 3 Limited 4.56 7.88 2013 2004 5 122004 5 12 ii. 56 2003 7 17PCCW-HKT Capital No.2 Limited562013 iii. 3003.65 2001 10 26Profit Century Finance LimitedPCF3002031 3.65PCF2006 10 27 2005 6 30PCF iv. 108 2001 11PCCW-HKT Capital Limited1020117.75 20112011 201120118 2011 v. 55.25 2005 7 20PCCW-HKT Capital No.3 Limited520155.25 43 2005 151

2005 12 31 28 b. 2005 2004 2005 2004 46 8,998 461 3,972 3,317 3,972 12,315 461 27(f) 5,4005 2005 ii (461) (461) 113.5 2005iii (8,537) (8,998) (461) 3,972 3,317 4.51 2007i 3,972 3,317 3,972 3,317 3,972 3,317 39.72 i. 4.51 2007 2002 1 29 PCCW Capital No.2 Limited4.51 2007 2007 2007 1 15 13.58361.741512002 7 291 29 7 292007 1 29 322007 2005 1 1 39 152 2005

28 b. ii. 5,4005 2005 2002 6 28Telstra1.95 2005 2005Telstra Joint Venture (Bermuda) No.2 Limited2005Telstra 2005 6 302005Telstra30 5 2005Telstra 20Telstra 2005Telstra Telstra 2005Telstra Telstra2005Telstra 2003 4 15 2005Telstra1.43 11.15 Telstra 5,4002005Telstra 2005Telstra1.9 2005Telstra2003 3 31700 1.43 2005Telstra2005Telstra 2005 6 3058,386,346.06 2005Telstra 2005 6 3061,459,311.64 iii. 113.5 2005 2000 12 5PCCW Capital Limited112005 2001 1 52005 11 214.9804 38.8471 3.5 2005 12 5 221,000,000 322005 2005 1 1 39 2005 12 52005 12 5 2004 12 31(i)(iii)18.08 3.9814.10 2005 153

2005 12 31 28 b. iii. 113.5 2005 322004 12 31 (i) (iii) 19.30 4.1315.17 (4(a)(v)) 2005 1 1 39 2005 12 31 29 2005 a 6,380 88 6,468 12 12 1,648 1,648 (1,323) (71) (1,394) 6,705 29 6,734 (5,270) (29) (5,299) 1,435 1,435 a. 154 2005

30 2005 2004 2005 2004 a 42 b c 60 102 a (62) (15) d (62) (15) a. 2005 12 3124.06 187.67 200459.56 300484.07 4.50 35.10 200425 300 214.50 2005 12 31 392004 12 31 40(e) b. 2005 12 313,8002004 5,3002005 1 1 c. 2002 2002 12 31 1.872002 1,0002002 12 31 7,1002,500 26(c) 2005 1 139 2005 12 31 2.062005 1 1 2.02 6,0002005 1 1 5,700 20052004 2005 155

2005 12 31 30 d. 2004 12 311.41 6,100 10.94.72 2004 12 31500100 392004 12 31 4(a)(v) 2005 12 31 31 2005 2004 0.25 6,400,000,000 1,600 6,400,000,000 1,600 a 3,600,000,000 900 10,000,000,000 2,500 6,400,000,000 1,600 0.25 5,374,263,061 1,344 5,368,754,074 1,343 b 5,185,663 1 5,508,987 1 c 1,343,571,766 336 6,723,020,490 1,681 5,374,263,061 1,344 a. 2005 3 160.25 3,600,000,000 16 25 b. 4.355,185,66322,557,634 5,185,663 0.25 c. 1(a) 2005 4 1China Netcom (BVI)1,343,571,766 0.25 5.9079.2750 32 a. 2004 12382 342004 12 31 1.31 156 2005

32 a. 2005 10 31 2003 7 1 2005 11 1 2005 10 31 2006 1 31 2005 10 312006 1 31 19 2005 10 31 6,400 2005 12 311.97 19 2005 12 31Canadian Institute of ActuariesSociety of ActuariesAaron Wong 2005 12 31 (2004 i. 2005 2004 228 3,984 (211) (3,691) 17 293 (4) 24 13 317 2005 12 312004 ii. 2005 2004 317 446 (64) iii (240) (129) 13 317 2005 157

