1 2 2010 3 5 6 7 12 17 24 33 148

2010 0008

1 2 2010 3 5 6 7 12 17 24 33 148

PCCWHKT HKTHKT UK Broadband Limited PCCW/HKT 19,300 0008 OTC Markets Group Inc.PCCWY 2010 1

2010 1 PCCW mobile AndroidU 3 2009 12 31 15.06 13.3 4 now 5 Hong Kong Telecommunications (HKT) Limited 160 MOOV now 7 MUTV Wi-Fi 8 IPv6PCCW Global IPv4IPv6 42M HSPA+ 2010 6 30 7.65 5.10 5 2016 5 1.66 9 nowpga 10 now NBA NBA 2011/12now NBA 12 2 2010

2010 AV Awards 2010 AV Magazine Everywhere PCCW mobile I.T. The Best of The Best Awards Hi-Tech Weekly now Everywhere PCCW mobile 2010 IT IT 25 IT 25 Computerworld HK Awards 2010 Best Data and Telecoms Services Provider Best Corporate Mobile Services Provider Best Managed Security Services Best IT Hosting and Outsourcing Services Provider 42 4 3 e- PCCW mobile 2010 PCCW mobile Hi-Tech 2010 Everywhere 2010 Computerworld Hong Kong ezone Focus Media Hong Kong Hi-Tech Weekly 2010 3

2010 IDD 0060 Indie Fest Award Documentary Program/Series Award of Merit now ERP The Indie 2010IT IT MIS Strategic 100, 2010 IT20 2010 2010 2010 Top Outsourcer Ranking Awards 2010 Inbound Outsourcer Outbound Outsourcer 2010 (1999-2010) PCCW mobile MIS Asia ContactCenterWorld.com TOUCH Brands 2010 PCCW mobile Everywhere TOUCH 2010 2010 1 4 2010

2010 12 31 2010 2009 * 21,467 20,855 1,495 4,222 22,962 25,077 (10,533) (12,254) (8,924) (9,029) 1,217 168 (61) 27 18 (1,587) (1,485) (82) (55) 1 3,080 2,380 (756) (585) 2,324 1,795 1,926 1,506 398 289 27.75 22.24 27.75 22.23 5.10 10.20 13.30 EBITDA 1 EBITDA* 7,069 6,718 284 781 7,353 7,499 2010 12 31 2009 12 31 2,590 2,588 1,183 1,182 1,407 1,406 Gbps 1,045 837 Mbps 109,864 82,913 1,367 1,297 now 1,039 1,001 1,484 1,422 3G 667 529 2G 250 376 2G 567 517 * 24 126 2010 5

6 2010 1,039,000 EBITDA now 101 2010Villa Bel-Air 2010 8 5 51.66 2010 2011 2011 3 22 2010 2008/09 2010 2010 12 31 229.62 19.26 14.29 now100

2010 EBITDA IP 2G 3G 10 100M PCCW Global PCCW Global IPv6 2010 2010 7

8,000 Wi-Fi100M3G Wi-Fi 201042M HSPA+ NextGen now 2009/10 Genius Brand 20094G 4G LTE LTE 2011 now eye2 eye2 now eye2 (ARPU) 2010 now EBITDA 2010 2010 10now NBANBA now2011 6 NBA 8 2010

nownow SPORTS NBA 24 NBA TVNBA eye 2011nowPGA PGA now Select 24Setanta Sports Channel 2011 1 now ARPU now100190 2010 now now 101 2 12 iphone iphonenba iphone now TV Android Android PCCW mobile2010 1 Android 2010 9

2011PCCW mobile HSPA SIM Everywhere Pocket Wi-Fi PCCW Wi-Fi PCCW SMART 4 Samsung GALAXY Tab 2009 2010 2010 EBITDA 2010 5 ERP 2009 PCCW Global PCCW Global MPLS 1101,500 PCCW GlobalIPv6 MPLS 2011 1 Telstra Corporation Ltd Reach Ltd2 Reach Reach 10 2010

PCCW Global RNAL IPv6IP 2010 Reach2010 2010 Villa Bel-AirVilla Bel-Air Hanazono 2010Hong Kong Telecommunications (HKT) Limited 5 160 2010 8 5 60 51.66 2011 3 22 2010 11

441999 8 591999 8 1998 19971998 19931997 551999 8 1980Occidental Petroleum Corporation 1976 1983 Schlumberger Limited 1989 Vestey Group 1992Boustead Singapore Limited 1995Morgan Grenfell Investment Management (Asia) Limited 1997 592002 9 Pritchard Englefield & TobinPritchard Englefield 1979 1980 1991 1975 12 2010

13 2010 2007 12 1992 2001 2005 1985 602007 7 KBE, LVO 762002 6 1972 20 1982Royal College of Defence Studies1986 1993 1997 472008 5 462010 5 2007 4 2006 92007 4 2009 7 1999 9

2002 4 2004 7 2005 12 2006 5 2008 5 2004 1993 71997 10 1997 10 2000 5 2000 52002 4 482007 7 2007 1 2005 9 2006 122008 3 2005 10 2003 102005 8 2001 112003 10 2004 1988 50 1996 11 2010 5 1999 3 1983 University College 1986 2004 2001 3 92008 5 31 GBS 73 2009 9 2011 3 The Philippine American Life and General Insurance Company1996 2009 6 AIG 20012009 6AIG Life Insurance 20002009 6 AIG PineBridge Investments Asia Limited 14 2010

2001 1960 19982002 2003 FREng, GBS, JP 702000 10 2007 9 2008 2 19962007 19941996 19901994 19851990 1999 7 2002 7 GBM, GBS, OBE, JP 722000 10 1987 11 2000 8 Criteria CaixaCorp, S.A. AFFIN Holdings Berhad Crédit Agricole S.A. 2010 15

CBE, LLD, JP 871999 8 Vision 2047 Foundation 642004 2 2003 12 19461967 1985 1991 1998 1999 2003 12 Vedanta Resources Plc.Tata Consultancy Services Limited Godrej Consumer Products Limited Jet Airways (India) Ltd. Wockhardt LimitedMax India Limited Cairn India Limited Emaar MGF Land Limited ING Groep N.V. Prudential Financial Inc. 70 2000 10 2005 2 1995 42003 4 1991 1994 19891991 19841989 2003 72009 1 Sun-Times Media Group, Inc. 16 2010

3451 2010 12 31 2010 17

2010 12 31 52 2011 3 22 16 1216 (www.pccw.com) 2010 2010 5 19 2010 2010 4 6/7 2/2 7/7 7/7 7/7 1 4/4 7/7 7/7 1/2 7/7 1/2 7/7 2 4/7 7/7 3/3 6/7 3/3 1/2 1/2 7/7 3/3 2/2 2/2 6/7 3/3 2/2 7/7 2/2 2/2 3 7/7 1. 2010 5 19 2. 2010 5 19 3. 2011 3 22 4. 18 2010

19 2010 2003 8 2007 2007 2005 4 3.13 3.13

2003 5 2010 (i) 2010 (ii) 2009 (iii) 2010 (iv) 8890 2003 5 2010 18 2010 18 20 2010

2010 (i) 2010 5 19 (ii) 2010 (i) 2009 12 31 (ii) 2009 12 31 2010 (iii) (iv) (iii) (iv) (v) 2010 6 30 (vi) 2010 6 30 2010 12 31 (vii) (viii) 2011 (ix) 2009 12 31 2010 6 30 (x) 2010 12 31 2010 18 2010 21

2010 12 31 2,2002009 1,8001,8002009 1,600 8 10 18 2007 5 18 Sarbanes-Oxley Act SOASOA 22 2010

2010 2010 12 31 20 2011 3 22 (www.pccw.com) 148 2010 23

19.26 27.75 214.67 229.62 EBITDA70.69EBITDA 73.53 10.2 2010 2010 12 31 214.67EBITDA 70.69 14.95 2009 42.22 2010 8.64 2011 2011 2010 2010 12 31 229.62 2009250.772010 12 31 19.26 201027.75 2010 12 31 10.2 EBITDAEBITDA 24 2010

