換新煥新

中國電信股份有限公司香港交易所股份代碼 : 728 紐約證券交易所股份代碼 : CHA 二零一五年年報喚新換新煥新

換新煥新

煥新

2015 1.34 1.13 1.98 H

C 1 C 1 M C I 2 2015 3 FH S T B D S M MDA MDA B MDA F 4 8 18 28 28 38 R R R A D SC 50 67 70 CG 72 H CSR R 98 106 1933 27 A1934 21 E 20-F N AGM I C S F CS CI CS CE CS CF N FS S I CC FS A 116 121 122 124 125 126 128 194 196

M 2015 2 12 10 7 300Mbps4G+ (LTE-A) 4G 4G 5 4 + + 8.1 2 LTE (LTE FDD) 4G

C I 3 728 CHA www.chinatelecom-h.com

FH 4 2013 2014 2015 321,584 324,394 331,202 EBITDA 1 96,551 94,853 94,106 EBITDA 2 34.6% 33.0% 32.1% 3 17,545 17,680 20,054 79,992 76,889 109,094 4 39.7% 36.8% 38.4% 0.2168 0.2185 0.2478 0.095 0.095 0.095 1 EBITDA 2 EBITDA EBITDA 3 4 www.chinatelecom-h.com

FH 5 EBITDA 1 321,584 324,394 331,202 96,551 94,853 94,106 2013 2014 2015 2013 2014 2015 3 17,545 17,680 20,054 0.095 0.095 0.095 2013 2014 2015 2013 2014 2015

新開始

4G+ 光寬帶

S T B 8

S T B 9

S T B 10 2015 LTE FDD 4G 4G 2015 1 2 2.1% 3,312 3 2.0% 2,933 34% 5 EBITDA 4 941EBITDA 5 32.1% 6 201 13.4% 0.25 1,091 322 7 215 1 2015 5 2 2015 10 3 4 EBITDA 5 EBITDA EBITDA 6 2015 39 7 EBITDA

S T B 11 2014 6 2015 2016 0.0952015 2015 FDD 4G 4G 4G FDD 300Mbps 4G+ (LTE-A) +

S T B 12 2015 (FTTH)75% 15 29Mbps 5,138 5,846 2ARPU FTTH2,838 7,099 1.13 FTTH63% 23IPTV 2015 900 4,000 4G 4G CDMA 4G

S T B 13 2015 20% 47840% 4G 51% 4G 751MB 25% 2015 4,000 2015 2 WiFiWiFi 2015 1,000 ICT + 2015 ICT 288 21%IDC 30% 7,700

S T B 14 5 O2O IT $ $ 13.4%

S T B 15 4G80% 60% IT 4G + IPTV

S T B 16 2015 Institutional Investor FinanceAsia Euromoney +

S T B 17 2016 4G + 2016 3 23

D 18 S M 53 2015 12 30 1984 2008 60 1982 1986 1988 2004

D 19 S M 52 1998 2001 58

D 20 S M 52 47

D 21 S M 68 2014 102004 2010 2013 3 1976 19842003 3 1997 2000 66 2001 1 2004 9 1991 2001 1982

D 22 S M 66 Fulbright 66 (BlackRock China) 19942000 2010 2011 30

D 23 S M 52 44

D 24 S M 52 57 50 1989 2006

D 25 S M 401997 2003 56

新機遇 INTERNET+ & BIG DATA

NEW OPPORTUNITIES INTERNET+ 緊抓互聯網 + & BIG DATA 大數據帶來的黃金機會

MDA 28 B 2013 2014 2015 2013 2014 2015 2015 2014 185.58 185.62 197.90 6.6% 3G/4G 103.11 118.63 143.13 20.7% 100.10 106.95 113.06 5.7% 155.80 143.56 134.32 (6.4%) 603,616 655,939 667,535 1.8% 64,235 64,583 56,817 (12.0%) 3G/4G ktb 175.1 266.6 554.7 108.1% 148,690 130,439 110,935 (15.0%)

MDA 29 B 2015 20.5% 5.3pp 4G 51% (1) 2015 3,312.02 2.1% 2,932.66 2.0% 42.5% 34.4%5.3

MDA 30 B (2) 2015 FDD 4G 4G 4G+ 4G+ 19,790 1,228 1,245.033.5% 4G 108% 52015 3G/4G 55.5 TB 108.1% 3G/4G 386MB 38.4% 10.0

MDA 31 B IDC 2015 742.851.1% 11,306 611 IPTV 27.5% (3) 2015 1,687.63 IT IDC 2015 420.35 10.5% ICT IIT IDC 1.0% 2015

MDA 32 B 296.10 10.1% 1.6 2015 4G 2015 4G 4G 3G4G 4G+ 2015 4G 5,846 29.5% 4G 751MB 3G/4G2 2015 50/100Mbps + +4G 2015 (FTTH) 7,099 62.8% 20Mbps 44.6% 27.4

MDA 33 B 185.62 6.6% 197.90 3G/4G 143.13 118.63 3G/4G 20.7% 2014 2015 4G 100 106.95 5.7% 113.06 4G 4G 20154G 201 FTTH 70.99 4G 6,200 70% 42.61 FTTH 66.6% OPPO vivo 2014 2015

