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2015 12 31 2014 2015 * 32,962 39,149 315 165 33,277 39,314 (15,151) (18,965) (14,091) (14,534) 2,717 135 90 87 (1,418) (1,634) 45 52 5 (15) 5,474 4,440 (803) (447) 4,671 3,993 3,310 2,295 1,361 1,698 45.14 30.58 45.05 30.54 6.99 7.96 13.21 17.04 EBITDA 1 EBITDA* 10,506 12,139 (166) (261) 10,340 11,878 * 281 31 6 2015

2015 12 31 now TV 4K now TV OTT (over-the-top) DTT 10Gbps 2015 40 Viu OTT 1230 OTT ViuTV ViuTV 4DTT 2016 Infinitum 2016 2 26 2015 7

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Viu OTT Viu 2016 2016 2 26 2015 11

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642002 9 Pritchard Englefield & Tobin Thomas Eggar incorporating Pritchard Englefield 1979 1980 1991 KBE, LVO 812002 6 1972 20 1982 (Royal College of Defence Studies) 19861993 1997 GBS 78 2009 92011 3 2011 3 (The Philippine American Life and General Insurance Company) AIG PineBridge Investments Asia Limited Bridge Holdings Company Limited 2004 6 2014 7 2001 1960 1998 2002 2003 1975 1996 2009 6 AIG2001 2009 6AIG Life Insurance 20002009 6 20052015 4 2015 13

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542012 3 Good Harbour Finance Limited 1986 1988 Weatherite Manufacturing Limited 1992 2000 Bryce Wayne LEE 512012 5 Silver Lake Kraftwerk Credit Suisse Group AG (Forbes) 19 887 Lars Eric Nils RODERT Rodert542012 11 RodertÖstVāst Capital Management 2013 4 Brookfield Property Partners L.P. 2010 12 2013 4 Brookfield Infrastructure Partners L.P. Inter IKEA Treasury SEB Asset Management Rodert David Christopher CHANCE Chance582013 11 ChanceModern Times Group MTG ABTop Up TV Ltd. 2003 2011 Top Up TV Ltd. 19931998 British Sky Broadcasting Group plc ITV plc O2 plc 16 2015

17 2015 now TVOTT (over-the-top) 2015 12 31 F.1.2 F.1.2 3866

3866 2015 12 31 67 16 1216 (www.pccw.com) 2015 2015 5 7 18 2015

2015 20151 4/4 1/1 1/1 4/4 1/1 4/4 1/1 3/4 1/1 2/4 0/1 4/4 1/1 2/4 2 1/1 3/4 1/1 1/1 1/4 3 0/2 3 0/1 4/4 2/2 1/1 4/4 1/1 2/2 1/1 4/4 3/3 1/1 2/2 1/1 4 4/4 1/1 1/1 Bryce Wayne Lee 4/4 3/3 2/2 1/1 Lars Eric Nils Rodert 4/4 3/3 1/1 David Christopher Chance 4/4 1/1 1. 2. 3. 4. 2015 5 7 2015 19

3.13 3.13 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 44 2015 12 31 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2015 12 31 20 2015

2015 11 www.pccw.com/ir www.hkexnews.hk 2015 5 7 Bryce Wayne Lee 2003 5 2015 21

2015 19 2015 (i) 2014 (ii) 2015 (iii) 2015 (iv) 2015 2016 2 26 11 2003 5 2016 2 26 2015 19 2015 (i) (ii) 2015 22 2015

(iii) (iv) 2015 11 2016 1 1 2015 12 31 2,900 400 400 2016 2 26 2016 Bryce Wayne Lee Lars Eric Nils Rodert 2015 19 2015 (i) 2015 (ii) 2014 12 31 (iii) 2014 12 31 2015 (iv) 2015 23

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25 2015 2016 1 1 2007 5 18 Sarbanes-Oxley Act SOA SOA

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200 20 2015 12 312015 5 7 2014 3 2016 2 26 2015 27

391.49 393.14 EBITDA121.39 EBITDA118.78 23.70 2014 21.17 17.04 2015 12 31 2015 12 31 391.49 EBITDA 121.39 CSL Holdings LimitedCSL 2015 12 31 393.14EBITDA 118.78 201419.31 201523.70 2014 2015 21.17 22.95 30.58 2015 12 31 17.04 EBITDAEBITDA 28 2015

Viu over-the-topott Viu 2016 4 4,000 Infinitum 2016 2015 29

2014 2015 12 31 12,520 16,303 28,823 15,974 18,755 34,729 20% 1,487 1,744 3,231 1,590 1,780 3,370 4% 1,459 1,911 3,370 1,500 2,094 3,594 7% 18 26 44 25 34 59 34% (1,044) (1,462) (2,506) (1,106) (1,497) (2,603) (4)% 14,440 18,522 32,962 17,983 21,166 39,149 19% 224 91 315 99 66 165 (48)% 14,664 18,613 33,277 18,082 21,232 39,314 18% (6,782) (8,369) (15,151) (8,027) (10,938) (18,965) (25)% (3,506) (4,280) (7,786) (4,372) (4,099) (8,471) (9)% EBITDA 1 4,425 5,817 10,242 5,770 6,330 12,100 18% 180 272 452 182 211 393 (13)% 232 390 622 246 442 688 11% (301) (329) (630) (324) (386) (710) (13)% (79) (101) (180) (90) (242) (332) (84)% EBITDA 1 4,457 6,049 10,506 5,784 6,355 12,139 16% (81) (85) (166) (101) (160) (261) (57)% EBITDA 1 4,376 5,964 10,340 5,683 6,195 11,878 15% EBITDA 1 31% 33% 32% 32% 30% 31% EBITDA 1 30% 32% 31% 31% 29% 30% (2,517) (3,786) (6,303) (2,930) (3,130) (6,060) 4% (2) (2) 4 (7) (3) (50)% 688 2,029 2,717 60 75 135 (95)% 45 45 90 35 52 87 (3)% (573) (845) (1,418) (764) (870) (1,634) (15)% 9 41 50 13 24 37 (26)% 2,026 3,448 5,474 2,101 2,339 4,440 (19)% 30 2015

1 EBITDA EBITDA EBITDA 2 3 2014 2015 12 31 12,520 16,303 28,823 15,974 18,755 34,729 20% EBITDA 1 4,425 5,817 10,242 5,770 6,330 12,100 18% EBITDA 1 35% 36% 36% 36% 34% 35% 1,590 1,764 3,354 1,953 2,140 4,093 22% 2015 12 31 CSL 2015 12 31 347.29 EBITDA 121 2015 12 31 40.93 2015 12 31 28.27 201554.06 2016 2 252015 2015 31

now TV 2014 2015 12 31 now TV 1,346 1,557 2,903 1,425 1,513 2,938 1% now TVEBITDA 1 185 294 479 207 284 491 3% now TVEBITDA 1 14% 19% 17% 15% 19% 17% now TV now now TVARPU 2015 12 1,304,00012 19,000 now TV 2015 12 ARPU 195197 now TV now TVTV-Everywhere 2015 12 31 now TV 29.0329.38 EBITDA4.79 4.91EBITDA OTT 2014 2015 12 31 OTT 141 187 328 165 267 432 32% OTTEBITDA 1 (1) (18) (19) (17) (41) (58) (205)% OTTViu OTT MOOV OTT Viu OTT Vuclip, Inc.Vuclip Vuclip 10 Viu 2015 12Viu900 Viu10,000 Viu 4,000 Viu OTT Viu 2015 12 31OTT 3.28 4.32EBITDA5,800 Viu 32 2015

2014 2015 12 31 EBITDA 1 (4) (4) (8) (8) (32) (40) (400)% ViuTV 2016 4ViuTV 2015ViuTV ViuTV 4,000 2014 2015 12 31 1,459 1,911 3,370 1,500 2,094 3,594 7% EBITDA 1 232 390 622 246 442 688 11% EBITDA 1 16% 20% 18% 16% 21% 19% 2015 12 31 33.7035.94 2015 2015 2015 12 31 2015 12 31 EBITDA 6.22 6.88 2015 12 31 53.79 2015 33

2014 8 2015 12 31 1.65 EBITDA 2.612014 3.15 1.49EBITDA1.66 2015 9 2017 Hanazono 2019 Relish 2015 12 31 5,90020144,4002015 7.102014 6.30 2015 12 3126.03 201425.06 2016 2 262015 2014 2015 12 31 5,333 6,720 12,053 6,544 8,995 15,539 (29)% 6,730 8,340 15,070 8,003 10,908 18,911 (25)% 6,782 8,369 15,151 8,027 10,938 18,965 (25)% 2015 12 31 155.39 2015 2015 2015 12 31 189.65 34 2015

35 2015 84.71CSL OTT CSL 2015 12 31 2014 63.0360.60 CSL 2014 2015 12 31 145.34 EBITDA 1 2015 12 31EBITDAOTT 121.39 EBITDA EBITDA118.78 2015 12 318,700 16.34 CSL 2015 2015 12 31 15.47 2015 12 31 4.47 8.03 2015 12 31 6.342014 2015 12 31 16.98 201413.61 2015 2014 21.172014 15.61 2015 12 31 22.952014 33.102014 315 5103.625 2121.65 10.13 151 2015 12 31 2 427.22 2014 12 31419.57 2015 12 31 75.03 2014 12 3179.43 2015 12 31 384.31 145.35 266.7155.27 2015 12 31 2 2014 12 31