2010 2009 12 31 8,321 8,396 16,717 8,241 8,051 16,292 3% 838 871 1,709 828 842 1,670 2% 1,179 1,204 2,383 1,092 1,258 2,350 1% 1,087 1,021 2,108 905 939 1,844 14% 26 40 66 26 35 61 8% (719) (797) (1,516) (624) (738) (1,362) (11)% 10,732 10,735 21,467 10,468 10,387 20,855 3% 1,070 425 1,495 2,306 1,916 4,222 (65)% 11,802 11,160 22,962 12,774 12,303 25,077 (8)% (5,484) (5,049) (10,533) (6,431) (5,823) (12,254) 14% (2,596) (2,480) (5,076) (2,753) (2,571) (5,324) 5% EBITDA 1 3,398 3,655 7,053 3,421 3,629 7,050 0% 152 203 355 130 135 265 34% 43 189 232 (34) 38 4 >500% 100 141 241 82 127 209 15% (324) (488) (812) (315) (495) (810) 0% EBITDA 1 3,369 3,700 7,069 3,284 3,434 6,718 5% 353 (69) 284 306 475 781 (64)% EBITDA 1 3,722 3,631 7,353 3,590 3,909 7,499 (2)% EBITDA 1,2 31% 34% 33% 31% 33% 32% 1% EBITDA 1,2 32% 33% 32% 28% 32% 30% 2% (1,883) (1,917) (3,800) (1,889) (1,891) (3,780) (1)% (2) (43) (45) (61) (61) 26% 33 1,181 1,214 (12) 255 243 400% 9 18 27 12 6 18 50% (806) (781) (1,587) (748) (737) (1,485) (7)% (13) (69) (82) (31) (24) (55) (49)% 1 1 (100)% 1,060 2,020 3,080 922 1,458 2,380 29% 2010 25

1 EBITDA EBITDA EBITDA 2 3 IDD 4 5 3 2010 2009 2,587 2,590 2,590 2,588 0% 1,180 1,183 1,183 1,182 0% 1,407 1,407 1,407 1,406 0% 1,298 1,367 1,305 1,297 5% 1,148 1,215 1,136 1,146 6% 114 115 113 114 1% Gbps 953 1,045 792 837 25% IDD 674 652 745 710 (9)% Mbps 88,108 109,864 78,361 82,913 33% now 1,028 1,039 992 1,001 4% 1,469 1,484 1,408 1,422 4% 3G 606 667 470 529 26% 2G 319 250 430 376 (34)% 2G 544 567 508 517 10% 26 2010

2010 12 312009 12 31 2010 2009 12 31 1,921 1,679 3,600 2,126 1,862 3,988 (10)% 2,627 2,643 5,270 2,509 2,434 4,943 7% 1,851 1,863 3,714 1,807 1,871 3,678 1% 1,922 2,211 4,133 1,799 1,884 3,683 12% 8,321 8,396 16,717 8,241 8,051 16,292 3% (3,349) (3,571) (6,920) (2,954) (3,103) (6,057) (14)% (1,574) (1,170) (2,744) (1,866) (1,319) (3,185) 14% EBITDA 1 3,398 3,655 7,053 3,421 3,629 7,050 0% EBITDA 1,2 41% 44% 42% 42% 45% 43% 2010 12 31 167.17EBITDA70.53 2010 12 31 362010 2,590,000ARPU eyeeye2 ARPU 2010 12 31 52.70 2010 1,367,000 2010 12 31 37.14 IDD 2010 12 31 41.33 2010 27

2010 2009 12 31 838 871 1,709 828 842 1,670 2% EBITDA 1 152 203 355 130 135 265 34% 2010 12 31 17.09 2010 3G 2010 12 31EBITDA 3.55 2010 12 PCCW mobile 2010 PCCW mobile 3G 2010 PCCW mobile20101,484,000 3G 667,000 917,0003G 3G 2010 12 2G 3G ARPU1432010 6 134 2010 2009 12 31 1,179 1,204 2,383 1,092 1,258 2,350 1% EBITDA 1 43 189 232 (34) 38 4 >500% 2010 EBITDA2.32 2009 400 now now 190 now 2011 2010 1,039,000ARPU 174 2010165 2009/10 2010 2010 12 31 23.83 28 2010

2010 2009 12 31 1,087 1,021 2,108 905 939 1,844 14% EBITDA 1 100 141 241 82 127 209 15% 2010 2010 12 31 21.08 EBITDA 2.41 2010 12 316,600 8.12 2010 12 3115.16 2010 2010 12 31 14.9542.22 2010 8.64 2010 Villa Bel-Air 2010 12 31 Hanazono 2011 3 22 2010 2010 29

2010 2009 12 31 4,932 4,837 9,769 4,507 4,669 9,176 (6)% 552 212 764 1,924 1,154 3,078 75% 5,484 5,049 10,533 6,431 5,823 12,254 14% 2010 12 31 105.33 7.64 2010 97.69 2010 2010 12 31 38 89.24 2010 12 31 2,7002010 15.87 15.60 2010 12 31 7.562010 12 31 2009 EBITDA 1 EBITDA 20102010 12 31 EBITDA 70.69EBITDA2009 2010 EBITDA EBITDA2.84 2010 12 31 EBITDA 73.53EBITDA 2010 3.98 2010 12 31 19.262009 15.06 30 2010

2010 5 160 2010 8 5 2.60500,000,000 13 5 2010 12 31 18.472009 16.68 2010 12 31 4 353.15 2009 12 31 352.622010 12 31 81.012009 12 31 80.492010 12 31 4 271.822009 12 31 271.61 2010 12 31 303.20 144.86 2010 12 31 4 2009 HONG KONG TELECOMMUNICATIONS (HKT) LIMITED 2010 12 31Hong Kong Telecommunications (HKT) Limited Moody s Investors Service Standard & Poor s Ratings ServicesBaa2BBB 2010 12 31 2010 31

2010 12 3151.93 2009 39.13 12 31 2010 2009 377 393 44 34 421 427 3(v) 2010 12 3119,300 2010 6 3018,700 EBITDA 1 2010 12 31 10.22009 13.3 2010 10 52010 6 30 5.12009 32 2010

34 52 53 54 55 56 58 59 146 147

2010 12 31 6 2010 12 31 53 2010 105.12009 3.70 2010 12 31 10.22009 13.3 146 22 24 16 18 26(f) 27 30 33 2010 12 31 34 2010

2010 5 19 KBE LVO GBS 2010 5 19 2011 3 22 FREng GBS JP GBM GBS OBE JP CBE LLD JP 92 101A 3.13 3.13 2010 35

2010 9 15 PCRD Services Pte Ltd PCRD ServicesAkash MehtaPasha Ventures Private Limited Pasha VenturesAIG Pasha Ventures PCRD Services Akash MehtaPasha VenturesAIGAIG Home Finance India Limited Indo Pacific Housing Finance Limited AIGHFILAIGHFIL Consumer Financial Services LimitedCFSL 20,000,006336 Pasha Ventures AIGHFIL AIGHFILAIG AIGHFILCFSL 2010 10 202010 10 20PCRD Services Pasha VenturesAkash Mehta Pasha Ventures PCRD Services Akash Mehta Pasha VenturesPCRD Services Pasha Ventures131Akash Mehta Pasha Ventures AIGHFIL CFSL Akash Mehta PCRD PCRD Services Pasha Ventures3.13 (i) Pasha VenturesPasha Ventures AIGHFIL CFSLPasha Ventures AIGHFIL CFSL(ii) Pasha Ventures AIGHFIL CFSL (iii) Akash Mehta 36 2010