MDA 34 B iphone ICT 2015+ + O2O mini

MDA 35 B 4G 76% 2015 4G 4G 4G 4G FTTH 2015 23.0pp 60% 60 IM2 1.5

MDA 36 B 2015 4G 51 451 4G+ LTE-A 4G+ 4G FDD 4G 4G 4G 4G 33 5 17 79 85%FTTH9,000

37 MDA B 2.2 75% IDC DCI 15IDC SDN 2016 2016 4G 4G 4G++ ++4G + IPTV

MDA 38 F 2015 2015 3,312.0220142.1% 1 2,932.662014 2.0% 3,047.60 20143.0% 2015 2015 3,312.02 20142.1% 1,565.292014 3.2% 1,746.7320141.1% 200.542014 13.4% 0.25 EBITDA 2 941.06 20140.8%, EBITDA 3 32.1% 1 2015 320.262014 313.43 2015 44.302014 39.56 2015 14.802014 17.16 2 EBITDA EBITDA EBITDA EBITDA 3 EBITDA EBITDA

MDA 39 F 2014 2015 12 31 2015 2014 29,610 33,587 (11.8%) 48,983 54,673 (10.4%) 126,546 112,431 12.6% 39,044 38,419 1.6% 27,299 26,939 1.3% 17,635 17,332 1.7% 42,085 41,013 2.6% 331,202 324,394 2.1% 2015 296.102014 335.87 11.8% 8.9% 2015OTT 489.83 2014 546.73 10.4%14.8%

MDA 40 F 2015 1,265.46 2014 1,124.3112.6% 38.2% 2015 1.13 611 742.852014 1.1% 2015 390.44 2014 384.19 1.6%11.8% 215.29 201416.8% + IDC IPTV 175.15 201412.4% 506.942014 34.1% 477.70201440.1% 40.1% $ $ $

MDA 41 F 2015 272.992014 269.39 1.3% 8.3% 205.052014 4.5% IT 67.9420147.2% 4.212014 9.1% 2015 420.85 2014 410.13 2.6%12.7% 321.22 20142.4% 2015 176.352014 173.321.7% 5.3% 2015 3,047.602014 2,958.863.0% 92.0% 20140.8

MDA 42 F 2014 2015 12 31 2015 2014 67,664 66,345 2.0% 81,240 68,651 18.3% 54,472 62,719 (13.1%) 52,541 50,653 3.7% 48,843 47,518 2.8% 304,760 295,886 3.0% 2015676.64 2014 663.45 2.0%20.4% 4G 2015 812.402014 686.51 18.3% 24.5% 2015 2015 544.722014 627.19 13.1% 16.4%459.43 201415.7% 266.51 20146.0% 192.912014 26.2%116.20 201424.3%

MDA 43 F 2015 15.7% 42.732014 52.91 19.2% 6.25% 5.11% AAA 5 0.05 2015 0.75 2015 525.41 2014 506.53 3.7%15.9% 25% 2015 65.51 24.5% 2015 488.43 2014 475.18 2.8%14.8% 308.67 20143.0%

44 MDA F 72.31 27.9% 72.1% 27.9% 20154G 2015 1,090.942014 768.89 41.9% 2015 200.542014 176.80 13.4% 2015 10 14 2015 12 31 330.97 1.00 301.31 29.66 27.9% 28.1% 38.0% 6.0% 7,231

MDA 45 F 2015113.092014 43.70 2014 2015 12 31 2015 2014 108,750 96,405 (102,250) (81,708) 4,809 (10,327) 11,309 4,370 2015 1,087.502014 12.8% 2015 1,022.502014 25.1% 2015 48.092014 $ $ $ $ $ $ $ $ $ $ 103.27 12.8%

MDA 46 F 2015 1,778.212014 1,467.82310.39 2015 12 31 1,288.392014 1,304.88 2015 92.6% 2014 93.1% 2015 20152014 5,612.74 6,295.61 2014 1,065.52 1,166.69 201419.0%18.5% 318.69 20142015 12 31 2015 2014 51,636 43,976 84 82 64,830 62,494 119 116,669 106,552

MDA 47 F 2015 1,166.692014 46.3% 2014 41.3% 101.17 2015 12 31 2014 99.4% 2014 99.2% 0.4% 2014 0.5% 0.2% 2014 0.3% 2016 2017 2018 2019 2020 1 1 1 1 1 1 1 1 1 1 2016 2017 2018 2019 2020 12 31 12 31 12 31 12 31 12 31 51,967 51,967 71,295 2,597 64,345 251 250 267 3,585 14,448 3,452 2,564 2,006 1,532 1,171 3,723 10,148 10,148 147,858 68,164 66,909 2,257 1,782 1,438 7,308

新定位深化改革推動全面發展有別於傳統電信運營商

R D 50 2015 12 31 2015 12 31 122 193 2015 12 31 0.095 64.61 2016 5 25 H H 2016 7 15 2008 2016 6 6H H 2015 10% 2011 348 H 10% 10% H 10% 10% H 10%20%

R D 51 H 20% 20% [2014]81 H 20% 2016 6 6H H H H 2016 5 31 H H H H H

R D 52 53 2004 10 20 60 2002 9 10 52 2008 9 9 58 2004 10 20 52 2012 5 30 47 2014 5 29 68 2005 9 9 66 2008 9 9 66 2005 9 9 66 2014 5 29 52 2013 6 21 44 2014 12 12 2015 2 10 2015 8 24 2015 12 30 2015 9 1 2015 10 23 2015 12 30 2015 2 17 2015 11 1 2015 11 6

R D 53 52 2015 5 27 57 2013 8 19 50 2012 10 16 40 2012 10 16 56 2015 5 27 2015 2 18 2015 3 12 2015 5 27 2014 2015 12 31 80,932,368,32180,932,368,321 1.00 2015 12 31 2015 12 31 2015 12 31 (%) 67,054,958,321 82.85 57,377,053,317 70.89 5,614,082,653 6.94 2,137,473,626 2.64 969,317,182 1.20 957,031,543 1.18 H 13,877,410,000 17.15 80,932,368,321 100.00

