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102002 2012 2013 2013 2013 2013 RFID I.T.2012 Computerworld HK Awards 2013 e- 2013 2013 2013 MIS Strategic 100, 2013 5IT20 2013 20 500 IT now TV now TV now TV now TV Retail In Asia Questex Media PCM Computerworld Hong Kong e-zone MIS Asia 2013 3

2013 12 31 2012 2013 * 24,134 26,643 1,184 674 25,318 27,317 (11,816) (13,111) (10,150) (10,735) 371 685 62 80 (966) (1,111) 31 57 (53) 83 2,797 3,265 (232) (210) 2,565 3,055 1,661 1,885 904 1,170 22.87 25.98 22.87 25.95 5.51 6.35 13.55 13.85 EBITDA 1 EBITDA* 7,679 8,129 107 (96) 7,786 8,033 *251 27 4 2013

2013 12 31 2013 now TV 2013 8 now TV ARPU now TV 10 10 2014 12CSL CSL New World Mobility Limited 2017 David Christopher Chance 11 2013 5 SAP (Oracle) 2013 2014 2 27 2013 5

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200 SAP SAP (Oracle) 2013 SAP 2013 12 2013 2013CSL CSL New World Mobility Limited CSLNW CSLNW (Near Field Communication, NFC) Smart Livinge 8 2013

250 Asperges HANAZONO 2013 Hanazono now TV10 now TV 10 2017 2014 2 27 2013 9

10 2013 492010 5 2007 4 2006 92007 4 2009 72011 11 1999 9Cable & Wireless HKT Limited 612011 11 2010 30 1820042009 TVBS 1984 19901994 1999 471999 8 2011 11

622002 9 Pritchard Englefield & Tobin Thomas Eggar incorporating Pritchard Englefield 1979 1980 1991 KBE, LVO 792002 6 1972 20 1982 (Royal College of Defence Studies) 19861993 1997 GBS 76 2009 92011 3 2011 3 6AIG Life Insurance 20002009 6 AIG PineBridge Investments Asia Limited PineBridge Investments Limited 2001 1960 1998 2002 2003 1975 (The Philippine American Life and General Insurance Company) 19962009 6 AIG20012009 2013 11

12 2013 562011 11 2006 42009 2 2009 2 2006 42008 10 1999 82005 12 2000 52005 12 2005 12 512007 7 2009 22011 3 2007 1 2005 9 2006 122008 3 2005 10 2003 102005 8 2001 11 2003 10 2004 1988 502008 5 2011 11 2007 12 1992 2001 2005 1985

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522012 3 Good Harbour Finance Limited 1986 1988 Weatherite Manufacturing Limited 1992 1999 Bryce Wayne LEE 492012 5 Silver Lake Kraftwerk Credit Suisse Group AG (Forbes) 19 887 Lars Eric Nils RODERT Rodert522012 11 Rodert2013 4 Brookfield Property Partners L.P. 2010 122013 4 Brookfield Infrastructure Partners L.P. Inter IKEA Treasury SEB Asset Management Rodert David Christopher CHANCE Chance562013 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 14 2013

15 2013 2013 12 31 3453 now TV

2013 12 31 54 16 1014 (www.pccw.com) 2013 2013 5 9 16 2013

2013 20131 7/7 2/2 1/1 7/7 1/1 7/7 1/1 7/7 1/1 6/7 1/1 7/7 1/1 5/7 3 1/1 6/7 3 2/2 0/1 4/7 1/3 1/1 7/7 3/3 1/1 5/7 2/2 2/3 1/1 7/7 3/3 2/2 3/3 1/1 6/7 2/2 1/1 Bryce Wayne Lee 6/7 3/3 3/3 1/1 Lars Eric Nils Rodert 7/7 3/3 1/1 David Christopher Chance 2 2/2 1. 2. 2013 11 28 3. 3.13 3.13 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2013 17

2013 12 31 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2013 12 31 18 2013

2003 5 www.pccw.com/ir www.hkexnews.hk 2013 17 2013 Bryce Wayne Lee (i) 2012 (ii) 2013 (iii) 2013 (iv) (v) 2014 2 27 2013 9294 2013 19

2003 5 2013 2 27 (ii) 2013 (iii) (iv) (v) 2013 2 27 (vi) David Christopher Chance 2014 2 27 2013 12 31 2013 17 2013 2014 2 27 2014 (i) 20 2013

(viii) 2013 6 30 Bryce Wayne Lee Lars Eric Nils Rodert (ix) 2013 12 31 (x) 2013 17 (xi) 2013 12 31 (xii) 2013 2014 2013 (i) (xiii) 2012 12 31 2013 6 30 (ii) 2012 12 31 (iii) 2012 12 31 2013 (iv) (xiv) 2012 12 31 (xv) (xvi) 2016 12 31 (v) 2012 12 31 2013 12 31 (vi) (vii) 2013 6 30 2013 21

22 2013 2013 12 31 2,9002012 2,5001,50020121,300 5 10 15 2013 11 15 2013 11 15

23 2013 2012 8 11 20072011 11 2013 12 3115 65 2007 5 18Sarbanes-Oxley ActSOA SOA 2013

979 41 +852 2962 5725 co.sec@pccw.com (www.pccw.com/ir) 2013 12 31 2014 2 27 176 20 24 2013

266.43 273.17 EBITDA 81.29EBITDA 80.33 18.85 25.98 13.85 2013 12 31 2013 12 31 266.43EBITDA 81.29 2013 12 31 273.17 EBITDA 80.33 18.85 25.98 2013 12 31 13.85 now TV10 now TV 2014 2013 12CSL New World Mobility Limited EBITDAEBITDA 2013 25

2012 2013 12 31 4 4 9,715 11,366 21,081 11,071 11,761 22,832 8% 1,262 1,546 2,808 1,299 1,721 3,020 8% 1,128 1,349 2,477 1,393 1,568 2,961 20% 38 33 71 28 30 58 (18)% (1,085) (1,218) (2,303) (976) (1,252) (2,228) 3% 11,058 13,076 24,134 12,815 13,828 26,643 10% 848 336 1,184 499 175 674 (43)% 11,906 13,412 25,318 13,314 14,003 27,317 8% (5,281) (6,535) (11,816) (6,343) (6,768) (13,111) (11)% (2,789) (2,927) (5,716) (3,025) (3,148) (6,173) (8)% EBITDA 1 3,736 3,933 7,669 3,839 4,062 7,901 3% 217 274 491 223 285 508 3% 168 267 435 217 303 520 20% (312) (273) (585) (268) (286) (554) 5% (139) (192) (331) (75) (171) (246) 26% EBITDA 1 3,670 4,009 7,679 3,936 4,193 8,129 6% 166 (59) 107 10 (106) (96) EBITDA 1 3,836 3,950 7,786 3,946 4,087 8,033 3% EBITDA 1 33% 31% 32% 31% 30% 31% EBITDA 1 32% 29% 31% 30% 29% 29% (2,134) (2,287) (4,421) (2,266) (2,305) (4,571) (3)% (3) (10) (13) 5 4 9 12 359 371 196 489 685 85% 27 35 62 37 43 80 29% (469) (497) (966) (595) (516) (1,111) (15)% (43) 21 (22) 32 108 140 1,226 1,571 2,797 1,355 1,910 3,265 17% 26 2013

1 EBITDA EBITDA EBITDA 2 3 4 2(b) 2012 2013 12 31 9,715 11,366 21,081 11,071 11,761 22,832 8% EBITDA 1 3,736 3,933 7,669 3,839 4,062 7,901 3% EBITDA 1 38% 35% 36% 35% 35% 35% 1,430 1,242 2,672 1,484 1,417 2,901 8.6% 2013 12 31 2013 12 31 228.32EBITDA 79.012013 12 3129.01 45.21 2013 12 31 24.212013 45.21 2013 Gateway 2013 12 20 CSL New World Mobility Limited 2014 2 262013 2013 27

2012 2013 12 31 1,262 1,546 2,808 1,299 1,721 3,020 8% EBITDA 1 217 274 491 223 285 508 3% EBITDA 1 17% 18% 17% 17% 17% 17% 2013 12 31 30.20 now TV 2013 12now TV 1,237,00054,000 now TV ARPU173 187 now TV 2013 8 2013 2012now TV Cable Thai Holding DISH StarHub EBITDA 4.915.08 28 2013

2012 2013 12 31 1,128 1,349 2,477 1,393 1,568 2,961 20% EBITDA 1 168 267 435 217 303 520 20% EBITDA 1 15% 20% 18% 16% 19% 18% 2013 12 31 24.7729.61 2013 12 31 6.74EBITDA9,600 11.84EBITDA1.07 2012 Vandasoft Technology Holdings Limited2013 200 SAP EBITDA4.35 5.20 EBITDA EBITDA 2013 12 31 63.92 Villa Bel-Air 2013 12 31 Hanazono 2013 5 4 40 2014 1 21 2 2014 2 252013 2013 29