2010 12 31352 XV 1. 271,666,824 1,698,197,335 1,969,864,159 27.09% 1(a) 1(b) 760,000 8,000,200 8,760,200 0.12% 3 2 253,200 2,178,600 2,431,800 0.03% 4 992,600 511 5,000,000 5,993,111 0.08% 5(a) 5(b) 4 1,000,000 1,000,000 0.01% 4 1,176,260 18,455 6,755,200 7,949,915 0.11% 6 4 64,000 64,000 0.001% 1,000,000 1,000,000 0.01% 140,000 200,000 340,000 0.005% 7(a) 7(b) 1. (a) Chiltonlink Limited Pacific Century Diversified Limited237,919,824 Eisner Investments Limited 33,747,000Chiltonlink Limited Eisner Investments Limited (b) (i) 36,726,857 Yue Shun Limited Yue Shun Limited 36,726,857 2010 37

1. 1. (b) (ii) 112,935,177 112,935,177 (iii) 1,548,211,301 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington LimitedHopestar Holdings Limited 1,548,211,301 (iv) 324,000PineBridge Investments LLCPBI LLCPBI LLC Chiltonlink Limited Chiltonlink Limited PBI LLC 324,000 2. (a) 20200 (b) 8,000,000 3. 2010 10,000,000 4. 5. (a) (b) 6. 7. (a) (b) 2. 5,000,000 5,000,000 0.21% 2010 12 31 XV352 38 2010

1. 1994 9 20199410 2002 5 23 1994 2001 9 1 2004 5 1919942004 200410 1994 2004 20041994 20042010 12 3120041994 67,709,617 12 10 (i) (ii) (iii) 2010 39

1. 2010 12 31 A. 1994 (1) 2010 1 12010 12 31 1 2 1 1 2010 2010 1 1 12 31 08.26.2000 08.26.2001 08.26.2005 02.20.2001 08.26.2001 08.26.2005 07.25.2003 07.25.2004 07.25.2006 08.26.2001 08.26.2010 08.26.2001 01.22.2011 07.25.2004 07.23.2013 60.1200 1,600,000 16.8400 1,600,000 1,600,000 4.3500 6,400,000 6,400,000 08.26.2000 08.26.2001 08.26.2005 02.20.2001 08.26.2001 08.26.2005 07.25.2003 07.25.2004 07.25.2006 08.26.2001 08.26.2010 08.26.2001 01.22.2011 07.25.2004 07.23.2013 60.1200 178,600 16.8400 178,600 178,600 4.3500 2,000,000 2,000,000 07.25.2003 07.25.2004 07.25.2006 07.25.2004 07.23.2013 4.3500 5,000,000 5,000,000 * 10.27.2000 10.27.2001 10.27.2003 10.27.2001 10.27.2010 24.3600 07.25.2003 07.25.2004 07.25.2006 07.25.2004 07.23.2013 4.3500 1,000,000 1,000,000 08.26.2000 08.26.2001 08.26.2005 02.20.2001 08.26.2001 08.26.2005 07.25.2003 07.25.2004 07.25.2006 08.26.2001 08.26.2010 08.26.2001 01.22.2011 07.25.2004 07.23.2013 60.1200 1,060,000 16.8400 1,060,000 1,060,000 4.3500 5,695,200 5,695,200 * 2010 5 19199416,000 2010 1 1 2010 12 31 40 2010

1. A. 1994 (1) 2010 1 12010 12 31 1 2 1 1 2010 2010 1 1 12 31 02.08.2000 02.08.2001 02.08.2001 75.2400 86,700 03.08.2000 02.08.2003 02.08.2010 08.26.2000 3 3 60.1200 823,000 09.24.2000 10.27.2000 4 4 24.3600 7,554,026* 11.25.2000 01.22.2001 5 5 16.8400 5,017,159 4,852,959 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 6 6 10.3000 1,047,640 1,039,000 05.16.2001 07.16.2001 07.16.2002 07.16.2002 9.1600 194,600 169,120 09.15.2001 07.16.2004 07.16.2011 05.10.2002 7 04.11.2003 7.9150 86,700 86,700 04.11.2012 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 5,860,000 5,480,000 11.13.2005 11.12.2012 07.25.2003 07.25.2004 07.25.2004 4.3500 29,501,672 29,054,338 07.25.2006 07.23.2013 09.16.2003 09.16.2004 09.16.2006 09.16.2004 09.14.2013 4.9000 7,000 7,000 08.26.2000 3 3 60.1200 2,800,000 09.24.2000 01.22.2001 5 5 16.8400 2,800,000 2,800,000 02.20.2001 07.25.2003 07.25.2004 07.25.2006 07.25.2004 07.23.2013 4.3500 1,000,000 1,000,000 * 2010 5 19199416,000 2010 1 1 2010 12 31 2010 41

1. A. 1994 (2) 2010 12 31 (3) 2010 12 31 60.1200 1,600,000 60.1200 178,600 24.3600 16,000 60.1200 1,060,000 75.2400 86,700 60.1200 823,000 24.3600 7,538,026 16.8400 164,200 10.3000 8,640 9.1600 25,480 6.1500 380,000 4.3500 447,334 60.1200 2,800,000 B. 2004 2010 1 12010 12 312010 12 31 2. A. 2003 3 172003 10 20032005 5 13 2003 200532(c) 20052005 5 23 2003 2003 2005 42 2010

2. A. 2003 2010 12 31 2003 (1) 2010 1 12010 12 31 1 1 1 2010 1 1 2010 12 31 12.20.2004 12.20.2004 12.20.2004 12.19.2014 2.375 5,000,000 5,000,000 2010 12 312003 5,000,000 (2) 2010 12 31 2003 (3) 2010 12 31 (4) 2010 12 31 2005 2005 1. 2. 1994 3. (i)2001 5 262003 5 26(ii) (iii) 10 4. (i)2001 3 152005 3 15 (ii) 10 5. (i)2001 8 26 2002 12 72005 8 26 (ii)(iii) 10 6. (i)2001 5 262005 5 26(ii) (iii) 10 7. 2010 43

2002 2006 52010 12 31 18 2010 12 31336 1,548,211,301 21.29% 1 1,661,146,478 22.84% Star Ocean Ultimate Limited 2 1,661,146,478 22.84% The Ocean Trust 2 1,661,146,478 22.84% The Starlite Trust 2 1,661,146,478 22.84% OS Holdings Limited 2 1,661,146,478 22.84% Ocean Star Management Limited 2 1,661,146,478 22.84% The Ocean Unit Trust 2 1,661,146,478 22.84% The Starlite Unit Trust 2 1,661,146,478 22.84% 3 1,343,571,766 18.48% 1. (i)112,935,177(ii)1,548,211,301 Borsington Limited Pacific Century International Limited Pacific Century Group (Cayman Islands) Limited Anglang Investments Limited 2. 2004 4 18 Ocean Star Management LimitedThe Ocean Unit Trust The Starlite Unit TrustOcean Star Management LimitedOS Holdings Limited The Ocean Trust The Starlite Trust The Ocean Unit Trust The Starlite Unit TrustStar Ocean Ultimate LimitedThe Ocean Trust The Starlite Trust 3. China Netcom Corporation (BVI) Limited 44 2010

2010 12 31336 Ocean Star Investment Management Limited 1,661,146,478 22.84% 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 2010 12 31 336 2010 45

2010 12 318.10 1 2 A A 3 A A 4(a) 4(b) 46 2010

1. 2. 2000 8 16 110,000 3. 2011 3 9 4. (a) (b) 2011 3 14 402009 600 2010 12 31 2010 47

2010 12 31 1. Unihub Global Network Technology (China) Limited 2008 4 232010 12 31 (1) (2) (3) 2010 6 32010 8 1614A.33(4) 2010 12 3114A 2. China Netcom Corporation (BVI) Limited China Netcom BVI (i) (ii)2008 1 4 48 2010

2. 2009 1 23 2010 12 31 (1) (2) (3) (i) (ii) 15 (i) (ii) 2010 12 31 2010 12 31 (1) 72,629 370,000 (2) 129,628 500,000 (3) 165,077 500,000 2010 49