R D 54 2015 12 31336 5% 57,377,053,317 5,614,082,653 JPMorgan Chase & Co. 1,546,282,942 71,716,919 980,696,969 BlackRock, Inc. 1,193,143,254 337,800 UBS Group AG 884,575,547 The Bank of New York Mellon Corporation Templeton Investment Counsel, LLC 31,812,492 834,090,669 805,835,485 694,050,154 85.57% 70.89% 8.37% 6.94% H 11.14% 1.91% 276,074,073 289,508,100 3,800 980,696,969 H 0.52% 0.09% H 7.07% 1.21% H 8.60% 1.47% H 0.00% 0.00% H 6.37% 1.09% 240,794,858 643,780,689 H 0.23% 0.04% H 6.01% 1.03% H 5.81% 1.00% H 5.00% 0.86%

R D 55 2015 12 31 336 2015 12 31 XV 352 2015 12 31 2015 9 23 2015 65 2015 10 14 65

R D 56 2015 12 31 2015 30 2015 12 31 5 194 195 17 2015 12 31 28 2015 12 31 5 2015 12 31 2015 1,050.79

R D 57 2015 12 31 22 2015 12 31 2015 12 31 0.18 2015 12 31 910 2015 12 31 40 41 2015 12 315 30% 2015 12 315 30% 125

R D 58 2015 12 31 1 486 1,000 409 1,000 720 1,300 IT 1,365 1,500 IT 181 700 2,860 4,000 5,288 5,500 2,855 5,500 19,888 20,000 12,718 16,000 368 1,500 1

R D 59 2002 9 10 2012 8 22 3 2015 12 31 30

R D 60 2002 9 10 0.06 0.06 2012 8 22 3 2015 12 31 30 2006 8 30 3 1 2012 8 22 3 2015 12 31 30 2012 2013 12 16 2015 12 31 13 2015 12 31

R D 61 IT 2006 8 30 IT IT IT 2006 8 30 (1) (2) 2012 8 22 IT 3 2015 12 31 30IT (3) (4)

R D 62 2012 8 22 3 2015 12 31 30 2006 8 30 2012 8 22 3 2015 12 31 30 2006 8 30 50 (1) 1% 200 (2) 3%

R D 63 2012 8 22 3 2015 12 31 30 (i) (ii)4g 4G(iii) 2015 11 27 2 2015 12 31 200 2015 12 31 2006 8 30 2012 8 22 3 2015 12 31 30 2013 12 16

R D 64 2. 3. 2014 1 1 2015 12 31 30 2015 12 31 2015 14A 1. 3000 740 2. 2015 12 31 2015 12 31 1. (i) (ii) 3.

R D 65 2015 12 31 2015 9 23 IT 3 2018 12 31 2014 3 (HKEx-GL73-14) 2015 11 27 2 2015 10 14 (i) (ii) (iii) (iv) 2015 10 31 301.31 330.97 1.00 29.66 27.9% 28.1% 38.0% 6.0% 2015 10 14 2015 11 2 2016 1 29

R D 66 2015 8 1728 37 38 47 72 95 2015 12 31 98 105106 113 2015 7295 2015 12 31 2015 12 31 2013 5 29 2016 12 31 2016 5 25 2016 3 23

R SC 67 2015 3 12 2014 2014 2015 6 2015 5 27 2015 8 13 2015

R SC 68 4G 2015 3,3122.1% 2,9332.0% 34% 5 EBITDA941EBITDA 32.1%201 13.4%215 1 2 404

R SC 69 2015 2016 2016 3 23

R A 70

R A 71 www.chinatelecom-h.com/tc/ company/awards.php

CG 72 2015 (SEC) 2015 12 31

CG 73 The Asset 2015 Corporate Governance Asia3 2015 Euromoney6 (FinanceAsia)2015 5 (Institutional Investor)2015 5 2015 32014 2 2015 5 27 2014 No.1 2015 LTE TD-LTE LTE FDD IPTV 2015 10 23

CG 74 2015 11 27 2015 2002 2015 12 31 10 5 14 3

CG 75 2014 5 3 2017 2013 8 2015 12 31

CG 76 2015 12 31 10-8 - 10-6 - 10-4 - 8-2 - 6-0 - 4-2 - 0-10 - 8-61-70 6-4 - 51-60 2-0 - 41-50 8-10 6-4 - 510 2-5 0-14 4 2015 45 1 1 2015

CG 77 2009 2015 12 31 A, B A, B A, B A, B A, B A, B A, B A, B A, B A, B A B

CG 78 2015 201552 2015 12 313

CG 79 2015 2015 12 313 2015 12 313

CG 80 20151 2 2015 1 4 2015 3/4 3/3 3/4 0/3 2/4 2/3 3/4 1/3 3/4 1/3 * 2/2 1/1 * 0/0 0/1 * 0/0 0/0 2/4 0/3 4/4 5/5 1/1 1/1 2/3 4/4 1/1 1/1 3/3 3/4 4/5 1/1 1/1 2/3 4/4 5/5 1/1 3/3 * 2015 8 242015 10 23 2015 12 30 2015 2 10

CG 81 2 7 1 7 3 5% 5% 10%10% 2 2 1 2015 12 31 5 2 220152 1

CG 82 2015 * 1/1 2/2 2/2 2/2 * 1/1 * 0/0 * 1/1 * 2015 2 18 2015 3 12 2015 5 272014 2015 12 31 68.8 1.9 70.7

CG 83 121 2012 20122013 5 29 201220132014 201320142015 2016 2015

CG 84 2015 C2 2015 4G 2015 4G

CG 85 2016 2015 2015 + 2015 6 30

CG 86 2003 COSO IT 2015 COSO2013

CG 87 COSO2013 PCAOB 5 (1) (2) (3)(4) 2015

CG 88 2015 2015 100%

CG 89 2015 12 31 2004

CG 90 EBITDA 2015 2015 2015 1 2015 2015 1 2015 3 2015 2015 5 2015 2015 5 2015 2015 5 2015 2015 5 2015 2015 5 2015 2015 5 2015 5 2015 2015 5 2015 2015 6 2015 2015 6 2015 2015 6 2015 2015 6 2015 2015 6 2015 2015 6 2015