2005 12 31 32 a. iii. 2005 2004 131 235 (174) (233) (197) (131) (240) (129) 10(a) (240) (129) 80 296 iv. 2005 2004 4.25% 4.00% 5.75% 5.75% 3.50% b. 20,000 158 2005

33 a. 1994 9 1994 2002 5 1994 2004 9 2004 5 1919942004 2004 5 19 2004 20041994 2004 2004 5 192004 (i)(ii) (iii) 2004 2004 i. 2005 2004 11.26 178,742,716 10.87 222,177,528 iii 4.55 75,924,000 iv 4.35 (5,185,663) 4.35 (5,508,987) v 7.73 (17,982,980) 9.97 (37,925,825) ii 9.49 231,498,073 11.26 178,742,716 13.62 123,852,906 14.75 93,379,227 2005 159

2005 12 31 33 a. ii. 2005 2004 1999 8 171999 9 15 2000 8 17 2000 8 17 11.7800 16,412,125 18,872,390 2004 8 17 2009 8 17 1999 10 251999 11 23 2000 10 25 2000 10 25 22.7600 3,370,400 3,432,400 2004 10 25 2009 10 25 2000 2 82000 3 8 2001 2 8 2001 2 8 75.2400 86,700 86,700 2003 2 8 2010 2 8 2000 8 262000 9 24 2001 5 26 2001 5 26 60.1200 9,887,200 9,946,600 2005 5 26 2010 8 26 2000 10 272000 11 25 2001 3 15 2001 3 15 24.3600 9,989,790 11,085,070 2005 3 15 2010 10 27 2001 1 222001 2 20 2001 1 22 2001 1 22 16.8400 16,368,452 17,195,318 2005 1 22 2011 1 22 2001 2 20 2002 2 8 2002 2 8 18.7600 86,700 86,700 2004 2 8 2011 2 8 2001 4 172001 5 16 2001 5 26 2001 5 26 10.3000 1,147,040 1,324,360 2005 5 26 2011 4 17 2001 7 162001 9 15 2002 7 16 2002 7 16 9.1600 365,760 648,600 2004 7 16 2011 7 16 2001 10 152001 11 13 2002 10 15 2002 10 15 8.6400 120,000 292,000 2004 10 15 2011 10 15 2002 5 10 2003 4 11 2003 4 11 7.9150 86,700 231,700 2007 4 11 2012 4 11 2002 6 19 2002 6 19 2002 6 19 10.0900 179,000 2004 6 19 2012 5 21 2002 8 1 2003 8 1 2003 8 1 8.0600 200,000 200,000 2005 8 1 2012 7 31 2002 10 11 2002 10 11 2002 10 11 8.6165 1,200,000 1,200,000 2007 10 10 2002 11 13 2003 11 13 2003 11 13 6.1500 6,820,000 6,860,000 2005 11 13 2012 11 12 2003 7 25 2004 7 25 2004 7 25 4.3500 92,568,206 105,911,878 2006 7 25 2013 7 23 2003 9 16 2004 9 16 2004 9 16 4.9000 190,000 1,190,000 2006 9 16 2013 9 14 2005 2 8 2006 2 8 2006 2 8 4.4750 65,599,000 2007 2 8 2009 2 7 2005 9 1 2006 9 1 2006 9 1 5.2500 7,000,000 2008 9 1 2010 8 31 231,498,073 178,742,716 160 2005

33 a. ii. 2005 2004 4.01 5.04 5.71 158,357,206 8.57 107,101,878 5.05 7.54 5.76 13,820,000 7.87 6,860,000 7.55 11.29 4.10 3,119,500 5.50 4,075,660 11.30 16.79 3.63 16,412,125 4.63 18,872,390 16.80 25.04 4.84 29,815,342 5.85 31,799,488 55.05 70.04 4.65 9,887,200 5.65 9,946,600 70.05 85.00 4.10 86,700 5.11 86,700 231,498,073 178,742,716 iii. 2005 2004 2006 2 8 2006 2 8 4.4750 68,924,000 2007 2 8 2009 2 7 2006 9 1 2006 9 1 5.2500 7,000,000 2008 9 1 2010 8 31 75,924,000 2005 2004 0.99 4.55 4.55 31.53% 4.09 3.33% 2.54% 2005 161