2. 2008 1 2008 1 4 15 2010 12 31 4,669,154 15 30,598,000 3. 3000 7402010 12 31 14A.38 2010 12 31 (i) (ii) (iii) 4 50 2010

2010 12 31 2011 3 22 2010 51

53 145 2010 12 31 141 2010 12 31 2011 3 22 52 2010

2010 12 31 2010 2009 5 & 6 22,962 25,077 (10,533) (12,254) (8,924) (9,029) 7 1,217 168 8 (61) 27 18 10 (1,587) (1,485) 47 61 (129) (116) 1 6 & 9 3,080 2,380 12(a) (756) (585) 2,324 1,795 1,926 1,506 398 289 2,324 1,795 15 27.75 22.24 27.75 22.23 5914514 2010 53

2010 12 31 2010 2009 2,324 1,795 436 263 (73) 27 81 (10) 24 (120) (94) (51) 383 100 2,707 1,895 2,205 1,624 502 271 2,707 1,895 59145 54 2010

2010 12 31 2010 2010 2010 1 1 (5,445) 3,420 (2,025) 28,623 2,205 502 2,707 1,949 14 33 (901) (901) (901) 14 33 (370) (370) (370) (1,267) (1,267) 1,279 1,279 1,279 43 (31) (31) 2010 12 31 (3,263) 2,655 (608) 30,580 2009 2009 2009 1 1 1,735 3,165 4,900 37,405 1,624 271 1,895 22 14 33 (8,804) (8,804) (8,804) (19) (19) 42(c) 3 3 2009 12 31 (5,445) 3,420 (2,025) 28,623 59145 2010 55

2010 12 31 2010 2009 2010 2009 16 15,452 16,300 17 5,085 3,794 18 552 575 19 1,052 904 20 3,170 3,096 21 2,388 1,728 22 12,089 12,089 23 233 189 24 477 514 2 3 25 281 325 29 152 34(a) 78 65 465 441 29,387 27,934 12,089 12,089 19 772 698 22(a) 18,262 16,586 26(a) 845 1,271 26(b) 2,281 1,001 32 52 26(c) 3,226 2,488 10 9 26(d) 957 992 4(d) 2 8 29 17 108 26(e) 2,529 2,418 16 16 36(d) 8,101 8,049 194 93 18,746 17,049 18,498 16,740 26(f) (7,800) (246) (200) 26(g) (1,705) (1,645) (4,005) (4,441) (7) (6) 28 (1,606) (833) 35 (143) (85) 4(d) (57) (42) (1,860) (1,768) (568) (767) (17,744) (9,827) (7) (206) 1,002 7,222 18,491 16,534 30,389 35,156 30,580 28,623 56 2010

2010 2009 2010 2009 27 (27,041) (34,667) 29 (102) 34(a) (2,109) (1,276) (727) (651) 31(a)(i) (4) (5) 35 (895) (480) (119) (102) (30,997) (37,181) (608) (2,025) 30,580 28,623 30 1,818 1,693 1,818 1,693 33 (5,081) (7,138) 28,762 26,930 (3,263) (5,445) 30,580 28,623 2,655 3,420 (608) (2,025) 30,580 28,623 2011 3 22 59145 2010 57

2010 12 31 2010 2009 36(a) 5,920 7,940 6 7 (1,798) (1,604) (1,356) (1,000) 36(b) (8) (84) (85) (1) (259) 17 36(c) 842 (28) 101 2 86 86 14 16 43 (31) 91 (3,083) (1,903) 1,279 (302) 16,152 7,730 (1,358) (1,507) (16,112) (4,719) (1,271) (8,804) (1,267) (19) 21 50 (2,858) (7,269) (21) (1,232) 73 (3) 8,049 9,284 36(d) 8,101 8,049 59145 58 2010

2010 12 31 1 1994 10 18 979 39 2 a. 3 2728 312009 7 1 3 42 27 43 2010 59

2010 12 31 2 b. 2010 1 1 1 17 32 39 1 1 2 9 17 18 5 52008 10 2008 2009 5 2009 44 2010 12 31 2(g) 2(m)(iii) 2(o) 3 60 2010

2 c. 2(k) 12 42 2010 61

2010 12 31 2 c. 2(n)(ii) d. 2(n)(ii) e. 2(d) 2(n)(ii) 62 2010

2 f. 2(n)(ii) 2(h) (i)(ii)(iii) 5 10 5 30 1 17 g. 2(h) 2(y)(iv) 2(h) 2(h) 2010 63

2010 12 31 2 g. h. i. 2(g) ii. 2(f)2(n)(ii) 2(y)(iv) iii. 2(g) 2(i) i. 64 2010

2 j. k. 2(n)(ii) l. i. ii. 2010 65

2010 12 31 2 l. iii. 2(n)(ii) 2 20 10 m. (i) (ii)(iii) 2(n)(i) i. 12 2(y)(vi) 2(y)(viii) ii. 12 2(n)(i) 66 2010

2 m. iii. 12 2n(i) 2(y)(viii) 2(y)(vi) 2(n)(i) n. i. 2(n)(ii) 2010 67

2010 12 31 2 n. i. 68 2010

2 n. ii. 2010 69

2010 12 31 2 n. iii. 34 2(n)(i) 2(n)(ii) o. 2(p) 12 12 p. i. ii. 70 2010

2 q. r. s. 2(y)(v) t. 2(n)(i) u. v. 2010 71

2010 12 31 2 w. x. (i) (ii)(iii) y. i. ii. iii. 72 2010

2 y. iv. v. vi. vii. viii. z. aa. i. ii. 2010 73

2010 12 31 2 aa. iii. iv. bb. i. 74 2010

2 bb. ii. iii. 2002 11 7 2002 11 72004 12 31 2 2010 75

2010 12 31 2 bb. iii. 2002 11 7 2002 11 72004 12 312 iv. cc. 2005 1 1 2005 1 1 76 2010

2 cc. dd. i. ii. iii. iv. v. (i) vi. ee. 2010 77

2010 12 31 3 20 31(a) 38 i. ii. 78 2010

3 iii. 2009 12 31 2009 6 302009 12 312009 12 31 5,700 iv. 2010 79

2010 12 31 3 v. 2000 5 17 2010 12 31 2010 12 31 9,500 19(a))20045 2009 12 5 17 2010 5 20 2010 5 22 Hong Kong Cyberport Development Holdings Limited Hong Kong Cyberport (Ancillary Development) LimitedFSI 2010 9 28 a. 2010 11 25FSI b. 2011 1 11FSI c. 2011 2 7 2011 8 10 5 5 80 2010

3 vi. vii. viii. 39 ix. (i) (ii) 2010 12 31 50.85 x. 2010 2011 1 xi. 2009 4 27 2009 4 27 2010 81

2010 12 31 4 2010 2009 a & c 74 75 a 241 169 a & c 524 591 a 161 156 b 67 105 a. b. 2010 2009 64 101 3 4 67 105 c. 2005 4 16Telstra Corporation LimitedTelstra Telstra2010 12 31 4.302009 4.51 d. 23 24 2009 12 31100 600 4 2010 82 2010

5 2010 2009 19,553 19,126 2,079 1,861 1,100 3,855 230 235 22,962 25,077 6 EBITDAEBITDA 2010 83

2010 12 31 6 2010 16,302 1,709 1,801 1,644 1,440 66 22,962 415 582 464 55 (1,516) 16,717 1,709 2,383 2,108 1,495 66 (1,516) 22,962 EBITDA 7,053 355 232 241 284 (812) 7,353 1,316 201 128 30 65 58 49 1,847 2009 15,836 1,670 2,033 1,334 4,162 42 25,077 456 317 510 60 19 (1,362) 16,292 1,670 2,350 1,844 4,222 61 (1,362) 25,077 EBITDA 7,050 265 4 209 781 (810) 7,499 1,138 237 80 44 43 54 72 1,668 84 2010