CG 91 2015 7 2015 9 2015 9 2015 10 2015 11 2015 11 2015 11 2015 11 2015 11 2015 11 2015 12 2015 2015 2015 Jefferies 2015 2015 2015 2015 2015 2015 (www.chinatelecom-h.com) excelrss html 2015 LACPW3 inova

CG 92

CG 93 10%10% 2 2 1 30 4 5%5% 108 38 ir@chinatelecom-h.com (852) 2877 9777 (852) 2877 0988 (www.chinatelecom-h.com)

CG 94 303A 4 303A.02 2015 12 31 12 14 10

CG 95 www.chinatelecom-h.com

新動力

新動力提升團隊專業水平努力不懈提高服務質量加強競爭力

H R 98 2015 2015 12 10%

H R 99 2015 291,526 43,998 15.1% 151,448 51.9% 94,055 32.3% 2,025 0.7% 291,526 100.0% 2015 10.6

H R 100 2015 18 30 19 13 840 102 100 20 4G i APP Go NOC 100 1,000 300

H R 101 3,800 1 2015

H R 102 9,000 2,000 100 200 3,5285.3 10000 EAP 140

H R 103 2015 2015803 CEO

104 H R 8 1,287 CEO362 CEO 1.2 1.4 2015 383 722 1-2 2015 2 64 2015 + IP 1,117 1,241 IP 1,270 BIP IT 645 B 2015 B 19 796 CEO 415

H R 105

CSR 106

CSR 107

CSR 108 2015 2015 4G 4G 51 454G+(LTE-A) 4G+ 29Mbps 2015 55% 33%

CSR 109 DDos U 2015 5,400 1,000 2015 5400+ 71 8,0003,000

CSR 110 2015 4G + + 2015 4G 4G 12 IT

CSR 111 12 CEO CEO CEO CEO 2015 2015 2015 1,900 20152 CEO

CSR 112 2015 IT 2015

CSR 113 5 7.1% 2016 + 2015

新前景

不一樣的未來

新前景

不一樣的未來

N AGM 116 2016 5 25 5B C 2015 1. 2015 12 31 2016 2. 2015 12 31 3. 2016 12 31 4. 4.1 2016 900 4.2 (a) (b)

N AGM 117 (c) (d) 900 5. 5.1 900 300 (a) 300 (b) (c) 10 (d) (e) 2016 5.2 (a) (b)

N AGM 118 (c) (d) (e) 6. (a) (c) (b) (a) (c) (a) H (i) (ii) H 20% (d) 6 6 (i) (ii) (iii)

N AGM 119 7. 6 2016 4 8 (1) H2016 4 25 2016 5 25 HH 2016 4 22 4 30 183 17 1712 17162016 5 25 H (2) 2015 12 310.0952 2016 6 62016 6 12016 6 6 H 2016 5 31 4 30 183 17 1712 1716 (3) 2015 (4) H 31 100033(8610) 66428166 183 17M (5) 2016 5 4 H (6) (7) (8) (9) 8(852) 2877 9777 (www.chinatelecom-h.com)

財務報表

I A 121 122 193

C S 122 F 2015 12 31 2014 12 31 5 373,981 372,876 6 69,103 53,181 23,609 24,410 7 29,920 29,917 8 10,739 8,984 10 34,473 4,106 11 1,624 972 12 4,655 3,232 20 3,349 4,053 551,453 501,731 13 6,281 4,225 105 1,360 14 21,105 21,562 15 16,229 10,581 2,519 1,379 16 31,869 20,436 78,108 59,543 629,561 561,274 17 51,636 43,976 17 84 82 18 118,055 88,458 19 82,934 72,442 2,154 307 38 20 1,028 1,060 255,929 206,325 (177,821) (146,782) 373,632 354,949 128193

C S F 123 2015 12 31 2014 12 31 17 64,830 62,494 81 20 1,454 798 12 2,061 1,125 455 424 68,881 64,841 324,810 271,166 21 80,932 80,932 22 222,852 208,251 303,784 289,183 967 925 304,751 290,108 629,561 561,274 128193

CS 124 CI 2015 2014 23 331,202 324,394 (67,664) (66,345) 24 (81,240) (68,651) (54,472) (62,719) 25 (52,541) (50,653) 26 (48,843) (47,518) 27 (304,760) (295,886) 26,442 28,508 2 5,214 28 (4,273) (5,291) 8 6 (698) 34 26,693 23,257 29 (6,551) (5,498) 20,142 17,759 652 (54) (163) 14 129 3 3 (3) 621 (40) 20,763 17,719 20,054 17,680 88 79 20,142 17,759 20,675 17,640 88 79 20,763 17,719 34 0.25 0.22 34 80,932 80,932 128193

CS 125 CE 2014 1 1 80,932 17,064 10,746 67,392 427 (944) 102,124 277,741 923 278,664 17,680 17,680 79 17,759 (43) 3 (40) (40) (43) 3 17,680 17,640 79 17,719 (77) (77) 33 (6,198) (6,198) (6,198) 22 1,680 (1,680) 2014 12 31 80,932 17,064 10,746 69,072 384 (941) 111,926 289,183 925 290,108 20,054 20,054 88 20,142 492 129 621 621 492 129 20,054 20,675 88 20,763 (1) (1) (6) (7) 87 87 40 127 (80) (80) 33 (6,160) (6,160) (6,160) 22 1,901 (1,901) 2015 12 31 80,932 17,150 10,746 70,973 876 (812) 123,919 303,784 967 304,751 128193

