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1 2 2009 3 4 5 10 15 22 31 140

PCCWHKT HKTHKT UK Broadband Limited PCCW/HKT 18,200 0008 Pink OTC MarketsPCCWY 2009 1

2009 1 4G 3 5 1.302008 6 eye2 1800 PCCW Global TGN-Intra Asia 7 nowall Sports Network HBO 1000 10088 yp.com.hk your portal 8 Pocket Wi-Fi Wi-Fi 9 10 11 2011/12 now 12 2009 2 2009

2009 12 31 2009 2008 * 20,855 22,008 4,222 9,943 25,077 31,951 (12,254) (17,850) (9,029) (10,005 ) 168 (464) (61) (103) 18 197 (1,485) (1,473) (55) 11 1 (31) 2,380 2,233 (585) (711) 1,795 1,522 1,506 1,272 289 250 22.24 18.78 22.23 18.77 7.00 13.30 130.00 EBITDA 1 EBITDA* 6,718 6,714 781 1,268 7,499 7,982 2009 12 31 2008 12 31 2,588 2,603 1,182 1,195 1,406 1,408 Gbps 837 927 Mbps 82,913 78,202 1,297 1,302 now 1,001 953 1,422 1,313 3G 529 414 2G 376 440 2G 517 459 * 22 124 2009 3

2009 2008 now 9 2009 2009 12 31250.77 15.06 2010 3 9 4 2009

2009 5 20092008 2009 4 2009 4 2009 eye2 Wi-Fi eye2 eye now 8 LED 2010 1eye22009

MOOVeyeeye2 MOOV MOOV20 10MP3 VDSL 1,000 Mbps 8 Pocket Wi-FiWi-Fi Pocket Wi-FiHSPA PCCW NextGen 7.2Mbps5.76Mbps netbook 2009now now7 All Sports Network ASN1080i 16:95.1 HBO 2010 2now now2011/12 2009/10 2009 HSPA+ 21 Mbps PCCW mobile 3G 2010 2009 11 6 2009

now now Sony Computer Entertainment PlayStation 3now 2009 200912 2009 IP one communications 500 2009 Gartner 2,5005,500 2009 7

11 10 2009 6PCCW Global TGN-Intra Asia Tata Communications PCCW Global 8 10 Villa Bel-Air 8 PCCW Global2009 2009 2010 8 2009

1000 10088 Wi-Fi 2010 3 9 2009 9

431999 8 581999 8 1998 19971998 19931997 541999 8 1980Occidental Petroleum Corporation 1976 1983 Schlumberger Limited 1989 Vestey Group 1992Boustead Singapore Limited 1995Morgan Grenfell Investment Management (Asia) Limited 1997 491996 11 1999 3 1983 University College1986 1988 1990 1992 1 2001 3 92008 5 31 10 2009

2009 11 582002 9 Pritchard Englefield & TobinPritchard Englefield 1979 1980 1991 1975 KBE LVO 752002 6 1972 20 1982Royal College of Defence Studies1986 1993 1997 462008 5 2007 12 1992 2001 2005 1985 592007 7

2009 12 2002 4 2004 7 2005 12 2006 5 2008 5 2004 1993 71997 10 1997 10 2000 5 2000 52002 4 472007 7 2007 1 2005 9 2006 122008 3 2005 10 2003 102005 8 2001 112003 10 2004 1988 FREng GBS JP 692000 10 2007 9 2008 2 19962007 19941996 19901994 19851990 1999 7 2002 7

GBM GBS OBE JP 702000 10 1987 11 2000 8 Criteria CaixaCorp, S.A. SCMP AFFIN Holdings Berhad IMG Worldwide Inc Crédit Agricole S.A. CBE LLD JP 861999 8 Vision 2047 Foundation 632004 2 2003 12 19461967 1985 1991 1998 1999 2003 12 Vedanta Resources PlcTata Consultancy Services Limited Godrej Consumer Products Limited Jet Airways (India) Ltd. Wockhardt LimitedMax India Limited Cairn India Limited Emaar MGF Land Limited ING Group N.V. 2009 13

Prudential Financial Inc 69 2000 10 2005 2 1995 42003 4 1991 1994 19891991 19841989 1996 22007 4The Chubb Corporation2003 72009 1 Sun-Times Media Group, Inc. GBS 722009 9 The Philippine American Life and General Insurance Company 19962009 6 AIG 20012009 6AIG 20002009 6 AIG 2001 1960 19982002 2003 14 2009

3250 2009 12 31 2009 6 26 E.1.2 2009 15

2009 12 31 51 15 1014 (www.pccw.com) 2009 2009 6 26 2009 2 7/7 1/1 7/7 7/7 7/7 7/7 7/7 6/7 1/1 6/7 2/2 6/7 7/7 2/3 5/7 2/3 1/1 1/2 7/7 3/3 1/1 2/2 4/7 2/3 0/1 6/7 1/1 2/2 1 1/1 1. 2009 9 10 2. 16 2009

2009 17 3.13 2003 8 2007 2007 2005 4

2003 5 2009 (i) 2009 (ii) 2008 (iii) 2009 (iv) (v) 8589 2003 5 2009 16 2009 16 18 2009

2009 (i) 2009 6 26 (ii) 2009 (i) 2008 12 31 (ii) 2009 (iii) (iv) (iii) 2009 (iv) (v) (vi) 2009 6 30 (vii) 2009 6 30 2009 12 31 2010 (viii) (ix) (x) 2008 12 31 2009 6 30 (xi) 2009 16 2009 12 31 2009 19

2009 20 2009 12 31 1,8002008 2,000 1,6002008 3,300 5 11 16 2007 5 18 Sarbanes-Oxley Act SOASOA

2009 2009 12 31 20 2010 3 9 (www.pccw.com) 140 2009 21

15.06 208.55 250.77 EBITDA67.18EBITDA 74.99 2009 200922.242008 18.78 13.3 20092009 12 31 208.55 EBITDA67.18EBITDA 20082009 42.22 99.43 2009 12 31 EBITDA 12.68 7.81 2009 12 31 250.77 2008319.51 EBITDA74.99 79.82 2009 12 31 13.3 2010 2007 2009 EBITDA 2009 12 31 15.06 2008 18.78 200922.24 EBITDA EBITDA 22 2009