2013 12 31 5,80020127,100 20135.54 20125.85 2013 12 3122.28 201223.03 2012 2013 12 31 4,801 6,384 11,185 6,073 6,722 12,795 (14)% 480 151 631 270 46 316 50% 5,281 6,535 11,816 6,343 6,768 13,111 (11)% 2013 12 31 131.11 57.1661.73 45.71 2013 12 31 107.35 EBITDA 1 2013 12 31EBITDA 81.29 EBITDA80.33 2013 12 31 8,000 11.11 2013 3510 2013 7510 2012 4310 2013 12 31 2.10 2.32 30 2013

2013 12 31 11.70 2013 12 31 18.85 201216.61 2013 33.7510 52013 75 6 2013 12 31 2 300.562012 12 31265.42 2013 12 31 55.092012 12 3145.53 2013 12 31 2 245.37 2012 12 31219.89 2013 12 31 241.50 81.34 176.7647.50 2013 12 31 2 2012 12 31 3 2013 12 31 26.07201222.75 20132012 2013 12 31 HONG KONG TELECOMMUNICATIONS (HKT) LIMITED 2013 12 31 Hong Kong Telecommunications (HKT) Limited Moody s Investors Service Standard & Poor s Ratings Services Baa2BBB 2013 31

2013 12 3166.57 201258.19 12 31 2012 2013 477 399 91 99 568 498 2014 5 15 2013 12 31 13.85201213.55 2014 5 8 2013 10 2013 6 30 6.3520125.51 2013 2013 (a) (b) 2013 2013 2014 5 22 2013 12 3122,200 201220,900 EBITDA 32 2013

34 54 55 56 57 59 61 62 174 175 2013 33

2013 12 31 6 2013 12 3155 2013 106.352012 5.51 4.62 2013 12 3113.852012 13.55 174 21 23 15 17 25(f) 26 29 34 2013

32 2013 12 31 KBE, LVO GBS GBM, GBS, OBE, JP Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2013 11 28 92David Christopher Chance 101A 2013 35

3.13 3.13 Bryce Wayne Lee Lars Eric Nils Rodert David Christopher Chance 2010 9 15 PCRD Services Pte Ltd PCRD Services Akash MehtaPasha Ventures Private Limited Pasha VenturesAIGPasha Ventures PCRD Services Akash MehtaPasha VenturesAIGAIG Home Finance India Limited Indo Pacific Housing Finance Limited AIGHFILIndo PacificAIGHFILConsumer Financial Services LimitedCFSL 20,000,006336Pasha Ventures AIGHFIL AIGHFILAIGAIGHFIL CFSL2010 10 20 2010 10 20PCRD ServicesPasha Ventures Akash MehtaPasha Ventures PCRD ServicesAkash Mehta Pasha Ventures PCRD ServicesPasha Ventures 131Akash Mehta Indo Pacific CFSLAkash Mehta Pasha Ventures 2012 3 11 Pasha Ventures L&T Finance Holdings Limited Indo Pacific PCRD Services Akash MehtaIndo Pacific 2012 3 11PCRD ServicesPasha VenturesAkash Mehta 2012 10 9Pasha VenturesIndo PacificIndo Pacific 2013 2 15PCRD ServicesKSH Distriparks Private LimitedKSHPasha Ventures Akash MehtaMehta Sky Advance Associates LimitedSky AdvanceAkash Mehta Pasha Ventures KSH KSH PCRD Services Sky AdvancePasha Ventures KSHPasha Ventures 2013 6PCRD Services Sky Advance Mehta KSHKSH KSH PCRD Services KSH 3.13 (i)kshkshksh (ii) KSH(iii) Akash Mehta 36 2013

2013 12 31352 XV 1. 271,666,824 1,740,004,335 2,011,671,159 27.66% 1(a) 1(b) 1,610,600 100,000 7,893,000 9,603,600 0.13% 2(a) 2(b) 1,301,177 1,301,177 0.02% 3 992,600 511 993,111 0.01% 4(a) 4(b) 340,000 340,000 0.005% 5 1,000,000 1,000,000 0.01% 1. (a) Chiltonlink LimitedChiltonlink Pacific Century Diversified LimitedPCD237,919,824 Eisner Investments LimitedEisner33,747,000 Chiltonlink Eisner (b) (i) Yue Shun LimitedYue Shun 36,726,857 Yue Shun 36,726,857 2013 37

1. 1. (b) (ii) 154,785,177 154,785,177 (iii) 1,548,211,301 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington Limited 1,548,211,301Hopestar Holdings Limited (iv) PineBridge Investments LLCPBI LLC281,000 PBI LLC Chiltonlink ChiltonlinkPBI LLC281,000 2. (a) Butternut Pacific Resources LimitedButternut (b) 3. 4. (a) (b) 5. 2. A. PCCW-HKT Capital No.4 Limited ING Life Insurance Company (Bermuda) Limited PCCW-HKT Capital No.4 Limited9004.25 2016 38 2013

2. B. 177,552,046 125,358,732 302,910,778 4.72% 1(a) 1(b) 46,413 7,205 120,391 174,009 0.003% 2(a) 2(b) 330,374 330,374 0.01% 3 43,156 22 43,178 0.0007% 4(a) 4(b) 208,499 208,499 0.003% 5 143,477 143,477 0.002% XV (a) 0.0005 (b) 0.0005 2011 11 7 1. (a) PCD17,142,046Eisner39,000,000121,410,000 (b) (i) Yue Shun2,646,156Yue Shun 2,646,156 (ii) 11,152,220 11,152,220 (iii) 111,548,140 111,548,140 (iv) PBI LLC12,216PBI LLC 12,216 2013 39

2. B. 2. (a) Butternut (b) 120,391 3. 4. (a) (b) 5. 2013 12 31 XV 352 1. A. 1994 9 20199410 2002 5 23 1994 2001 9 1 2004 5 191994 20042004 10 19942004 2004 2013 12 3119942004 12 40 2013

1. A. 10 (i) (ii) (iii) 2004 2014 5 182004 20042004 2013 12 31 (i) 1994 (1) 2013 1 12013 12 31 2013 2013 1 1 12 31 07.25.2003 07.25.2004 07.25.2006 07.25.2004 07.23.2013 4.3500 5,000,000 07.25.2003 07.25.2004 07.25.2006 07.25.2004 07.23.2013 4.3500 1,000,000 07.25.2003 07.25.2004 07.25.2006 07.25.2004 07.23.2013 4.3500 32,965,538 07.25.2003 07.25.2004 07.25.2006 07.25.2004 07.23.2013 4.3500 1,000,000 (2) 2013 12 31 2013 41

1. A. (i) 1994 (3) 2013 12 31 4.3500 5,000,000 4.3500 1,000,000 4.3500 32,965,538 4.3500 1,000,000 (ii) 2004 2013 1 12013 12 312013 12 31 B. 2002 2006 5 2012 11 152012 11 15 10 2013 12 3110,775,21817,450 2,355,0001,301,177 238,1483,629,285 2013 12 3118,552,90317,450 2013 12 31 2013 12 3131(b) 42 2013

2. A. 2011 11 72011 2021 (1) 20112021 (2) (a) (b) (c) 20112021 (3) (i) 20112021 20112021 (ii) (i) 20112021 2011 11 29 (iii) 20112021 20112021 2013 43

2. A. (4) 20112021 1220112021 (5) 20112021 (10) (6) 20112021 20112021 (7) 1.00 20112021 (8) (i) (ii)(5) (iii) (9) 20112021 2011202120112021(10) 20112021 20112021 2013 12 3120112021 44 2013

2. B. 2011 10 11 (a) (b) 2013 12 31 2,387,498 330,37437,578 534,2032013 12 31 2,955,982 2013 12 31 13413731(d)(ii) 2013 12 31 3. 2003 3 172003 10 20032005 5 13 200320052005 2005 5 23 20032003 2005 31(c) 2013 45

3. 20032013 12 31 2003 (1) 2013 1 12013 12 31 2013 2013 1 1 12 31 12.20.2004 12.20.2004 12.20.2004 12.19.2014 2.375 5,000,000 5,000,000 2013 12 312003 5,000,000 (2) 2013 12 31 2003 (3) 2013 12 31 (4) 2013 12 31 2005 2005 18 46 2013

2013 12 31336 1,548,211,301 21.29% 1 1,702,996,478 23.42% Star Ocean Ultimate Limited 2 3 1,702,996,478 23.42% The Ocean Trust 2 1,702,996,478 23.42% The Starlite Trust 2 1,702,996,478 23.42% OS Holdings Limited 2 1,702,996,478 23.42% Ocean Star Management Limited 2 1,702,996,478 23.42% The Ocean Unit Trust 2 1,702,996,478 23.42% The Starlite Unit Trust 2 1,702,996,478 23.42% Star Ocean Ultimate Holdings Limited 3 1,702,996,478 23.42% 4 1,702,996,478 23.42% 4 1,702,996,478 23.42% 5 1,343,571,766 18.48% 1. (i) 154,785,177(ii)1,548,211,301 Borsington Limited Pacific Century International Limited Pacific Century Group (Cayman Islands) Limited Anglang Investments Limited 2. 2004 4 18 Ocean Star Management 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 2013 47