HONG KONG TELECOMMUNICATIONS (HKT) LIMITED 2015 12 31 Hong Kong Telecommunications (HKT) Limited Moody s Investors Service Standard & Poor s Ratings Services Baa2 BBB 3 2015 12 31 35.34201432.22 20152014 2015 2015 12 31 2015 12 3122.42 201420.50 1.61 20141.66 12 31 2014 2015 2,338 2,391 52 99 90 2,489 2,481 2015 12 3145 25,400201423,500 EBITDA 2016 5 12 2015 12 31 17.04201413.21 2016 5 5 2015 10 2015 6 30 7.9620146.99 20152015 (a) (b)2015 2015 2016 5 19 36 2015

38 67 68 69 70 72 74 75 199 2015 37

2015 12 31 21 23 7 2015 78112836 20 38 2015

37 106562 362619 486 2015 39

2015 11 2015 2015 52014 2014 (Powerb@se)ISO 14001 Powerb@se MCX10 LEED 2014 LEED 20159 102015 40 2015

2015 44 The Club 2,000 IT 2015 41

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2015 12 3 2015 12 3168 2015 107.962014 6.996.01 2015 12 3117.042014 13.21 199 15 17 25(f) 26 2014 12 31 13.212015 6 30 7.96 5.0884.096 168,173,018 29 2015 43

32 2015 12 31 KBE, LVO GBS GBM, GBS, OBE, JP Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 101Lars Eric Nils Rodert www.pccw.com 44 2015

3.133.13 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2013 2 15PCRD Services Pte Ltd PCRD Services KSH Distriparks Private LimitedKSHPasha Ventures Private Limited Pasha VenturesAkash MehtaMehta Sky Advance Associates LimitedSky Advance Akash MehtaPasha Ventures KSH 2012 3 11PCRD Services Akash MehtaPasha Ventures KSH PCRD Services Sky AdvancePasha Ventures KSH Pasha Ventures 2013 6PCRD Services Sky Advance Mehta KSHKSH KSH PCRD Services KSH 3.13 (i)kshkshksh (ii) KSH (iii)akash Mehta 2015 45

2015 12 31352 XV 1. 297,738,591 1(a) 1,866,432,475 1(b) 2,164,171,066 28.40% 207,597 2 207,597 0.003% 2,148,558 1,806,996 2 3,955,554 0.05% 992,600 3(a) 511 3(b) 993,111 0.01% 367,479 4 367,479 0.005% 1,095,965 1,095,965 0.01% 1. (a) Chiltonlink LimitedChiltonlink Pacific Century Diversified LimitedPCD260,752,905 Eisner Investments LimitedEisner36,985,686 Chiltonlink Eisner 46 2015

1. 1. (b) (i) 169,639,855 169,639,855 (ii) 1,696,792,620 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington Limited 1,696,792,620Hopestar Holdings Limited 2. 3. (a) (b) 4. 2. A. PCCW-HKT Capital No.4 Limited PCCW-HKT Capital No.4 Limited9004.25 20162016 2 24 2015 47

2. B. 66,247,614 1(a) 144,786,423 1(b) 211,034,037 2.79% 1,238,744 1,159,003 2 2,397,747 0.03% 50,924 3(a) 25 3(b) 50,949 0.0007% 246,028 4 246,028 0.003% 169,302 169,302 0.002% XV (a) 0.0005 (b) 0.0005 2011 11 7 1. (a) PCD20,227,614Eisner46,020,000 (b) (i) 13,159,619 13,159,619 (ii) 131,626,804 131,626,804 48 2015

2. B. 2. 3. (a) (b) 4. 2015 12 31 XV 352 1. A. 2014 5 820142014 2014 (1) 2014 (2) 2014 (3) 2014 2014 2014 2014 728,229,465 2015 49

1. A. (4) 201412 500 (5) 20142014 201410 (6) 201414 (7) (i)(ii) 5 (8) 2014 2014 10 2014 20142015 12 31 50 2015

1. B. (i)(ii) (i) (ii) 2015 51

1. B. 2012 11 152012 11 1510 2015 12 31 3,265,51513,163 207,597981,337 40,2139,390,562 8,917 116,0972015 12 316,964,725190,293 2015 12 31 3,790,428 306,1312,504,6332015 12 31 6,087,8022015 12 31 2015 1 12015 12 31 13,052,527190,293 31(b) 52 2015

2. A. 2011 11 7 2011202120112021 20112021 (1) 20112021 (2) (a) (b) (c) 20112021 (3) (i) 20112021 20112021 (ii) (i) 20112021 2011 11 29 (iii) 20112021 20112021 20112021 641,673,079 (4) 2011202112 20112021 500 2015 53

2. A. (5) 20112021 20112021 20112021 10 (6) 1.00 20112021 (7) (i) (ii)5 (iii) (8) 2011202120112021 10 20112021 201120212015 12 31 B. 2011 10 11 (a) (b) 54 2015

2. B. (i) 20112021 (ii) (i)(ii) (i) (ii) (a)(b) (c)10 2015 55

2. B. 2011 10 11 10 2015 12 31 1,572,820 280,370705,059 5,707,168 8,155,710 2015 12 31 31(d)(ii) 3. 2015 5 62005 52005 201520152015 5 7 2005 20052015 2015 2015 (1) 2015 (2) 2015 (3) 2015 2015 2015 2015 40,266,831 56 2015

3. (4) 201512 500 (5) 20152015 2015 10 (6) 201514 (7) (i)(ii) 5 (8) 2015 201510 2015 200520152015 12 31 18 2015 57

31 2015 12 312012592,553,354.40 0.501,185,106,708 2013 5 23 ACE Equity Holdings Limited Melati Holding LimitedMelati B Melati B2,300 Melati Melati B 2013 5 23 Rafflesia Investment LimitedRafflesiaMelati RafflesiaRafflesiaRafflesia 2023 5 23RafflesiaRafflesia Rafflesia 2015 12 312013 5 23 2013 6 2531(e) 58 2015

2015 12 31336 1,696,792,620 22.26% 1 1,866,432,475 24.49% Star Ocean Ultimate Limited 2 3 1,866,432,475 24.49% The Ocean Trust 2 1,866,432,475 24.49% The Starlite Trust 2 1,866,432,475 24.49% OS Holdings Limited 2 1,866,432,475 24.49% Ocean Star Management Limited 2 1,866,432,475 24.49% The Ocean Unit Trust 2 1,866,432,475 24.49% The Starlite Unit Trust 2 1,866,432,475 24.49% Star Ocean Ultimate Holdings Limited 3 1,866,432,475 24.49% 4 1,866,432,475 24.49% 4 1,866,432,475 24.49% 5 1,424,935,885 18.70% 1. (i) 169,639,855(ii)1,696,792,620 Borsington Limited Pacific Century International Limited Pacific Century Group (Cayman Islands) Limited Anglang Investments Limited 2. 2004 4 18 Ocean Star Management Limited The Ocean Unit Trust The Starlite Unit Trust Ocean Star Management Limited OS Holdings LimitedThe Ocean Trust The Starlite Trust The Ocean Unit Trust The Starlite Unit TrustStar Ocean Ultimate LimitedThe Ocean Trust The Starlite Trust 3. 2013 11 4Star Ocean Ultimate LimitedStar Ocean Ultimate Holdings Limited 4. Ocean Star Investment Management Limited OS Holdings Limited Star Ocean Ultimate Holdings Limited 5. China Unicom Group Corporation (BVI) Limited 2015 59

2015 12 31336 Ocean Star Investment Management Limited 1,866,432,475 24.49% Ocean Star Investment Management Limited The Ocean Unit Trust The Starlite Unit TrustThe Ocean Unit Trust The Starlite Unit Trust Ocean Star Investment Management Limited 2015 12 31 336 5 60 2015

2015 12 318.10 2 1 2 1 A A A A 2015 61

A A 1. 2015 2. 110,000 75,240 62 2015

1212014122 2015 12 31 2015 12 31 1. 2014 12 102017 12 31 (1) 2015 63

1. (2) (a) (b) (c) (a) (b) (c) (3) 2014 12 10 (i) 15 (ii) 64 2015

1. 2015 12 31 2015 12 31 (1) 128,517 500,000 (2) 203,900 600,000 (3) 20,924 550,000 2008 1 4 2008 1 15 2015 12 3118,919,358 15 35,738,000 201514A 2015 65

2. 3000 7402015 12 31 14A.56 2015 12 31 (i) (ii) (iii) 5 14A 2015 12 31 2016 2 26 66 2015

68 198 2015 12 31 405 2015 12 31 2016 2 26 2015 67

2015 12 31 2014 2015 6 7 33,277 39,314 (15,151) (18,965) (14,091) (14,534) 8 2,717 135 90 87 10 (1,418) (1,634) 45 52 5 (15) 7 9 5,474 4,440 12 (803) (447) 4,671 3,993 3,310 2,295 1,361 1,698 4,671 3,993 14 45.14 30.58 45.05 30.54 75198 68 2015

2015 12 31 2014 2015 4,671 3,993 (15) (18) (1) (16) (18) (389) (402) (1,324) (87) (10) (1) (1) 10 (309) (4) (67) (1,795) (789) (1,811) (807) 2,860 3,186 1,742 1,690 1,118 1,496 2,860 3,186 75198 2015 69

2015 12 31 2014 2014 1 1 9,187 (554) 8,633 3,310 1,361 4,671 (15) (15) (1) (1) (320) (69) (389) (1,206) (118) (1,324) (47) (40) (87) (1) (1) 17 (7) 10 5 (9) (4) (1,568) (243) (1,811) 1,742 1,118 2,860 (4) (4) (6) (3) (9) 74 22 96 1 (1) (3) (1) (4) 29 756 756 13 32 (1,009) (1,009) 13 32 (517) (517) (1,211) (1,211) (708) (1,194) (1,902) 6 6 36 36 (124) (124) 24 37 61 (6) 18 12 2,917 2,917 (82) (48) (130) (64) 2,842 2,778 (772) 1,648 876 2014 12 31 10,157 2,212 12,369 70 2015