2009 2008 12 31 8,241 8,051 16,292 8,551 8,914 17,465 (7)% 1,092 1,258 2,350 1,039 1,200 2,239 5% 828 842 1,670 857 887 1,744 (4)% 905 939 1,844 900 966 1,866 (1)% 26 35 61 43 43 86 (29)% (624) (738) (1,362) (636) (756) (1,392) 2% 10,468 10,387 20,855 10,754 11,254 22,008 (5)% 2,306 1,916 4,222 618 9,325 9,943 (58)% 12,774 12,303 25,077 11,372 20,579 31,951 (22)% (6,431) (5,823) (12,254) (4,942) (12,908) (17,850) 31% (2,753) (2,571) (5,324) (2,994) (3,125) (6,119) 13% EBITDA 1 3,421 3,629 7,050 3,549 3,907 7,456 (5)% (34) 38 4 (40) (43) (83) 130 135 265 108 134 242 10% 82 127 209 82 113 195 7% (315) (495) (810) (335) (761) (1,096) 26% EBITDA 1 3,284 3,434 6,718 3,364 3,350 6,714 0% 306 475 781 72 1,196 1,268 (38)% EBITDA 1 3,590 3,909 7,499 3,436 4,546 7,982 (6)% EBITDA 1,2 31% 33% 32% 31% 30% 31% 1% EBITDA 1,2 28% 32% 30% 30% 22% 25% 5% (1,889) (1,891) (3,780) (1,750) (1,946) (3,696) (2)% (61) (61) (122) (122) 50% (12) 255 243 16 (651) (635) 12 6 18 74 123 197 (91)% (748) (737) (1,485) (664) (809) (1,473) (1)% 10 (65) (55) (7) 18 11 (41) 42 1 (31) (31) 922 1,458 2,380 1,105 1,128 2,233 7% 2009 23

1 EBITDA EBITDA EBITDA 2 3 IDD 4 5 4 2009 2008 2,590 2,588 2,593 2,603 (1)% 1,183 1,182 1,185 1,195 (1)% 1,407 1,406 1,408 1,408 0% 1,305 1,297 1,275 1,302 0% 1,136 1,146 1,099 1,126 2% 113 114 110 113 1% Gbps 792 837 842 927 (10)% IDD 745 710 907 878 (18)% Mbps 78,361 82,913 61,617 78,202 6% now 992 1,001 927 953 5% 1,408 1,422 1,176 1,313 8% 3G 470 529 288 414 28% 2G 430 376 459 440 (15)% 2G 508 517 429 459 13% 24 2009

2009 12 312008 12 31 2009 2008 12 31 2,126 1,862 3,988 2,284 2,280 4,564 (13)% 2,509 2,434 4,943 2,415 2,480 4,895 1% 1,807 1,871 3,678 1,911 1,906 3,817 (4)% 1,799 1,884 3,683 1,941 2,248 4,189 (12)% 8,241 8,051 16,292 8,551 8,914 17,465 (7)% (2,954) (3,103) (6,057) (2,922) (3,229) (6,151) 2% (1,866) (1,319) (3,185) (2,080) (1,778) (3,858) 17% EBITDA 1 3,421 3,629 7,050 3,549 3,907 7,456 (5)% EBITDA 1,2 42% 45% 43% 42% 44% 43% 2009 12 31 162.92 2009 4 EBITDA70.5 EBITDA 2009 12 31 36.78 IDD2009 IDD 14.55 2009 12 31 39.88 ARPUeyeeye2 2009 122,588,000 2009 12 31 49.43 ARPU 2009 12 1,297,000 2009 12 31 36.83 2009 25

2009 2008 12 31 1,092 1,258 2,350 1,039 1,200 2,239 5% EBITDA 1 (34 ) 38 4 (40 ) (43 ) (83 ) 2009 12 31 ARPU 2009 12 31 23.5 EBITDA 2009 400 now 2009 12 170 now 2009 12 1,001,0002009 12ARPU 171 2009 12174 2009 2008 12 31 828 842 1,670 857 887 1,744 (4)% EBITDA 1 130 135 265 108 134 242 10% 2009 2009 12 31 16.7PCCW mobile EBITDA2.65 PCCW mobile20091,422,000 2009 905,0003G529,000 3G 2009 12 ARPU 2009 123G ARPU1832008 12 2162009 12 2G 3G ARPU 138 153 26 2009

2009 2008 12 31 905 939 1,844 900 966 1,866 (1)% EBITDA 1 82 127 209 82 113 195 7% 2009 12 316,100 8.1 2009 2009 12 31 18.44EBITDA 2.09 2009 12 3113.62 2009 12 31 42.22EBITDA7.81 99.4312.682008 Villa Bel-Air 2009 2009 8 2009 10 2010 3 9 2009 2009 27

2009 2008 12 31 4,507 4,669 9,176 4,584 5,084 9,668 5% 1,924 1,154 3,078 358 7,824 8,182 62% 6,431 5,823 12,254 4,942 12,908 17,850 31% 2009 12 31 122.54 30.78 2008 2009 91.76 2009 12 31 90.29 EBITDA 1 2009 12 31 EBITDA 67.18 2009 EBITDA 2008 EBITDA EBITDA7.81 2009 12 31 EBITDA74.99EBITDA 2009 2009 12 311.68 20084.64 2009 2009 12 31 14.85 2009 12 31 1,800 2009 12 31 5.852009 12 31 2008 2.89 28 2009

2009 12 31 15.062008 12.72 4 2008 12 31 322 2009 6 30 354 2009 12 31 4 352.62 2009 6 30 4 305.85 2008 12 31228.13 79.4 4 2009 12 31 271.61 2009 12 31 80.49 2008 92.84 2009 12 31 278.85 82.22 2009 12 31 4 2008 HONG KONG TELECOMMUNICATIONS (HKT) LIMITED 2009 12 31Hong Kong Telecommunications (HKT) Limited Moody s Investors Service Standard & Poor s Ratings ServicesBaa2BBB 5 2009 12 3116.68 2008 33.42 now 2009 2009 12 31 2009 29

2009 12 3139.13 2008 100 12 31 2009 2008 393 923 34 27 427 950 2009 12 3118,200 2009 6 3016,300 EBITDA 1 2009 12 31 13.32008 1.30 2009 6 30 20087 30 2009

32 51 52 53 54 55 57 58 138 139

2009 12 31 6 2009 12 31 52 2009 6 3020087 2010 5 27 2010 5 192009 12 31 13.32008 1.30 2010 5 14 2010 5 19 138 22 24 16 18 26(f) 27 30 33 2009 12 31 32 2009

KBE LVO FREng GBS JP GBM GBS OBE JP CBE LLD JP GBS 2009 9 10 92 101A 3.13 3.13 2009 33

2009 12 31352 XV 1. 271,666,824 1,697,873,335 1,969,540,159 29.08% 1(a) 1(b) 760,000 9,600,200 10,360,200 0.15% 3 2 253,200 2,357,200 2,610,400 0.04% 4 1,176,260 18,455 7,815,200 9,009,915 0.13% 5 4 992,600 511 5,000,000 5,993,111 0.09% 6(a) 6(b) 4 1,000,000 1,000,000 0.01% 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 Pacifi c Century Diversifi ed 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 34 2009