2013 12 31336 Ocean Star Investment Management Limited 1,702,996,478 23.42% 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 2013 12 31 336 2013 12 318.10 1 2 48 2013

A A A A 2013 12 31 2013 49

1. 2. 2000 8 16 Cable & Wireless HKT LimitedPCCW-HKT Limited 110,000 320122 43 2013 12 31 2013 12 31 1. (i)(ii)2008 1 4 50 2013

1. 2012 1 172014 12 31 (1) (2) (3) (i) (ii) (i) (ii) 15 2013 10 2013 2013 2012 11 30 14A.35(1) 2014 12 31 2013 51

1. 2013 12 31 2013 12 31 (1) 159,376 450,000 (2) 137,626 600,000 (3) 164,928 450,000 2008 1 2008 1 4 15 2013 12 3118,064,94915 33,672,000 2. 3000 7402013 12 31 14A.38 2013 12 31 (i) (ii) (iii) 52 2013

4 2013 12 31 2014 2 27 2013 53

55 173 2013 12 31 141 2013 12 31 2014 2 27 54 2013

2013 12 31 2012 2013 5 6 25,318 27,317 (11,816) (13,111) 2(b) (10,150) (10,735) 7 371 685 62 80 9 (966) (1,111) 31 57 (53) 83 6 8 2,797 3,265 11 (232) (210) 2,565 3,055 1,661 1,885 904 1,170 2,565 3,055 14 22.87 25.98 22.87 25.95 6217313 2013 55

2013 12 31 2012 2013 2,565 3,055 2(b) (44) 85 (1) (44) 84 129 (300) (12) 192 1 (107) 30 29 (45) 39 (122) (5) (38) 2,560 3,017 1,646 1,871 914 1,146 2,560 3,017 62173 56 2013

2013 12 31 2012 2012 2012 1 1 6,104 1,476 7,580 28,179 19 2011 2(b) (133) (133) 2012 1 1 5,971 1,476 7,447 28,179 1,661 904 2,565 1,458 2(b) (44) (44) 109 20 129 (15) 3 (12) (87) (20) (107) (53) 22 7 29 4 (15) 10 (5) (49) 1,646 914 2,560 1,409 (26) (26) (5) (2) (7) 16 1 17 13 32 (771) (771) (771) 13 32 (401) (401) (401) (595) (595) 1,625 (182) 1,443 438 (778) (340) (1,172) 42 745 (2,304) (1,559) 30 30 745 (2,274) (1,529) 1,183 (3,052) (1,869) (1,172) 2012 12 31 2(b) 8,800 (662) 8,138 28,416 2013 57

2013 12 31 2013 2013 2013 1 1 8,979 (662) 8,317 28,416 19 2011 2(b) (179) (179) 2013 1 1 8,800 (662) 8,138 28,416 1,885 1,170 3,055 (160) 2(b) 85 85 (1) (1) (267) (33) (300) 160 32 192 1 1 33 (3) 30 40 (25) (20) (45) (4) (14) (24) (38) 36 1,871 1,146 3,017 (124) (42) (42) (35) (17) (52) 41 4 45 (1) 1 13 32 (985) (985) (985) 13 32 (462) (462) (462) (1,011) (1,011) (37) (37) (1,484) (1,060) (2,544) (1,447) 3x 22 22 22 22 (1,484) (1,038) (2,522) (1,447) 2013 12 31 9,187 (554) 8,633 26,845 62173 58 2013

2013 12 31 1 1 12 31 12 31 2012 2012 2013 2012 2013 15 15,477 15,534 15,693 16 5,384 5,804 8,436 17 530 512 496 18 1,105 1,146 1,024 19 3,170 3,371 3,469 20 2,812 3,385 3,574 21 12,089 12,089 22 402 591 661 23 515 539 582 2 1 1 24 575 685 706 28 275 253 67 33(a) 148 703 1,078 514 546 571 30,909 33,070 36,358 12,089 12,089 18 455 214 21(b) 17,756 16,749 25(a) 632 678 541 25(b) 735 1,319 1,032 25(c) 3,497 4,775 5,396 32 8 25(d) 1,166 1,084 1,199 4(c) 93 89 28 4 25(e) 3,084 4,041 3,501 7 13 302 10 35(c) 5,365 4,553 5,509 888 1,900 14,941 16,774 17,579 18,676 18,657 25(f) (40) (8,540) (1) 25(g) (1,777) (2,380) (2,118) (4,134) (4,129) (4,420) (11) (10) 27 (603) (959) (521) 34 (187) (196) (205) 4(c) (27) (136) (126) (1,750) (1,903) (1,929) (786) (1,169) (1,338) (1,443) (10,747) (19,412) (10,658) (11) (10) 4,194 (2,638) 6,921 18,665 18,647 35,103 30,432 43,279 30,754 30,736 2013 59

2013 12 31 1 1 12 31 12 31 2012 2012 2013 2012 2013 26 (23,470) (17,926) (29,074) (1,575) 21(c) (2,282) (2,010) 28 (56) (711) (56) (306) 33(a) (2,222) (2,321) (2,658) (893) (989) (951) 2(b) 30(a) (136) (182) (98) 34 (815) (719) (605) (120) (101) (549) (27,656) (22,294) (34,646) (2,338) (3,891) 7,447 8,138 8,633 28,416 26,845 29 1,818 1,818 1,818 1,818 1,818 32 4,153 6,982 7,369 26,598 25,027 5,971 8,800 9,187 28,416 26,845 1,476 (662) (554) 7,447 8,138 8,633 28,416 26,845 2014 2 27 62173 60 2013

2013 12 31 2012 2013 35(a) 6,168 7,312 9 21 (2,236) (2,554) (8) (19) (1,434) (2,524) (2,512) 35(b) (220) (49) 35(b) (121) 3x 7 (29) (4) (139) (52) (71) (140) 25 231 (129) (37) 10 181 1 1 12 13 42 (1,559) (10) (7,019) (6,317) (167) (111) 6,747 18,995 (840) (904) (3,884) (15,687) (1,172) (1,442) (595) (1,011) 32 30 11 40 (38) (811) 957 (1) (1) 5,365 4,553 35(c) 4,553 5,509 62173 2013 61

2013 12 31 1 1994 10 18 97941 2 a. b. 19 2011 19 2011 20122013 12 31200 100 30(a)(v) 2012 12 314,400 2013 12 318,500 2012 1 1 1.36300 2012 12 311.82 300 2012 12 312012 12 31 22.9022.87 62 2013

2 b. 1 2013 12 31 12 2013 12 3121 22 23 13 16 37 2013 1 1 27 2011 28 2011 1 7 10 10 11 11 12 20 2012 62009-2011 44 2013 12 31 2013 63

2013 12 31 2 b. 2(g) 2(m)(iii) 2(o) 3 c. 39 2(k) 12 41 64 2013

2 c. 2(n)(ii) d. 2013 65

2013 12 31 2 e. 2(d) i. ii. iii. iv. v. f. 2(n)(ii) 2(h) (i) (ii) (iii) 66 2013

2 f. 5 13 5 30 1 17 g. 2(h) 2(x)(iv) 2(h) 2(h) 2013 67

2013 12 31 2 h. i. 2(g) ii. 2(f)2(n)(ii) 2(x)(iv) iii. 2(g)2(i) i. 68 2013

2 j. k. 2(n)(ii) l. i. ii. 2013 69

2013 12 31 2 l. iii. iv. v. 2(n)(ii) 2 20 10 70 2013

2 m. (i) (ii)(iii) 2(n)(i) i. 12 2(x)(vi) 2(x)(viii) ii. 12 2(n)(i) iii. 12 2(n)(i) 2(x)(viii) 2(x)(vi)2(n) (i) 2013 71

2013 12 31 2 n. i. 2(n)(ii) 72 2013

2 n. i. ii. 2013 73

2013 12 31 2 n. ii. iii. 34 2(n)(i) 2(n)(ii) o. 2(p) 12 12 p. i. ii. 74 2013

2 p. ii. q. r. 2(x)(v) s. 2(n)(i) 2013 75

2013 12 31 2 t. u. v. w. (i) (ii)(iii) x. i. ii. iii. 76 2013

2 x. iv. v. vi. vii. viii. y. z. i. ii. 2013 77

2013 12 31 2 z. iii. iv. 78 2013

2 aa. i. ii. iii. 2002 11 72002 11 72004 12 31 2 2013 79

2013 12 31 2 aa. iii. 2002 11 7 2002 11 72004 12 312 iv. bb. cc. 80 2013

2 cc. 2005 1 1 2005 1 1 dd. i. ii. iii. iv. v. i vi. ee. 2013 81

2013 12 31 2 ff. 3 19 30(a) 37 i. 2013 12 31 2013 1 12013 12 318,700 2013 12 318,700 ii. 82 2013