2015 2015 1 1 10,157 2,212 12,369 2,295 1,698 3,993 (18) (18) (345) (57) (402) 10 (20) (10) (1) (1) (213) (96) (309) (38) (29) (67) (605) (202) (807) 1,690 1,496 3,186 (29) (29) (57) (37) (94) 69 18 87 (2) 2 (3) 1 (2) 29 785 785 13 32 (985) (985) 13 32 (601) (601) (1,399) (1,399) (823) (1,415) (2,238) 6 6 19 19 25 25 (823) (1,390) (2,213) 2015 12 31 11,024 2,318 13,342 75198 2015 71

2015 12 31 * 2014 2015 2014 2015 15 17,337 18,713 16 1,878 2,084 17 464 442 18 895 851 19 17,075 18,183 20 10,195 10,526 17,072 17,072 22 687 618 23 497 485 1 24 754 806 33(a) 1,059 1,066 806 845 51,648 54,619 17,072 17,072 16,484 18,862 25(a) 528 513 25(b) 1,022 106 25(c) 6,429 7,106 38 36 25(d) 801 774 5(c) 95 90 28 49 60 25(e) 4,497 3,969 27 17 1 35(d) 7,943 7,503 1,093 815 21,391 20,139 17,615 19,713 25(f) (4,823) (3,879) (946) 25(g) (2,331) (2,494) (6,787) (6,763) (11) (12) 27 (522) (322) 34 (429) (448) 5(c) (98) (69) (2,155) (2,168) (1,873) (1,350) (19,018) (17,493) (957) (12) 72 2015

* 2014 2015 2014 2015 26 (36,494) (38,090) (1,778) (2,690) (2,167) (2,987) 28 (217) (586) (117) (143) 33(a) (2,501) (2,775) (1,033) (1,079) 30(a) (116) (133) 34 (949) (627) (342) (633) (41,652) (43,923) (4,062) (5,820) 12,369 13,342 29,668 30,953 29 11,720 12,505 11,720 12,505 32 (1,563) (1,481) 17,948 18,448 10,157 11,024 29,668 30,953 2,212 2,318 12,369 13,342 29,668 30,953 2016 2 26 * 20152014 12 314 2015 12 31 75198 2015 73

2015 12 31 2014 2015 35(a) 10,553 12,518 7 6 35(c) 6,870 (452) (3,203) (3,517) (573) (516) (3,538) (4,171) 35(b) (18,769) (1,241) 35(b) (14) (77) (4) (81) (49) (68) (127) 25 22 66 (129) (117) 17 7 1 6 87 2 1 12 8 10 (1) (62) (19,371) (10,191) 43(b) 61 2,823 12 54,441 20,233 (1,101) (1,135) (42,901) (19,656) (765) (797) (1,248) (1,399) 6 6 5 11,328 (2,743) 2,510 (416) (76) (24) 5,509 7,943 35(d) 7,943 7,503 75198 74 2015

2015 12 31 1 1994 10 18 97941 2 a. b. 2015 1 1 19 2011 2014 1 2010 2012 2014 1 2011 2013 44 622 2014 3 329 32 6229 2015 12 31 20152014 12 312015 12 31 62244 2(g) 2(l)(iii) 2(n) 2015 75

2015 12 31 2 b. 3 c. 39 2(j) 12 76 2015

2 c. 2(m)(ii) d. 2015 77

2015 12 31 2 e. 2(d) i. ii. iii. iv. v. f. 2(m)(ii) 2(h) (i) (ii) (iii) 78 2015

2 f. 5 13 5 30 1 17 g. 2(h) 2(w)(iii) 2(h) 2(h) 2015 79

2015 12 31 2 h. i. 2(g) ii. 2(f)2(m)(ii) 2(w)(iii) iii. 2(g)2(i) i. 2(m)(ii) j. 2(m)(ii) 80 2015

2 k. i. ii. iii. 2015 81

2015 12 31 2 k. iv. 515 v. 2(m)(ii) 2 20 10 1 12 82 2015

2 l. (i) (ii)(iii) 2(m)(i) i. 12 2(w)(v) 2(w)(vii) ii. 12 2(m)(i) iii. 12 2(m)(i) 2(w)(vii) 2(w)(v) 2(m)(i) 2015 83

2015 12 31 2 m. i. 2(m)(ii) 84 2015

2 m. i. ii. 2015 85

2015 12 31 2 m. ii. iii. 34 2(m)(i) 2(m)(ii) n. 2(o) 12 12 86 2015

2 o. i. ii. 2015 87

2015 12 31 2 p. q. 2(w)(iv) r. 2(m)(i) s. 88 2015

2 t. u. v. (i) (ii)(iii) w. i. ii. 2015 89

2015 12 31 2 w. iii. iv. v. vi. vii. x. 90 2015

2 y. i. ii. iii. iv. 2015 91

2015 12 31 2 z. i. ii. iii. 92 2015

2 z. iii. iv. aa. 2015 93

2015 12 31 2 bb. 2005 1 1 2005 1 1 94 2015

2 cc. i. ii. iii. iv. v. i vi. dd. ee. 2015 95

2015 12 31 3 19 30(a) 37 i. 2014 12 31 2014 7 12014 12 31 5.27 2014 12 315.27 ii. 96 2015

3 ii. 2015 12 3120148,40018(a) 2015 12 319,500 20145,2005002014 8 iii. iv. 2015 97

2015 12 31 3 v. vi. 39 vii. (i)(ii) 2015 12 3120.84201418.78 viii. 3 98 2015

3 ix. All's Well Media Company LimitedAWL 2015 12 31 AWL x. xi. 2013 5 23 1.84 14.28 2015 12 31 1.84 2015 12 31 xii. 2000 5 17 2015 99

2015 12 31 4 2014 2015 17,072 17,072 17,072 17,072 16,484 18,862 38 36 1,093 815 17,615 19,713 (946) (11) (12) (957) (12) (1,778) (2,690) (2,167) (2,987) (117) (143) (4,062) (5,820) 29,668 30,953 11,720 12,505 32 17,948 18,448 29,668 30,953 2016 2 26 100 2015

5 2014 2015 a 93 88 a 24 17 a 302 146 a 302 277 a 144 186 b 84 95 a. b. 2014 2015 56 69 25 14 3 4 8 84 95 c. 22 23 2015 101

2015 12 31 6 2014 2015 29,823 32,789 3,260 6,466 194 59 33,277 39,314 7 102 2015

7 EBITDAEBITDA 2014 28,493 2,118 2,319 44 303 33,277 330 1,113 1,051 12 (2,506) 28,823 3,231 3,370 44 315 (2,506) 33,277 EBITDA 10,242 452 622 (630) (166) (180) 10,340 2,529 160 332 180 21 3,222 2015 103

2015 12 31 7 2015 34,364 2,163 2,569 55 163 39,314 365 1,207 1,025 4 2 (2,603) 34,729 3,370 3,594 59 165 (2,603) 39,314 EBITDA 12,100 393 688 (710) (261) (332) 11,878 3,054 234 117 83 46 3,534 EBITDA 2014 2015 EBITDA 10,340 11,878 (2) (3) (6,303) (6,060) 2,717 135 90 87 (1,418) (1,634) 50 37 5,474 4,440 104 2015

7 2014 2015 25,796 30,701 2,222 1,988 5,259 6,625 33,277 39,314 440.272014426.85 85.99201471.49 8 2014 2015 35(c) 42 2,112 75 41(a)(i)(iv) 29 656 (4) 2 56 47 48 (2) 33 1 32 (52) (95) (5) (12) (2) (84) 14 3 2,717 135 2015 105

2015 12 31 9 a. 2014 2015 2 3 221 361 223 364 96 87 2,794 2,943 3,113 3,394 b. 2014 2015 194 59 (29) (6) 7 (3) (4) 187 312 10 10 3,408 2,141 22 22 2,873 3,897 3,187 6,359 11,964 12,606 2 3 15 (12) 3 47 33 3 4 5 5 1 6 1,603 1,760 106 2015

10 2014 2015 1,333 1,456 116 119 39 26 1 1 a (2) (4) 4 (3) (4) 3 16 38 1,487 1,652 b (69) (18) 1,418 1,634 a. 2,8002014 4.642,40020144.62 b. 2014 2015 107

2015 12 31 11 a. 2014 16 1 2 0.04 0.04 3 4.13 0.78 0.04 1.52 4 0.50 6.97 5 0.92 0.04 0.01 7.22 8.19 7.26 3.62 0.02 3.45 6 0.87 5.38 20.60 7 6.42 2.75 0.07 4.50 6 0.96 14.70 1.18 0.15 1.33 0.44 8 0.44 0.44 9 0.44 10 0.09 11 0.09 12 0.13 13 0.13 0.22 0.22 0.22 0.22 0.22 0.22 0.76 14 0.53 1.29 0.22 0.22 Bryce Wayne Lee 0.22 0.26 0.48 Lars Eric Nils Rodert 0.22 0.40 0.62 David Christopher Chance 0.33 15 0.53 0.86 3.51 13.49 6.42 6.27 2.75 0.14 0.07 4.97 4.50 1.38 0.96 12.60 42.36 14.70 1 2 2014 3 2014 7 14 4 2014 7 5 2014 7 13 6 201420132013 12 31 7 8 2014 9 2014 10 2014 8 6 11 2014 12 2014 8 6 13 2014 14 10.9210.9210.92 2014 5 8 141,51170,756 15 10.92 16 322014 12 31 622 108 2015