1. 1. (b) (ii) 112,935,177 112,935,177 (iii) 1,548,211,301 Anglang Investments Limited Pacifi c Century Group (Cayman Islands) Limited Pacifi c Century International Limited Borsington Limited Hopestar Holdings Limited 1,548,211,301 2. (a) 20200 (b) 9,600,000 3. 2009 10,000,000 4. 5. 6. (a) (b) 7. (a) (b) 2. 5,000,000 5,000,000 0.21% 2009 12 31 XV352 2009 35

1. 1994 9 20199410 2002 5 23 1994 2001 9 1 2004 5 1919942004 200410 1994 2004 20041994 20042009 2 8 2004 2005 2 8 2009 12 312004 2009 12 311994 82,837,597 12 10 (i) (ii) (iii) 36 2009

1. 2009 12 31 A. 1994 (1) 2009 1 12009 12 31 2009 2009 1 1 12 31 1 2 1 1 08.28.1999 08.17.2000 08.17.2000 11.7800 3,200,000 08.17.2004 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 1,600,000 1,600,000 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 1,600,000 1,600,000 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 6,400,000 6,400,000 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2000 11.7800 272,000 08.17.2002 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 178,600 178,600 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 178,600 178,600 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 2,000,000 2,000,000 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2001 11.7800 3,575,200 08.17.2004 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 1,060,000 1,060,000 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 1,060,000 1,060,000 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 5,695,200 5,695,200 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 5,000,000 5,000,000 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 1,000,000 1,000,000 07.25.2006 07.23.2013 2009 37

1. A. 1994 (1) 2009 1 12009 12 31 2009 2009 1 1 12 31 1 2 1 1 08.17.1999 3 08.17.2000 11.7800 5,345,593 09.15.1999 08.17.2009 10.25.1999 3 10.25.2000 22.7600 1,529,600 11.23.1999 10.25.2009 02.08.2000 02.08.2001 02.08.2001 75.2400 86,700 86,700 03.08.2000 02.08.2003 02.08.2010 08.26.2000 4 4 60.1200 823,000 823,000 09.24.2000 10.27.2000 5 5 24.3600 8,159,626 7,554,026 11.25.2000 01.22.2001 6 6 16.8400 5,293,839 5,017,159 02.20.2001 02.20.2001 02.08.2002 02.08.2002 18.7600 86,700 86,700 02.08.2004 02.08.2011 04.17.2001 7 7 10.3000 1,050,920 1,047,640 05.16.2001 07.16.2001 07.16.2002 07.16.2002 9.1600 210,280 194,600 09.15.2001 07.16.2004 07.16.2011 05.10.2002 3 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 6,120,000 5,860,000 11.13.2005 11.12.2012 07.25.2003 07.25.2004 07.25.2004 4.3500 30,360,672 29,501,672 07.25.2006 07.23.2013 09.16.2003 09.16.2004 09.16.2004 4.9000 7,000 7,000 09.16.2006 09.14.2013 08.17.1999 3 08.17.2000 11.7800 800,000 09.15.1999 08.17.2009 08.26.2000 4 4 60.1200 2,800,000 2,800,000 09.24.2000 01.22.2001 6 6 16.8400 2,800,000 2,800,000 02.20.2001 07.25.2003 07.25.2004 07.25.2004 4.3500 1,000,000 1,000,000 07.25.2006 07.23.2013 38 2009

1. A. 1994 (2) 2009 12 31 (3) 2009 12 31 11.7800 3,200,000 11.7800 272,000 11.7800 3,575,200 11.7800 5,345,593 22.7600 1,529,600 24.3600 605,600 16.8400 276,680 10.3000 3,280 9.1600 15,680 6.1500 260,000 4.3500 859,000 11.7800 800,000 2009 39

1. B. 2004 (1) 2009 1 12009 12 31 2009 2009 1 1 12 31 1 1 1 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 2,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 3,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 1,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 2,000,000 02.08.2007 02.07.2009 02.08.2005 02.08.2006 02.08.2006 4.4750 27,391,500 02.08.2007 02.07.2009 (2) 2009 12 31 (3) 2009 12 31 (4) 2009 12 31 4.4750 3,000,000 4.4750 2,000,000 4.4750 3,000,000 4.4750 1,000,000 4.4750 2,000,000 4.4750 27,391,500 40 2009

2. A. 2003 3 172003 10 20032005 5 13 2003 200532(c) 20052005 5 23 2003 2003 2005 2003 2009 12 31 2003 (1) 2009 1 12009 12 31 2009 2009 1 1 12 31 1 1 1 12.20.2004 12.20.2004 12.20.2004 2.375 5,000,000 5,000,000 12.19.2014 2009 12 312003 5,000,000 (2) 2009 12 31 2003 (3) 2009 12 31 (4) 2009 12 31 2005 2005 2009 41

1. 2. 1994 3. 4. (i) 2001 5 262003 5 26(ii) (iii) 10 5. (i) 2001 3 152005 3 15 (ii) 10 6. (i)2001 8 26 2002 12 72005 8 26 (ii)(iii) 10 7. (i) 2001 5 262005 5 26(ii) (iii) 10 2002 2006 52009 12 31 18 42 2009

2009 12 31336 1,548,211,301 22.86% 1 1,661,146,478 24.53% Star Ocean Ultimate Limited 2 1,661,146,478 24.53% The Ocean Trust 2 1,661,146,478 24.53% The Starlite Trust 2 1,661,146,478 24.53% OS Holdings Limited 2 1,661,146,478 24.53% Ocean Star Management Limited 2 1,661,146,478 24.53% The Ocean Unit Trust 2 1,661,146,478 24.53% The Starlite Unit Trust 2 1,661,146,478 24.53% 3 1,343,571,766 19.84% 1. (i)112,935,177(ii)1,548,211,301 Borsington Limited Pacifi c Century International Limited Pacifi c 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 2009 12 31336 Ocean Star Investment Management Limited 1,661,146,478 24.53% 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 2009 12 31 336 2009 43

2009 44 2009 12 318.10 1 2 3 4 A A 4 A A 4

1. 2. 2000 8 16 110,000 3. 4. 2009 1 2009 45

6002008 11.4 2009 12 31 2009 12 31 1. Unihub Global Network Technology (China) Limited 2008 4 232009 2010 12 31 (1) (2) (3) (i) (ii) 46 2009

1. (i) (ii)15 2009 2009 12 31 2009 12 31 (1) 221,004 650,000 (2) 356,730 820,000 (3) 88,004 1,400,000 2. China Netcom Corporation (BVI) LimitedChina Netcom BVI (i) (ii)2008 1 4 2009 47

2. 2009 1 23 2011 12 31 (1) (2) (3) (i) (ii) 15 (i) (ii) 2009 12 31 2009 12 31 (1) 91,550 300,000 (2) 162,295 400,000 (3) 172,823 400,000 48 2009

2. 2008 1 2008 1 4 15 2009 12 31487,928 15 2,958 3. 14A.382009 12 31 (ii) (iii) (iv) 2009 12 31 (i) (ii) (iii) (iv) 2009 12 31 (i) (ii) (iii) 2009 49