3 ii. iii. 2013 83

2013 12 31 3 iv. 2000 5 17 2013 12 31 600 v. vi. vii. 39 viii. (i)(ii) 2013 12 3184.36 84 2013

3 ix. 3 x. All s Well Media Company LimitedAWLAWL 2013 1 1 AWLAWL AWL xi. 2013 85

2013 12 31 3 xii. 2013 5 23 1.84 14.28 2013 12 31 1.84 2013 12 31 4 2012 2013 a 87 57 a 64 44 a 263 332 a 307 299 a 143 149 a 150 b 53 72 a. b. 2012 2013 44 56 7 14 2 2 53 72 86 2013

4 c. 22 23 5 2012 2013 22,197 24,842 2,049 1,920 791 283 281 272 25,318 27,317 6 EBITDAEBITDA 2013 87

2013 12 31 6 2012 20,695 1,639 1,740 71 1,173 25,318 a 386 1,169 737 11 (2,303) 21,081 2,808 2,477 71 1,184 (2,303) 25,318 EBITDA 7,669 491 435 (585) 107 (331) 7,786 1,945 113 106 96 15 2,275 2013 22,429 1,849 2,324 58 657 27,317 a 403 1,171 637 17 (2,228) 22,832 3,020 2,961 58 674 (2,228) 27,317 EBITDA 7,901 508 520 (554) (96) (246) 8,033 2,025 201 250 124 7 2,607 a. 88 2013

6 EBITDA 2012 2013 EBITDA 7,786 8,033 (13) 9 (4,421) (4,571) 371 685 62 80 (966) (1,111) (22) 140 2,797 3,265 2012 2013 20,198 20,304 2,117 2,116 3,003 4,897 25,318 27,317 206.942012203.94 138.122012110.34 7 2012 2013 349 631 13 9 42 64 22 (78) 9 (5) 371 685 2013 89

2013 12 31 8 a. 2012 2013 1 2 30(a)(v) 2 1 267 281 270 284 17 45 2,137 2,406 2,424 2,735 b. 2012 2013 9 281 272 (27) (42) 10 12 (34) 3 186 149 7 2,482 2,347 22 24 1,917 2,200 2,029 1,939 547 223 9,240 10,949 13 (32) 41 25 29 61 85 753 1,014 90 2013

9 2012 2013 318 412 525 467 82 199 74 66 1 20 1 1 4 6 (3) 3 1,005 1,171 (39) (60) 966 1,111 a. 7.482012 3,100 7.4220123,500 b. 2012 2013 91

2013 12 31 10 a. 2012 1 10.31 0.01 7.14 17.46 6.54 4.63 0.41 11.58 7.80 0.82 8.62 1.27 1.27 0.21 2 0.21 0.21 3 0.21 0.21 4 0.21 0.21 0.21 5 0.21 0.21 0.21 0.21 0.53 6 0.53 1.06 7 0.18 0.18 Bryce Wayne Lee 8 0.14 0.26 0.40 Lars Eric Nils Rodert 9 0.02 0.13 0.15 2.13 19.04 7.80 4.63 0.42 0.82 7.14 33.36 8.62 1 20122011 2 2012 3 2012 4 2012 5 2012 5 4 6 10.510.510.5 7 2012 3 1 8 2012 5 4 9 2012 11 30 92 2013

10 a. 2013 1 5.90 2.28 0.01 9.36 17.55 9.71 7.20 0.76 4.17 21.84 8.09 6.05 0.85 14.99 1.26 1.26 0.22 2 0.22 0.22 3 0.22 0.22 4 0.22 0.22 0.22 0.22 0.22 0.22 0.22 0.55 5 0.53 1.08 0.22 0.22 Bryce Wayne Lee 0.22 0.40 0.62 Lars Eric Nils Rodert 0.22 0.53 0.75 David Christopher Chance 6 0.03 7 0.13 0.16 2.56 18.46 8.09 9.48 6.05 0.77 0.85 13.53 44.80 14.99 1 20132012 2 2013 3 2013 4 2013 5 10.9210.9210.92 6 2013 11 28 7 10,172 2013 93

2013 12 31 10 b. i. 201210(a)2012 2012 2013 34.47 35.97 17.94 14.06 2.85 2.28 55.26 52.31 ii. 2012 2012 2013 9,500,00110,000,000 1 14,000,00114,500,000 1 14,500,00115,000,000 1 30,500,00131,000,000 1 38,000,00138,500,000 1 3 2 11 a. 2012 2013 636 417 (8) (175) 50 52 18 (2) 33(a) (464) (82) 232 210 2012 94 2013

11 b. 2012 2013 2,797 3,265 462 539 58 80 (16) (20) 158 232 216 84 10 (177) (64) (102) (596) (443) 40 4 (23) 232 210 12 1.60201214.58 13 2012 2013 6.3520125.51 401 462 (2) 401 460 13.55201210.60 771 985 (4) 771 981 1,172 1,441 13.85201213.55 985 1,007 a. b. 2013(a)(b) 2013 95

2013 12 31 14 2012 2013 1,661 1,885 7,272,294,654 7,272,294,654 (9,092,300) (18,985,730) 2,226,513 7,263,202,354 7,255,535,437 9,811,488 7,263,202,354 7,265,346,925 15 2012 1,338 12,077 15,335 11,170 697 40,617 5 273 174 364 1,459 2,275 4 41 121 24 190 176 118 165 (508) (49) (1) (544) (11) (177) (733) (12) 82 81 2 153 1,334 12,105 15,818 11,548 1,648 42,453 362 8,514 7,863 8,394 7 25,140 49 944 821 668 2,482 (49) (49) (529) (11) (172) (712) (1) 54 6 (1) 58 410 8,934 8,679 8,889 7 26,919 924 3,171 7,139 2,659 1,641 15,534 976 3,563 7,472 2,776 690 15,477 96 2013

15 2013 1,334 12,105 15,818 11,548 1,648 42,453 4 630 147 570 1,248 2,599 1 1 3x 2 2 348 627 366 (1,341) (13) (373) (35) (314) (735) (23) 3 (75) (18) (113) 1,302 12,713 16,482 12,155 1,555 44,207 410 8,934 8,679 8,889 7 26,919 48 829 804 666 2,347 (6) (373) (35) (309) (723) (3) 4 (16) (14) (29) 449 9,394 9,432 9,232 7 28,514 853 3,319 7,050 2,923 1,548 15,693 924 3,171 7,139 2,659 1,641 15,534 2013 12 313,90020124,200 40 2012 2013 50 93 90 10 50 681 643 110 86 10 50 40 34 924 853 2013 97

2013 12 31 16 2012 2013 5,384 5,804 2,071 19 25 52 (95) 349 631 5,804 8,436 20136.3120123.49 3,60020122,700 2,1002012400 a. 2013 12 31 2013 6,605 6,605 1,805 1,805 26 26 26 8,410 8,436 2013 12 31 98 2013

16 a. 2013 5.5% 6.0% 200 890 5,750 6,450 1,300 1,684 3,80020125,800 2013 7 24 b. 2012 2013 10 50 25 26 50 1,031 1,239 10 50 4,748 7,171 5,804 8,436 2013 99

2013 12 31 16 c. 215 d. 2013 12 31 2012 2013 1 201 254 15 319 374 5 69 38 589 666 e. 2013 12 31 66.03201257.77 40 17 2012 2013 823 827 8 4 827 835 293 315 22 24 315 339 512 496 530 512 100 2013

17 2012 2013 50 82 80 10 50 417 403 10 50 13 13 512 496 2013 12 312012 18 2012 2013 468 379 a 678 645 1,146 1,024 (1,146) (1,024) b 214 214 a. b. 201227 2013 101

2013 12 31 19 2012 2013 3,336 3,537 41 196 97 5 1 3,537 3,635 166 166 3,371 3,469 3,170 3,371 2012 2013 1,939 1,939 PCCW Global 714 735 IP BPO Holdings Pte. Ltd. 207 205 2,860 2,879 162 162 193 271 91 91 UK Broadband Limited 61 62 4 4 65 66 3,371 3,469 102 2013

19 20122013 2012 2013 76% 2% 14% 81% 2% 16% PCCW Global 15% 3% 10% 19% 3% 10% IP BPO Holdings Pte. Ltd. 34% 2% 11% 35% 2% 13% 45% 2% 15% 46% 2% 15% 27% 2% 10% 26% 2% 12% 2013 10 31 20 2012 1,518 425 329 790 2,620 36 5,718 97 68 1,845 347 6 2,363 71 49 120 (396) (1,258) (2) (1,656) 13 13 1,589 126 342 858 3,207 347 89 6,558 863 391 158 165 1,317 12 2,906 a 75 85 27 120 1,587 23 1,917 (396) (1,258) (1) (1,655) 5 5 938 80 190 285 1,646 23 11 3,173 651 46 152 573 1,561 324 78 3,385 655 34 171 625 1,303 24 2,812 2013 103