2005 12 31 33 a. iii. iv. 2005 2004 2004 7 262004 12 31 4.3500 4.75 5.50 23,964,093 5,508,987 2005 1 32005 12 9 4.3500 4.48 5.35 22,557,634 5,185,663 22,557,634 5,185,663 23,964,093 5,508,987 5.072004 5.17 v. 2005 2004 2000 8 172009 8 17 11.7800 2,460,265 652,798 2000 8 172009 10 25 22.7600 62,000 1,076,800 2001 5 262010 8 26 60.1200 59,400 362,000 2001 3 152010 10 27 24.3600 1,095,280 1,881,012 2001 1 222011 1 22 16.8400 826,866 6,083,120 2001 5 262011 4 17 10.3000 177,320 2,218,600 2002 7 162011 7 16 9.1600 282,840 41,160 2002 10 152011 10 15 8.6400 172,000 2003 4 112012 4 11 7.9150 145,000 2001 9 272011 9 7 6.8150 3,600,000 2003 4 292012 4 29 9.9500 5,600,000 2002 6 192012 5 21 10.0900 179,000 100,000 2003 11 132012 11 12 6.1500 40,000 180,000 2004 7 252013 7 23 4.3500 8,158,009 16,130,335 2004 9 162013 9 14 4.9000 1,000,000 2006 2 82009 2 7 4.4750 3,325,000 17,982,980 37,925,825 162 2005

33 b. 2002 2002 6 102002 11 12 2005 2004 3,692,400 5,771,000 (3,692,400) (2,078,600) 3,692,400 2005 2004 12 31 18 18 10 7 7 10 c. 20022004 4387,600 1,162,800 2004 92005 4387,6002003 2005 72,161,00020042,161,000 6,483,000 d. JALECO 2000 8 JALECO JALECO2003 12 312004 11 8 4,021,000 JALECO 2004 11 84,021,000 JALECO Pacific Century CyberWorks Japan LimitedJALECO1(e) 2005 8 2005 163

2005 12 31 33 e. 2003 3 17200310 2003 2005 5 132003 2005 20052005 5 23 2003 2003 2005 2005 2005 (i)(ii) (iii) 2005 20052005 5 23 2005 5 23 2005 12 31 2005 2005 12 312005 2003 i. 2005 2004 2.375 10,000,000 iii 2.375 10,000,000 ii 2.375 10,000,000 2.375 10,000,000 2.375 10,000,000 2.375 10,000,000 ii. 2005 2004 2004 12 20 2004 12 20 2004 12 20 2.375 10,000,000 10,000,000 2014 12 19 10,000,000 10,000,000 164 2005

33 e. ii. 2005 12 312.3752004 2.3759 200410 iii. 2005 2004 2004 12 20 2004 12 20 2.375 2 10,000,000 2014 12 19 2 10,000,000 2004 2004 1.29 2.375 2.375 50% 10 3.95% 2005 1 1 f. SUNDAY SUNDAY2000 3 12000 SUNDAY2000 SUNDAY 10SUNDAY 2002 5 22SUNDAY2002 SUNDAY 2000 SUNDAY 2000 SUNDAY2000 SUNDAY2000 SUNDAY 2002 SUNDAYSUNDAYSUNDAYSUNDAYSUNDAY 2002 SUNDAY SUNDAY(i) SUNDAY (ii)sunday (iii) 2000 SUNDAY2002 SUNDAY SUNDAY 2005 165

2005 12 31 33 f. SUNDAY 2002 SUNDAY SUNDAY 2002 SUNDAY 2002 SUNDAYSUNDAY SUNDAYSUNDAY SUNDAY 2002 SUNDAY 12 SUNDAY 2005 12 312002 SUNDAY 2004SUNDAY 2000 SUNDAY 2000 SUNDAY2005 8 9PCCW Mobile SUNDAY2000 SUNDAY i. 2005 2004 1.97 28,630,089 1.96 30,072,503 iii 1.98 (26,998,431) iv 1.84 (1,631,658) 1.76 (1,442,414) ii 1.97 28,630,089 1.97 28,630,089 ii. 2005 2004 2000 3 23 2001 3 23 2001 3 23 3.05 13,194,076 2003 3 23 2010 3 22 2000 5 31 2001 5 31 2001 5 31 1.01 13,737,971 2003 5 31 2010 5 30 2000 5 31 2001 5 31 2001 5 31 3.05 255,844 2003 5 31 2010 5 30 2001 1 19 2002 1 19 2002 1 19 1.01 1,442,198 2004 1 19 2011 1 18 28,630,089 166 2005