4 2009 12 31 2010 3 9 50 2009

52 137 2009 12 31 141 2009 12 31 2010 3 9 2009 51

2009 12 31 2009 2008 5 & 6 25,077 31,951 (12,254) (17,850) (9,029) (10,005) 7 168 (464) 8 (61) (103) 18 197 10 (1,485) (1,473) 61 27 (116) (16) 1 (31) 6 & 9 2,380 2,233 12(a) (585) (711) 1,795 1,522 1,506 1,272 289 250 1,795 1,522 15 22.24 18.78 22.23 18.77 5813714 52 2009

2009 12 31 2009 2008 1,795 1,522 263 158 (73) 81 (105) 74 (120) 247 (51) 75 100 449 1,895 1,971 1,624 1,605 271 366 1,895 1,971 58137 2009 53

2009 12 31 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 ) 43 3 3 2009 12 31 (5,445 ) 3,420 (2,025 ) 28,623 2008 2008 2008 1 1 1,552 2,799 4,351 56,409 1,605 366 1,971 (17,582 ) (49) (49) (49) 16 16 16 (33 ) (33 ) (33 ) 14 33 (915 ) (915 ) (915 ) 14 33 (474 ) (474 ) (474 ) 2008 12 31 1,735 3,165 4,900 37,405 58137 54 2009

2009 12 31 2009 2008 2009 2008 16 16,300 17,092 17 3,794 3,785 18 575 593 19 904 1,546 20 3,096 3,000 21 1,728 1,885 22 12,089 12,089 23 189 674 24 514 268 3 5 25 325 244 4(d) 3 34(a) 65 48 441 392 27,934 29,535 12,089 12,089 19 331 19 698 2,071 22(a) 16,586 19,408 26(a) 1,271 6,994 26(b) 1,001 823 52 103 26(c) 2,488 1,961 9 31 26(d) 992 1,016 4(d) 8 35 29 108 230 26(e) 2,418 4,317 16 8 37(d) 8,049 9,284 93 5,838 17,049 27,070 16,740 25,380 26(f) (246) (200) 26(g) (1,645) (1,700) (4,441) (5,241) (6) (27) 28 (833) (4,981) 35 (85) (76) 4(d) (42) (585) 26(h) (5) (1,768) (2,224) (767) (1,911) (37) (9,827 ) (16,723 ) (206 ) (64 ) 7,222 10,347 16,534 25,316 35,156 39,882 28,623 37,405 2009 55

2009 12 31 2009 2008 2009 2008 27 (34,667) (31,745) 34(a) (1,276) (714) (651) (670) 31(a)(i) (5) (7) 28 (1,195) 35 (480) (512) (102) (139) (37,181 ) (34,982 ) (2,025 ) 4,900 28,623 37,405 30 1,693 1,693 1,693 1,693 33 (7,138) 42 26,930 35,712 (5,445) 1,735 28,623 37,405 3,420 3,165 (2,025 ) 4,900 28,623 37,405 2010 3 9 58137 56 2009

2009 12 31 2009 2008 37(a) 7,940 6,462 7 36 (1,604) (3,286) (1,000) (1,191) 37(b) (84) (259) 37(c) 842 (12) 97 (124) 2 68 12 86 101 16 9 91 112 10 (1,903 ) (4,168 ) 16 (237) 7,730 23,073 (1,507) (1,439) (4,719) (16,647) (8,804) (1,389) (19) (49) 50 3 (7,269 ) 3,331 (1,232 ) 5,625 (3 ) (19 ) 9,284 3,678 37(d) 8,049 9,284 58137 2009 57

2009 12 31 1 1994 10 18 979 39 2 a. 7 1 2009 1 1 58 2009

2 b. 2009 1 1 23 32 39 40 2 8 9 39 13 15 2008 82009 2009 1 1 44 2009 12 31 2(g) 2(m)(i)2(m)(iii) 2(o) 3 2009 59

2009 12 31 2 c. 2(k)12 43(a) 3 2(n)(ii) 60 2009

2 d. 2(n)(ii) e. 2(d) 2(n)(ii) f. 2(n)(ii) 2(h) (i)(ii)(iii) 2009 61

2009 12 31 2 f. 5 15 5 30 1 17 g. 2(h) 2(y)(iv) 2(h) 2(h) 62 2009

2 h. i. 2(g) ii. 2(f)2(n)(ii) 2(y)(iv) iii. 2(g) 2(i) i. 2005 1 1 2(y)(iii) 2005 1 1 2009 63

2009 12 31 2 i. j. k. 2(n)(ii) l. i. ii. 64 2009

2 l. iii. 2(n)(ii) 3G 3G 2 20 10 3G m. (i) (ii)(iii) 2(n)(i) i. 12 2(y)(vi) 2(y)(viii) ii. 12 2(n)(i) 2009 65

2009 12 31 2 m. iii. 12 2n(i) 2(y)(viii) 2(y)(vi) 2(n)(i) n. i. 2(n)(ii) 66 2009

2 n. i. ii. 2009 67

2009 12 31 2 n. ii. iii. 34 2(n)(i) 2(n)(ii) o. 2(p) p. i. 68 2009

2 p. ii. q. r. 2009 69

2009 12 31 2 s. 2(y)(v) t. 2(n)(i) u. v. w. x. (i) (ii)(iii) y. i. 70 2009

2 y. i. ii. iii. 2005 1 13 2005 1 1 3 iv. v. vi. vii. viii. 2009 71

2009 12 31 2 z. aa. i. ii. iii. 72 2009

2 aa. iv. bb. i. ii. 2009 73

2009 12 31 2 bb. iii. 2002 11 7 2002 11 72004 12 31 2 2002 11 7 2002 11 72004 12 312 iv. cc. 74 2009

2 cc. 2005 1 1 2005 1 1 dd. i. ii. iii. iv. v. (i) vi. ee. 2009 75

2009 12 31 3 20 31(a) 32 39 i. ii. 76 2009

3 iii. 2009 6 302009 12 315,700 iv. v. 2000 5 17 20092009 12 315,900 2009 77

2009 12 31 3 v. 19(a))20045 2009 12 5 2009 12 31 5 vi. vii. viii. 39 ix. (i) (ii) 2009 12 31 37.94 78 2009

3 x. 20002009 xi. 2009 4 27 2009 4 27 4 2009 2008 a & c 75 104 a 169 95 a & c 591 773 a 156 139 b 105 80 a. b. 2009 2008 101 76 4 4 105 80 c. 2005 4 16Telstra Corporation LimitedTelstra Telstra2009 12 31 4.512008 5.91 2009 79

2009 12 31 4 d. 23 24 100 600 2008100 9004 2010 5 2009 2008 19,126 19,602 1,861 2,541 3,855 9,551 235 257 25,077 31,951 6 EBITDAEBITDA 80 2009