2013 12 31 20 2013 1,589 126 342 858 3,207 347 89 6,558 189 83 98 1,626 339 6 2,341 3x 30 30 (21) (1,608) (3) (1,632) 6 11 5 22 1,595 324 436 956 3,225 686 97 7,319 938 80 190 285 1,646 23 11 3,173 a 80 134 26 148 1,759 45 8 2,200 (21) (1,608) (3) (1,632) 4 4 1,018 193 220 433 1,797 68 16 3,745 577 131 216 523 1,428 618 81 3,574 651 46 152 573 1,561 324 78 3,385 a. 21 2012 2013 130,780 132,425 283 276 131,063 132,701 (118,974) (120,612) 12,089 12,089 1,206.1220121,189.74 104 2013

21 a. 2013 12 31 3,208,365.396 3,208,365.396 63.1% 36.9% HKTHKTGH 4 636,000,003 63.1% 36.9% Hong Kong Telecommunications (HKT) 2,488,200,001 63.1% 36.9% LimitedHKTL 4 HKT Services Limited 4 1 63.1% 36.9% Esencia Investments Limited 1 100% Great Epoch Holdings Limited 1 100% 700,002 100% PCCW Mobile HK Limited 4 HKTL 100 1,254,000,000 63.1% 36.9% 3,500,000,097 1A 4B 100% PC Music Holdings Limited 11 100% PCCW Productions Limited 2 100% 4 12 63.1% 36.9% PCCW Teleservices Operations (Hong Kong) Limited 4 2 63.1% 36.9% 93,240,000 63.1% 36.9% 2, 4 3, 4 2,000,000 47.3% 52.7% PCCW Teleservices (US), Inc. 4 1,169 63.1% 36.9% PCCW Global B.V. 4 18,000 63.1% 36.9% 4 10 63.1% 36.9% 2013 105

2013 12 31 21 a. 2013 12 31 4 3 63.1% 36.9% PCCW Global, Inc. 4 18.01 63.1% 36.9% HKT Global (Singapore) Pte. Ltd. 4 63.1% 36.9% 60,956,485.64 Gateway Global Communications Limited 4 1 63.1% 36.9% 2 10,250,000 100% 1, 3, 4 200,000,000 24.1% 75.9% IP/IT 1,201 100% 2 12,600,000 100% IP/IT 2 100% 2 100% ICT 100,000 100% 198,834,156.50 74.5% 25.5% 5 2 74.5% 25.5% 2, 5 100,000,000 74.5% 25.5% Talent Master Investments Limited 5 1 74.5% 25.5% Nihon Harmony Resorts KK 5 405,000,000 74.5% 25.5% UK Broadband Limited 1 100% 106 2013

21 a. 2013 12 31 1 2 3 4 5 b. 2012 2013 59,595 56,944 (41,839) (40,195) 17,756 16,749 2013 12 31 1.1220121.12 c. 2012 4 17PCCW Capital No. 4 Limited3 5.75102013 12 31320123 d. 21(b) 25(b) 2013 107

2013 12 31 21 e. 20122013 12 31 2012 2013 2012 2013 56,810 56,348 7,317 9,773 9,563 9,471 3,208 2,564 66,373 65,819 10,525 12,337 (16,005) (7,157) (1,377) (3,906) (19,251) (27,857) (3,454) (2,932) 31,117 30,805 5,694 5,499 (183) (182) 30,934 30,623 5,694 5,499 20122013 12 31 2012 2013 2012 2013 21,081 22,832 1,184 674 2,115 2,515 232 293 (455) (16) (165) (216) 1,660 2,499 67 77 76 1 3 (272) 1,736 2,500 70 (195) (50) (39) 1,686 2,461 70 (195) 595 1,011 108 2013

21 e. 20122013 12 31 2012 2013 2012 2013 7,220 7,460 (287) 34 (94) 7 14 29 18 (203) (331) (74) (8) 7,024 7,143 (426) 44 (4,182) (4,223) (40) (1,454) (2,672) (3,184) (1,562) 1,437 170 (264) (2,028) 27 5 (3) 2 10 1 1 2,226 2,401 2,855 829 12 31 2,401 2,134 829 866 2013 12 3130.58201223.97 11.6720129.11 2013 12 318,2002012 1.625002012800 2013 12 31 29.83201232.71 2013 12 31 53.95201254.81 2013 12 315.5420126.62 9.17201210.243.4620123.51 2013 109

2013 12 31 22 2012 2013 450 513 278 285 34 34 762 832 (171) (171) 591 661 664 765 2012 12 313,1004,3005 1 211,2001.24 6.56 1 2013 12 317,40051 1.6761 a. 2013 12 31 45% 300,000,000 22.1% 40,000,000 110 2013

22 b. 2013 12 31 2012 2013 1 17 17 15 20 12 37 29 392013 12 31 1,2002012700 c. 12 31 12 31 2012 2013 2012 2013 523 566 51 45 1,440 2,070 162 153 (1,147) (1,680) (279) (365) (65) (35) (30) 12 31 12 31 2012 2013 2012 2013 2,352 2,641 405 620 133 168 (99) (68) 4 5 2013 12 31 600201250010020125002012500 2013 111

2013 12 31 22 d. 2012 2013 2012 2013 621 751 3 (96) 133 168 (99) (68) 6 13 (3) (9) (11) 751 921 (96) (167) 45% 45% 35%* 35%* 338 414 (34) (58) 24 24 210 241 338 414 200 207 * 20122013 12 3122.1% 2013 12 31 4,00020125,300 2013 12 3120122013 12 31 2012 23 2012 2013 3,021 2,876 380 544 23 25 3,424 3,445 (2,885) (2,863) 539 582 3,657 3,657 5.2420123.72 320123 1,2002012 4 112 2013

23 a. 2013 12 31 31.5% 644,518,697 Genius Brand LimitedGBL 10,000 31.5% GBL b. 2013 12 31 2012 2013 164 132 2012 2013 1 4 4 15 6 6 10 10 2013 12 31 3,90020121.102.492012 2013 113

2013 12 31 23 c. GBL 12 31 12 31 2012 2013 2012 2013 780 94 696 1,119 111 446 119 20 111 113 13 19 222 559 132 39 (189) (240) (458) (298) (14) (30) (458) (298) (203) (270) (635) (897) (21) (21) (635) (897) 523 355 (10) (9) (190) (306) 333 49 (10) (9) 114 2013

23 c. GBL 12 31 12 31 2012 2013 2012 2013 653 651 83 194 (131) (101) (43) (79) 4 5 (3) (2) (17) (31) (66) 239 (9) 1 (12) (71) (78) 168 (9) 1 2013 12 31 100201280020121002012800 d. GBL 2012 2013 2012 2013 409 333 (1) (10) (78) 168 (9) 1 (462) 2 10 333 49 (10) (9) 50%* 50%* 50%* 50%* 167 25 (5) (5) 22 372 524 167 47 367 519 * 20122013 12 31GBL31.5% 2013 12 31 1,6002012500 2013 12 311,10020122013 12 31 1,1002012 2013 115

2013 12 31 24 2012 2013 575 685 129 37 (7) (131) (77) (12) 192 685 706 2012 2013 98 197 587 509 685 706 98 197 2013 12 317,7002012100 2012 25 a. b. 2013 12 3110.22201213.19 2013 12 311,0002012 c. 2013 12 312.4020122.80 116 2013

25 d. 2012 2013 547 686 405 444 132 69 1,084 1,199 e. 2012 2013 i 4,282 3,725 ii (241) (224) 4,041 3,501 i. 2012 2013 0 30 2,028 1,784 31 60 600 555 61 90 332 270 91 120 162 129 120 1,160 987 4,282 3,725 ii. 2012 2013 172 241 186 149 (117) (166) 241 224 2013 12 31 1.2520121.20 1.2520121.20 2013 117

2013 12 31 25 e. iii. 2012 2013 1,624 1,350 0 30 810 846 31 60 311 290 61 90 252 169 90 1,044 846 2,417 2,151 4,041 3,501 1.5520124,100 f. 2012 2013 56 2013i 3,873 ii 4,667 1 8,540 1 8,540 1 i. 56 2013 2003 7 17PCCW-HKT Capital No.2 Limited56 2013 HKTGH HKTL HKTGH HKTL 2013 7 ii. 2012 12 31 2013 40 118 2013

25 g. 2012 2013 0 30 837 1,033 31 60 311 172 61 90 85 99 91 120 137 25 120 1,010 789 2,380 2,118 3,60020126,300 26 2012 2013 2,292 6,910 13,352 16,774 2,282 5,390 17,926 29,074 55.25 2015a 3,861 3,868 54.25 2016b 4,016 3,961 35.75 2022c 2,282 2,010 53.75 2023d 3,380 7,767 15,855 17,926 29,074 1,467 17,926 27,607 a. 55.25 2015 2005 7 20PCCW-HKT Capital No.3 Limited55.25 2015 HKTGH HKTL HKTGH HKTL b. 54.25 2016 2010 8 24PCCW-HKT Capital No.4 Limited54.25 2016 HKTGH HKTLHKTGH HKTL 2013 119