33 f. SUNDAY ii. 2005 2004 1.01 5.48 15,180,169 3.05 5.23 13,449,920 28,630,089 iii. 2005 2004 2001 3 232010 3 22 3.05 12,632,274 2001 5 312010 5 30 1.01 12,976,337 2001 5 312010 5 30 3.05 155,929 2002 1 192011 1 18 1.01 1,233,891 26,998,431 iv. 2005 2004 2001 3 232010 3 22 3.05 561,802 488,281 2001 5 312010 5 30 1.01 761,634 570,281 2001 5 312010 5 30 3.05 99,915 41,000 2002 1 192011 1 18 1.01 208,307 342,852 1,631,658 1,442,414 2005 167

2005 12 31 34 2005 2005 1 1 18 19,980 25 (44) (28,039) (8,060) 11 137 (148) (52) (52) 97 97 (1,005) (1,005) 32 32 8 (3) 5 202 (122) 80 2005 1 1 29 19,980 137 130 202 (44) (29,337) (8,903) (438) (438) (130) 130 2005 1 1 29 19,980 137 202 (44) (29,645) (9,341) 21 21 14 (14) 100 100 7,558 7,558 d 3,010 (3,010) 2005 1 1 2005 6 29e (496) 496 (19) 19 (11) (11) 1,595 1,595 (645) (645) f (239) (198) (437) 89 89 2005 12 31 7,622 22,255 223 183 (55) 89 (31,388) (1,071) 7,622 22,255 223 183 (55) 89 (31,811) (1,494) 54 54 369 369 2005 12 31 7,622 22,255 223 183 (55) 89 (31,388) (1,071) 168 2005

34 2005 2005 1 1 18 19,980 675 20,673 11 137 148 2005 1 1 29 19,980 137 675 20,821 47 47 2005 1 1 29 19,980 137 722 20,868 35 (14) 21 7,558 7,558 d 3,010 (3,010) 2005 1 1 2005 6 29e (496) 496 100 100 (645) (645) 2,809 2,809 f (239) (198) (437) 2005 12 31 7,622 22,255 223 174 30,274 2005 169

2005 12 31 34 2004 2004 1 1 173,460 305 (97) (182,850) (9,182) 11 44 (55) 106 106 (1,093) (1,093) 25 25 24 (3) 21 202 (90) 112 2004 1 1 173,471 44 435 202 (97) (184,066) (10,011) 93 93 (9) (9) (16) (16) 22 22 2004 6 30 a (152,932) 152,932 a (20,532) 20,532 2004 6 30 c 14 (14) 2004 7 1 2004 12 30b (566) 566 (26) (26) (254) (254) 53 53 (16) (16) 1,638 1,638 (93) (93) (52) (52) 88 88 7 7 (32) (32) 1,556 1,556 (295) (295) 2004 12 31 29 19,980 137 130 202 (44) (29,337) (8,903) 29 19,980 137 130 202 (44) (29,639) (9,205) 53 53 249 249 2004 12 31 29 19,980 137 130 202 (44) (29,337) (8,903) 170 2005

34 2004 2004 1 1 173,460 (151,966) 21,494 11 44 55 2004 1 1 173,471 44 (151,966) 21,549 22 22 2004 6 30 a (152,932) 152,932 a (20,532) 20,532 2004 6 30 c 14 (14) 2004 7 1 2004 12 30b (566) 566 93 93 (548) (548) (295) (295) 2004 12 31 29 19,980 137 675 20,821 a. 2004 5 19 2004 8 3 173,464,615,915 152,932,345,321 2004 6 30 20,532,270,594 2004 6 302004 6 30 152,932,345,321 79C i. 2005 171