CS 126 CF 2015 2014 (a) 108,750 96,405 (101,898) (80,273) (124) (184) (b) (10) (2,990) 755 710 58 121 2 (3,764) (2,566) 2,731 3,474 (102,250) (81,708) (14) (1) 67,875 53,022 (56,862) (56,819) (6,160) (6,198) (7) 127 (c) (278) (150) (53) 4,809 (10,327) 11,309 4,370 1 1 20,436 16,070 124 (4) 12 31 31,869 20,436 128193

CS CF 127 (a) 2015 2014 26,693 23,257 67,664 66,345 2,231 2,084 51 147 151 (8) (6) 698 (34) (375) (304) 4,573 5,650 75 (55) 1,573 2,287 (5,214) 98,108 99,375 (1,778) (3,594) (2,199) 2,280 (5,854) (2,359) (87) (2) 22,156 6,473 7,119 6,571 (417) (573) 117,048 108,171 375 305 (4,601) (5,693) 27 29 (4,099) (6,407) 108,750 96,405 (b) (c) 100% 128193

N 128 FS 1. CDMA 683.17 1.00 460.00 278.00

N FS 129 1. 14.08 55.57 0.61 0.48 2.78 100%

N FS 130 1. 2. 1.00 29.930.140.0 29.9% 30.1% 40.0%

N FS 131 2. 301.31 330.97 1.00 29.66 27.9% 28.1% 38.0% 6.0% 27.9% 72.1% 27.9% 30,131 5 18,365 6 2,959 1,403 22,727 173 7,231 2,017 5,214 3. (a)

N FS 132 3. (a) 622 3(l) 42 (b) (a) (b)(c)

N FS 133 3. (b)

N FS 134 3. (c) 3(i) (d) (e) 3(n) (f)

N FS 135 3. (g) 3(n) 0.18 8 30 6 10 5 10 (h) 20 70

N FS 136 3. (i) 3(n) (j) CDMA 7 3(n) (k) 3(n) (l) 3(n)

N FS 137 3. (m) (n) (i)

N FS 138 3. (n) (ii)

N FS 139 3. (o) (i) (ii) (iii) (iv) (v) i) ii) iii) iv) v)

N FS 140 3. (o) vi) vii) (vi) (vii) (viii) (ix) (x)

N FS 141 3. (p) 192.91 261.22 116.20 153.40 (q) (r) (s) 7.92 6.07 40 41 (t) (i) (ii)

N FS 142 3. (t) (u) (v) (w) (x) 11% 6% 17% 3% 17%

N FS 143 3. (x) (y) (z)

N FS 144 3. (aa) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (a) (vi) (a)(i)

N FS 145 3. (ab) 4. 19 2010 2012 2011 2013 27 9 9 39 28

N FS 146 4. 27 28 27 2014 12 31 2014 1 1 411 405 411 405 27 43

N FS 147 5. 2014 1 1 95,411 835,860 28,346 959,617 726 1,254 703 2,683 2,661 57,880 1,497 62,038 (642) (74,688) (1,670) (77,000) (2) 67 (65) 2014 12 31 98,154 820,373 28,811 947,338 509 883 733 2,125 3,161 79,569 1,738 84,468 2 (3,646) (29,221) (121) (32,988) (732) (51,994) (1,894) (54,620) 13 (353) 340 2015 12 31 97,459 819,257 29,607 946,323 2014 1 1 (40,505) (524,863) (19,908) (585,276) (4,735) (55,687) (2,266) (62,688) 592 71,351 1,559 73,502 2 (7) 5 2014 12 31 (44,646) (509,206) (20,610) (574,462) (4,662) (56,862) (2,332) (63,856) 2 1,520 13,051 52 14,623 697 48,869 1,787 51,353 (11) 133 (122) 2015 12 31 (47,102) (504,015) (21,225) (572,342) 2015 12 31 50,357 315,242 8,382 373,981 2014 12 31 53,508 311,167 8,201 372,876

N FS 148 6. 2014 1 1 44,157 74,585 (62,038) (3,523) 2014 12 31 53,181 107,762 2 (2,959) (84,468) (4,413) 2015 12 31 69,103

N FS 149 7. 2015 2014 CDMA 29,920 29,917 CDMA 99.5%CDMA 438.00 2010 CDMA 34.71 2009 CDMA CDMA 9.7%10.3% 1.5%

N FS 150 8. 2014 1 1 18,091 378 3,523 (239) 2014 12 31 21,753 511 4,413 (376) 2015 12 31 26,301 2014 1 1 (10,046) (2,923) 200 2014 12 31 (12,769) (3,093) 300 2015 12 31 (15,562) 2015 12 31 10,739 2014 12 31 8,984

N FS 151 9. 2001 9 13 392 2000 2 25 1.68 2001 11 22 0.43 2007 8 15 350 2004 10 15 0.60 2005 7 1 500 2006 10 5 1 2011 3 3 300 1984 5 5 91 2011 1 10 1,000,000

N FS 152 9. 2012 5 16 5.00 2012 6 26 500,000 2012 7 9 63.00 2013 6 9 250 2006 3 2 1,615 2013 8 19 11 2014 6 17 45 51% 65% 10. 2015 2014 36,325 3,219 (1,852) 887 34,473 4,106

N FS 153 10. 27.9% 24.0% 2015 2014 38,586 9,676 231,793 454 47,717 244 96,535 10,325 (2,944) (114) (2,944) (114) 126,127 9,886 2 27.9% 29.9% 35,189 2,956 2 (1,939) 33,250 2,956

