1 2 2003 4 5 6 9 20 22 24 26 29 36 53 132

5th PAGEPROOF 15 MAR 2004 2003 1 12,000 0008 PCW

2 2003 7th PAGEPROOF 16 MAR 2004 2003 7 1 2003 1 8 2 Wi-Fi200 Delifrance Soho Association now.com.hk 3 (NETVIGATOR Inflight) FTSE4Good Global Index 4 200 5 2003 7,000 6 2003 15 133.4Ghz 7

8th PAGEPROOF 16 MAR 2004 2003 3 11 BS 7799-2 12 2013 5 6 Baa2 BBB 8 SARS now 9 2003 10 Frost & Sullivan Customer Value Enhancement Award for Call Centers 11 (BSI) BS 7799-2 PCCW Convergence 1,000 TL 9000 IP TL 9000 Gartner 19 12 now

4 2003 4th PAGEPROOF 15 MAR 2004 2003 12 31 2003 2002 22,550 20,112 4,339 5,212 407 13 (2,452) (534) (38) (311) 2,256 4,380 (2,117) (1,997) (891) 550 65 281 (4,464) (8,263) Joint Venture (Bermuda) No. 2 Limited (1,433) (5,151) (6,482) (1,165) (1,406) (6,316) (7,888) 216 126 (6,100) (7,762) (122.81 ) (168.53 ) * EBITDA371 # 49

2003 5 2003 2004 CEPA 2004 3 4

6 2003 7th PAGEPROOF 16 MAR 2004 2003 2003 nowpccw Convergence 2003 2003 2003 12 31 291.3137.88 EBITDA 20025.1 20034.7 2003 12 31 225.5 41.11 184.39 2003EBITDA73.72 EBITDA 69.54 2004 2003 12 31 17.23 11.74

7th PAGEPPROOF 16 MAR 2004 2003 7 2003 12 31 61 77.62 2003 12 31 16.76 20.41 EBITDA 3652 A 2004 2003 2003 2003 2003 2003 23.26 2003 7 2003 2003 20042003 2003 65 2003 2003 12 31now 20 now 200351.7 20031,204 97.65 5.22 1,600 2004 6 65.57

8 2003 6th PAGEPROOF 17 MAR 2004 2004 3 5 3.4Ghz 2004 2003 2004 JALECO 2003 2003 12 2004 2003 2935 2004 20042003 2003 2004 2004 3 4

2003 9 2003 2003 7 2003 9 now 2003 65 now 2003 12 31 20 2003 11 PCCW Convergence PCCW Convergence 2003 2003 Gartner 2003 11 20 Gartner 2003

10 2003 PCCW Convergence

2003 11 2003 2003 7 44.720.8 2003 12 31 2004 2004 PCCW Convergence 11 IP PCCW Convergence PCCW Convergence IP 2003 2002 2003 2003 12 31 2002 2003 2002 PCCW Convergence IPIP-VPN

12 2003 IDD 2003IDD 20032002 2004 1 now 2003 12 31 51.7 2002 42.4 2003 6.282002 5.18 2003 now now9 2003 20 now 23 30 BBC World Animax now2004 2003 1999 BroadGroup wireless.netvigator.com

2003 13 2003now 20 now now

14 2003 200 Wi-Fi Pacific Coffee Delifrance Häagen-Dazs 2003Wi-Fi 2004 Wi-Fi 2003 Wi-Fi 2003 9 2003 2004 Wi-Fi 150 4,800 2002 25200333 UK Broadband 200313 3.4Ghz UK Broadband Limited ( UK Broadband ) UK Broadband 2004 40 UK Broadband 2003 2004

2003 15 now.com.hk now now.com.hk 9,800 1,300 UK Broadband now.com.hk now.com.hk 2003 12 31 16.95 now.com.hk now now.com.hk 2002 1 now.com.hk 800 Kbps now.com.hk now.com.hk jukebox 12 2003

16 2003 2003 6 IP-VPN IPLC 2002 12855 Mbps 2003 12 1,592 Mbps2003IPLC 2002 BtNAccess 25 2003 Microchip Technology Hong Kong Limited Reebok International Limited 2003 24 2003 2004 2002 2003 1 now PCCW Convergence 2003 2003 2003