6 EBITDA 2010 2009 EBITDA 7,353 7,499 (45) (3,800) (3,780) 1,217 168 (61) 27 18 (1,587) (1,485) (82) (55) 1 (3) 75 3,080 2,380 2010 2009 19,308 22,136 1,783 1,656 1,871 1,285 22,962 25,077 192.082009 194.92 96.662009 80.49 2010 85

2010 12 31 7 2010 2009 10 21 1 36(c) 232 (21) (96) 1,155 1 4 41 42 10 (15) 1,217 168 8 2010 2009 61 2009 6,100 9 a. 2010 2009 3 3 31(a)(v)) (1) (2) 223 221 225 222 2,365 2,247 2,590 2,469 86 2010

9 b. 2010 2009 4 230 235 (24) (31) 61 119 351 9 6 2,678 2,677 100 334 23 22 1,099 1,081 2,056 1,932 640 2,917 7,837 7,405 45 48 11 (54) (10) 22 18 25 27 509 561 10 2010 2009 468 491 52 990 792 39 198 73 64 5 3 1 1 88 (80) 1,636 1,549 (49) (64) 1,587 1,485 2009 2010 87

2010 12 31 11 a. 2010 1 18.75 2 12.45 1.41 32.61 2.40 2 2.40 6.50 3 0.87 7.37 4 2.88 0.93 0.23 0.01 3.11 0.94 2.35 0.01 2.36 0.20 5 0.20 0.20 6 0.20 0.20 7 0.20 8 0.02 2.11 2.13 0.20 0.20 0.20 0.20 0.20 0.20 0.40 9 0.66 1.06 0.30 10 0.66 0.96 11 0.20 0.20 2.12 29.81 7.43 12.45 1.65 0.88 46.03 8.31 1 2009 2010 2 3 1832009 367 4 2010 5 19 5 2010 6 2010 7 2010 8 2010 5 19 9 1010 10 10 11 2011 3 22 88 2010

11 a. 2009 1 18.75 2 5.00 1.41 25.16 2.40 2 2.40 2.40 2 4.90 3 2.40 4.90 7.33 4 36.80 5 1.13 45.26 2.35 0.05 0.17 2.57 0.20 6 0.20 0.20 7 0.20 0.20 8 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.40 9 0.49 0.89 0.30 10 0.44 0.74 11 0.06 0.06 1.96 26.83 7.33 5.05 41.70 1.58 1.13 35.42 50.16 1 20082009 2009 2 3 4 3672008 5 6 2009 7 2009 8 2009 9 1010 10 10 11 2009 9 10 2010 89

2010 12 31 11 b. i. 2009 2010 5 19 11(a) 2010 5 192010 1 12010 5 182010 2009 2010 2009 5.51 7.62 16.86 10.61 0.44 0.69 22.81 18.92 ii. 2009 2010 5 192010 1 12010 5 18 2010 2009 5,000,001 5,500,000 1 8,000,001 8,500,000 1 1 9,000,001 9,500,000 1 10,500,001 11,000,000 1 3 2 12 a. 2010 2009 101 233 (169) (169) 49 44 (35) (73) 34(a) 810 550 756 585 2009 90 2010

12 b. 2010 2009 3,080 2,380 508 393 115 (7) (7) 166 162 139 310 (204) (242) (24) (32) (52) 14 9 49 44 756 585 13 19.492009 2,200 14 2010 2009 5.12009 370 13.3 2009 901 2009130 8,804 1,271 8,804 10.22009 13.3 742 901 2010 15 2010 2009 1,926 1,506 6,940,787,805 6,772,294,654 2,519,109 6,940,787,805 6,774,813,763 2010 91

2010 12 31 16 2010 1,263 12,548 14,256 10,745 1,009 39,821 10 538 426 353 520 1,847 1 1 585 105 117 (966) (159) (2) (660) (386) (152) (1,200) 9 121 99 13 242 1,280 13,132 14,500 11,077 563 40,552 268 8,841 6,769 7,636 7 23,521 47 1,014 863 754 2,678 (51) (51) (1) (623) (380) (145) (1,149) 2 27 67 5 101 316 9,208 7,319 8,250 7 25,100 964 3,924 7,181 2,827 556 15,452 995 3,707 7,487 3,109 1,002 16,300 92 2010

16 2009 1,243 11,639 12,843 9,986 2,492 38,203 483 560 490 135 1,668 40 40 23 643 569 429 (1,641) 23 (233) (31) (212) (476) (3) 16 315 12 23 363 1,263 12,548 14,256 10,745 1,009 39,821 222 8,016 5,868 7,005 21,111 46 1,019 801 811 2,677 29 10 21 1 61 (232) (30) (207) (469) 9 120 6 6 141 268 8,841 6,769 7,636 7 23,521 995 3,707 7,487 3,109 1,002 16,300 1,021 3,623 6,975 2,981 2,492 17,092 2010 12 317,2002009 7,700 41 2010 93

2010 12 31 16 2010 2009 50 102 106 10 50 756 791 68 57 50 1 1 10 50 37 40 964 995 2010 2 2 2009 2 2 94 2010

17 2010 2009 3,794 3,785 27 (23) (4) 136 8 1,155 1 5,085 3,794 2010 12 31 2,4002009 2,700 1,100 2009 1,200 2010 2009 10 50 12 7 50 913 749 10 50 4,160 3,038 5,085 3,794 215 2010 12 31 2010 2009 1 236 195 15 361 172 5 103 26 700 393 2010 12 31 50.742009 37.87 41 2010 95

2010 12 31 18 2010 2009 823 819 4 823 823 248 226 23 22 271 248 552 575 575 593 2010 2009 50 87 90 10 50 455 475 10 50 10 10 552 575 2010 12 31 2009 96 2010

19 2010 2009 a 428 356 b 624 548 1,052 904 (1,052) (904) a 772 698 772 698 a. 2008 11 b. 20 2010 2009 3,262 3,070 55 191 12 7 1 3,336 3,262 166 70 96 166 166 3,170 3,096 3,096 3,000 2010 97

2010 12 31 20 2010 2009 PCCW Global 585 585 IP BPO Holdings Pte. Ltd. 204 189 789 774 1,939 1,939 162 162 126 126 91 91 802 Limited 802 Global Limited 59 4 4 63 4 3,170 3,096 1.622010 12 31 1.62 2010 PCCW Global 18.7% 3% 9% 70.5% 1% 13% 50.7% 2% 16% 32.9% 2% 12% 2010 10 31 2009 12 31 98 2010

21 2010 1,518 375 180 207 1,503 12 3,795 2 2 153 545 1,058 1 1,757 (941) (941) (6) 2 (4) 1,518 375 327 752 1,622 15 4,609 711 375 115 54 804 8 2,067 a) 76 20 43 958 2 1,099 (941) (941) (4) (4) 787 375 131 97 821 10 2,221 731 196 655 801 5 2,388 807 65 153 699 4 1,728 2009 1,518 375 163 191 1,487 9 3,743 3 3 16 897 913 (882) (882) 17 1 18 1,518 375 180 207 1,503 12 3,795 635 375 88 34 718 8 1,858 a) 76 17 20 968 1,081 (882) (882) 10 10 711 375 115 54 804 8 2,067 807 65 153 699 4 1,728 883 75 157 769 1 1,885 a. 2010 99

2010 12 31 22 2010 2009 130,780 130,780 283 283 131,063 131,063 (118,974) (118,974) 12,089 12,089 1,189.742009 1,189.74 a. 2010 2009 60,102 58,426 (41,840) (41,840) 18,262 16,586 2010 12 311.11 20091.11 100 2010

22 2010 12 31 HKT HKTGH 636,000,001 100% Hong Kong Telecommunications (HKT) Limited HKT 2,488,200,001 100% Hong Kong Telecommunications HKT (CI) Limited 2 100% 6,092,100,052 100% HKT Media Holdings Limited 2 100% HKT Solutions Holdings Limited 2 100% PCCW-HKT Business Services Limited 2 100% PCCW Mobile HK Limited 700,002 100% 1,254,000,100 100 1,254,000,000 3,500,000,102 3,500,000,097 A1 B4 100% 100% PCCW Productions Limited 2 100% 12 100% PCCW Teleservices Operations (Hong Kong) Limited 2 100% 53,803,000 100% 2 2,000,000 75% Interactive Teleservices Corporation 1,169 85% PCCW Teleservices (US), Inc. 10 100% 2010 101