6 2009 15,836 2,033 1,670 1,334 4,162 42 25,077 456 317 510 60 19 (1,362) 16,292 2,350 1,670 1,844 4,222 61 (1,362 ) 25,077 EBITDA 7,050 4 265 209 781 (810) 7,499 1,138 80 237 44 43 54 72 1,668 2008 16,958 1,989 1,744 1,317 9,876 67 31,951 507 250 549 67 19 (1,392) 17,465 2,239 1,744 1,866 9,943 86 (1,392 ) 31,951 EBITDA 7,456 (83) 242 195 1,268 (1,096) 7,982 2,180 202 630 42 133 87 68 3,342 2009 81

2009 12 31 6 EBITDA 2009 2008 EBITDA 7,499 7,982 (19) (3,780) (3,696) 168 (464) (61) (103) 18 197 (1,485) (1,473) (55) 11 1 (31) 75 (171) 2,380 2,233 2009 2008 22,136 29,153 1,656 1,734 1,285 1,064 25,077 31,951 7 2009 2008 60 37(c) 232 (96) (12) (161) 28 1 (396) 4 2 42 30 (15) (15) 168 (464 ) 82 2009

8 2009 2008 a) 61 49 54 61 103 a. 2009 12 31 6,1002008 4,900 9 a. 2009 2008 3 3 31(a)(v)) (2) (2) 221 225 222 226 2,247 2,461 2,469 2,687 2009 83

2009 12 31 9 b. 2009 2008 4 2 51 (104) 235 257 (31) (26) 61 103 351 275 6 1 2,677 2,824 334 556 22 22 9 1,081 841 1,932 2,494 2,917 8,070 7,405 7,286 19 11 (10) 18 22 27 23 561 518 10 2009 2008 491 489 792 556 198 409 64 64 3 8 1 1 1,549 1,527 (64) (54) 1,485 1,473 2008 84 2009

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 2009 85

2009 12 31 11 a. 2008 1 18.75 1.41 20.16 4.08 2 0.61 4.69 2.40 3 3.00 4 2.40 3.00 11.00 18.34 1.13 30.47 2.81 0.21 3.02 7 0.12 8 0.12 0.20 5 0.20 0.20 6 0.20 9 0.08 10 0.08 0.20 0.20 0.20 0.20 0.20 0.20 0.40 11 0.38 0.78 0.30 12 0.47 0.77 1.90 28.89 11.00 21.34 2.23 1.13 33.02 33.47 1. 2008 20082009 2. 3. 4. 5. 2008 6. 2008 7. 2008 5 30 8. 2008 9. 2008 5 28 10. 2008 11. 1010 12. 10 86 2009

11 b. 2009 ii i 2003 7 25 4.3500 6,400,000 6,400,000 6,400,000 2005 2 8 4.4750 3,000,000 (3,000,000 ) 2003 7 25 4.3500 2,000,000 2,000,000 2,000,000 2005 2 8 4.4750 2,000,000 (2,000,000 ) 2003 7 25 4.3500 5,695,200 5,695,200 5,695,200 2005 2 8 4.4750 3,000,000 (3,000,000 ) 2003 7 25 4.3500 5,000,000 5,000,000 5,000,000 2005 2 8 4.4750 1,000,000 (1,000,000 ) 2003 7 25 4.3500 1,000,000 1,000,000 1,000,000 2005 2 8 4.4750 2,000,000 (2,000,000 ) 2009 87

2009 12 31 11 b. 2008 ii i 2003 7 25 4.3500 6,400,000 6,400,000 6,400,000 2005 2 8 4.4750 3,000,000 3,000,000 3,000,000 2003 7 25 4.3500 2,000,000 2,000,000 2,000,000 2005 2 8 4.4750 2,000,000 2,000,000 2,000,000 2003 7 25 4.3500 5,695,200 5,695,200 5,695,200 2005 2 8 4.4750 3,000,000 3,000,000 3,000,000 2003 7 25 4.3500 5,000,000 5,000,000 5,000,000 2005 2 8 4.4750 1,000,000 1,000,000 1,000,000 2003 7 25 4.3500 1,000,000 1,000,000 1,000,000 2005 2 8 4.4750 2,000,000 2,000,000 2,000,000 i. ii. 32(a) 32(b) 88 2009

11 c. i. 2008 11(a) 11(b)2009 2008 2009 2008 7.62 7.60 10.61 5.60 0.69 0.69 18.92 13.89 ii. 2008 2009 2008 6,000,001 6,500,000 1 7,500,001 8,000,000 1 8,000,001 8,500,000 1 10,500,001 11,000,000 1 2 2 12 a. 2009 2008 233 1,845 (169) (14) 44 95 (73) 73 34(a) 550 (1,288) 585 711 2008 2008 4 1 2008 12 31 2009 89

2009 12 31 12 b. 2009 2008 2,380 2,233 393 368 (7) (36) 162 234 310 132 (32) (242) 59 (32) (15) (52) 9 (2) (92) 44 95 585 711 13 0.222008175.82 14 2009 2008 20087 474 200813.5 915 130 2008 8,804 8,804 1,389 13.32008 901 2008 130 8,804 901 8,804 2009 90 2009

15 2009 2008 1,506 1,272 6,772,294,654 6,772,942,656 2,519,109 2,519,109 6,774,813,763 6,775,461,765 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 2009 91

2009 12 31 16 2008 1,167 11,100 12,243 8,941 2,016 35,467 49 701 444 751 1,397 3,342 25 160 184 422 (791) (260) (28) (106) (394) (54) (54) 2 (62) (22) (76) (158) 1,243 11,639 12,843 9,986 2,492 38,203 178 7,098 5,120 6,219 18,615 44 1,120 764 896 2,824 38 11 49 (224) (16) (99) (339) (16) (22) (38) 222 8,016 5,868 7,005 21,111 1,021 3,623 6,975 2,981 2,492 17,092 989 4,002 7,123 2,722 2,016 16,852 2009 12 317,7002008 42 2009 2008 50 106 86 10 50 791 833 57 58 50 1 1 10 50 40 43 995 1,021 92 2009

16 2009 2 2 2008 5 (3) 2 3 1 (2) 2 2 17 2009 2008 3,785 3,920 27 (23) (4) 8 261 1 (396) 3,794 3,785 2009 12 31 2,7002008 2,600 1,200 2008 1,100 2009 93

2009 12 31 17 2009 2008 10 50 7 6 50 749 748 10 50 3,038 3,031 3,794 3,785 215 2009 12 31 2009 2008 1 195 202 15 172 257 5 26 29 393 488 2009 12 31 37.872008 42 18 2009 2008 819 819 4 823 819 226 204 22 22 248 226 575 593 593 615 94 2009

18 2009 2008 50 90 89 10 50 475 494 10 50 10 10 575 593 2009 12 31 20087.73 19 2009 2008 a 356 1,017 b 548 860 904 1,877 (904) (1,546) 331 a 698 2,071 698 2,402 a. 2003 22008 11 b. 2009 95