2003 17

18 2003 2003 Frost & Sullivan2003 Customer Value Enhancement Award for Call Centers 20023,000 1,600 2003 TL 9000 BS 7799-2 3,000 15 2003 Frost & Sullivan 2003 Customer Value Enhancement Award for Call Centers 2003 12 IP TL 9000 TL 9000 TL 9000 ISO 9000 2003 11 BS 7799-2 13 BS 7799 ISO 17799BS 7799 2003 FTNS

2003 19 2003 5 2003 12 2004 2003 1 1 2003 Wi-Fi Wi-Fi 20022003 2004 IDD 2003 2003 8 2003 10 2004

20 2003 IT Gartner 2003 IT IT 2004 Gartner2007 93 2003 2007 2003 4,000 500 2,000 ISO 9001 CMM 2003 11BS 7799-2 18 IT

2003 21 2003 SunTone 2003 12 Asia Computer Weekly yp.com.hk 2003 1,600 211,249 2003 179.5 2003 10 2003 9 2003 11 ypcard.yp.com.hk 1,500 2004 2 100 2004 http://yp.yahoo.com.hk

22 2003

2003 23 2003 2004 1,204 12.5 2003 2004 2003 2003 2004 190 2004 2004 3 7 40(g)

24 2003 Telstra Corporation LimitedTelstra 300 240 Telstra 2003 2003 2004 3 4 2003 Telstra Telstra 2003 Gartner 2003 IP NetConfigs.Com IP IP IP

2003 25 130 (International Telecommunication Union) BtNAccess Beyond the Network BtNCorporate Access 2003 BtNAccess BtNAccess IP/MPLS 40 2004 3BtNAccess15 MPLS 35 (VPN) BtNAccess 2003IP Centrex IP MPLS VPN BtNAccess IP/MPLS 280 NetConfigs.Com 2004 2 500 BtNAccess29 2003 ADSL 3.5 11 2003 IP-VPN ADSL 11 14 ATM

26 2003 6th PAGEPROOF 16 MAR 2004 37 582003 7 25 1978 19851992 1995 511996 19881991 19921994 1986 10 1987 1977 1985 48 JALECO LTD. 1976 1980Occidental Petroleum Corporation 1983 Schlumberger Limited 1989 Vestey Group 1992 Bousteadco Singapore Limited 1995Morgan Grenfell Investment Management (Asia) Limited 1997 52 19981997 1998 19931997

5th PAGEPROOF 16 MAR 2004 2003 27 542002 4 8 30 1997 Electronic Data SystemsEDS 1993EDS Datapoint Corporation (Alcatel)Olivetti 1969 INSEAD Fuqua School of Business 431999 3 1983 University College1986 1988 1990 1992 1 522002 8 19 Pritchard Englefield & Tobin1979 1980 1991 1975

28 2003 5th PAGEPROOF 16 MAR 2004 63 KBE LVO 69 1972 20 1982 (Royal College of Defence Studies) 19861993 1997 6 58 1992 11 52000 8 17 2003 19912000 19962003 (APEC) GBS JP 64 1987 11 30 2000 8 17 CBE JP 80 P.J. Lobo & Co. Ltd. Melco International Development Ltd. Vision 2047 Foundation 572004 2 10 2003 12 1946 1967 1985 1991 1998 1999 2003 12 63 1997 10 152000 8 17 1995 42003 4 19911994 1989 1991 19841989

2003 29 (www.pccw.com) 2628 2003 8 20-F 6th PAGEPROOF 17 MAR 2004

30 2003 10 2003 2003 5 2003 5 4th PAGEPROOF 17 MAR 2004

6th PAGEPROOF 17 MAR 2004 2003 31 (www.pccw.com) 132 (www.pccw.com) 2003 15,000 2003 IP IP-VPN DWDM now

32 2003 6th PAGEPROOF 16 MAR 2004 2003 15,000 now PCCW Convergence 1,100 800 TL 9000 BS 7799-2 18 100 Oracle PRINCE2 Sun 10,000 250 50 1,500 2003 (Executive Diploma in Marketing Management and Strategic Marketing) 480