11 a. 2015 1 2 0.04 0.04 10.28 1.60 0.10 1.10 3 1.07 14.15 7.38 3.68 0.02 7.19 3 0.89 13.07 32.23 4 6.87 2.95 0.09 5.56 3 1.03 16.50 1.09 0.14 1.23 0.46 5 0.46 0.46 6 0.46 0.23 7 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.92 8 0.53 1.45 0.40 9 0.40 Bryce Wayne Lee 0.23 0.40 0.63 Lars Eric Nils Rodert 0.23 0.53 0.76 David Christopher Chance 0.35 10 0.53 0.88 3.97 18.75 6.87 7.41 2.95 0.16 0.09 8.29 5.56 1.96 1.03 13.07 53.61 16.50 1 2 2015 3 201520142014 12 31 4 5 2015 6 2015 7 2015 8 11.5011.5011.50 23.0011.50 9 149,65874,8292015 5 7 10 11.50 11 2014 7 132015 12 31 1,0142014722 2015 109

2015 12 31 11 b. 2015 12 31 2014 c. 2015 12 31 20142015 12 31 2014 d. 2015 12 31 2014 e. 2015 12 31 2014 f. 2015 12 312014 g. 2015 12 31 2014 110 2015

11 h. i. 201411(a)2014 2014 2015 45.52 41.13 21.99 25.58 2.73 1.90 70.24 68.61 ii. 2014 2014 2015 12,500,00113,000,000 1 15,500,00116,000,000 1 16,000,00116,500,000 1 41,500,00142,000,000 1 52,000,00152,500,000 1 3 2 12 a. 2014 2015 381 483 (441) 8 737 75 5 (199) 33(a) 121 80 803 447 2014 2015 111

2015 12 31 12 b. 2014 2015 5,474 4,440 903 733 (265) 6 (34) (50) 190 201 127 129 (436) (191) (309) (123) (16) (252) 651 (8) (6) 803 447 2015 12 31 2014 13 2014 2015 7.9620146.99 517 601 (2) (2) 515 599 13.21 201413.85 1,009 985 (3) (2) 1,006 983 1,521 1,582 17.04201413.21 985 1,299 a. b. 2015(i)(ii) c. 29(a) 112 2015

Exchange differences (23) 3 (75) (18) (113) 14 2014 2015 3,310 2,295 7,353,412,940 7,521,736,989 (20,355,930) (17,131,028) 7,333,057,010 7,504,605,961 13,894,498 9,571,065 7,346,951,508 7,514,177,026 15 2014 1,302 12,713 16,482 12,155 1,555 44,207 6 723 752 900 841 3,222 392 694 561 225 121 1,993 42 (50) (139) (189) 440 484 259 (1,183) (402) (21) (116) (539) (14) (80) (88) (12) (194) 1,636 14,088 18,170 13,272 1,334 48,500 449 9,394 9,432 9,232 7 28,514 54 1,330 1,225 799 3,408 42 (22) (100) (122) 7 (7) (402) (16) (112) (530) (2) (54) (39) (12) (107) 479 10,268 10,602 9,814 31,163 1,157 3,820 7,568 3,458 1,334 17,337 853 3,319 7,050 2,923 1,548 15,693 2015 113

2015 12 31 15 2015 1,636 14,088 18,170 13,272 1,334 48,500 34 481 1,542 258 1,219 3,534 55 15 70 241 458 119 (818) 5 2 7 (411) (249) (95) (755) (55) (129) (20) (204) 1,675 14,399 19,792 13,549 1,737 51,152 479 10,268 10,602 9,814 31,163 52 617 748 724 2,141 (411) (249) (94) (754) (33) (56) (22) (111) 531 10,441 11,045 10,422 32,439 1,144 3,958 8,747 3,127 1,737 18,713 1,157 3,820 7,568 3,458 1,334 17,337 2015 12 312002014 40 114 2015

16 2014 2015 8,436 1,878 340 42 (7,182) 84 (116) (130) 656 (4) 1,878 2,084 2015 12 31 40020146.56 2015 12 31 2.9320142.39 2015 12 311.6820141.52 a. 20142015 12 31 2014 1,848 1,848 30 30 30 1,848 1,878 2015 2,058 2,058 26 26 26 2,058 2,084 2015 115

2015 12 31 16 a. 2015 12 31 2014 5,950 6,690 1,850 2,450 2015 5,730 6,280 2,000 2,450 2013 7 24 b. 215 116 2015

16 c. 2015 12 31 2014 2015 1 44 37 15 66 31 5 16 2 126 70 d. 2015 12 31 20.58201418.48 40 17 2014 2015 835 820 42 (15) 820 820 339 356 22 22 42 (5) 356 378 464 442 496 464 2015 12 312014 2015 117

2015 12 31 18 2014 a b 645 379 1,024 6 2 8 (84) (84) (1) (52) (53) 566 329 895 2015 a b 566 329 895 8 4 12 (7) (7) (49) (49) 525 326 851 a. 2015 12 31 20148,400 b. 2015 12 31 2015 12 31 118 2015

19 2014 2015 3,635 17,241 13,627 1,131 (21) (23) 17,241 18,349 166 166 17,075 18,183 3,469 17,075 2014 2015 15,554 15,591 734 723 201 197 139 16,489 16,650 162 1,111 271 271 91 91 62 60 17,075 18,183 Vuclip41(a)(i) 2015 119

2015 12 31 19 20142015 2014 2015 70% 2% 11% 66% 2% 11% 21% 3% 11% 23% 3% 10% 31% 2% 12% 31% 2% 10% 50% 2% 14% 54% 2% 14% 26% 2% 11% 26% 2% 12% 2015 10 31 20 2014 1,595 324 436 956 3,225 52 686 45 7,319 192 108 2,558 296 4 3,158 1,343 2,332 2,716 6,391 42 (31) (31) (33) (1,796) (1,829) (9) (24) (6) (39) 2,929 483 412 3,396 3,987 2,762 982 18 14,969 1,018 193 220 433 1,797 8 68 8 3,745 128 160 27 353 1,827 307 71 2,873 (33) (1,796) (1,829) (1) (14) (15) 1,145 320 233 786 1,828 315 139 8 4,774 1,784 163 179 2,610 2,159 2,447 843 10 10,195 577 131 216 523 1,428 44 618 37 3,574 120 2015

20 2015 2,929 483 412 3,396 3,987 2,762 982 18 14,969 306 117 3,014 292 20 3,749 346 152 498 (73) (1,670) (1,743) (3) (19) (4) (2) (28) 2,926 716 393 3,513 5,327 3,106 1,426 38 17,445 1,145 320 233 786 1,828 315 139 8 4,774 146 166 25 465 2,470 479 146 3,897 (65) (1,670) (1,735) (12) (3) (2) (17) 1,291 421 246 1,251 2,625 792 285 8 6,919 1,635 295 147 2,262 2,702 2,314 1,141 30 10,526 1,784 163 179 2,610 2,159 2,447 843 10 10,195 2015 121

2015 12 31 21 a. 2015 12 31 3,785,871.167 63.1% 36.9% 3,785,871.167 HKT 3 636,000,005 63.1% 36.9% HKTGH Hong Kong Telecommunications 9,945,156,001 63.1% 36.9% (HKT) LimitedHKTL 3 HKT Services Limited 3 1 63.1% 36.9% Esencia Investments Limited 1 100% Great Epoch Holdings Limited 1 100% 700,002 100% 3 HKTL 7,900,280,100 63.1% 36.9% 1,254,000,000 5,507,310,269 100% 1A 4B PC Music Holdings Limited 11 100% PCCW Productions Limited 2 100% 3 350,000,002 63.1% 36.9% 93,240,000 63.1% 36.9% 1, 3 2, 3 2,000,000 47.3% 52.7% PCCW Teleservices (US), Inc. 3 1,169 63.1% 36.9% 122 2015

21 a. 2015 12 31 PCCW Global B.V. 3 18,000 63.1% 36.9% 10 63.1% 36.9% 3 3 167,743,479 63.1% 36.9% PCCW Global, Inc. 3 18.01 63.1% 36.9% HKT Global (Singapore) Pte. Ltd. 3 63.1% 36.9% 60,956,485.64 Gateway Global Communications Limited 3 1 63.1% 36.9% 2, 3 41,600,000 37.8% 62.2% 1 10,250,000 100% IP/IT 36,294,067.89 100% 12,600,000 100% 1 IP/IT 2 100% 2 100% ICT 100,000 100% 201,334,156.50 70.8% 29.2% 4 2 70.8% 29.2% Talent Master Investments Limited 4 1 70.8% 29.2% Nihon Harmony Resorts KK 4 405,000,000 70.8% 29.2% Harmony TMK 4 100,000,000 4,450,000,000 70.8% 29.2% PT Prima Bangun Investama 4 26,000,000 70.8% 29.2% Phang-nga Leisure Limited 2, 4 2,000,000 27.6% 72.4% Phang-nga Paradise Limited 2, 4 2,000,000 27.6% 72.4% UK Broadband Limited 1 100% 2015 123

2015 12 31 21 a. 2015 12 31 1 2 3 4 b. 25(b) c. 20142015 12 31 2014 2015 2014 2015 77,542 77,570 3,129 3,375 12,258 12,347 4,368 2,890 89,800 89,917 7,497 6,265 (14,415) (14,778) (1,748) (777) (37,346) (37,404) (187) (233) 38,039 37,735 5,562 5,255 (107) (119) 37,932 37,616 5,562 5,255 20142015 12 31 2014 2015 2014 2015 28,823 34,729 315 165 3,300 4,586 2,357 (268) (242) (600) (866) 187 3,058 3,986 1,491 (81) (381) (503) (1,440) (226) 2,677 3,483 51 (307) (67) (37) 2,610 3,446 51 (307) 1,248 1,399 124 2015