2009 12 31 20 2009 2008 3,070 3,074 191 (8) 1 4 3,262 3,070 70 58 96 12 166 70 3,096 3,000 3,000 3,016 2009 2008 PCCW Global 585 585 IP BPO Holdings Pte. Ltd. 189 774 585 162 162 1,939 1,939 126 126 91 184 4 4 3,096 3,000 96 2009

20 2009 PCCW Global 21.3% 3.0% 9.5% 56.8% 2.0% 16.0% 66.7% 2.0% 13.5% 2009 12 31 PCCW Global 2009 97

2009 12 31 21 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 2008 1,518 375 114 191 811 9 3,018 110 1,006 1,116 (330) (330) (61) (61) 1,518 375 163 191 1,487 9 3,743 559 375 100 22 316 8 1,380 a 76 21 12 732 841 (330) (330) (33) (33) 635 375 88 34 718 8 1,858 883 75 157 769 1 1,885 959 14 169 495 1 1,638 a. 98 2009

22 2009 2008 130,780 130,780 283 283 131,063 131,063 (118,974 ) (118,974 ) 12,089 12,089 1,189.742008 1,189.74 a. 2009 2008 58,426 61,248 (41,840) (41,840) 16,586 19,408 2009 12 311.11 20081.13 2009 99

2009 12 31 22 2009 12 31 HKT HKTGH 636,000,001 100% Hong Kong Telecommunications 2,488,200,001 100% (HKT) LimitedHKT 6,092,100,052 100% HKT Media Holdings Limited 2 100% HKT Solutions Holdings Limited 2 100% PCCW-HKT Network Services Limited 3 100% 500,002 100% 3,500,000,101 100% 3,500,000,096A 1B4 12 100% PCCW Teleservices Operations 2 100% (Hong Kong) Limited 53,803,000 100% 2 PCCW (Macau), Limitada 2,000,000 75% 10 100% 2 100% 100 2009

22 PCCW Global, Inc. 18 100% PCCW Global (Singapore) Pte. Ltd. 172,124,441.71 100% PCCW Global (UK) Limited 1 100% 1 10,250,000 100% 3 200,000,000 38.2% IP/IT 1,201 100% 2 12,600,000 100% 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 1 405,000,000 61.53% PCCW Mobile HK Limited 1,254,000,100 100% 100 1,254,000,000 HKT Global (Singapore) Pte. Ltd. 1 100% Interactive Teleservices Corporation 1,169 70% PCCW Productions Limited 2 100% UK Broadband Limited 1 100% 1 6 30 2 3 2009 101

2009 12 31 23 2009 2008 248 734 78 78 34 34 360 846 (171 ) (172 ) 189 674 812 975 2009 12 31 15,600,000 37.04% 50,000,000 45% 2009 2008 877 1,995 (357) (566) 1,022 898 204 55 2009 12 312008 2002009 12 31 2008 1,000 102 2009

24 2009 2008 3,093 3,105 267 8 23 23 3,383 3,136 (2,869 ) (2,868 ) 514 268 3,546 3,439 2.59 3 2009 12 31 Reach Ltd. 5,890,000,000 50% IPTV 644,518,697 50% Genius Brand Limited 10,000 50% 2009 2008 1,443 1,117 541 637 1,984 1,754 (1,348) (1,330) (758) (801) (122 ) (377 ) 1,998 2,359 (2,139) (2,371) (141 ) (12 ) (4 ) 6 (145 ) (6 ) (8 ) (153 ) (6 ) 2009 103

2009 12 31 25 2009 2008 244 321 139 (24) 81 (31) (161) 325 244 2009 2008 59 17 266 227 325 244 59 17 2009 12 31 2009 12 31 2008 1.61 2009 12 31 2008 12 31 2,400 6,000 20092008 12 31 104 2009

26 a. b. 2009 12 319.362008 7.2 2009 12 310.522008 1.03 2009 12 31 1,3002008 c. 2009 12 311.462008 8,900 d. 2009 2008 715 829 232 148 45 39 992 1,016 e. 2009 2008 i 2,720 4,644 ii (302) (327) 2,418 4,317 i. 2009 2008 0 30 1,534 3,122 31 60 321 372 61 90 174 162 91 120 108 101 120 583 887 2,720 4,644 2009 105

2009 12 31 26 e. ii. 2009 2008 327 278 351 275 (376) (232) 6 302 327 2009 12 312.052008 2.55 2.052008 2.41 iii. 2009 2008 1,222 2,956 0 30 445 387 31 60 186 159 61 90 123 118 90 442 683 1,196 1,347 2,418 4,303 2009 12 314,9002008 42 106 2009

26 f. 2009 2008 2009 2008 246 200 46 200 200 42 g. 2009 2008 0 30 927 1,094 31 60 111 83 61 90 44 55 91 120 40 26 120 523 442 1,645 1,700 h. 2009 2008 794 789 (794) (794) (5 ) 2009 12 31 7.942008 7.94 2009 107

2009 12 31 27 2009 2008 19,233 11,586 27,905 3,848 3,840 34,667 31,745 108 2011 a 7,736 7,722 56 2013 b 3,862 3,856 55.25 2015 c 3,848 3,840 19,221 16,327 34,667 31,745 d 11 34,656 31,745 a. 108 2011 2001 11PCCW-HKT Capital Limited107.75 2011 2011 2011 2011 20118 2011 HKTGH HKT HKTGH HKT 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 108 2009

27 d. 2009 9 22 1,000 2012 9 24 2009 12 10 1,000 2009 9 22 28 2009 12 31 2009 12 31 42 28 2009 a) 6,149 27 6,176 996 3 999 (6,342) (6,342) 803 30 833 a. b. 3(v)5 2009 109

2009 12 31 29 2009 2008 a 108 230 b 108 230 a. 2009 12 3120 155.1 200820 155.91 20 155.120092008 12 31 7.7790 7.8014 39(c)(i) b. 2009 12 312008 12 31 1,500 30 2009 2008 0.25 10,000,000,000 2,500 10,000,000,000 2,500 0.25 6,772,294,654 1,693 6,778,627,153 1,695 a 3,667,501 1 b (10,000,000) (3) 6,772,294,654 1,693 6,772,294,654 1,693 a. 2008 12 313,667,501 16,259,0673,667,501 0.2532(a)(iii) b. 2008 6 6 10,000,000 4.8448,400,000 2008 6 30 110 2009

31 a. 19 2009 12 31 Society of Actuaries Aaron Wong 2009 12 312008 i. 2009 2008 iii 286 352 iv (201) (204) 85 148 (80 ) (141 ) 5 7 2010 ii. 2009 2008 100% 100% 100% 100% 2009 12 312008 2009 111