2003 33 48 21 40 80 12 20033,000 2000 400 15 1,000 FTSE4Good Global Index

34 2003 11 2003 5 1:99 100 2003 2003 1992 7,300 24 5th PAGEPROOF 16 MAR 2004

2003 35 2003 36 2003 AIESEC-LC- HKU 2003 JUCC Internet 2 2003 40 1,800 140 23 2003 2 2003 60 20012003 4,800 (SCPVS) 6th PAGEPROOF 17 MAR 2004

36 2003 225.5 28.91 EBITDA 1 73.72 9.45 14.32 1.84 2 291.31 37.35 69.54 8.92 2003 12 31 225.5 28.912002 12 31 201.12 25.78 2003 12 31EBITDA 73.72 9.452002 12 31 81.2 10.41 2003 12 31 61 7.822002 12 31 77.62 9.95 200341.11 5.27 2003 7 2003 12 31 65 2003 9now 2003 12 3120 2003 2 1,204 2003 12 31 EBITDA EBITDA

200337 Reach Ltd.2003 EBITDA2002 12 31 33.04 4.232003 12 317.33 9,400 2003 12 31 8.21 1.05 2002 12 31 7.38 9,500 41.59 5.33 2003 12 31 27.95 3.59 JALECO LTD.JALECO 2003 12 31 61 7.822002 12 31 77.62 9.95 2003 12 312002 12 31 Joint Venture (Bermuda) No. 2 LimitedRWC 16.75 2.15 20.41 2.62 2003 12 31 2002 12 31 9.02 1.16 14.32 1.84 A 2003 12 31 2 2002 12 31329.19 42.2 291.31 37.35 1 EBITDA RWC EBITDA EBITDA 2 3 3

38 2003 2003 12 31 2003 2002 22,550 20,112 4,339 5,212 407 13 (2,452) (534) (38) (311) 2,256 4,380 (2,117) (1,997) (891) 550 65 281 (4,464) (8,263) RWC (1,433) (5,151) (6,482) (1,165) (1,406) (6,316) (7,888) 216 126 (6,100) (7,762) (122.81 ) (168.53 ) 12 31 2003 2002 44,647 49,763 (52,183) (55,271) (7,536) (5,508) 1,343 1,164 (9,182) (7,080) 303 408 (7,536) (5,508)

200339 12 31 2003 2002 8,386 8,186 16,572 2,125 9,105 8,902 18,007 2,309 (8)% 1 1,141 1,185 2,326 298 1,142 1,092 2,234 286 4% 1,697 2,903 4,600 590 311 374 685 88 572% 250 239 489 63 311 374 685 88 (29)% 1,447 2,664 4,111 527 165 261 426 54 362 431 793 102 (46)% (663) (711) (1,374) (176) (717) (890) (1,607) (207) 14% 10,726 11,824 22,550 2,891 10,203 9,909 20,112 2,578 12% EBITDA 4,276 4,015 8,291 1,063 4,487 4,416 8,903 1,142 (7)% 1 80 (35) 45 6 125 26 151 19 (70)% 143 118 261 33 279 197 476 61 (45)% 142 108 250 32 279 197 476 61 (47)% 1 10 11 1 (637) (588) (1,225) (157) (760) (650) (1,410) (181) 13% EBITDA 3,862 3,510 7,372 945 4,131 3,989 8,120 1,041 (9)% EBITDA 36% 30% 33% 33% 40% 40% 40% 40% EBITDA 42% 38% 40% 40% 40% 40% 40% 40% (1,432) (1,456) (2,888) (370) (1,403) (1,429) (2,832) (363) (2)% (72) (73) (145) (19) (4) (72) (76) (10) (91)% 2 2,358 1,981 4,339 556 2,724 2,488 5,212 668 (17)% 1 2

40 2003 2003 nowpccw Convergence 20032002 12 31 12 31 2003 2002 3,071 2,953 6,024 772 3,503 3,346 6,849 879 (12)% 2,234 2,162 4,396 564 2,242 2,215 4,457 571 (1)% 1,536 1,434 2,970 381 1,893 1,664 3,557 456 (17)% 1,545 1,637 3,182 408 1,467 1,677 3,144 403 1% 8,386 8,186 16,572 2,125 9,105 8,902 18,007 2,309 (8)% EBITDA 4,276 4,015 8,291 1,063 4,487 4,416 8,903 1,142 (7)% EBITDA 51% 49% 50% 50% 49% 50% 49% 49% 2003 12 31 165.72 2002 12 31 180.07 2003 12 31 60.24 2002 12 31 68.49 2003 10 2003 7