2013 12 31 26 c. 35.75 2022 2012 4 17PCCW Capital No. 4 Limited35.75 2022 d. 53.75 2023 2013 3 8PCCW-HKT Capital No.5 Limited53.75 2023 HKTGH HKTLHKTGH HKTL 40 27 2013 954 5 959 8 8 (446) (446) 516 5 521 2008 11 120 2013

28 2012 2013 2012 2013 a 65 67 b 22 b 166 253 67 a 4 b (56) (16) (56) (16) b (695) (290) (56) (711) (56) (306) 2013 12 31 13100.81 201218139.52 12 12 a. 2013 12 31538.77 20121077.51 7.7790 20127.7790 7.8014 37(c)(i) b. 2013 12 31862.04 2012862.01 7.7555 7.7570 20127.7555 7.7711 37(c)(i)2.115 4.4320122.244.4337(c)(ii) (i)(ii) 2013 121

2013 12 31 28 6002012400 29 2012 2013 0.25 10,000,000,000 2,500 10,000,000,000 2,500 0.25 7,272,294,654 1,818 7,272,294,654 1,818 30 a. 2003 7 1 19 20112013 12 31 Society of Actuaries 2013 12 312012 2014 12.6 122 2013

30 a. i. 2012 2013 iii 368 283 iv (186) (185) 182 98 ii. 2012 2013 50% 52% 42% 42% 8% 6% 100% 100% iii. 2012 2013 324 368 5 3 4 34 (74) 15 (14) (14) 368 283 2013 123

2013 12 31 30 a. iv. 2012 2013 188 186 3 2 9 11 (14) (14) 186 185 v. 2012 2013 2(b) 2 1 8(a) 2 1 vi. 2012 2013 0.80% 2.50% 3.00% 3.00% 201120122013 12 31 2011 124 2013

30 a. vi. 2013 0.25% (3.10%) 3.30% 0.25% 3.10% * 1 (4.50%)** 4.50%** * ** 20114 20112 vii. 2013 12 31 1 1 2 2013 2 5 5 14 14 42 332 402 b. 25,000 2013 125

2013 12 31 31 a. 1994 9 19942002 5 10 2004 5 1919942004 2004 5 19 2004 20041994 2004 2004 5 192004 (i)(ii) (iii) 10 20042004 2004 2014 5 182004 20042004 i. 2012 2013 4.58 47,094,238 4.35 39,965,538 iii 5.88 (7,128,700) 4.35 (39,965,538) ii 4.35 39,965,538 4.35 39,965,538 126 2013

31 a. ii. 2012 2013 2003 7 25 2004 7 25 2004 7 25 4.35 39,965,538 2006 7 25 2013 7 23 39,965,538 2012 2013 4.01 5.04 0.56 39,965,538 39,965,538 iii. 2012 2013 2003 4 112012 4 11 7.9150 86,700 2003 8 12012 7 31 8.0600 200,000 2003 11 132012 11 12 6.1500 5,480,000 2004 7 252013 7 23 4.3500 1,355,000 39,965,538 2004 9 162013 9 14 4.9000 7,000 7,128,700 39,965,538 2013 127

2013 12 31 31 b. 2002 2002 6 10 2002 11 12 2006 5 2012 11 152012 11 15 10 20122013 12 31 2012 2013 2,519,109 11,713,109 3.8120122.95 9,194,000 11,021,000 (3,629,285) 11,713,109 19,104,824 2012 2013 181,500 71,974 109,526 7.112012 18,000 (30,087) 181,500 169,413 128 2013

31 b. i. 2012 2013 2.89 11,645,118 iii 2.89 11,659,940 3.65 10,775,218 iv 2.80 (14,822) 3.44 (238,148) v 2.87 (3,629,285) ii 2.89 11,645,118 3.33 18,552,903 2012 2013 iii 7.59 17,450 ii 7.59 17,450 2013 129

2013 12 31 31 b. ii. 2012 2013 2012 3 5 2012 3 52013 7 8 2.93 1,384,000 2012 3 5 2012 3 52014 7 8 2.93 2,077,000 2,077,000 2012 3 5 2012 3 52015 7 8 2.93 3,461,000 3,461,000 2012 4 11 2012 4 112013 4 11 2.80 1,829,796 2012 4 11 2012 4 112014 4 11 2.80 2,053,593 2,004,251 2012 6 15 2012 6 152013 6 15 2.97 419,865 2012 6 15 2012 6 152014 6 15 2.97 419,864 419,864 2013 3 21 2013 3 212014 3 21 3.62 4,053,930 2013 3 21 2013 3 212015 3 21 3.62 4,190,786 2013 5 10 2013 5 102014 5 10 4.17 308,036 2013 5 10 2013 5 102015 5 10 4.17 308,036 2013 7 5 2013 7 52016 7 8 3.61 519,000 2013 7 5 2013 7 52017 7 8 3.61 1,211,000 11,645,118 18,552,903 2012 2013 2013 3 21 2013 3 212014 3 21 7.59 8,725 2013 3 21 2013 3 212015 3 21 7.59 8,725 17,450 2013 12 311.0320121.420.72 2012 130 2013

31 b. iii. 2012 2013 2012 3 5 2012 3 52013 7 8 2.93 1,384,000 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 112013 4 11 2.80 1,837,208 2012 4 11 2012 4 112014 4 11 2.80 2,061,003 2012 6 15 2012 6 152013 6 15 2.97 419,865 2012 6 15 2012 6 152014 6 15 2.97 419,864 2013 3 21 2013 3 212014 3 21 3.62 4,146,161 2013 3 21 2013 3 212015 3 21 3.62 4,282,985 2013 5 10 2013 5 102014 5 10 4.17 308,036 2013 5 10 2013 5 102015 5 10 4.17 308,036 2013 7 5 2013 7 52016 7 8 3.61 519,000 2013 7 5 2013 7 52017 7 8 3.61 1,211,000 11,659,940 10,775,218 2012 2013 2013 3 21 2013 3 212014 3 21 7.59 8,725 2013 3 21 2013 3 212015 3 21 7.59 8,725 17,450 2013 131

2013 12 31 31 b. iv. 2012 2013 2012 4 11 2012 4 112013 4 11 2.80 7,412 4,376 2012 4 11 2012 4 112014 4 11 2.80 7,410 49,342 2013 3 21 2013 3 212014 3 21 3.62 92,231 2013 3 21 2013 3 212015 3 21 3.62 92,199 14,822 238,148 v. 2012 2013 2012 3 5 2012 3 52013 7 8 2.93 1,384,000 2012 4 11 2012 4 112013 4 11 2.80 1,825,420 2012 6 15 2012 6 152013 6 15 2.97 419,865 3,629,285 3,20020121,300 3,20020121,300 c. 2003 3 172003 10 2003 2005 5 132003 200520052005 5 23 20032003 132 2013

31 c. 20052005 2005 (i)(ii) (iii)2005 20052005 5 23 2005 5 23 2005 12 20122013 12 31 2005 2013 12 31 2005 2003 i. 2012 2013 ii 2.375 5,000,000 2.375 5,000,000 2.375 5,000,000 2.375 5,000,000 ii. 2012 2013 2004 12 20 2004 12 20 2004 12 20 2014 12 19 2.375 5,000,000 5,000,000 5,000,000 5,000,000 2013 12 31 120122 2005 1 1 2013 133

2013 12 31 31 d. i. 20112021 2011 11 7 20112021 (a) (b) (c) 201120212013 12 31 2011 202120122013 12 31 ii. 2011 10 11 (i) (ii) 134 2013

31 d. ii. 20122013 12 31 2012 2013 1,158,000 7.7120126.07 1,158,000 6,737,000 (534,203) 1,158,000 7,360,797 (i) 2012 2013 5.98 1,140,265 (iii) 5.98 1,145,831 7.59 2,387,498 (iv) 5.98 (5,566) 6.84 (37,578) (v) 5.98 (534,203) (ii) 5.98 1,140,265 7.27 2,955,982 2013 135

2013 12 31 31 d. ii. (ii) 2012 2013 2012 4 11 2012 4 112013 4 11 5.98 534,748 2012 4 11 2012 4 112014 4 11 5.98 605,517 588,460 2013 3 21 2013 3 212014 3 21 7.59 1,183,919 2013 3 21 2013 3 212015 3 21 7.59 1,183,603 1,140,265 2,955,982 2013 12 310.6320120.81 (iii) 2012 2013 2012 4 11 2012 4 112013 4 11 5.98 537,532 2012 4 11 2012 4 112014 4 11 5.98 608,299 2013 3 21 2013 3 212014 3 21 7.59 1,193,910 2013 3 21 2013 3 212015 3 21 7.59 1,193,588 1,145,831 2,387,498 (iv) 2012 2013 2012 4 11 2012 4 112013 4 11 5.98 2,784 545 2012 4 11 2012 4 112014 4 11 5.98 2,782 17,057 2013 3 21 2013 3 212014 3 21 7.59 9,991 2013 3 21 2013 3 212015 3 21 7.59 9,985 5,566 37,578 136 2013