2009 12 31 31 a. iii. 2009 2008 352 253 (12) (11) 4 8 (58) 102 286 352 iv. 2009 2008 204 206 (12) (11) 11 11 (2) (2) 201 204 v. 2009 2008 4 8 (11) (11) 5 1 (2 ) (2 ) 9(a) (2 ) (2 ) 9 9 112 2009

31 a. vi. 2009 2008 2.6% 1.20% 5.75% 5.75% 3.00% 3.00% vii. 2009 2008 2007 2006 286 352 253 237 (201) (204) (206) (208) 85 148 47 29 8 (1) 3 2 2 2 2 4 b. 20,000 2009 113

2009 12 31 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 i. 2009 2008 10.28 137,971,730 10.20 144,366,771 iii) 4.43 (3,667,501) iv) 7.02 (55,134,133) 14.25 (2,727,540) ii) 12.45 82,837,597 10.28 137,971,730 12.45 82,837,597 10.28 137,971,730 114 2009

32 a. ii. 2009 2008 1999 8 171999 9 15 2000 8 17 2000 8 17 11.7800 13,192,793 2004 8 17 2009 8 17 1999 10 251999 11 23 2000 10 25 2000 10 25 22.7600 1,529,600 2004 10 25 2009 10 25 2000 2 82000 3 8 2001 2 8 2001 2 8 75.2400 86,700 86,700 2003 2 8 2010 2 8 2000 8 262000 9 24 2001 5 26 2001 5 26 60.1200 6,461,600 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 8,159,626 2005 3 15 2010 10 27 2001 1 222001 2 20 2001 1 22 2001 1 22 16.8400 10,655,759 10,932,439 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 1,047,640 1,050,920 2005 5 26 2011 4 17 2001 7 162001 9 15 2002 7 16 2002 7 16 9.1600 194,600 210,280 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 5,860,000 6,120,000 2005 11 13 2012 11 12 2003 7 25 2004 7 25 2004 7 25 4.3500 50,596,872 51,455,872 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 2005 2 8 2006 2 8 2006 2 8 4.4750 38,391,500 2007 2 8 2009 2 7 82,837,597 137,971,730 2009 115

2009 12 31 32 a. ii. 2009 2008 4.01 5.04 3.56 50,603,872 2.65 89,854,372 5.05 7.54 6.15 5,860,000 3.87 6,120,000 7.55 11.29 1.56 1,528,940 2.55 1,547,900 11.30 16.79 0.63 13,192,793 16.80 25.04 0.96 18,296,485 1.87 20,708,365 55.05 70.04 0.65 6,461,600 1.65 6,461,600 70.05 85.00 0.10 86,700 1.10 86,700 82,837,597 137,971,730 iii. 2009 2008 2008 1 82008 9 12 4.3500 4.40 5.16 5,324,404 1,224,001 2008 2 42008 9 10 4.4750 4.50 5.16 10,934,663 2,443,500 16,259,067 3,667,501 2008 12 314.95 iv. 2009 2008 2000 8 172009 8 17 11.7800 13,192,793 376,800 2000 10 252009 10 25 22.7600 1,529,600 194,400 2001 5 262010 8 26 60.1200 88,000 2001 3 152010 10 27 24.3600 605,600 583,280 2001 1 222011 1 22 16.8400 276,680 238,600 2001 5 262011 4 17 10.3000 3,280 17,920 2002 7 162011 7 16 9.1600 15,680 26,040 2003 11 132012 11 12 6.1500 260,000 380,000 2004 7 252013 7 23 4.3500 859,000 232,000 2004 9 162013 9 14 4.9000 150,000 2006 2 82009 2 7 4.4750 38,391,500 440,500 55,134,133 2,727,540 116 2009

32 b. 2002 2002 6 10 2002 11 12 2006 5 2009 2008 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 20092008 12 31 20052009 12 312005 2009 117

2009 12 31 32 c. 2003 i. 2009 2008 ii 2.375 5,000,000 2.375 5,000,000 2.375 5,000,000 2.375 5,000,000 ii. 2009 2008 2004 12 20 2004 12 20 2004 12 20 2.375 5,000,000 5,000,000 2014 12 19 5,000,000 5,000,000 2009 12 31520086 2005 1 1 33 2009 2009 1 1 7,989 21,205 3 (18 ) 137 369 437 (15 ) (30,065 ) 42 (8,804 ) (8,804 ) (41 ) 41 208 (171 ) 81 1,506 1,624 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 (8,804 ) (8,804 ) (41 ) 41 22 22 2009 12 31 7,989 12,401 3 95 6,442 26,930 118 2009

33 2008 2008 1 1 7,968 21,254 (18 ) 143 327 115 16 (29,948 ) (143 ) (49 ) 3 (46 ) 15 15 6 (6 ) (915 ) (915 ) (474 ) (474 ) 42 322 (31 ) 1,272 1,605 2008 12 31 7,989 21,205 3 (18 ) 137 369 437 (15 ) (30,065 ) 42 2008 1 1 7,968 21,254 142 25,350 54,714 (49 ) 3 (46 ) 15 15 6 (6 ) (915 ) (915 ) (474 ) (474 ) (17,582 ) (17,582 ) 2008 12 31 7,989 21,205 3 136 6,379 35,712 2004 6 302004 79C 2006 1 105.44 42.431.06 PCCW Capital No. 2 Limited4.50 2007 12006 3 27 2009 12 31 0.522008 1.03 26(b)2009 12 31 124.012008 212.0564.422008 63.79 188.432008 275.84 2009 119

2009 12 31 34 a. 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 2008 1,663 342 94 121 (46) (205) (35) 1,934 12(a)) (1,246) (40) (45) (133) 46 140 (10) (1,288) 13 8 (1) 20 430 302 49 (4 ) (65 ) (46 ) 666 2009 2008 (65) (48) 1,276 714 1,211 666 b. 6,50020081.4 178.052008 166.20 12.322008 12.932,0002008 8,8002009 12 31 120 2009

35 2009 12 31 2009 2008 85 9 94 76 8 84 85 19 104 77 17 94 243 120 363 225 111 336 152 140 292 210 213 423 565 288 853 588 349 937 (85 ) (9 ) (94 ) (76 ) (8 ) (84 ) 480 279 759 512 341 853 36 2009 2008 91 (91) 2009 121

2009 12 31 37 a. 2009 2008 2,380 2,233 6 1 (18) (197) 1,366 1,341 119 132 2,677 2,824 (60) (28) (42) (30) (1) 396 161 (232) 31 1 (1) 61 103 (40) 12 19 96 12 351 275 1,081 841 22 22 9 55 (11) 1 1,671 6,927 18 (163) 1,603 (1,883) (629) (115) 5,723 (4,569) (218) (144) 30 (13) (43) 79 (924) 810 (5,343) (743) ` (5) (2) (116) 46 (84) (73) (456) (1,210) 9,109 7,033 18 208 (1,159) (706) (28) (73) 7,940 6,462 122 2009