200341 65 19952003 2003 2002 2003 12 31154.3 123.62002 12 31180.2 133.6 2003 2002 2003 12 31 43.96 2002 12 31 44.57 LAN WAN 2003 12 31 70.3 2002 55.9 42.4 51.7 2003 9 now (ADSL) 23 34 15 The Golf Channel CNBC MGM Discovery Channel HBO Disney 200320 now 200Wi-Fi (IDD) 2003 12 31 29.7 2002 12 31 35.57

42 2003 IDD12.26 2003 IPLC2002 12 855Mbps 2003 12 1,592 Mbps IPLC 2002 2003 8 2003 12 31 31.82 2002 12 31 31.44 IP 2003 12 31 23.26 2002 12 31 22.34 2003 2003 12 31 15.25 2002 12 31 13.97 2003 6 18 2003 12 31 2002 12 31 5.186.28 2003 12 31 5.3 2002 12 31 5.31 2003 12 31 2002 12 31 3.06 2.71

200343 2003 12 31 4.892002 12 31 6.85 2003 8,300 1,204 97.6512.52 2003 41.112002 4.262002 7.93 JALECO ATM JALECO 2003 13.742002 16.07 2003 12 31 87.32002 12 31 52.95 2003 12 31 2002 12 31 2003 12 31 37.882002 12 31 39.93

44 2003 12 31 2003 2003 2002 2002 3,150 404 3,766 483 16% 423 54 443 57 5% 2,875 369 2,488 319 (16)% 6,448 827 6,697 859 4% 2003 12 31 64.48 2002 12 31 66.97 51.1144.93 20022003 31.5 2002 1,4002002 9 1,60017 2003 1 3,000 2003 12,510 11,560 12 31 2003 2002 8,897 8,445 2,229 1,280 365 361 1 1,019 1,474 12,510 11,560 12,013 10,978 1 JALECO 2003 4 JALECO 28.75 20022003

200345 EBITDA 2003 12 31EBITDA 73.722002 12 31 81.2 EBITDA EBITDA EBITDAEBITDA 2003 12 31EBITDA 82.91 2002 12 31 89.03EBITDA EBITDA 20022003 1.514,500 2003 EBITDA EBITDA 2002 12 31 4.762003 12 31 2.5 2003 2003 2 2003 1,100EBITDA2002 EBITDA 2002 12 31 14.12003 12 31 12.25 EBITDA 2003 12 31EBITDA 2002 12 31

46 2003 2003 12 31 3 2002 12 31 1 1 2 1 1 2 7,036 902 902 9,854 1,263 1,263 EBITDA 733 94 92 3,304 423 423 (821) (105) 738 95 1 2 3 2003 Telstra Corporation LimitedTelstra 2003 12 31 70.362002 98.54 EBITDA 7.332002 33.04 2003 12 31 8.212002 12 31 7.38 Telstra 41.59 5.33 2003 12 31 12 2010 12 2003 4 144 15 Telstra Telstra 2010 12 3115 2003 12 31 10.36 2004 2003 4 15 3

200347 2003 12 3128.88 2002 12 3128.32 2002 12 3152.12 2003 12 3143.39 EBITDA 2002 12 31 19.972003 12 31 21.17 2.17 2002 2.41 2003 12 31 8.9120025.5 8.212002 7.38 6,5002002 2.812003 12 31 2002 2002 1 12002 6 28 RWC1.37 RWC 2002 6RWC 17.71 2003 12 3111.65 200214.06 2003 12 31 61 2002 12 31 77.62 JALECO 69.54 2003 12 31 2002 12 31

48 2003 RWC 16.7520.41 2002 82.63RWC 17.71 2003 12 31 3 53.75 6.89 345.06 44.242002 12 31 84.47 10.83413.66 53.03 2 2002 12 31 329.19 42.22003 12 31 291.31 37.35 2003 12 31 172.08 22.06 4760.93 7.8150 6.41 1.4311.15 Telstra 2003 7 17 4.40 715,000,000 4.40 715,000,000 30.6 3.92 104.59 13.41 4.5635.562013 7.8830.03 3.85 2008 539 2013 6 60 20 28 2003 12 317.5 9,600 10.58 1.36 30.03 3.85 34