2005 12 31 34 ii. 20,532,270,5942004 6 30 20,532,270,594 iii. 2006 1 1045(a) b. 2004 9 292004 12 302004 7 1 2004 9 292004 9 302004 12 30 284,227,183 281,932,052 c. 2004 13,681,249(a) d. 3,011,014,502 (a) e. 2005 6 292005 1 12005 6 29 496,480,940 f. 2005 10 42005 12 31436,942,407(a)(iii) 2005 9 30 19,372,284 239,142,407 1.978 172 2005

35 a. 2005 1,554 460 317 325 (81) 2,575 (88) (213) (301) 1,554 460 317 237 (213) (81) 2,274 (53) (53) 1,554 460 317 237 (213 ) (53 ) (81) 2,221 13 118 (66) (93) (171) 47 53 28 (84) (41) 75 34 3 3 6 1,634 394 224 144 (166) (53) 2,177 2004 1,725 490 469 471 (129) 3,026 (106) (232) (338) 1,725 490 469 365 (232) (129) 2,688 13 (171 ) (30) (152) 42 19 52 (240) (170) (170) (4) (4) 1,554 460 317 237 (213) (81) 2,274 2005 2004 46 (4) (38) 2,181 2,312 2,177 2,274 2005 173

2005 12 31 35 b. 193.762004 148.46 1.792004 19.162.142004 1.25 2005 12 31 36 (3G) 2001 10 22SUNDAY SUNDAY 3G (Hong Kong) Limited 106 3G3G2016 10 21 15 SUNDAY3G 3G 3G 20072016 1,056,838,000 442005 6 22PCCW MobileSUNDAY 3G3G 1.015.29 2005 12 31 3G 20072016 2005 2004 49 11 60 161 80 241 321 435 756 531 526 1,057 37 a. 2005 2004 46 i 95,320 85,657 (19,281) (19,287) 76,039 66,370 ii 3,621 174 2005

37 a. i. 2005 12 312004 12 31 5,400 2005 12 311.99 20041.98 ii. 2005 2 242004 5 10201111.7 1(b) 2005 6 29 2004 5 10 201424.219.19 2004 12 312011 11.72014 124.51 b. 2005 2004 46 (67,508) (67,508) 2005 12 312004 12 31 49.66 38 2005 2004 264 377 (61) (90) 203 287 8.762004 15.73 2005 175

2005 12 31 39 a. 2005 2004 46 2,970 2,575 4 16 100 93 17 9 (533) (57) 2,048 1,884 186 124 2,543 2,357 25 (73) 4 (3) (8) (19) (90) (59) (170) (524) (319) (2) 18 187 50 29 2 11 41 (24) (56) 137 45 (10) (11) 135 97 63 16 15 3 (5) (243) (234) 6 (121) (147) (195) 6,489 6,418 (836) (2,480) (77) 58 (477) (113) 111 72 125 (2,016) (687) 1,797 (56) 94 (8) 22 121 2,499 6 5 (150) (49) (20) 940 10 5,503 6,295 543 41 (1,404) (1,233) (3) 4,639 5,103 176 2005

39 b. 2005 2004 1,276 183 5 55 13 200 70 113 (379) (850) 3G (529) (11) 16 130 1,148 89 1,164 219 209 1,164 10 1,164 219 (1,164) (10) 112 (1,052) (10) 2005 177

2005 12 31 39 c. 2005 2004 1 9 4 277 (15) (58) 218 170 388 388 388 388 (277) 111 d. 2005 2004 2005 2004 11,317 4,413 4,980 287 (46) (15) (1,592) (904) 12 31 9,679 3,494 4,980 287 2005 2004 2005 2004 3,938 2,769 126 36 5,531 441 4,854 251 200 10 284 9,679 3,494 4,980 287 178 2005