37 b. 2009 2008 40 3 6 64 10 2 (58) (47) (45) (3) (28) 191 163 82 77 4 163 (86 ) 2 (84 ) 2009 123

2009 12 31 37 c. 2009 10 5 2009 2008 672 20 71 (7) (2) 754 (913 ) (159) (73) 7 (232 ) 913 (71 ) 842 d. 2009 2008 2009 2008 9,070 10,111 145 5,941 (20) (4) (1,001) (823) (52) (103) 12 31 8,049 9,284 93 5,838 124 2009

38 20092008 12 31 2009 2008 (5,445) 1,735 28,518 30,065 23,073 31,800 39 a. 30 2009 12 312008 12 31 26(e) 2009 12 31 2009 125

2009 12 31 39 a. 41 b. 2009 1 1 2 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 42,541 126 2009

39 b. 2008 1 1 2 2 5 5 1,700 1,700 1,700 5,241 5,241 5,241 4,981 4,981 4,981 84 84 76 585 585 585 5 5 5 12,596 12,596 12,588 1,423 1,423 30,391 4,197 37,434 31,745 1,195 1,195 1,195 94 336 423 853 512 11 53 35 58 157 139 1,434 2,765 30,762 4,678 39,639 33,591 14,030 2,765 30,762 4,678 52,235 46,179 2009 2008 1 1 201 201 200 6 6 6 27 27 27 2009 127

2009 12 31 39 c. i. 20092008 12 31 20 155.1 2009 12 31200820 155.91 128 2009

39 c. i. 2009 2008 615 278 729 216 6 6 1,633 630 5,181 287 (608) (127) (463) (206) (37) (43) (46) (15,446) (11) (15,418) (13,883) 770 (10,008) 297 (772) (25) (269) 15,510 15,591 1,627 (2 ) 5,558 28 2009 12 31 1,4002008 4,600 2009 12 311.552008 1.56 2009 12 31 2008 100 2008 2009 129

2009 12 31 39 c. ii. 2009 2008 % % 6.84 15,446 6.84 15,418 15,446 15,418 1.70 19,467 2.21 16,327 34,913 31,745 2009 12 31 10 1,6002008 100 102008 iii. 25 130 2009

39 d. 20092008 12 31 2009 2008 (246) (246) (34,667) (35,496) (31,745) (30,118) e. 2009 1 17 2009 12 31 59 59 266 266 108 108 59 108 266 433 2009 131

2009 12 31 39 e. 2009 12 312.662008 2.272009 12 31 3,900 40 a. 2009 2008 439 871 865 924 1,304 1,795 2009 2008 104 104 26 31 i 89 120 1,174 1,449 2 1,304 1,795 i. 2000 5 17 132 2009

40 b. 2009 12 31 2009 2008 1 620 561 1 5 922 1,235 5 386 453 1,928 2,249 2009 2008 1 210 133 1 5 241 113 5 14 451 260 113 c. 2009 12 31 2009 2008 1,191 2,018 9 272 289 1,463 2,316 2009 133

2009 12 31 41 2009 2008 2009 2008 393 923 5 5 13 8 4 2 2 6 6 6 6 11 11 427 950 13 11 42 2009 12 31278.852008 242.2 82.222008 76.2 26(f) 27 2009 2008 77 49 3,787 1 3,913 1 134 2009

43 a. IP BPO Holdings Pte. Ltd. 2009 8 13IP BPO Holdings Pte. Ltd.IP BPO Holdings Pte. Ltd. 7,800 9,400 7,700 IP BPO Holdings Pte. Ltd. 2009 8 142009 12 311.5 200 2009 1 1 3.77200 20 2010 2010 2009 78 77 4 159 29 20 188 40 3 5 61 1 (44) (47) (45) (26 ) (3 ) (29 ) 2009 135

2009 12 31 43 a. IP BPO Holdings Pte. Ltd. 2009 (82) 1 37(b) (81 ) b. Kabushiki Kaisha Niseko Management Service 2009 11 30 Kabushiki Kaisha Niseko Management Service 2009 11 302009 12 31100 2009 Kabushiki Kaisha Niseko Management Service 4 (1) 20 3 1 1 10 10 3 3 1 1 (14) (14) 1 1 2009 (4) 1 37(b) (3 ) 2008 12 31 136 2009

44 2009 12 31 2009 12 31 1 2009 7 1 3 2009 7 1 27 2009 7 1 39 2009 7 1 17 2009 7 1 19 2010 7 1 1 2010 1 1 2 2010 1 1 32 2010 1 1 24 2011 1 1 9 2013 1 1 2009 12 31 2009 137

2009 12 31 2009 2008 2007 2006 2005 16,292 17,465 16,636 15,374 15,048 2,350 2,239 1,703 1,002 696 1,670 1,744 1,468 1,236 598 1,844 1,866 1,795 1,652 1,579 4,222 9,943 3,134 7,263 5,127 61 86 249 328 346 (1,362) (1,392) (1,270) (1,218) (895) 25,077 31,951 23,715 25,637 22,499 (12,254) (17,850) (10,538) (12,973) (10,752) (9,029) (10,005) (9,144) (8,904) (7,767) 168 (464) (3) 42 626 (61) (103) (7) (11) (52) 18 197 429 732 533 (1,485) (1,473) (1,658) (2,008) (2,234) (55) 11 13 37 121 1 (31) (4) 2,380 2,233 2,807 2,552 2,970 (585) (711) (970) (920) (1,103) 1,795 1,522 1,837 1,632 1,867 1,506 1,272 1,503 1,252 1,595 289 250 334 380 272 12 31 2009 2008 2007 2006 2005 27,934 29,535 29,797 29,711 27,574 17,049 27,070 21,560 19,715 25,709 (9,827) (16,723) (26,145) (25,657) (22,360) 7,222 10,347 (4,585 ) (5,942 ) 3,349 35,156 39,882 25,212 23,769 30,923 (37,181) (34,982) (20,861) (20,870) (28,191) (2,025 ) 4,900 4,351 2,899 2,732 12 31 2009 2008 2007 2006 2005 18,843 27,584 46,604 25,475 19,419* * 194.19 2004 2005 34(a)(iii) 138 2009

2009 * A A6 8 1013 29,351 39,901 62% B 20,104 62% C 21,496 62% D 10,459 62% 75,431 62% 786 62% 12 18 603 100% * 50 10 50 2009 139

2009 2010 3 9 2010 5 14-19 Pink OTC Markets 10 2009 2010 2009 KBE LVO FREng GBS JP GBM GBS OBE JP CBE LLD JP GBS 2010 5 27 2010 5 19 2009 2009 www.pccw.com www.hkex.com.hk A) 2009 B) 2009 18317M +852 2529 6087/+852 2865 0990 hkinfo00008@computershare.com.hk 2009 2009 2009 0008 0008.HK 8 HK PCCWY 2009 12 31 2009 12 31 13.3 1,000 6,772,294,654 18317 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 140 2009