200349 12 31 2003 2003 2002 2002 1 2 6,610 848 7,260 931 (1,285) (165) (1,298) (166) (1,397) (179) (1,245) (159) 3,928 504 4,717 606 (1,958) (251) (1,611) (207) (538) (69) (2,204) (283) 1,432 184 902 116 (658) (84) 245 31 774 100 1,147 147 3 2,701 346 1 2 2003 4 1.43 2003 12 31 3 27.01 3.46 2002 2002 12 319.02 1.162003 12 31 14.32 1.84 2003 2003 5.38 6,90022.04 2.83 2003 12 31 44.28 5.68 2002

50 2003 2003 5 BBB Baa1Baa2 2003 7 BBB+ The Asset A 2003 12 3119.58 2.512002 12 31 16.11 2.07 now IP 2004 2003 12 3141.88 2002 43.57 2.462002 2.37 2002 12 31 7.2 2003 12 31 5,400 20055

200351 2003 2002 130 74 125 60 255 134 2002 4 23 2000 7 24 6,522,000 48 49 9,600 4.18 2001 1 12002 1 2 6.725 2002 5 29 2003 12 31 12,510 2002 12 3111,560 EBITDA 2003 2003 12 31 2002 2003 8 23 14(1) 2004 3 8

52 2003 2003 2003 2003 2004 20032004 2004 CEPA 2004 2003 2004 2004 2004 A

200353 54 70 71 72 73 75 76 78 130 131

54 2003 2003 12 31 5 2003 12 3171 2003 12 31 130 22 24 18 26(g) 27 29 32

200355 2003 12 31 2003 12 31 2003 7 25 2003 5 22 2004 2 29, KBE, LVO, GBS, JP, CBE, JP 2004 2 10 92 101A 101B 101C 2003 7 25

56 2003 2003 12 31 352 XV 1. A. 1,716,654,012 36,726,857 3,489,962 1,756,870,831 32.72% 1(a) 1(b) 1(c) 18,483,000 18,483,000 0.34% 3 17,068,000 17,068,000 0.32% 2 6,081 3,200,000 3,206,081 0.06% 2 253,200 2,629,200 2,882,400 0.05% 2 760,000 12,800,200 13,560,200 0.25% 4 14,375,200 14,375,200 0.27% 5 1,176,260 18,455 11,390,400 12,585,115 0.23% 6 2 992,600 511 5,000,000 5,993,111 0.11% 7(a) 7(b) 2 2,000,000 2,000,000 0.04% 2 64,000 64,000 0.001% 600,000 600,000 0.01% 1. (a) (i) (ii) 20,354,286 1,526,094,302 Anglang Investments Limited Pacific Century Group (Cayman Islands) Limited Pacific Century International Limited Borsington Limited (b) (iii) 170,205,424Pacific Century Diversified LimitedPCDPCD Chiltonlink Limited Chiltonlink Limited Yue Shun Limited Yue Shun Limited 36,726,857

200357 1. A. (c) (i) (ii) 679,00067,90010 1,4002,810,962 2,810,962 2. 3. (i)pcd6,483,000 (ii) 12,000,000 4. (i) 20200 (ii) 12,800,000 5. (i)2002 5 22775,200 2004 4 32005 4 3 (ii) 13,600,000 6. 7. (a) (b) B. 2003 12 31 328,434,671 (a) 91,764,706 91,764,706 (b) 229,411,765 229,411,765 (c) 775,2002004 4 32005 4 3 (d) PCD6,483,000

58 2003 2. 400 1,000PCCW Capital Limited PCCW Capital Limited1,400 XV 352 1994 9 20 2002 5 23 2001 9 1 2003 12 31 222,177,528 (i) (ii) (iii) 2003 12 31 1. 2003 1 12003 12 31 2003 1 1 2003 12 31 1 2 1 1 3 3 07.25.2003 07.25.2004 07.25.2004 4.3500 12,000,000 07.25.2006 07.23.2013