2010 12 31 22 2 100% PCCW Global, Inc. 18.01 100% PCCW Global (Singapore) Pte. Ltd. 100% 172,124,441.71 HKT Global (Singapore) Pte. Ltd. 60,956,485.64 PCCW Global (UK) Limited 100% 1 100% 10,250,000 100% 1 200,000,000 38.2% IP/IT 1,201 100% 12,600,000 100% 2 IP/IT 2 100% 2 100% 100,000 100% 240,745,987 61.53% 2 61.53% 2 100,000,000 61.53% Talent Master Investments Limited 1 61.53% Nihon Harmony Resorts KK 405,000,000 61.53% UK Broadband Limited 1 100% 1 2 102 2010

23 2010 2009 292 248 78 78 34 34 404 360 (171) (171) 233 189 551 812 2010 12 31 15,600,000 37.04% 50,000,000 45% 2010 2009 1,182 877 (651) (357) 1,280 1,022 107 204 2010 12 3120092010 12 31 2009 2010 103

2010 12 31 24 2010 2009 3,055 3,093 268 267 23 23 3,346 3,383 (2,869) (2,869) 477 514 3,637 3,546 2.602009 2.59 3 2010 12 31 Reach Ltd. 5,890,000,000 50% IPTV 644,518,697 50% Genius Brand Limited 10,000 50% 2010 2009 1,366 1,443 518 541 1,884 1,984 (1,673) (1,616) (723) (758) (512) (390) (226) (217) (738) (607) 2,030 1,998 (2,147) (2,139) (117) (141) (4) (4) (121) (145) (11) (8) (132) (153) 104 2010

25 2010 2009 325 244 28 (64) (14) 27 81 (21) 281 325 2010 2009 56 59 225 266 281 325 56 59 2010 12 31 2010 12 31 2,1002009 1,40020091,000 2009 1,0002009 2010 12 312009 26 a. b. 2010 12 3122.45 2009 9.36 2010 12 313,200 2009 5,20033 2010 12 31 4002009 1,300 2010 105

2010 12 31 26 c. 2010 12 311.222009 1.46 d. 2010 2009 704 715 163 232 90 45 957 992 e. 2010 2009 i 2,735 2,720 ii (206) (302) 2,529 2,418 i. 2010 2009 0 30 1,464 1,534 31 60 308 321 61 90 185 174 91 120 96 108 120 682 583 2,735 2,720 106 2010

26 e. ii. 2010 2009 302 327 119 351 (215) (376) 206 302 2010 12 311.542009 2.05 1.542009 2.05 iii. 2010 2009 1,278 1,222 0 30 417 445 31 60 164 186 61 90 129 123 90 541 442 1,251 1,196 2,529 2,418 2010 12 314,4002009 4,900 41 2010 107

2010 12 31 26 f. 2010 2009 2010 2009 108 2011 i 7,772 28 246 200 7,800 246 200 28 46 7,772 200 200 i. 108 2011 2001 11PCCW-HKT Capital Limited107.75 2011 11 2011 2011 2011 20118 2011 HKTGH HKT HKTGH HKT 41 g. 2010 2009 0 30 901 927 31 60 184 111 61 90 30 44 91 120 15 40 120 575 523 1,705 1,645 108 2010

27 2010 2009 12 19,233 18,334 11,586 8,695 3,848 27,041 34,667 108 2011 a 7,736 56 2013 b 3,879 3,862 55.25 2015 c 3,866 3,848 54.25 2016 d 3,773 15,523 19,221 27,041 34,667 e 12 11 27,029 34,656 a. 108 2011 2010 12 31 26(f) b. 56 2013 2003 7 17PCCW-HKT Capital No.2 Limited56 2013 HKTGH HKT HKTGH HKT c. 55.25 2015 2005 7 20PCCW-HKT Capital No.3 Limited55.25 2015 HKTGH HKT HKTGH HKT d. 54.25 2016 2010 8 24PCCW-HKT Capital No.4 Limited54.25 2016 HKTGH HKTHKTGH HKT 2010 109

2010 12 31 27 e. 2009 9 22 1,000 2012 9 24 2009 12 10 1,000 2009 9 22 28 20102009 12 31 20102009 12 31 41 28 2010 a 803 30 833 771 2 773 1,574 32 1,606 a. b. 3(v) 5 110 2010

29 2010 2009 a 152 a 17 108 b (34) b (68) (102) 2010 12 3125 194.54 200920 155.10 12 12 a. 2010 12 3120 155.63 2009 20 155.10 7.7790 7.8014 20097.7790 7.801438(c)(i) b. 2010 12 315 38.91 20097.7708 7.7711 38(c)(i)2.2438(c)(ii) (i)(ii) 8002009 2010 111

2010 12 31 30 2010 2009 0.25 10,000,000,000 2,500 10,000,000,000 2,500 0.25 6,772,294,654 1,693 6,772,294,654 1,693 a 500,000,000 125 7,272,294,654 1,818 6,772,294,654 1,693 a. 2010 8 312.600.25500,000,000 13 31 a. 19 2010 12 31 Society of Actuaries 2010 12 31 2009 i. 2010 2009 iii 261 286 iv (195) (201) 66 85 (62) (80) 4 5 2011 112 2010

31 a. ii. 2010 2009 100% 100% 100% 100% 2010 12 312009 iii. 2010 2009 286 352 (12) (12) 7 4 (20) (58) 261 286 iv. 2010 2009 201 204 (12) (12) 11 11 (5) (2) 195 201 2010 113

2010 12 31 31 a. v. 2010 2009 7 4 (11) (11) 3 5 (1) (2) 9(a) (1) (2) 6 9 vi. 2010 2009 3.10% 2.60% 5.75% 5.75% 3.00% 3.00% vii. 2010 2009 2008 2007 2006 261 286 352 253 237 (195) (201) (204) (206) (208) 66 85 148 47 29 (2) 8 (1) 3 2 5 2 2 2 4 114 2010

31 b. 20,000 32 a. 1994 9 1994 2002 5 1019942004 9 2004 5 1919942004 2004 5 192004 2004 1994 20042004 5 192004 (i) (ii) (iii) 10 20042004 2010 115

2010 12 31 32 a. i. 2010 2009 12.45 82,837,597 10.28 137,971,730 iii 38.76 (15,127,980) 7.02 (55,134,133) ii 6.57 67,709,617 12.45 82,837,597 6.57 67,709,617 12.45 82,837,597 ii. 2010 2009 2000 2 82000 3 8 2001 2 8 2001 2 8 75.2400 86,700 2003 2 8 2010 2 8 2000 8 262000 9 24 2001 5 26 2001 5 26 60.1200 6,461,600 2005 5 26 2010 8 26 2000 10 272000 11 25 2001 3 15 2001 3 15 24.3600 7,554,026 2005 3 15 2010 10 27 2001 1 222001 2 20 2001 1 22 2001 1 22 16.8400 10,491,559 10,655,759 2005 1 22 2011 1 22 2001 2 8 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 1,039,000 1,047,640 2005 5 26 2011 4 17 2001 7 162001 9 15 2002 7 16 2002 7 16 9.1600 169,120 194,600 2004 7 16 2011 7 16 2002 4 11 2003 4 11 2003 4 11 7.9150 86,700 86,700 2007 4 11 2012 4 11 2002 8 1 2003 8 1 2003 8 1 8.0600 200,000 200,000 2005 8 1 2012 7 31 2002 11 13 2003 11 13 2003 11 13 6.1500 5,480,000 5,860,000 2005 11 13 2012 11 12 2003 7 25 2004 7 25 2004 7 25 4.3500 50,149,538 50,596,872 2006 7 25 2013 7 23 2003 9 16 2004 9 16 2004 9 16 4.9000 7,000 7,000 2006 9 16 2013 9 14 67,709,617 82,837,597 116 2010