39 e. 1.55200 (c) 40 a. 30 42 b. c. 2005 12 31(i) (ii) 2005 179

2005 12 31 40 d. 2005 2004 1 5 1 1-5 3,938 3,938 2,769 2,769 % 3.70% 3.70% 0.17% 0.17% 5,531 5,531 441 441 % 4.25% 4.25% 2.17% 2.17% 200 200 % 1.18% 1.18% 10 10 % 4.47% 4.47% 284 284 % 0.88% 0.88% 9,679 9,679 3,494 3,494 i 71 71 7,457 7,457 % 6.90% 6.90% % 4.12% 4.12% i 42 42 11,357 11,357 % 6.33% 6.33% % 6.05% 6.05% i 391 391 1,950 1,950 % 3.65% 3.65% % 5.27% 5.27% i 42 42 462 462 11,357 11,357 9,407 9,407 180 2005

40 d. 2005 2004 1 1-5 5 1 1-5 5 (6,500) (6,500) % 4.38% 4.38% (8,998) (8,998) % 6.49% 6.49% (14) (14) % 2.95% 2.95% (6,500) (6,500) (9,012) (9,012) (3,972) (18,885) (22,857) (3,317) (15,213) (18,530) % 5.30% 7.01% 6.72% 5.30% 7.46% 7.07% (1,950) (1,950) % 3.65% 3.65% (3,972) (18,885) (22,857) (3,317) (17,163) (20,480) i (7) (6) (13) 1,950 1,950 3,900 % 5.27% 5.27% 5.27% % 2.97% 3.44% 3.21% i (15) (47) (62) (254) (209) (125) (588) 3,510 3,900 7,410 12,090 7,800 11,700 31,590 % 1.00% 8.00% 4.68% 2.77% 8.00% 7.33% 5.75% % 0.59% 7.70% 4.33% 2.77% 7.59% 6.46% 5.33% i (50) (50) 3,510 3,510 % 1.00% 1.00% % 0.50% 0.50% i (15) (47) (62) (261) (265) (125) (651) 3,510 3,900 7,410 14,040 13,260 11,700 39,000 2005 181

2005 12 31 40 d. 2005 2004 1 1-5 1 1-5 126 126 36 36 % 3.65% 3.65% 0.04% 0.04% 4,854 4,854 251 251 % 4.23% 4.23% 1.96% 1.96% 4,980 4,980 287 287 i 391 391 1,950 1,950 % 3.65% 3.65% % 5.27% 5.27% 391 391 1,950 1,950 (461) (461) % 5.00% 5.00% (461) (461) i (15) (15) (254) (254) 3,510 3,510 12,090 12,090 % 1.00% 1.00% 2.77% 2.77% % 0.59% 0.59% 2.77% 2.77% i (50) (50) 3,510 3,510 % 1.00% 1.00% % 0.50% 0.50% i (7) (6) (13) 1,950 1,950 3,900 % 5.27% 5.27% 5.27% % 2.97% 3.44% 3.21% i (15) (15) (261) (56) (317) 3,510 3,510 14,040 5,460 19,500 i. 392004 12 31 182 2005

40 e. 20052004 12 31 2005 2004 46 i 18 31 iii 42 42 462 iii iii 60 60 57 ii (6,500) (6,500) (10,529) (10,714) iii (62) (62) (651) iii (5) (18,885) (20,084) (17,163) (19,282) ii (3,972) (3,954) (3,730) (3,936) iii 391 ii (461) (467) iii (15) (15) (317) iii (1) i. ii. 2004 12 31 iii. 392004 12 31 4(a)(v) 2005 183

2005 12 31 40 f. i. ii. iii. 41 a. 2005 2004 2,920 1,909 2,270 3,077 5,190 4,986 2005 2004 202 236 85 i 2,835 3,954 2,151 707 2 4 5,190 4,986 i. 2000 5 17 184 2005

41 b. 2005 12 31 2005 2004 1 339 143 1 5 368 209 5 82 76 789 428 2005 2004 1 179 144 1 5 41 56 5 1 10 221 210 c. 5(c) 2004 6 172,500 1.95 2007 12 31 250 2005 12 31 2005 12 31 2005 2004 811 586 300 378 1,489 586 2005 185

2005 12 31 42 2005 2004 2005 2004 403 129 311 2 1 10 6 10 4,034 12,056 5 5 2 1 6 3 6 3 11 11 92 437 248 4,363 12,059 2002 4 23 2000 7 24 6,522,00048 49 9,9004.18 2001 1 12002 1 2 6.725 2002 5 29 2005 4 212006 2 3 3.082005 12 313.22 186 2005