200359 1. 2003 1 12003 12 31 2003 1 1 2003 12 31 1 2 1 1 3 3 08.28.1999 08.17.2000 08.17.2003 11.7800 2,134,000 2,134,000 08.17.2004 08.17.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 3,200,000 3,200,000 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 3,200,000 3,200,000 08.26.2005 01.22.2011 07.25.2003 07.25.2004 07.25.2004 4.3500 8,534,000 07.25.2006 07.23.2013 02.20.2001 08.26.2001 08.26.2001 16.8400 3,200,000 3,200,000 08.26.2005 01.22.2011 08.28.1999 08.17.2000 08.17.2000 11.7800 272,000 272,000 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 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2000 11.7800 3,200,000 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 07.25.2006 07.23.2013 11.13.1999 08.17.2000 08.17.2000 22.7600 1,000,000 10 10.25.2004 10.25.2009 08.26.2000 08.26.2001 08.26.2001 60.1200 480,000 10 08.26.2005 08.26.2010 02.20.2001 08.26.2001 08.26.2001 16.8400 480,000 10 08.26.2005 01.22.2011 05.28.2002 04.29.2003 04.29.2003 9.9500 5,600,000 5,600,000 04.29.2007 04.29.2012 07.25.2003 07.25.2004 07.25.2004 4.3500 8,000,000 07.25.2006 07.23.2013 08.28.1999 08.17.2000 08.17.2001 11.7800 3,575,200 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 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 5,000,000 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 2,000,000 07.25.2006 07.23.2013

60 2003 1. 2003 1 12003 12 31 2003 1 1 2003 12 31 1 2 1 1 3 3 08.17.1999 4 08.17.2000 11.7800 15,567,056 10,343,988 09.15.1999 08.17.2009 10.25.1999 4 10.25.2000 22.7600 5,409,200 4,509,200 11.23.1999 10.25.2009 12.20.1999 4 12.20.2000 33.5600 216,000 01.18.2000 12.20.2009 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 5 5 60.1200 4,915,000 4,270,000 09.24.2000 10.27.2000 6 6 24.3600 14,746,202 12,966,082 11.25.2000 01.22.2001 7 7 16.8400 17,472,978 13,559,838 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 8 8 10.3000 3,794,200 3,542,960 05.16.2001 07.16.2001 07.16.2002 07.16.2002 9.1600 744,760 689,760 09.15.2001 07.16.2004 07.16.2011 08.03.2001 03.31.2002 03.31.2002 16.8400 800,000 08.01.2011 09.27.2001 09.27.2001 09.27.2001 6.8150 3,600,000 3,600,000 09.07.2003 09.07.2011 10.15.2001 10.15.2002 10.15.2002 8.6400 292,000 292,000 11.13.2001 10.15.2004 10.15.2011 05.10.2002 4 04.11.2003 7.9150 231,700 231,700 04.11.2012 06.19.2002 9 9 10.0900 579,000 279,000 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 7,120,000 7,040,000 11.13.2005 11.12.2012 07.25.2003 07.25.2004 07.25.2004 4.3500 75,722,000 07.25.2006 07.23.2013 09.16.2003 09.16.2004 09.16.2004 4.9000 1,190,000 09.15.2006 09.14.2013 02.20.2001 01.22.2002 01.22.2002 16.8400 480,000 480,000 01.31.2004 10.11.2002 10.11.2002 10.11.2002 8.6165 1,200,000 1,200,000 10.10.2007 07.25.2003 07.25.2004 07.25.2004 4.3500 2,200,000 07.25.2006 07.23.2013

200361 2. 2003 12 31 1 1 1 07.25.2003 07.25.2004 07.25.2004 4.3500 12,000,000 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 8,534,000 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 2,000,000 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 6,400,000 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 8,000,000 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 5,695,200 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 5,000,000 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 2,000,000 4.3500 07.25.2006 07.23.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 79,837,000 4.3500 07.25.2006 07.23.2013 09.16.2003 09.16.2004 09.16.2004 4.9000 1,190,000 4.9000 09.16.2006 09.14.2013 07.25.2003 07.25.2004 07.25.2004 4.3500 2,200,000 4.3500 07.25.2006 07.23.2013 20032002 2.68 4.75 2003 2002 4.8% 5.2% 10 10 0.44 0.49