21 c. 20142015 12 31 2014 2015 2014 2015 9,944 11,723 (174) 432 20 11 18 12 (395) (365) (27) (9) 9,569 11,369 (183) 435 (24,586) (7,215) 6,262 (1,077) 16,541 (4,003) (4,464) (6) 1,524 151 1,615 (648) (45) 4 (15) (3) 1 1 2,134 3,613 866 2,466 12 31 3,613 3,768 2,466 1,815 2015 12 31 40.22201428.17 15.18201411.05 2015 12 31 3.072014 9,0002,3002014600 2015 12 3147.71201445.11 2015 12 3151.89201454.97 2015 12 3123.18201422.12 18.84201417.753.8420144.07 2015 125

2015 12 31 22 2014 2015 574 611 302 291 34 34 910 936 (223) (318) 687 618 761 755 a. 2015 12 31 300,000,000 45% 40,000,000 22.1% 126 2015

22 b. 2015 12 31 2014 2015 1 10 7 15 8 4 18 11 392015 12 31 1,40020141,000 c. 12 31 12 31 2014 2015 2014 2015 642 645 25 3 2,169 3,064 97 57 (1,694) (2,494) (389) (404) (59) (54) 12 31 12 31 2014 2015 2014 2015 2,926 3,212 462 226 162 166 (100) (77) 6 5 2015 12 31 400201470020141005002014600 2015 127

2015 12 31 22 d. 2014 2015 2014 2015 921 1,058 (167) (267) 162 166 (100) (77) (12) (52) (13) (11) 1,058 1,161 (267) (344) 45% 45% 35%* 35%* 476 522 (93) (120) 24 24 292 310 (52) (147) 476 522 171 67 * 20142015 12 3122.1% 2015 12 319,60020147,4004 20144 12.1420142.184 20144 1 2015 12 31 2,90020144,000 2015 12 3120142015 12 31 2014 23 2014 2015 2,833 2,819 501 509 26 25 3,360 3,353 (2,863) (2,868) 497 485 3,664 3,664 128 2015

23 2015 12 314.84 3 2014 12 314.78 3 1,5004 a. 2015 12 31 Genius Brand LimitedGBL 10,000 31.5% GBL b. 2015 12 31 2014 2015 71 61 2014 2015 1 2 2 15 3 3 5 5 2015 12 31 2,40020142,4005,20020141 2015 129

2015 12 31 23 c. GBL 12 31 2014 2015 1,063 1,029 43 9 20 21 63 30 (261) (244) (54) (28) (315) (272) (842) (827) (842) (827) (31) (40) (31) (40) 130 2015

23 c. GBL 12 31 2014 2015 227 241 (91) (92) (38) (35) 1 2 (23) (11) (22) (9) 2015 12 31 1,00020141,60020141,0002014 1,600 d. GBL 2014 2015 (9) (31) (22) (9) (31) (40) 50%* 50%* (16) (20) 478 484 462 464 * 20142015 12 31GBL31.5% 2015 12 31 2,10020143,500 2015 12 311,0002014100 2015 12 3120141,000 2015 131

2015 12 31 24 2014 2015 706 754 176 172 (1) (30) (28) (78) (12) (2) (87) (10) 754 806 2014 2015 104 24 650 782 754 806 2015 12 3120020141,200 2014 2015 12 313,0002014100 3,20020141001002014100 25 a. b. 2015 12 319,600 201410.22 c. 2015 12 311.4120141.79 132 2015

25 d. 2014 2015 420 407 313 316 68 51 801 774 e. 2014 2015 i 4,731 4,216 ii (234) (247) 4,497 3,969 i. 2014 2015 0 30 2,479 2,297 31 60 640 651 61 90 289 256 91 120 190 207 120 1,133 805 4,731 4,216 ii. 2014 2015 224 234 187 312 (177) (299) 234 247 2015 12 311.3720141.56 1.3720141.56 2015 133

2015 12 31 25 e. iii. 2014 2015 2,053 1,880 1 30 924 921 31 60 328 307 61 90 203 157 90 989 704 2,444 2,089 4,497 3,969 4,90020147,600 f. 2014 2015 55.25 2015i 3,877 54.25 2016ii 3,879 iii 946 4,823 3,879 4,823 3,879 i. 55.25 2015 2005 7 20 PCCW-HKT Capital No.3 Limited55.25 2015 HKTGH HKTL HKTGH HKTL 2015 7 134 2015

25 f. ii. 54.25 2016 2010 8 24 PCCW-HKT Capital No.4 Limited54.25 2016 HKTGH HKTLHKTGH HKTL 2016 2 iii. 2014 12 312015 40 g. 2014 2015 0 30 1,180 1,571 31 60 148 102 61 90 40 81 91 120 59 101 120 904 639 2,331 2,494 6,10020142,200 26 2014 2015 11,798 3,544 18,835 20,077 5,861 14,469 36,494 38,090 54.25 2016a 3,924 35.75 2022b 2,167 2,194 53.75 2023c 3,694 3,711 3 2030d 2,308 53.625 2025e 3,821 21.65 2027f 1,666 1 2030g 769 26,709 23,621 36,494 38,090 36,494 38,090 2015 135

2015 12 31 26 a. 54.25 2016 2015 12 3125(f)(ii) b. 35.75 2022 2012 4 17PCCW Capital No. 4 Limited35.75 2022 c. 53.75 2023 2013 3 8 PCCW-HKT Capital No.5 Limited53.75 2023 HKTGH HKTLHKTGH HKTL d. 3 2030 2015 1 15 HKT Capital No. 1 Limited3 2030 HKTGH HKTLHKTGH HKTL e. 53.625 2025 2015 4 2 HKT Capital No. 2 Limited53.625 2025 HKTGH HKTLHKTGH HKTL f. 21.65 2027 2015 4 10 HKT Capital No. 3 Limited21.65 2027 HKTGH HKTLHKTGH HKTL g. 1 2030 2015 5 20PCCW Capital No. 5 Limited1 2030 40 136 2015

27 2015 517 5 522 (1) (5) (6) (194) (194) 322 322 2008 11 28 2014 2015 a 60 b 49 49 60 b c (449) c 17 (32) c (234) (105) (217) (586) 2015 137

2015 12 31 28 2015 12 3113100.83 201413100.96 216.65 5.0338.872 12 12 a. 2015 6 252 2016 6 27 800 6,200 2015 6 256,200 2015 12 31 6,0002002015 12 31 b. 2015 12 31538.7720145 38.90 7.7545-7.7550 20147.7790 37(c)(i) 2015 12 315.0338.87 20147.7329-7.7330 201437(c)(i) 2015 12 31 2,1002014 138 2015

28 2015 12 31 216.65 2014 8.324537(c)(i) 2015 12 311,7002014 c. 2015 12 31 862.05 2014862.05 7.7555 7.7570 20147.7555 7.7570 37(c)(i) 2.1154.4320142.1154.4337(c) (ii) 2015 12 31 38.79 (i)(ii) 2015 139

2015 12 31 28 4002014200 29 12 31 2014 2015 1 1 7,272,294,654 1,818 7,453,177,661 11,720 a 170,883,007 756 168,173,018 785 b 10,000,000 2014 3 3 c 9,146 12 31 7,453,177,661 11,720 7,621,350,679 12,505 a. 2015 12 312014 20155.0884.09696,011,59572,161,423 2014 12 3120132014 4.1484.988114,240,69456,642,313 b. 2014 12 310.0110,000,000 c. 62211 37 2014 3 3 140 2015

30 a. 2003 7 1 2014 12 312016 12 31 700 19 20112015 12 31Society of Actuaries 2015 12 312014 12.4201412.4 i. 2014 2015 iii 295 296 iv (179) (163) 116 133 ii. 2014 2015 55% 52% 42% 43% 3% 5% 100% 100% 2015 141

2015 12 31 30 a. iii. 2014 2015 283 295 7 6 5 2 14 8 (14) (15) 295 296 iv. 2014 2015 185 179 3 4 4 4 (8) (14) (15) 179 163 v. 2014 2015 3 2 3 2 vi. 2014 2015 2.10% 1.90% 3.00% 3.00% 201120142015 12 31 2011 142 2015

30 a. vi. 2014 2015 0.25% (3.10%) 3.30% (3.10%) 3.30% 0.25% 3.20% * 3.10% * 1 (4.60%)** 4.80%** (4.80%)** 4.90%** * ** 20114 20112 vii. 20142015 12 31 2014 1 1 2 2 5 5 14 14 43 325 396 2015 1 1 2 2 5 5 14 14 44 312 384 2015 143

2015 12 31 30 b. 30,000 31 a. 2014 5 820142014 2014 i. 2014 ii. 2014 iii. 2014 2014 2014 iv. 201412 500 144 2015

31 a. v. 20142014 201410 vi. 201414 vii. (i)(ii) 5 viii. 2014 2014 10 2014 20142015 12 31 b. 2015 145

2015 12 31 31 b. 2012 11 152012 11 1510 2014 2015 19,104,824 11,116,787 4.98 20144.20 855,000 5,837,000 (12,611) (220) (8,830,426) (9,390,562) 11,116,787 7,563,005 10,000,000 0.01 10,000,000 (1,521) (2,504,633) 10,000,000 7,493,846 2014 2015 169,413 194,959 9.93 20149.05 65,000 191,000 6.84 28,924 (45,152) (75,239) (23,226) (116,097) 194,959 194,623 146 2015