N FS 154 10. 2015 2014 6,872 6,309 7,943 7,773 5,228 4,887 3,716 3,680 4,094 3,740 342 236 342 236 9 10 5,871 5,515 (1,850) (1,738) 24.0% 24.0% 965 906 965 906 11. 2015 2014 1,597 945 27 27 1,624 972

N FS 155 12. 2015 2014 2015 2014 2015 2014 1,291 1,156 1,291 1,156 3,174 1,788 (1,605) (773) 1,569 1,015 190 288 (130) (189) 60 99 (326) (163) (326) (163) 4,655 3,232 (2,061) (1,125) 2,594 2,107 2015 1 1 2015 12 31 1,156 135 1,291 1,015 554 1,569 99 (39) 60 (163) (163) (326) 2,107 487 2,594 2014 1 1 2014 12 31 1,071 85 1,156 1,247 (232) 1,015 155 (56) 99 (177) 14 (163) 2,296 (189) 2,107

N FS 156 13. 2015 2014 1,236 789 5,045 3,436 6,281 4,225 14. 2015 2014 22,766 22,853 (i) 492 329 782 858 24,040 24,040 (2,935) (2,478) 21,105 21,562 (i) 2015 2014 2,478 2,198 2,172 2,075 (1,715) (1,795) 2,935 2,478

N FS 157 14. 2015 2014 10,001 11,273 2,181 2,600 1,821 1,865 731 660 14,734 16,398 (2,393) (2,355) 12,341 14,043 2015 2014 3,648 3,012 1,618 1,679 2,199 1,924 1,841 1,027 9,306 7,642 (542) (123) 8,764 7,519 2015 2014 19,263 19,408 1,154 1,356 688 798 1,842 2,154 21,105 21,562

N FS 158 15. 2015 2014 732 818 1,789 375 414 2,119 1,895 3,622 3,398 3,797 1,072 3,795 2,984 16,229 10,581 16. 2015 2014 30,916 18,660 953 1,776 31,869 20,436 17. 2015 2014 5,361 5,399 33,995 18,997 182 182 12,098 19,398 51,636 43,976 3.1%5.1% 3.9% 5.6% 4.5% 11.0% 2.1% 3.0%5.3% 5.6% 3.5% 4.5%4.5%

N FS 159 17. 2015 2014 (i) 1.08% 7.04% 2030 2,463 10 1.00% 8.30% 2060 470 491 2.30% 2032 261 349 9 15 3,203 865 1 1 (ii) 61,710 61,710 64,914 62,576 (84) (82) 64,830 62,494

N FS 160 17. (i) 1.08% 1.20% 20 (ii) 30 CDMA AAA AAA 5 5 AAAAAA 5 5.11% 4.00% 0.03% 2015 2014 1 84 82 1 2 61,832 82 2 3 206 61,792 3 4 206 71 4 5 224 71 2,362 478 64,914 62,576 1,288.39 1,304.88

N FS 161 18. 2015 2014 95,305 71,934 18,702 15,667 3,272 776 857 118,055 88,458 2015 2014 21,486 17,783 18,624 11,678 19,430 14,825 58,515 44,172 118,055 88,458 19. 2015 2014 1,464 1,043 (i) 3,097 31 72 17,715 16,289 1,112 953 59,514 54,014 1 71 82,934 72,442 (i) 29.66

N FS 162 20. 17 2015 2014 1,858 2,431 600 547 1,041 1,641 547 (416) (586) (582) (534) (19) 2,482 1,858 1,028 1,060 1,454 798 2,482 1,858 5.60 8.18 21. 2015 2014 67,054,958,3211.00 67,055 67,055 13,877,410,000 H1.00 13,877 13,877 80,932 80,932 H

N FS 163 22. (i) (iii) (ii) 2014 1 1 17,064 10,746 67,392 427 (944) 102,124 196,809 (43) 3 17,680 17,640 33 (6,198) (6,198) (iii) 1,680 (1,680) 2014 12 31 17,064 10,746 69,072 384 (941) 111,926 208,251 492 129 20,054 20,675 (1) (1) 87 87 33 (6,160) (6,160) (iii) 1,901 (1,901) 2015 12 31 17,150 10,746 70,973 876 (812) 123,919 222,852

N FS 164 22. (i) (iii) 2014 1 1 29,148 10,746 67,392 84,341 191,627 4 405 405 2014 1 1 29,148 10,746 67,392 84,746 192,032 16,767 16,767 (iii) 1,680 (1,680) 33 (6,198) (6,198) 2014 12 31 29,148 10,746 69,072 93,635 202,601 19,505 19,505 (iii) 1,901 (1,901) 33 (6,160) (6,160) 2015 12 31 29,148 10,746 70,973 105,079 215,946

N FS 165 22. (i) (a) (b) 11 (ii) (iii) 10% 50% 19.01 10% 16.80 10% 25% (iv) 1,050.79 936.35 64.61 33

N FS 166 23. 2015 2014 (i) 29,610 33,587 (ii) 48,983 54,673 (iii) 126,546 112,431 (iv) 39,044 38,419 (v) 27,299 26,939 (vi) 17,635 17,332 (vii) 42,085 41,013 331,202 324,394 2014 6 1 3% [2014]432014 6 1 2014 6 1 3% (i) (ii) (iii) (iv) (v) IT (vi) (vii)

N FS 167 24. 2015 2014 46,018 38,159 12,519 11,644 14,117 9,224 8,586 9,624 81,240 68,651 25. 2015 2014 33,810 32,855 18,731 17,798 52,541 50,653 26. 2015 2014 (i) 12,329 12,483 (ii) 34,963 33,836 18 23 (iii) 1,533 1,176 48,843 47,518 (i) (ii) (iii)