43 2005 12 31115.792004 11350.792004 112.86 28(a) 2005 2004 31 33 10 15 21 19 62 67 2005 12 31 2,0002004 2,000 100 2004 12 31 2005 12 31 27(b) 34(a)(iii) 2005 12 312.59(2004 27(b) 2005 12 31 100 27(b) 44 1(d) 2005 6 22 PCCW MobileSUNDAY 1,163,587,100SUNDAY3G 2005 6 22 2005 12 315.981.36 2005 1 1230.5729.05 1,164 (16) 1,148 SUNDAY SUNDAY 2005 187

2005 12 31 44 1,276 1,282 3G 101 812 65 10 7 7 13 13 200 199 113 113 (379) (370) (850) (850) 3G (529) (557) 27 649 (11) 16 1,164 (112) 39(b) 1,052 45 2005 12 31 a. 2006 1 10 34(a) 5.44 42.431.06 PCCW Capital No. 2 Limited4.51 2007 2006 3 27 188 2005

45 b. 2006 3 2PCCW IMS China Development Limited PCCW IMS China PCCW IMS China 3.183.0577 46 4 47 2005 12 31 2005 12 31 6 2006 1 1 4 2006 1 1 5 2006 1 1 2005 12 1 6 19 39 2006 1 1 2006 1 1 2006 1 1 2006 1 1 2005 1 2006 1 1 27 2006 1 1 3 2006 1 1 7 2007 1 1 1 2007 1 1 20052005 12 12006 1 1 2005 189

2005 12 31 2005 2004* 2003* 2002* 2001* 15,931 15,334 16,646 18,046 19,805 2,454 2,701 2,326 2,234 1,936 5,154 5,863 4,600 685 1,368 312 372 426 793 468 (1,352) (1,268) (1,374) (1,607) (1,640) 22,499 23,002 22,624 20,151 21,937 (10,467) (10,531) (8,731) (5,295) (6,855) (8,052) (8,384) (9,529) (9,601) (10,371) 39 626 409 407 13 767 (52) (40) (2,452) (534) (91) (51) (38) (311) 533 57 132 164 548 (2,234) (2,018) (2,289) (2,199) (3,608) 121 147 (826) 831 833 (4) (16) (4,464) (8,263) Joint Venture (Bermuda) No. 2 Limited (1,433) 2,970 2,575 (5,166) (6,477) 3,199 (1,103) (999) (1,157) (1,412) (1,979) 1,867 1,576 (6,323) (7,889) 1,220 1,595 1,556 (6,107) (7,763) 1,318 272 20 (216) (126) (98) 12 31 2005 2004* 2003* 2002* 2001* 27,574 31,481 29,567 37,202 38,174 25,709 13,524 15,122 12,601 13,711 (22,360) (20,894) (10,918) (9,217) (11,163) 3,349 (7,370) 4,204 3,384 2,548 30,923 24,111 33,771 40,586 40,722 (28,191) (29,811) (42,129) (46,895) (52,208) 2,732 (5,700) (8,358) (6,309) (11,486) * 2005 1 1 4 20042005 4(b) 4(c) 4(a) 190 2005

2005 * A 29,351 A (6 13 39,487 62% B 20,104 62% C 21,718 62% D 10,946 62% 67,866 62% 831 62% 592 62% 12 18 * 50 10 50 2005 191

2005 2006 2006 2006 3 2006 5 2006 8 2005 2005 2005 10 2006 6 3020-F2005 12 31 20-F 2006 3 29 2005 2005 www.pccw.com A) 2005 B) 2005 183 46 +852 2529 6087 +852 2865 0990 hkinfo00008@computershare.com.hk MSCI FTSE4Good 0008 0008.HK 8 HK PCW 979 39 +852 2888 2888 +852 2877 8877 183 46 +852 2862 8628 +852 2529 6087 hkinfo@computershare.com.hk Citibank, N.A. American Depositary Receipts (ADR) 388 Greenwich Street, New York, NY 10013 USA +1 877 CITIADR (248 4237) +1 816 843 4281 citibank@shareholders-online.com 979 41 +852 2514 5084 +852 2962 5003 ir@pccw.com www.pccw.com 192 2005

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