31 b. i. 2014 2015 3.33 18,552,903 3.62 13,129,985 # iii 4.01 3,839,278 5.35 3,265,515 iv 3.94 (1,227,689) 4.22 (40,213) v 3.22 (8,830,426) 3.50 (9,390,562) ii 3.53 12,334,066 4.59 6,964,725 3.99 5,108,138 # iii 4.12 6,099,854 5.35 3,790,428 iv 3.99 (195,797) 4.52 (306,131) v 3.99 (2,504,633) ii 4.12 5,904,057 4.81 6,087,802 # 2015 12 312014 11 10795,919 2014 2015 7.59 17,450 9.04 302,144 iii 9.08 307,920 10.30 13,163 iv 9.13 (8,917) v 8.55 (23,226) 8.95 (116,097) ii 9.04 302,144 9.17 190,293 2015 147

2015 12 31 31 b. ii. 2014 2015 2012 3 5 2012 3 52015 7 8 2.93 3,461,000 2013 3 21 2013 3 212015 3 21 3.62 3,792,114 2013 5 10 2013 5 102015 5 10 4.17 308,036 2013 7 5 2013 7 52016 7 8 3.61 519,000 519,000 2013 7 5 2013 7 52017 7 8 3.61 1,211,000 1,211,000 2014 4 11 2014 4 112015 4 11 3.99 1,451,594 2014 4 11 2014 4 112016 4 11 3.99 1,591,322 1,583,499 2014 11 10 2014 11 102016 11 10 4.95 397,959 # 2015 5 7 2015 5 72016 5 7 5.35 1,519,092 2015 5 7 2015 5 72017 5 7 5.35 1,734,175 12,334,066 6,964,725 2014 4 11 2014 4 112015 4 11 3.99 2,554,533 2014 4 11 2014 4 112016 4 11 3.99 2,553,605 2,416,821 2014 11 10 2014 11 102015 11 10 4.95 397,960 # 2014 11 10 2014 11 102016 11 10 4.95 397,959 # 2015 5 7 2015 5 72016 5 7 5.35 1,836,134 2015 5 7 2015 5 72017 5 7 5.35 1,834,847 5,904,057 6,087,802 # 2015 12 312014 11 10795,919 2014 2015 2013 3 21 2013 3 212015 3 21 7.59 8,725 2014 4 11 2014 4 112015 4 11 8.26 8,594 2014 4 11 2014 4 112016 4 11 8.26 8,594 8,594 2014 7 1 2014 7 12015 4 1 9.13 101,751 2014 7 1 2014 7 12016 4 1 9.13 87,250 84,277 2014 7 1 2014 7 12017 4 1 9.13 87,230 84,259 2015 5 7 2015 5 72016 5 7 10.30 6,582 2015 5 7 2015 5 72017 5 7 10.30 6,581 302,144 190,293 2015 12 310.7320140.770.74 20141.15 148 2015

31 b. iii. 2014 2015 2014 4 11 2014 4 112015 4 11 3.99 1,451,594 2014 4 11 2014 4 112016 4 11 3.99 1,591,322 2014 5 2 2014 5 22015 5 2 4.11 398,181 2014 5 2 2014 5 22016 5 2 4.11 398,181 2015 5 7 2015 5 72016 5 7 5.35 1,525,216 2015 5 7 2015 5 72017 5 7 5.35 1,740,299 3,839,278 3,265,515 2014 4 11 2014 4 112015 4 11 3.99 2,652,462 2014 4 11 2014 4 112016 4 11 3.99 2,651,473 2014 11 10 2014 11 102015 11 10 4.95 397,960 2014 11 10 2014 11 102016 11 10 4.95 397,959 2015 5 7 2015 5 72016 5 7 5.35 1,895,897 2015 5 7 2015 5 72017 5 7 5.35 1,894,531 6,099,854 3,790,428 2014 2015 2014 4 11 2014 4 112015 4 11 8.26 8,594 2014 4 11 2014 4 112016 4 11 8.26 8,594 2014 7 1 2014 7 12014 7 1 9.13 14,501 2014 7 1 2014 7 12015 4 1 9.13 101,751 2014 7 1 2014 7 12016 4 1 9.13 87,250 2014 7 1 2014 7 12017 4 1 9.13 87,230 2015 5 7 2015 5 72016 5 7 10.30 6,582 2015 5 7 2015 5 72017 5 7 10.30 6,581 307,920 13,163 2015 149

2015 12 31 31 b. iv. 2014 2015 2012 4 11 2012 4 112014 4 11 2.80 2,974 2013 3 21 2013 3 212014 3 21 3.62 31,166 2013 3 21 2013 3 212015 3 21 3.62 397,187 20,142 2014 4 11 2014 4 112016 4 11 3.99 7,823 2014 5 2 2014 5 22015 5 2 4.11 398,181 2014 5 2 2014 5 22016 5 2 4.11 398,181 2015 5 7 2015 5 72016 5 7 5.35 6,124 2015 5 7 2015 5 72017 5 7 5.35 6,124 1,227,689 40,213 2014 4 11 2014 4 112015 4 11 3.99 97,929 49,900 2014 4 11 2014 4 112016 4 11 3.99 97,868 136,784 2015 5 7 2015 5 72016 5 7 5.35 59,763 2015 5 7 2015 5 72017 5 7 5.35 59,684 195,797 306,131 2014 2015 2014 7 1 2014 7 12015 4 1 9.13 2,973 2014 7 1 2014 7 12016 4 1 9.13 2,973 2014 7 1 2014 7 12017 4 1 9.13 2,971 8,917 150 2015

31 b. v. 2014 2015 2012 3 5 2012 3 52014 7 8 2.93 2,077,000 2012 3 5 2012 3 52015 7 8 2.93 3,461,000 2012 4 11 2012 4 112014 4 11 2.80 2,001,277 2012 6 15 2012 6 152014 6 15 2.97 419,864 2013 3 21 2013 3 212014 3 21 3.62 4,022,764 2013 3 21 2013 3 212015 3 21 3.62 1,485* 3,771,972 2013 5 10 2013 5 102014 5 10 4.17 308,036 2013 5 10 2013 5 102015 5 10 4.17 308,036 2014 4 11 2014 4 112015 4 11 3.99 1,451,594 2014 11 10 2014 11 102015 11 10 4.95 397,960 8,830,426 9,390,562 2014 4 11 2014 4 112015 4 11 3.99 2,504,633 2,504,633 * 2014 2015 2013 3 21 2013 3 212014 3 21 7.59 8,725 2013 3 21 2013 3 212015 3 21 7.59 8,725 2014 4 11 2014 4 112015 4 11 8.26 8,594 2014 7 1 2014 7 12014 7 1 9.13 14,501 2014 7 1 2014 7 12015 4 1 9.13 98,778 23,226 116,097 2015 151

2015 12 31 31 b. v. 3,90020143,700 3,90020143,700 c. 2003 3 172003 10 2003 2005 5 132003 200520052005 5 232015 5 6 20152005 20152015 5 720152015 5 7 20032005 20052015 2015 2015 (i)(ii) 2015 20152015 5 7 2015 5 7 2015 12 20142015 12 31 20052015 20142015 12 3120052015 152 2015

31 c. 2003 i. 2014 2015 2.375 5,000,000 ii 2.375 (5,000,000) ii. 2014 2015 2014 10 14 2.375 3.56 12 5,000,000 12 5,000,000 d. i. 2011 11 7 2011202120112021 20112021 (i) 20112021 (ii) (a) (b) (c) 20112021 2015 153

2015 12 31 31 d. i. (iii) (1) 20112021 20112021 (2) (1) 20112021 2011 11 29 (3) 20112021 20112021 (iv) 2011202112 20112021 500 (v) 20112021 20112021 20112021 10 (vi) 1.00 20112021 (vii) (1) (2)5 (3) (viii) 201120212011202110 20112021 201120212015 12 31 154 2015

31 d. ii. 2011 10 11 (a) (b) (i) 20112021 (ii) 2015 155

2015 12 31 31 d. ii. 2011 10 11 10 2015 12 31 2014 2015 7,360,797 5,978,109 9.92 20149.05 190,000 9,326,000 6.84 1,007,112 (2,579,800) (5,707,168) 5,978,109 9,596,941 (i) 2014 2015 7.27 2,955,982 8.89 12,995,117 (iii) 9.03 12,962,935 10.30 1,572,820 (iv) 8.99 (344,000) 9.16 (705,059) (v) 7.71 (2,579,800) 8.70 (5,707,168) (ii) 8.89 12,995,117 9.27 8,155,710 156 2015

31 d. ii. (ii) 2014 2015 2013 3 21 2013 3 212015 3 21 7.59 1,169,756 2014 4 11 2014 4 112015 4 11 8.26 732,874 2014 4 11 2014 4 112016 4 11 8.26 732,583 718,558 2014 7 1 2014 7 12015 4 1 9.13 3,996,269 2014 7 1 2014 7 12016 4 1 9.13 3,182,201 2,949,476 2014 7 1 2014 7 12017 4 1 9.13 3,181,434 2,948,821 2015 4 1 2015 4 12016 4 1 10.20 1,215 2015 4 1 2015 4 12017 4 1 10.20 1,215 2015 5 7 2015 5 72016 5 7 10.30 768,644 2015 5 7 2015 5 72017 5 7 10.30 767,781 12,995,117 8,155,710 2015 12 310.7320141.04 (iii) 2014 2015 2014 4 11 2014 4 112015 4 11 8.26 741,687 2014 4 11 2014 4 112016 4 11 8.26 741,389 2014 7 1 2014 7 12014 7 1 9.13 814,068 2014 7 1 2014 7 12015 4 1 9.13 4,098,245 2014 7 1 2014 7 12016 4 1 9.13 3,284,177 2014 7 1 2014 7 12017 4 1 9.13 3,283,369 2015 4 1 2015 4 12015 4 1 10.20 2,074 2015 4 1 2015 4 12016 4 1 10.20 2,070 2015 4 1 2015 4 12017 4 1 10.20 2,070 2015 5 7 2015 5 72016 5 7 10.30 783,750 2015 5 7 2015 5 72017 5 7 10.30 782,856 12,962,935 1,572,820 2015 157