N FS 168 27. 3,047.60 2,958.86 0.65 0.02 0.62 0.06 28. 2015 2014 4,900 5,958 * (327) (308) 4,573 5,650 (375) (304) 154 21 (79) (76) 4,273 5,291 * 3.5% 5.5% 4.5% 6.0% 29. 2015 2014 7,127 5,237 74 58 (650) 203 6,551 5,498

N FS 169 29. 2015 2014 26,693 23,257 25% (i) 6,673 5,814 (i) (400) (248) (ii) (25) (31) (iii) 431 347 (iv) (75) (243) (v) (53) (141) 6,551 5,498 (i) 15% 25% (ii) 12% 38% (iii) (iv) (v)

N FS 170 30. 160 426 84 670 143 385 80 608 136 378 79 593 143 378 80 601 136 378 75 589 1 111 373 58 542 2 53 53 27 133 3 34 284 24 342 407 407 203 203 200 200 203 203 4 104 131 42 277 184 450 68 702 166 438 68 672 98 338 63 499 4 5 23 22 12 57 6 1,013 1,491 4,034 760 7,298

N FS 171 30. 1 2015 8 24 2 2015 10 23 2015 12 30 3 2015 2 10 4 2015 5 27 5 2015 2 18 6 2015 3 12 7 8

N FS 172 30. 340 479 93 912 340 479 92 911 296 431 87 814 296 423 89 808 296 423 88 807 296 431 88 815 296 423 77 796 1 1 394 394 197 197 200 200 2 114 114 2 82 82 2 296 416 70 782 199 466 68 733 157 406 65 628 97 327 58 482 3 42 42 1,029 2,909 4,704 875 9,517

N FS 173 30. 1 2014 5 29 2014 5 29 2 2014 5 29 2014 5 29 3 2014 5 29 4 5 31. (a) 2015 2014 6,042 7,869 9,087 2,532 22 244 15,151 10,645

N FS 174 31. (a) 2015 2014 0 1,000,000 1,000,001 1,500,000 1,500,001 2,000,000 2 2 2,000,001 2,500,000 2 3 2,500,000 1 (b) 2015 2014 0 1,000,000 22 23 1,000,001 1,500,000 1,500,001 2,000,000 2,000,001 2,500,000 1 1 32. 190.13 168.10

N FS 175 33. 0.09564.61 0.0761200.095 61.60 0.0765830.095 61.98 34. 200.54 176.80 80,932,368,321

N FS 176 35. 2015 2014 1 3,452 2,635 1 2 2,564 1,921 2 3 2,006 1,389 3 4 1,532 1,021 4 5 1,171 678 3,723 1,495 14,448 9,139 103.31 77.79 2015 2014 403 422 9,745 6,743 10,148 7,165 (a) (b)

N FS 177 35. 36. (a) 13 15.97 9.45

N FS 178 36. (a) 1.0% 4.9% 1.0% 6.6% 2015 2014 64,914 65,156 62,576 62,686 455 419 424 357 (b) (i) 10% 14

N FS 179 36. (b) (ii) 2015 1 1 2 2 5 5 51,636 51,967 51,967 64,914 71,295 2,597 64,345 768 3,585 118,055 118,055 118,055 82,934 82,934 82,934 119 134 48 43 43 455 455 408 47 318,113 324,840 255,601 64,388 1,219 3,632

N FS 180 36. (b) (ii) 2014 1 1 2 2 5 5 43,976 44,133 44,133 62,576 72,093 3,243 3,243 65,107 500 88,458 88,458 88,458 72,442 72,442 72,442 424 424 424 267,876 277,550 208,276 3,243 65,107 924 17

N FS 181 36. (b) (iii) 2015 2014 % % 3.0 50,806 5.0 43,156 1.2 3,204 2.4 866 54,010 44,022 4.8 830 5.6 820 17 4.0 61,710 5.1 61,710 62,540 62,530 116,550 106,552 46.3% 41.3% 100 4.69 4.69

N FS 182 36. (b) (iv) 37. 92.6%93.1% 99.4%99.2% 17 18.5%19.0%

N FS 183 38. (a) 14A 2015 2014 (i) 5,288 3,729 (i) 2,855 3,089 (ii) 19,888 15,478 IT (iii) 181 167 IT (iii) 1,365 1,171 (iv) 2,860 2,885 (v) 12,718 11,549 (vi) 47 39 (vi) 673 695 (vii) 486 246 (viii) 59 45 (viii) 468 391 (ix) 368 366 * (x) 4,048 4,431 CDMA* (xi) 226 193 * (xii) 22 22 * (xiii) 13 15 * 14A.76 14A.90

N FS 184 38. (a) (i) (ii) (iii) IT (iv) (v) (vi) (vii) (viii) (ix) (x) 17 (xi) CDMA CDMA (xii) (xiii)

N FS 185 38. (a) 2015 2014 492 329 732 818 1,224 1,147 18,702 15,667 1,464 1,043 12,098 19,398 61,710 61,710 93,974 97,818 17 (b) 2015 2014 2 30,131 (i) 2,742 (i)

N FS 187 38. (e) 38(a)

N FS 188 39. 2015 2014 12 31 12 31 371,555 370,796 68,095 52,502 23,594 24,393 29,877 29,877 9,861 8,456 9 6,124 6,060 4 34,316 3,965 1,624 971 4,332 2,943 3,231 3,881 552,609 503,844 2,262 2,022 2 1,339 20,425 20,309 11,854 7,936 58 52 22,043 9,616 56,644 41,274 609,253 545,118

N FS 189 39. 2015 2014 12 31 12 31 51,478 43,835 84 82 112,666 85,291 76,405 66,423 2,000 190 38 982 1,055 243,653 196,876 (187,009) (155,602) 365,600 348,242 64,814 62,494 81 1,451 798 1,923 996 453 421 68,722 64,709 312,375 261,585 80,932 80,932 22 215,946 202,601 296,878 283,533 609,253 545,118