32 a. ii. 2010 2009 4.01 5.04 2.56 50,156,538 3.56 50,603,872 5.05 7.54 1.87 5,480,000 6.15 5,860,000 7.55 11.29 0.56 1,494,820 1.56 1,528,940 16.80 25.04 0.06 10,578,259 0.96 18,296,485 55.05 70.04 0.65 6,461,600 70.05 85.00 0.10 86,700 67,709,617 82,837,597 iii. 2010 2009 2001 2 82010 2 8 75.2400 86,700 2001 5 262010 8 26 60.1200 6,461,600 2001 3 152010 10 27 24.3600 7,554,026 605,600 2000 10 252009 10 25 22.7600 1,529,600 2001 1 222011 1 22 16.8400 164,200 276,680 2000 8 172009 8 17 11.7800 13,192,793 2001 5 262011 4 17 10.3000 8,640 3,280 2002 7 162011 7 16 9.1600 25,480 15,680 2003 11 132012 11 12 6.1500 380,000 260,000 2004 7 252013 7 23 4.3500 447,334 859,000 2006 2 82009 2 7 4.4750 38,391,500 15,127,980 55,134,133 2010 117

2010 12 31 32 b. 2002 2002 6 10 2002 11 12 2006 5 2010 2009 2,519,109 2,519,109 c. 2003 3 17200310 2003 2005 5 132003 200520052005 5 23 2003 2003 20052005 2005 (i)(ii) (iii)2005 2005 2005 5 23 2005 5 23 20102009 12 31 20052010 12 312005 118 2010

32 c. 2003 i. 2010 2009 ii 2.375 5,000,000 2.375 5,000,000 2.375 5,000,000 2.375 5,000,000 ii. 2010 2009 2004 12 20 2004 12 20 2004 12 20 2014 12 19 2.375 5,000,000 5,000,000 5,000,000 5,000,000 2010 12 31420095 2005 1 1 2010 119

2010 12 31 33 2010 2010 1 1 7,989 12,401 3 (18) 96 577 266 66 (28,518) (7,138) 332 (70) 17 1,926 2,205 (901) (901) (370) (370) 1,154 1,154 (31) (31) 2010 12 31 9,143 11,130 3 (18) 96 909 196 83 (31) (26,592) (5,081) 2010 1 1 7,989 12,401 3 95 6,442 26,930 1,949 1,949 (901) (901) (370) (370) 1,154 1,154 2010 12 31 9,143 11,130 3 95 8,391 28,762 120 2010

33 2009 2009 1 1 7,989 21,205 3 (18) 137 369 437 (15) (30,065) 42 208 (171) 81 1,506 1,624 (8,804) (8,804) (41) 41 2009 12 31 7,989 12,401 3 (18) 96 577 266 66 (28,518) (7,138) 2009 1 1 7,989 21,205 3 136 6,379 35,712 22 22 (8,804) (8,804) (41) 41 2009 12 31 7,989 12,401 3 95 6,442 26,930 2004 6 302004 79C 2006 1 10 5.44 42.431.06 PCCW Capital No. 2 Limited4.50 2007 1 2006 3 27 2010 12 31 0.32 2009 0.52 26(b)2010 12 31 111.302009 124.0183.912009 64.42195.212009 188.43 2010 121

2010 12 31 34 a. 2010 957 281 11 (8) (30) 1,211 12(a) 614 (31) (11) 299 (71) 10 810 10 10 1,581 250 291 (71) (20) 2,031 2009 430 302 49 (4) (65) (46) 666 12(a) 527 (21) (38) (4) 65 21 550 (5) (5) 957 281 11 (8) (30) 1,211 2010 2009 (78) (65) 2,109 1,276 2,031 1,211 122 2010

34 b. 7,10020096,500 175.502009 178.05 3.092009 12.323,300 2009 2,0002010 12 31 35 2010 12 31 2010 2009 143 11 154 85 9 94 137 24 161 85 19 104 390 153 543 243 120 363 368 233 601 152 140 292 1,038 421 1,459 565 288 853 (143) (11) (154) (85) (9) (94) 895 410 1,305 480 279 759 2010 123

2010 12 31 36 a. 2010 2009 3,080 2,380 9 6 (27) (18) 1,331 1,366 247 118 1 1 88 (80) 2,678 2,677 (10) (21) (41) (42) (1,155) (1) 21 (232) (1) 1 (1) 61 (2) (40) 45 96 119 351 1,099 1,081 23 22 82 55 (2) (1) 1 (162) 1,671 140 18 (218) 1,603 (681) (629) 426 5,723 (1,301) (218) 6 30 (24) (43) (388) (924) 773 (5,343) (5) (73) (116) (12) (84) 75 (456) 6,044 9,109 21 18 (100) (1,159) (45) (28) 5,920 7,940 124 2010

36 b. 2010 2009 1 40 2 3 3 6 46 64 6 10 26 2 (71) (58) (6) (47) (45) (3) 7 (28) 55 191 (2) 60 163 34 82 26 77 4 60 163 (34) (86) 26 2 (8) (84) 2010 125

2010 12 31 36 c. 2010 2009 672 20 71 (7) (2) 754 (913) (159) (73) 7 (232) 913 (71) 842 d. 2010 2009 2010 2009 10,420 9,070 226 145 (38) (20) (2,281) (1,001) (32) (52) 12 31 8,101 8,049 194 93 126 2010

37 20102009 12 31 2010 2009 (3,263) (5,445) 26,592 28,518 23,329 23,073 2010 127

2010 12 31 38 2010 2 2 281 281 152 152 35 35 2 35 152 281 470 845 845 2,281 2,281 2,529 2,529 2 2 17 17 2,529 2,529 8,101 8,101 16,287 17 16,304 2 16,322 169 281 16,774 2010 7,800 7,800 1,705 1,705 4,005 4,005 1,606 1,606 143 143 57 57 15,316 15,316 27,041 27,041 102 102 895 895 119 119 102 28,055 28,157 102 43,371 43,473 128 2010

38 2009 3 3 325 325 58 58 3 58 325 386 1,271 1,271 1,001 1,001 1,781 1,781 8 8 108 108 2,418 2,418 8,049 8,049 14,528 108 14,636 3 14,586 108 325 15,022 2009 246 246 1,645 1,645 4,441 4,441 833 833 85 85 42 42 7,292 7,292 34,667 34,667 480 480 102 102 35,249 35,249 42,541 42,541 2010 129

2010 12 31 38 2010 2009 18,262 16,586 32 52 9 9 194 93 18,497 16,740 2010 2009 200 7 6 7 206 a. 30 20102009 12 31 26(e) 20102009 12 31 130 2010

38 a. 40 b. 2010 1 1 2 2 5 5 (8,336) (8,336) (7,800) (1,705) (1,705) (1,705) (4,005) (4,005) (4,005) (1,606) (1,606) (1,606) (154) (154) (143) (57) (57) (57) (15,863) (15,863) (15,316) (753) (763) (19,880) (8,931) (30,327) (27,041) 63 39 (120) (103) (121) (102) (161) (543) (601) (1,305) (895) (3) (20) (70) (48) (141) (119) (693) (905) (20,613) (9,683) (31,894) (28,157) (16,556) (905) (20,613) (9,683) (47,757) (43,473) 2010 131

2010 12 31 38 b. 1 1 2 2009 2 5 5 (250) (250) (246) (1,645) (1,645) (1,645) (4,441) (4,441) (4,441) (833) (833) (833) (85) (85) (85) (42) (42) (42) (7,296) (7,296) (7,292) (1,386) (20,675) (12,950) (3,996) (39,007) (34,667) (104) (363) (292) (759) (480) (14) (17) (41) (49) (121) (102) (1,400) (20,796) (13,354) (4,337) (39,887) (35,249) (8,696) (20,796) (13,354) (4,337) (47,183) (42,541) 1 2010 2009 1 (201) (201) (200) (7) (7) (7) (6) (6) (6) (7) (7) (7) (207) (207) (206) c. 132 2010