2015 12 31 31 d. ii. (iv) 2014 2015 2013 3 21 2013 3 212014 3 21 7.59 6,647 2013 3 21 2013 3 212015 3 21 7.59 13,847 1,760 2014 4 11 2014 4 112015 4 11 8.26 8,813 4,041 2014 4 11 2014 4 112016 4 11 8.26 8,806 14,025 2014 7 1 2014 7 12015 4 1 9.13 101,976 188,004 2014 7 1 2014 7 12016 4 1 9.13 101,976 232,725 2014 7 1 2014 7 12017 4 1 9.13 101,935 232,613 2015 4 1 2015 4 12016 4 1 10.20 855 2015 4 1 2015 4 12017 4 1 10.20 855 2015 5 7 2015 5 72016 5 7 10.30 15,106 2015 5 7 2015 5 72017 5 7 10.30 15,075 344,000 705,059 (v) 2014 2015 2012 4 11 2012 4 112014 4 11 5.98 588,460 2013 3 21 2013 3 212014 3 21 7.59 1,177,272 2013 3 21 2013 3 212015 3 21 7.59 1,167,996 2014 4 11 2014 4 112015 4 11 8.26 728,833 2014 7 1 2014 7 12014 7 1 9.13 814,068 2014 7 1 2014 7 12015 4 1 9.13 3,808,265 2015 4 1 2015 4 12015 4 1 10.20 2,074 2,579,800 5,707,168 4,80020145,9003,000 20143,7001,80020142,200 158 2015

31 e. i. 2013 5 23 Melati BMelati 2,300 MelatiMelati Melati Melati 1 Melati2015 12 31Melati 2014 ii. 2013 5 23 Rafflesia Rafflesia 2023 5 23 Rafflesia RafflesiaRafflesia Rafflesia Rafflesia 1 Rafflesia2015 12 31Rafflesia 2014 2015 159

2015 12 31 32 2014 (a) 2014 1 1 9,143 5,947 3 (74) 60 921 97 327 (31) (9,024) 7,369 3,310 3,310 (15) (15) (1) (1) (320) (320) (1,206) (1,206) (47) (47) (1) (1) 17 17 5 5 (1,526) 22 (48) 3,294 1,742 160 2015

32 2014 (a) (4) (4) (6) (6) 74 74 33 (37) 5 1 (3) (3) 2014 3 3 2(b) 29 (9,143) (3) (9,146) (1,006) (3) (1,009) (515) (2) (517) (9,143) (1,521) (3) 29 29 (1) (10,610) 24 24 (6) (6) (82) (82) (82) 18 (64) (9,143) (1,521) (3) 29 29 (82) 17 (10,674) 2014 12 31 4,426 (45) 89 (605) 119 279 (113) (5,713) (1,563) 2015 161

2015 12 31 32 2014 (a) 2014 1 1 9,143 5,941 3 20 (13) 9,933 25,027 3,564 3,564 29 29 29 3,564 3,593 2014 3 3 2(b) 29 (9,143) (3) (9,146) (1,009) (1,009) (517) (517) (9,143) (1,526) (3) (10,672) 2014 12 31 4,415 20 16 13,497 17,948 162 2015

32 2015 (a) 2015 1 1 4,426 (45) 89 (605) 119 279 (113) (5,713) (1,563) 2,295 2,295 (18) (18) (345) (345) 10 10 (1) (1) (213) (213) (38) (38) (345) (251) 9 2,277 1,690 (29) (29) (57) (57) 69 69 39 (69) 28 (2) (2) (1) (3) (983) (2) (985) (599) (2) (601) (1,582) 10 (6) (30) (1,608) 2015 12 31 2,844 (35) 83 (950) (132) 288 (113) (3,466) (1,481) 2015 163

2015 12 31 32 2015 (a) 2015 1 1 4,415 20 16 13,497 17,948 2,134 2,134 (48) (48) (48) 2,134 2,086 (985) (985) (601) (601) (1,586) (1,586) 2015 12 31 2,829 20 (32) 15,631 18,448 164 2015

32 a. 2004 6 302004 3279C 2006 1 10 5.4442.431.06 PCCW Capital No. 2 Limited4.5020071 2006 3 27 2015 12 312014 2015 12 31 28.29201444.15156.312014134.97 2015 12 31 184.602014179.12 33 a. 2014 1,974 164 547 (1,114) 9 1,580 12(a) (3) (19) 163 (15) (5) 121 921 921 42 (480) (705) 19 (1,166) (6) (6) (2) (14) 2,406 145 (1) (1,129) 21 1,442 2015 2,406 145 (1) (1,129) 21 1,442 12(a) 133 (31) (9) (13) 80 194 (8) 186 1 1 2,539 308 (1) (1,145) 8 1,709 2015 165

2015 12 31 33 a. 2014 2015 12 (878) (849) 12 (181) (217) (1,059) (1,066) 12 2,279 2,473 12 222 302 2,501 2,775 1,442 1,709 b. 2015 12 31 89.25201499.27 5,30020143,5009.6920149.80 2015 12 31 34 2015 12 31 2014 2015 429 32 461 448 34 482 370 74 444 123 19 142 307 117 424 312 112 424 272 171 443 192 100 292 1,378 394 1,772 1,075 265 1,340 (429) (32) (461) (448) (34) (482) 949 362 1,311 627 231 858 166 2015

35 a. 2014 2015 5,474 4,440 10 10 (90) (87) 1,419 1,583 1 1 (2) (4) 16 38 3,408 2,141 (2,112) (75) (29) (656) 4 (2) (56) (47) (48) 2 (33) (1) (32) 52 95 5 12 2 84 (2) 2 3 187 312 2,873 3,897 22 22 (50) (37) (4) (29) (6) (57) (3) (37) 96 87 7 2 (8) (12) 13 15 5 916 (450) (617) 473 18 20 56 (286) 289 (35) (35) 493 332 1 (200) (28) (47) (219) 2 (3) 46 33 10,666 12,914 57 36 (84) (372) (86) (60) 10,553 12,518 2015 167

2015 12 31 35 b. 2014 2015 1,993 70 6,391 498 8 14 1,574 93 26 202 1,186 68 (23) (3,033) (84) (622) (11) (64) (308) (6) (10) (921) (194) 6,438 409 (36) (19) 6,402 390 13,627 1,094 20,029 1,484 19,955 1,283 26 Vuclip 41(a)(i) 107 74 68 20,029 1,484 (19,955) (1,283) (26) 1,186 68 (18,769) (1,241) (14) (77) 168 2015

35 c. 2014 12 31 2014 2015 67 7,182 10 31 5 69 117 238 399 (1,983) (195) (177) (11) (1,166) 4,586 (124) 4,462 7,492 (1,983) (4,462) (259) 1,324 8 2,112 7,506 (399) (237) (452) 6,870 (452) 2015 12 314.52 2015 Gain Score42(a) 2015 169

2015 12 31 35 d. 2014 2015 8,965 7,608 1 (1,022) (106) 12 31 7,943 7,503 36 170 2015

37 2014 1 1 754 754 271 271 1 271 754 1,026 528 528 1,022 1,022 5,323 5,323 95 95 49 49 4,497 4,497 7,943 7,943 19,408 49 19,457 1 19,679 49 754 20,483 2015 171

2015 12 31 37 2014 4,823 4,823 2,331 2,331 6,787 6,787 522 522 429 429 98 98 14,990 14,990 36,494 36,494 217 217 949 949 342 342 217 37,785 38,002 217 52,775 52,992 172 2015

37 2015 806 806 121 121 121 806 927 513 513 106 106 6,069 6,069 90 90 60 60 3,969 3,969 1 1 7,503 7,503 18,251 60 18,311 18,372 60 806 19,238 2015 173

2015 12 31 37 2015 3,879 3,879 2,494 2,494 6,763 6,763 322 322 448 448 69 69 13,975 13,975 38,090 38,090 586 586 627 627 604 604 586 39,321 39,907 586 53,296 53,882 174 2015

37 a. 30 20142015 12 31 25(e) 20142015 12 31 39 b. 39 2015 175

2015 12 31 37 b. 2014 1 1 2 2 5 5 (4,951) (4,951) (4,823) (2,331) (2,331) (2,331) (6,787) (6,787) (6,787) (522) (522) (522) (461) (461) (429) (98) (98) (98) (15,150) (15,150) (14,990) (805) (12,358) (20,259) (6,784) (40,206) (36,494) 66 19 (119) (216) (250) (217) (444) (424) (443) (1,311) (949) (29) (13) (233) (157) (432) (342) (768) (12,796) (21,035) (7,600) (42,199) (38,002) (15,918) (12,796) (21,035) (7,600) (57,349) (52,992) 176 2015

37 b. 2015 1 1 2 2 5 5 (3,907) (3,907) (3,879) (2,494) (2,494) (2,494) (6,763) (6,763) (6,763) (322) (322) (322) (482) (482) (448) (69) (69) (69) (14,037) (14,037) (13,975) (778) (4,300) (22,040) (19,040) (46,158) (38,090) i (21) (33) (152) (299) (505) (586) (142) (424) (292) (858) (627) ii (48) (78) (226) (1,088) (1,440) (604) (847) (4,553) (22,842) (20,719) (48,961) (39,907) (14,884) (4,553) (22,842) (20,719) (62,998) (53,882) i. 2015 12 312,20020145.0338.87 31 20303.761.28 2020 1 152020 5 203126(d) 26(g)28(b) ii. 2015 12 314,700201412 216.65 26(f)28(b) 2015 177

2015 12 31 37 c. i. 20142015 12 31 2015 12 31 18.03139.70201413100.96 216.65 2014 178 2015