31 d. ii. (v) 2012 2013 2012 4 11 2012 4 112013 4 11 5.98 534,203 534,203 1,3002012400900 20123004002012100 e. i. 2013 5 23 MelatiMelati 2,300 MelatiMelati Melati Melati 1 Melati2013 12 31Melati 2013 137

2013 12 31 31 e. ii. 2013 5 23 Lot 10Rafflesia Rafflesia 2023 5 23 Rafflesia RafflesiaRafflesia Rafflesia Rafflesia 1 Rafflesia2013 12 31Rafflesia 138 2013

32 2012 (a) 2012 1 1 9,143 8,560 3 (18) 96 1,079 154 181 (31) (14,881) 4,286 19 2011 2(b) (133) (133) 2012 1 1 9,143 8,560 3 (18) 96 1,079 154 181 (31) (15,014) 4,153 1,661 1,661 2(b) (44) (44) 109 109 (15) (15) (87) (87) 22 22 109 (65) (15) 1,617 1,646 (26) (26) (5) (5) 16 16 (12) 12 (771) (771) (401) (401) 1,625 1,625 (1,172) (26) 4 1,632 438 42 745 745 745 745 (1,172) (26) 4 2,377 1,183 2012 12 312(b) 9,143 7,388 3 (44) 100 1,188 89 166 (31) (11,020) 6,982 2013 139

2013 12 31 32 2012 (a) 2012 1 1 9,143 8,560 3 95 8,560 26,361 1,458 1,458 (53) (53) 4 4 (49) 1,458 1,409 (12) 12 (771) (771) (401) (401) (1,172) (12) 12 (1,172) 2012 12 31 9,143 7,388 3 83 (49) 10,030 26,598 140 2013

32 2013 (a) 2013 1 1 9,143 7,388 3 (44) 100 1,188 89 166 (31) (10,841) 7,161 19 2011 2(b) (179) (179) 2013 1 1 9,143 7,388 3 (44) 100 1,188 89 166 (31) (11,020) 6,982 1,885 1,885 2(b) 85 85 (1) (1) (267) (267) 160 160 1 1 33 33 (25) (25) (267) 8 161 1,969 1,871 (42) (42) (35) (35) 41 41 (63) 63 12 (12) (1) (1) (981) (4) (985) (460) (2) (462) (1,441) (30) (40) 27 (1,484) 2013 12 31 9,143 5,947 3 (74) 60 921 97 327 (31) (9,024) 7,369 2013 141

2013 12 31 32 2013 (a) 2013 1 1 9,143 7,388 3 83 (49) 10,030 26,598 (160) (160) 40 40 (4) (4) 36 (160) (124) (63) 63 (985) (985) (462) (462) (1,447) (63) 63 (1,447) 2013 12 31 9,143 5,941 3 20 (13) 9,933 25,027 a. 2004 6 302004 79C 2006 1 10 5.4442.431.06 PCCW Capital No. 2 Limited4.5020071 2006 3 27 2013 12 312012 2013 12 31 59.41201273.8899.332012100.30 2013 12 31 158.742012174.18 142 2013

33 a. 2012 1,654 204 310 (74) (20) 2,074 11(a) 87 (20) 63 (597) 3 (464) 2 2 4 3 (1) 6 1,745 184 376 (671) (16) 1,618 2013 1,745 184 376 (671) (16) 1,618 11(a) 216 (20) 158 (443) 7 (82) 19 19 13 13 (1) 25 1,974 164 547 (1,114) 9 1,580 2013 143

2013 12 31 33 a. 2012 2013 12 (644) (919) 12 (59) (159) (703) (1,078) 12 2,112 2,463 12 209 195 2,321 2,658 1,618 1,580 b. 4.4320125.97 2013 12 31 112.48 2012145.192.27 20122.422.0120125,9002013 12 31 34 2013 12 31 2012 2013 196 13 209 205 14 219 153 28 181 162 29 191 334 108 442 239 62 301 232 118 350 204 96 300 915 267 1,182 810 201 1,011 (196) (13) (209) (205) (14) (219) 719 254 973 605 187 792 144 2013

35 a. 2012 2013 2,797 3,265 7 (10) (62) (80) 825 925 136 179 1 1 4 6 2,482 2,347 (3) (64) (13) (9) (42) (349) (631) (22) 78 13 (9) 186 149 1,917 2,200 22 24 22 (140) (26) (42) (5) (35) (2) (17) 17 45 2 1 170 199 75 (105) (240) 406 (1,144) (674) (46) 137 (616) 287 (75) 19 (32) (25) (211) (216) 356 (438) 109 (10) 145 4 (20) (18) 6,442 7,685 49 42 (265) (361) (58) (54) 6,168 7,312 2013 145

2013 12 31 35 b. 2012 2013 190 1 4 120 1 956 29 56 16 (78) (1) (1,039) (40) (6) (5) (2) 201 1 196 78 (121) 276 79 276 65 14 276 79 (276) (65) 56 16 (220) (49) (121) c. 2012 2013 2012 2013 5,872 6,551 888 1,900 (10) (1,319) (1,032) 12 31 4,553 5,509 888 1,900 146 2013

36 20122013 12 31 2012 2013 8,800 9,187 11,020 9,024 19,820 18,211 2013 147

2013 12 31 37 2012 1 1 685 685 253 253 45 45 1 45 253 685 984 678 678 1,319 1,319 3,732 3,732 93 93 4 4 4,041 4,041 4,553 4,553 14,416 4 14,420 1 14,461 257 685 15,404 148 2013

37 2012 8,540 8,540 2,380 2,380 4,129 4,129 959 959 196 196 136 136 16,340 16,340 17,926 17,926 56 56 719 719 101 101 56 18,746 18,802 56 35,086 35,142 2013 149

2013 12 31 37 2013 1 1 706 706 67 67 45 45 1 45 67 706 819 541 541 1,032 1,032 4,466 4,466 89 89 3,501 3,501 10 10 5,509 5,509 15,148 15,148 1 15,193 67 706 15,967 150 2013

37 2013 1 1 2,118 2,118 4,420 4,420 521 521 205 205 126 126 7,391 7,391 29,074 29,074 711 711 605 605 549 549 711 30,228 30,939 711 37,619 38,330 2012 2013 17,756 16,749 31 7 888 1,900 18,675 18,656 2013 151

2013 12 31 37 2012 11 11 2,282 2,282 56 56 56 2,282 2,338 56 2,293 2,349 2013 10 10 1,575 1,575 2,010 2,010 306 306 306 3,585 3,891 306 3,595 3,901 152 2013

37 a. 30 20122013 12 31 25(e) 2012 2013 12 31 39 b. 39 2013 153

2013 12 31 37 b. 2012 1 1 2 2 5 5 (8,757) (8,757) (8,540) (2,380) (2,380) (2,380) (4,129) (4,129) (4,129) (959) (959) (959) (209) (209) (196) (136) (136) (136) (16,570) (16,570) (16,340) (523) (2,780) (13,992) (2,812) (20,107) (17,926) 20 14 (23) (243) (232) (56) (181) (442) (350) (973) (719) (25) (28) (11) (77) (141) (101) (528) (2,975) (14,468) (3,482) (21,453) (18,802) (17,098) (2,975) (14,468) (3,482) (38,023) (35,142) 154 2013

37 b. 2013 1 1 2 2 5 5 (1) (1) (1) (2,118) (2,118) (2,118) (4,420) (4,420) (4,420) (521) (521) (521) (219) (219) (205) (126) (126) (126) (7,405) (7,405) (7,391) (847) (7,713) (17,640) (6,988) (33,188) (29,074) 68 45 (193) (808) (888) (711) (191) (301) (300) (792) (605) (13) (331) (35) (255) (634) (549) (792) (8,190) (18,169) (8,351) (35,502) (30,939) (8,197) (8,190) (18,169) (8,351) (42,907) (38,330) 2013 155

2013 12 31 37 b. 2012 1 1 2 2 5 5 (11) (11) (11) (11) (11) (11) (112) (112) (336) (2,812) (3,372) (2,282) 20 14 (23) (243) (232) (56) (92) (98) (359) (3,055) (3,604) (2,338) (103) (98) (359) (3,055) (3,615) (2,349) 2013 1 1 2 2 5 5 (10) (10) (10) (10) (10) (10) (32) (1,607) (1,639) (1,575) (112) (112) (336) (2,700) (3,260) (2,010) 22 13 (80) (343) (388) (306) (122) (1,706) (416) (3,043) (5,287) (3,891) (132) (1,706) (416) (3,043) (5,297) (3,901) 156 2013