N FS 190 40. 14% 21% 65.84 62.29 7.91 6.69 41. 1H H 9.167 4.76 33.3% 66.7% 100% 1.02 1.30

N FS 191 41. 1.52 2.54 9.08 0.087 1.52 6.09 1.83 42. 3

N FS 192 42. 3(n) 0.51

193 N FS 43. 11 1 16 38 2012-2014 16 41 1012 28 14 7 12 9 15 16 10 28 15 16 44.

FS 194 12 31 2015 2014 2013 2012 2011 29,610 33,587 38,633 43,369 49,770 48,983 54,673 58,217 49,166 38,628 126,546 112,431 99,394 87,662 74,994 17,635 17,332 17,586 15,737 14,321 108,428 106,371 107,754 87,242 67,338 98 331,202 324,394 321,584 283,176 245,149 67,664 66,345 69,083 49,666 51,241 81,240 68,651 53,102 65,979 52,940 54,472 62,719 70,448 63,099 48,765 52,541 50,653 46,723 42,857 39,204 48,843 47,518 54,760 40,367 28,878 304,760 295,886 294,116 261,968 221,028 26,442 28,508 27,468 21,208 24,121 5,214 (4,273) (5,291) (5,153) (1,562) (2,254) 8 6 670 93 40 (698) 34 103 78 99 26,693 23,257 23,088 19,817 22,006 (6,551) (5,498) (5,422) (4,753) (5,416) 20,142 17,759 17,666 15,064 16,590 652 (54) 414 (228) (205) (163) 14 (104) 57 51 129 3 (79) (2) (105) 3 (3) 5 621 (40) 236 (173) (259) 20,763 17,719 17,902 14,891 16,331 20,054 17,680 17,545 14,949 16,494 88 79 121 115 96 20,142 17,759 17,666 15,064 16,590 20,675 17,640 17,781 14,776 16,235 88 79 121 115 96 20,763 17,719 17,902 14,891 16,331 0.25 0.22 0.22 0.18 0.20

FS 195 12 31 2015 2014 2013 2012 2011 373,981 372,876 374,341 373,781 268,925 69,103 53,181 44,157 32,500 18,475 108,369 75,674 71,958 73,635 72,218 34,388 21,815 18,357 32,829 29,279 43,720 37,728 34,426 32,546 30,434 629,561 561,274 543,239 545,291 419,331 255,929 206,325 200,098 193,610 127,397 68,881 64,841 64,477 85,581 34,979 324,810 271,166 264,575 279,191 162,376 303,784 289,183 277,741 265,139 256,167 967 925 923 961 788 304,751 290,108 278,664 266,100 256,955 629,561 561,274 543,239 545,291 419,331

S I 196 H 2002 11 15 2002 11 14 (ADSs) 100 H 728 CHA 2015 H ADS 6.17 3.36 3.64 78.28 43.58 46.45 2015 12 31 80,932,368,321 2015 12 31 2,946 2002 11 15 2015 12 31 MSCI 600 500 400 300 200 (+151%) (+122%) MSCI (+57%) 100 0 2002 11 2003 11 2004 11 2005 11 2006 11 2007 11 2008 11 2009 11 2010 11 2011 11 2012 11 2013 11 2014 11 2015 12

S I 197 2015 12 31 80,932,368,32180,932,368,321 1.00 2015 12 31 (%) 67,054,958,321 82.85 57,377,053,317 70.89 5,614,082,653 6.94 2,137,473,626 2.64 969,317,182 1.20 957,031,543 1.18 H 13,877,410,000 17.15 80,932,368,321 100.00 H 2015 12 315%H H (%) JPMorgan Chase & Co. 1,546,282,942 11.14 BlackRock, Inc. 1,193,143,254 8.60 UBS Group AG 884,575,547 6.37 The Bank of New York Mellon Corporation 834,090,669 6.01 Templeton Investment Counsel, LLC 694,050,154 5.00

S I 198 2002 2003 5 16 2003 6 20 2003 7 10 0.00837 * 2003 2004 4 1 2004 5 3 2004 5 20 0.065 2004 2005 4 21 2005 5 25 2005 6 23 0.065 2005 2006 4 20 2006 5 23 2006 6 15 0.075 2006 2007 4 26 2007 5 29 2007 6 15 0.085 2007 2008 4 28 2008 5 30 2008 6 16 0.085 2008 2009 4 23 2009 5 26 2009 6 30 0.085 2009 2010 4 22 2010 5 25 2010 6 30 0.085 2010 2011 4 18 2011 5 20 2011 6 30 0.085 2011 2012 6 5 2012 5 30 2012 7 20 0.085 2012 2013 6 4 2013 5 29 2013 7 19 0.085 2013 2014 6 4 2014 5 29 2014 7 18 0.095 2014 2015 6 1 2015 5 27 2015 7 17 0.095 2015 2016 5 30 2016 5 25 2016 7 15 0.095 ** * 0.0652002 ** 2016 5 25 http://www.chinatelecom-h.com 2016 4 30 2015 20-F 2015 100 2014 50 10,000 2015+852 2877 0988 www.chinatelecom-h.com

S I 199 2016 5 2511 31 100033 86 10 6642 8166 86 10 6601 0728 852 2877 9777 852 2877 0988 ir@chinatelecom-h.com H H 183 17 1712 1716 852 2862 8555 852 2865 0990 hkinfo@computershare.com.hk

S I 200 Shareowner Services P.O. Box 30170 College Station TX 77842-3170 1-888-269-2377 1-201-680-6825 shrrelations@cpushareownerservices.com

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