37 c. i. 2014 2015 650 782 13 13 1,078 54 287 1,468 197 361 3,184 63 454 1,630 37 458 (975) (59) (217) (1,494) (61) (203) (94) (74) (3,877) (3,879) (9,785) (12,803) (1,666) (9,819) 58 537 (14,370) (1,493) 629 (809) (47) (510) (927) (52) (629) 10,087 12,803 1,666 (541) 11 27 (2,494) 121 2015 179

2015 12 31 37 c. i. 2015 12 31 2,1002014500 2015 12 311.0920143,900 2015 12 31 5002014 2015 12 318,3002014 2015 12 31 2014100 20142015 ii. 180 2015

37 c. ii. 2014 2015 % % 5.42 3,877 3.17 3,879 3.17 3,924 4.08 12,275 7,801 16,154 1.59 27,655 1.60 23,621 4.70 5,861 5.04 2,194 33,516 25,815 41,317 41,969 2015 181

2015 12 31 37 c. ii. 2015 12 3120201410 3,50020142,300 2020141020142015 iii. 24 d. 20142015 12 31 2014 2015 (4,823) (4,909) (3,879) (3,890) (36,494) (37,059) (38,090) (38,600) 182 2015

37 e. 2014 104 104 650 650 49 49 104 49 650 803 (217) (217) 2015 24 24 782 782 60 60 24 60 782 866 (22) (22) (586) (586) (586) (22) (608) 2015 183

2015 12 31 37 e. 184 2015

37 e. 3 20 20143 20 15% 30% 201415% 30% 15% 70% 201415% 70% 10% 50% 201410% 50% 2015 12 31 2014 12 31 2015 12 31 2014 2015 2014 2015 509 650 176 172 (22) (30) (28) (78) (12) (2) 5 70 650 782 (22) 2015 12 317.8220146.50 2015 12 3120020141,200 2014 2015 185

2015 12 31 37 f. 38 a. 2014 2015 187 170 1,306 1,254 23 19 880 701 2,396 2,144 b. 2015 12 31 2014 2015 1 1,504 1,321 15 1,821 1,573 5 536 391 3,861 3,285 2014 2015 1 1,288 1,139 15 752 853 5 264 266 2,304 2,258 115 186 2015

38 c. 2015 12 31 2014 2015 1,752 1,696 2,177 2,171 3,929 3,867 39 2014 2015 2,338 2,391 52 62 60 10 7 16 12 11 11 2,489 2,481 40 2015 12 31 384.312014395.64145.35 2014116.47 25(f) 26 2014 2015 2 1,848 2,058 182 143 20 39 2,050 2,242 2015 12 31 1.6120141.66 2015 187

2015 12 31 41 a. 2015 12 31 i. Vuclip, Inc.Vuclip 2015 12 31 Vuclip, Inc. 12.862,200Vuclip 3,900 over-the-topott Vuclip, Inc. Vuclip, Inc. Dynamic Adaptive Transcoding Vuclip OTT 2016 2016 (i) Vuclip 1,115 Vuclip 107 64 1,286 (337) 949 OTT VuclipVuclip Vuclip 188 2015

41 a. 2015 12 31 i. Vuclip, Inc.Vuclip (i) Vuclip Vuclip 11 486 76 67 (23) (51) (6) (10) (194) 356 (19) 337 1,115 (67) 2015 12 31 1,048 (ii) 1,7002015 12 31 (iii) 2015 12 311.48 6,5002015 1 12015 12 31 2.168,500 (iv) Vuclip Vuclip 2,900 2015 12 31 2015 189

2015 12 31 41 a. 2015 12 31 i. Vuclip, Inc.Vuclip (v) 2,2003%Vuclip EBITDA3 EBITDA2018 12 31 2015 12 31 ii. Keycom plckeycom 2015 4 7Keycom plc2015 6 1,6601.96Keycom plc 2015 12 31 1,6301.92 2016 2016 (i) Keycom 166 4 26 196 (53) 143 Keycom 190 2015

41 a. 2015 12 31 ii. Keycom plckeycom (i) Keycom Keycom 56 12 8 17 1 (30) (11) 53 166 26 192 (1) 2015 12 31 191 (ii) 5002015 12 31 (iii) 2015 1 1Keycom 2,400 100Keycom Keycom2015 12 31 iii. Syntelligence Ltd 2015 5 26 Syntelligence Ltd 2015 191

2015 12 31 41 b. 2014 12 31 i. CSL Holdings LimitedCSL 2014 5 14CSL Holdings Limited 4G 3G 2G 25.85200.54 CSL2015 5 14 3,700 (i) CSL 20,054 (6,402) 13,652 192 2015

41 b. 2014 12 31 i. CSL Holdings LimitedCSL (i) CSL CSL 1,992 6,391 14 1,574 26 202 1,186 (287) (2,745) (622) (64) (308) (921) 6,438 (36) 6,402 2014 19,943 2015 77 20,020 (1,186) 18,834 (ii) 2014 1 1CSL29.42 2.34CSL CSL 2014 12 31 ii. Crypteia Networks S.A. 2014 10 20 Crypteia Networks S.A. 2015 193

2015 12 31 42 a. Gain Score LimitedGain Score 2014 4 8Gain Score Limited Gain Score Limited 9.2872.01Gain Score 2014 89.3972.81 Gain Score 7,058 (1,983) (4,263) 1,245 8 2,057 2014 12 3120.57 Gain Score 6.54 Gain Score2014 2015 12 31 Gain Score17.49 1.782015 12 31 194 2015

42 a. Gain Score LimitedGain Score Gain Score 15 62 16 7,182 17 10 20 31 5 11 4 208 (1,983) (97) (4) 33(a) (1,166) 4,263 7,058 Gain Score (208) 6,850 b. 2014 10 14 1.8 2.25 2014 12 2015 195

2015 12 31 42 b. 225 (14) (199) (36) 79 8 55 15 5 58 117 234 191 (98) (177) (7) 323 (124) 199 211 (191) 20 196 2015

43 a. 2015 12 31 2015 12 31500 b. 2014 12 31 2014 2015 61 (37) 24 2014 12 31 6,10011,178,000 3,700 2,400 2015 197

2015 12 31 44 2015 12 31 2015 12 31 1 2016 1 1 16 2016 1 1 16 2016 1 1 27 2011 2016 1 1 28 2011 28 2011 2016 1 1 2016 1 1 38 2016 1 1 41 2016 1 1 10 2016 1 1 10 2016 1 1 11 2016 1 1 12 2016 1 1 14 2016 1 1 15 2018 1 1 9 2014 2018 1 1 2014 102012-2014 2016 1 1 2015 12 31 198 2015

2015 12 31 2011* 2012 2013 2014 2015 24,638 25,318 27,317 33,277 39,314 (11,397) (11,816) (13,111) (15,151) (18,965) (9,604) (10,150) (10,735) (14,091) (14,534) 143 371 685 2,717 135 71 62 80 90 87 (1,565) (966) (1,111) (1,418) (1,634) 32 (22) 140 50 37 2,318 2,797 3,265 5,474 4,440 (542) (232) (210) (803) (447) 1,776 2,565 3,055 4,671 3,993 1,607 1,661 1,885 3,310 2,295 169 904 1,170 1,361 1,698 12 31 2011 2012 2013 2014 2015 30,909 33,070 36,358 51,648 54,619 14,941 16,774 17,579 21,391 20,139 (10,747) (19,412) (10,658) (19,018) (17,493) (27,656) (22,294) (34,646) (41,652) (43,923) 7,447 8,138 8,633 12,369 13,342 12 31 2011 2012 2013 2014 2015 17,120 17,418 15,874 17,912 18,460 * 2011 12 3119 2011 2015 199

2015 KBE, LVO GBS GBM, GBS, OBE, JP Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 979 41 +852 2888 2888 +852 2877 8877 2015 2015 www.pccw.com/ir (www.hkexnews.hk) A) 2015 B) 2015 183 17M +852 2862 8688 +852 2865 0990 pccw@computershare.com.hk 2015 2015 2015 OTC Markets Group Inc. 10 0008 0008.HK 8 HK PCCWY 183 17 1712 1716 +852 2862 8555 +852 2865 0990 hkinfo@computershare.com.hk Citibank, N.A. PCCW American Depositary Receipts Citibank Shareholder Services P.O. Box 43077 Providence, Rhode Island 02940 3077, USA +1 877 248 4237 +1 781 575 4555 citibank@shareholders-online.com www.citi.com/dr 2015 12 31 2015 12 31 2015 2015 2015 2015 2016 979 41 +852 2514 5084 ir@pccw.com 1,000 7,621,350,679 7.96 17.04 2016 2 26 2016 5 11 12 2016 5 12 2016 6 21 2016 5 5 www.pccw.com 200 2015

電 訊 盈 科 有 限 公 司 ( 於 香 港 註 冊 成 立 的 有 限 公 司 ) 香 港 鰂 魚 涌 英 皇 道 979 號 太 古 坊 電 訊 盈 科 中 心 41 樓 電 話 :+852 2888 2888 傳 真 :+852 2877 8877 www.pccw.com 電 訊 盈 科 的 股 份 於 香 港 聯 合 交 易 所 有 限 公 司 上 市 ( 股 份 代 號 :0008), 並 以 美 國 預 託 證 券 方 式 在 美 國 的 OTC Markets Group Inc.( 場 外 交 易 市 場 ) 買 賣 ( 代 號 :PCCWY) 2016 電 訊 盈 科 有 限 公 司, 版 權 所 有, 不 得 翻 印 本 報 告 採 用 的 可 循 環 再 造 紙 張, 是 由 無 氯 元 素 及 無 酸 紙 漿 製 造