37 c. i. 20122013 12 31 2013 12 3113 100.81201218139.52 2013 157

2013 12 31 37 c. i. 2012 2013 582 503 45 20 774 427 547 521 597 1,127 864 1,020 (664) (243) (482) (364) (286) (211) (3,873) (78) (10,159) (13,219) (13,029) 1,278 (11,998) 1,197 (464) (1,034) (608) (1,206) 13,952 10,081 459 244 (2,525) (9) 2012 2013 139 231 16 1 (2,282) (2,010) (2,143) 231 (1,994) 1 2,325 2,326 182 231 332 1 158 2013

37 c. i. 2013 12 31 2,1002012400 3002012200 2013 12 313,90020121.40 2013 12 3120122,300 2013 12 31 20121,000 2012 ii. 2013 159

2013 12 31 37 c. ii. 2012 2013 2012 2013 % % % % 6.13 3,873 5.42 3,861 5.42 3,868 3.17 3,961 7,734 7,829 1.64 12,434 1.77 15,856 2.06 1,575 5.01 6,298 4.70 5,390 5.97 2,282 5.97 2,010 18,732 21,246 2,282 3,585 26,466 29,075 2,282 3,585 2013 12 3110 1,60020121,4003002012100 102012 160 2013

37 c. iii. 24 d. 20122013 12 31 2012 2013 (8,540) (8,635) (1) (1) (17,926) (18,661) (29,074) (29,893) e. 2013 161

2013 12 31 37 e. 2013 12 31 2012 98 98 587 587 253 253 4 4 98 257 587 942 (56) (56) 2013 197 197 509 509 67 67 197 67 509 773 (711) (711) 2012 2013 (56) (306) 162 2013

37 e. 20 60 15% 30% 15% 70% 10% 50% 2013 12 31 2013 12 31 2012 2013 497 587 129 37 (7) (131) (32) 93 (77) 587 509 2013 12 315.0920125.87 2013 12 317,7002012100 2012 2013 12 31 2013 163

2013 12 31 37 f. 38 a. 2012 2013 1,728 1,773 790 860 2,518 2,633 2012 2013 345 283 13 114 23 23 58 49 2,077 2,164 2 2,518 2,633 164 2013

38 b. 2013 12 31 2012 2013 1 822 934 15 1,504 1,492 5 593 465 2,919 2,891 2012 2013 1 1,001 1,057 15 611 699 5 305 300 1,917 2,056 114 c. 2013 12 31 2012 2013 1,124 2,205 235 227 1,359 2,432 2013 165

2013 12 31 39 2012 2013 2012 2013 477 399 149 146 2,325 2,326 60 64 4 4 2 2 4 10 4 10 11 11 12 10 568 498 2,480 2,484 40 2013 12 31 241.502012304.6481.34 2012179.62 25(f) 26 2012 2013 42 39 5,777 6,603 5 10 5,819 6,657 41 a. 2013 12 31 i. 2013 5 2 6,500 1,4001,400 166 2013

41 a. 2013 12 31 i. 2014 2014 (i) 65 14 79 (1) 78 SAP 1 1 29 16 (1) (40) (5) 1 2013 167

2013 12 31 41 a. 2013 12 31 i. (i) (65) 16 (49) 1,3001,900600 (ii) 1002013 12 31 (iii) 2013 12 31 9,500 2,400 2013 1 11.361,700 b. 2012 12 31 i. Gateway Communications (UK) Limited Gateway Communications S.A. Gateway Communications S.A.S. Gateway Communications Mozambique Limitada Gateway Communications (Proprietary) Limited Gateway Communications Africa (UK) LimitedGateway 2012 8 31 Gateway Communications (UK) Limited Gateway Communications S.A. Gateway Communications S.A.S. Gateway Communications Mozambique Limitada Gateway Communications (Proprietary) Limited Gateway Communications Africa (UK) Limited 2.68 Gateway 2013 12 31 1,900 168 2013

41 b. 2012 12 31 i. Gateway Communications (UK) Limited Gateway Communications S.A. Gateway Communications S.A.S. Gateway Communications Mozambique Limitada Gateway Communications (Proprietary) Limited Gateway Communications Africa (UK) LimitedGateway (i) Gateway 268 (260) 121 129 19 148 1.48Gateway Gateway 178 118 927 41 (1,001) (1) (21) 241 121 2013 169

2013 12 31 41 b. 2012 12 31 i. Gateway Communications (UK) Limited Gateway Communications S.A. Gateway Communications S.A.S. Gateway Communications Mozambique Limitada Gateway Communications (Proprietary) Limited Gateway Communications Africa (UK) LimitedGateway (i) Gateway (268) Gateway 41 (227) (121) (ii) 1,2002012 12 31 (iii) Gateway Gateway 2012 12 31 ii. Vandasoft Technology Holdings Limited Vandasoft Technology Holdings Limited 8002012 11 26 2013 12 31 2013 12 31 170 2013

41 b. 2012 12 31 ii. Vandasoft Technology Holdings Limited (i) 8 59 67 12 4 2 29 15 (78) (38) (5) (59) (8) 15 7 (ii) 1002012 12 31 (iii) 2012 12 31900 2012 1 19,5002012 12 312,300 2013 171

2013 12 31 42 a. 2013 12 31 2013 12 311,1002012 2 b. 2012 12 31 2012 1,559 (2,304) (745) i. 2012 12 311.85824,684,85115.26 15.54 23.00 7.46 ii. PCCW Teleservices (Philippines) Inc. PCCW Teleservices (US), Inc. 2012 12 31IP BPO Holdings Pte. Ltd. PCCW Teleservices (Philippines) Inc. PCCW Teleservices (US), Inc. 500PCCW Teleservices (Philippines) Inc. PCCW Teleservices (US), Inc. 400 100 43 a. 2013 12 20CSL New World Mobility LimitedCSLNWTelstra Holdings (Bermuda) No. 2 Limited Telstra BermudaTelstra Corporation Limited Upper Start Holdings LimitedUpper Start Telstra Bermuda Upper StartCSLNW 24.25188.67 172 2013

43 b. 2014 1 212 2017 12 31 44 2013 12 31 2013 12 31 27 2011 2014 1 1 32 2014 1 1 36 2014 1 1 39 2014 1 1 21 2014 1 1 10 2014 1 1 12 2014 1 1 19 2011 2014 7 1 14 2016 1 1 9 2014 12010 2012 2014 7 1 2014 12011 2013 2014 7 1 2013 12 31 2014 3 3 2013 173

2013 12 31 2009* 2010* 2011* 2012 2013 25,077 22,962 24,638 25,318 27,317 (12,254) (10,533) (11,397) (11,816) (13,111) (9,029) (8,924) (9,604) (10,150) (10,735) 168 1,217 143 371 685 (61) 18 27 71 62 80 (1,485) (1,587) (1,565) (966) (1,111) (55) (82) 32 (22) 140 1 2,380 3,080 2,318 2,797 3,265 (585) (756) (542) (232) (210) 1,795 2,324 1,776 2,565 3,055 1,506 1,926 1,607 1,661 1,885 289 398 169 904 1,170 12 31 2009* 2010* 2011 2012 2013 27,934 29,387 30,909 33,070 36,358 17,049 18,746 14,941 16,774 17,579 (9,827) (17,744) (10,747) (19,412) (10,658) 7,222 1,002 4,194 (2,638) 6,921 35,156 30,389 35,103 30,432 43,279 (37,181) (30,997) (27,656) (22,294) (34,646) (2,025) (608) 7,447 8,138 8,633 12 31 2009 2010 2011 2012 2013 18,843 19,521 17,120 17,418 15,874 * 200920102011 12 31 20092010 12 31 19 2011 174 2013

2013 * A A68 27,028 39,856 74.5% 1013 B 17,558 74.5% C 21,454 74.5% D 10,155 74.5% 75,431 74.5% 792 74.5% 12 18 520 100% Jenderal Sudirman Kav., 9,277 75,144 74.5% No. 52 53 Lot 10 Senayan, 2016 12 Kebayoran Baru, South Jakarta, Indonesia * 50 1050 2013 175

2013 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 2013 2013 www.pccw.com/ir (www.hkexnews.hk) A) 2013 B) 2013 183 17M +852 2862 8688 +852 2529 6087 pccw@computershare.com.hk 2013 2013 2013 OTC Markets Group Inc. 10 0008 0008.HK 8 HK PCCWY 183 17 1712-1716 +852 2862 8555 +852 2529 6087 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.citibank.com/dr 2013 12 31 2013 12 31 2013 2013 2013 2013 2014 979 41 +852 2514 5084 ir@pccw.com 1,000 7,272,294,654 6.35 13.85 2014 2 27 2014 5 14 15 2014 5 15 2014 6 20 2014 5 8 www.pccw.com 176 2013