38 c. i. 20102009 12 31 2010 12 31 25 194.54 200920 155.10 2010 2009 578 331 615 278 6 1,491 651 1,633 630 (752) (172) (608) (127) (64) (37) (7,800) (46) (11,518) (12) (15,446) (11) (18,065) 798 (13,883) 770 (67) (808) (772) 19,454 15,510 1,322 (10) 1,627 (2) 2010 133

2010 12 31 38 c. i. 2010 12 31 1,1002009 1,400 2010 12 311.952009 1.55 2010 12 31 2010 2009 12 31 2009 ii. 134 2010

38 c. ii. 2010 2009 % % 7.93 7,772 5.77 7,745 6.84 15,446 15,517 15,446 1.59 15,551 1.70 19,467 4.46 3,773 19,324 19,467 34,841 34,913 2010 12 31 10 8002009 1,600 102009 iii. 25 2010 135

2010 12 31 38 d. 20102009 12 31 2010 2009 (7,800) (8,220) (246) (246) (27,041) (27,693) (34,667) (35,496) e. 2010 12 31 2010 56 56 225 225 152 152 17 17 56 169 225 450 (102) (102) 2009 59 59 266 266 108 108 59 108 266 433 136 2010

38 e. 2010 12 31 2010 2009 266 227 28 (64) 16 39 (21) 225 266 2010 12 312.252009 2.66 2010 137

2010 12 31 39 a. 2010 2009 1,075 439 1,007 865 2,082 1,304 2010 2009 104 104 7 26 67 1,903 1,174 1 2,082 1,304 b. 2010 12 31 2010 2009 1 676 620 1 5 1,008 922 5 363 386 2,047 1,928 2010 2009 1 348 210 1 5 354 241 5 62 764 451 114 138 2010

39 c. 2010 12 31 2010 2009 1,030 1,191 248 272 2 1,280 1,463 40 2010 2009 2010 2009 377 393 5 5 11 13 4 4 2 2 6 6 6 6 11 11 12 421 427 13 13 41 2010 12 31303.202009 278.85 144.86 2009 82.22 26(f) 27 2010 2009 72 77 5,074 3,787 44 49 3 5,193 3,913 2010 139

2010 12 31 42 a. 802 Limited 802 Global Limited 2010 5 14802 Limited 802 Global Limited 3,400 4,100 2,600802 Limited 802 Global Limited 2010 12 31 2011 2011 i. 2010 34 26 60 (5) 20 55 1 2 35 6 (33) (6) 5 140 2010

42 a. 802 Limited 802 Global Limited i. 2010 (34) 36(b)) (34) ii. 200 iii. 2010 12 312,600500 2010 1 1 4,300600 b. PC Music Holdings LimitedPC Music Group 2010 9 30PC Music Holdings Limited PC Music Group i. PC Music Group 2010 (2) (2) PC Music Group 3 3 11 44 26 26 (21) (21) (17) (17) 2 35 2010 141

2010 12 31 42 b. PC Music Holdings LimitedPC Music Group i. PC Music Group 2010 PC Music Group 26 PC Music Group36(b)) 26 ii. iii. 2010 12 311,200100 2010 1 1 5,000400 c. IP BPO Holdings Pte. Ltd. 2009 8 13IP BPO Holdings Pte. Ltd.IP BPO Holdings Pte. Ltd. 7,800 9,400 7,700 2009 12 31IP BPO Holdings Pte. Ltd.2010 8,9002010 101.71 2010 10 1,200 2010 12 31IP BPO Holdings Pte. Ltd. 2009 12 31 i. 2009 78 20092010 77 4 159 29 20 188 2010 12 200 142 2010

42 c. IP BPO Holdings Pte. Ltd. i. 40 40 3 3 5 5 61 61 1 1 (44) (44) (47) (47) (45) (45) (26) (26) (3) (3) (29) (29) 2010 2009 2009 (82) 1 36(b) (81) 2010 (85) ii. 2009 8 142009 12 311.5 200 2009 1 1 3.772009 12 31200 d. Kabushiki Kaisha Niseko Management Service 2009 11 30 Kabushiki Kaisha Niseko Management Service i. 2009 Kabushiki Kaisha Niseko Management Service 4 (1) 20 3 2010 143

2010 12 31 42 d. Kabushiki Kaisha Niseko Management Service i. 1 1 10 10 3 3 1 1 (14) (14) 1 1 2009 (4) 1 36(b) (3) ii. 2009 11 302009 12 31100 43 2010 12 23 IP BPO Holdings Pte. Ltd.Interactive Teleservices Corporation PCCW Teleservices (US), Inc.3,100Interactive Teleservices Corporation3,100 Interactive Teleservices Corporation 2010 2009 31 31 2009 12 31 144 2010

44 2010 12 31 2010 12 31 32 2010 2 1 19 2010 7 1 1 2010 7 1 24 2011 1 1 14 19 2011 1 1 9 2013 1 1 2010 52010 2010 7 1 2011 1 1 2010 12 31 2010 145

2010 12 31 2010 2009 2008 2007 2006 16,717 16,292 17,465 16,636 15,374 1,709 1,670 1,744 1,468 1,236 2,383 2,350 2,239 1,703 1,002 2,108 1,844 1,866 1,795 1,652 1,495 4,222 9,943 3,134 7,263 66 61 86 249 328 (1,516) (1,362) (1,392) (1,270) (1,218) 22,962 25,077 31,951 23,715 25,637 (10,533) (12,254) (17,850) (10,538) (12,973) (8,924) (9,029) (10,005) (9,144) (8,904) 1,217 168 (464) (3) 42 (61) (103) (7) (11) 27 18 197 429 732 (1,587) (1,485) (1,473) (1,658) (2,008) (82) (55) 11 13 37 1 (31) 3,080 2,380 2,233 2,807 2,552 (756) (585) (711) (970) (920) 2,324 1,795 1,522 1,837 1,632 1,926 1,506 1,272 1,503 1,252 398 289 250 334 380 12 31 2010 2009 2008 2007 2006 29,387 27,934 29,535 29,797 29,711 18,746 17,049 27,070 21,560 19,715 (17,744) (9,827) (16,723) (26,145) (25,657) 1,002 7,222 10,347 (4,585) (5,942) 30,389 35,156 39,882 25,212 23,769 (30,997) (37,181) (34,982) (20,861) (20,870) (608) (2,025) 4,900 4,351 2,899 12 31 2010 2009 2008 2007 2006 19,521 18,843 27,584 46,604 25,475* * 254.75 2004 2006 33(a) 146 2010

2010 * A A6 810 13 29,351 40,077 62% B 17,558 62% C 21,496 62% D 10,034 62% 75,431 62% 812 62% 12 18 520 100% * 50 10 50 2010 147

2010 2011 3 22 2011 6 14-17 OTC Markets Group Inc. 10 2010 2011 2010 KBE LVO GBS FREng GBS JP GBM GBS OBE JP CBE LLD JP 2011 6 28 2011 6 17 2010 2010 www.pccw.com www.hkexnews.hk A) 2010 B) 2010 18317M +852 2529 6087/+852 2865 0990 pccw@computershare.com.hk 2010 2010 2010 0008 0008.HK 8 HK PCCWY 2010 12 31 2010 12 31 1,000 7,272,294,654 5.10 10.20 183 17 1712 1716 +852 2862 8555 +852 2529 6087 hkinfo@computershare.com.hk Citibank, N.A. PCCW American Depositary Receipts Citibank Shareholder Services 250 Royall Street, Canton, MA 02021, USA +1 877 248 4237 +1 781 575 4555 citibank@shareholders-online.com www.citi.com/dr 979 39 +852 2888 2888 +852 2877 8877 979 34 +852 2514 5084 ir@pccw.com www.pccw.com 148 2010

008 OTC Markets Group Inc.PCCWY