62 2003 3. 2003 12 31 4. 2003 12 31 11 11 10 22.7600 1,000,000 60.1200 480,000 16.8400 480,000 11.7800 5,223,068 22.7600 900,000 33.5600 216,000 60.1200 645,000 24.3600 1,780,120 16.8400 3,913,140 10.3000 251,240 9.1600 55,000 16.8400 800,000 10.0900 300,000 6.1500 80,000 4.3500 4,115,000 1. 2. 3. 2003 1 8 2003 1 1 4. 5. (i)2001 5 262003 5 26(ii) (iii) 6. (i)2001 3 152005 3 15(ii) 7. (i)2001 8 262002 12 72005 8 26 (ii) (iii) 8. (i)2001 5 262005 5 26(ii) (iii) 9. (i)2003 5 262003 10 27(ii)2003 5 212005 5 21

200363 10. 2003 5 221,000,00022.7600480,00060.1200 480,00016.8400 11. 18 2003 12 31 336 1 1,528,781,132 28.48% 2 1,549,938,550 28.87% 3 321,176,471 5.98% 3 321,176,471 5.98% 1. (i)1,526,094,30267,900679,000(ii) 1,0002,007,830 2. (i)20,354,286 400803,132 (ii)1 Borsington Limited Pacific Century International Limited Pacific Century Group (Cayman Islands) Limited Anglang Investments Limited 3. 2003 12 31 336 Intel Capital Corporation 1 291,703,219 5.43% Intel Corporation 2 291,703,219 5.43% Intel Capital Corporation 1 291,703,219 5.43% Intel Corporation 2 291,703,219 5.43% 1. Intel Capital Corporation 135,279,496156,423,723Intel Capital Corporation 114,821,32352,423,723 2. Intel Corporation

64 2003 2003 12 31 336 1614 Pacific Century Group Japan Y.K.Pacific Century Group Japan Co., Ltd.PCGJPacific Century Matrix (HK) LimitedPC Matrix HK 2003 12 31 8.10 2000 8 16 110,000 1202002 10 40

200365 14 14 14 2000 81,720.14 2000 200020012002 200120022003 6 30 2003 2003 4 3 (A) (B) 2003 4 7 4 7 14.06 14.09 14.12 14.20 14.24(5) 14.25(1) 14.25(2)(b)(i) 4 72003 6 30 2003 9 3 1. 100 2. A. 2003 6 30 14 a. 20.58 61.74 b. 61.74 102.9 c. 102.9

66 2003 14 2. A. d. 20.58 B. 7A 17(2) 13 5.1 15 3(e)(ii) 16 36 19 1.3 C. 16 15.2 16 23 19 3.2.1 19 3.2.2 19 3.3 D. 14.24(5) 14.25(1) 14.25(2)(b)(i) a. 14.24(5) i. 100 ii. 2003 6 30(ii)412 b. 14.25(1) i. 1,000 ii. 2003 6 30(ii)4.12

200367 14 2. D. c. 14.25(2)(b)(i) 2003 6 3020.58 2004 1 302004 3 31 2004 3 31 14.07 2002 1414 1. 20022003 3 Omnilink Technology Limited1,000 1952003 6 172003 8 13Omnilink Technology Limited2,000 2. 2001 11 192002 PCCW Communications (Japan) K.K.PCCW CommunicationsPCGJ74050 PCGJPacific Century Place Marunouchi 31020PCGJ PCCW CommunicationsThe Pacific Century Place Marunouchi Owners UnionPCPMOU 9572002 12 2PCCW Communications PCGJ New PCGJ Co., Ltd.PCGJ PCGJNew PCGJ Co., Ltd.2003 PCCW Communications 700 80300 PCGJ New PCGJ Co., Ltd.PCGJPCPMOUPCGJ New PCGJ Co., Ltd. PCPMOU 3. 20022002 12 313,700 850 1.5 2003 7 23

68 2003 4. 20022002 6 6JALECO LTD.JALECOB-Factory Inc. JALECO UFJ Bank6,000440 2003 12 31 5. 2003 12 31PCCW Services LimitedPCCW Services PC Matrix HK PCCW Services PC Matrix HK 2003 12 31 1,200 2003 12 31PC Matrix HK 1,2002003 5 PC Matrix HK PC Matrix HKPC Matrix HK 6. 2003 12 31 4602003 12 31 2004 3 1230 7. ABAB 20012002 12,028,526 9,3002002 7 1999 7 71999 7 29 1999 7 7 8. 2003 2 26PCC Investments LimitedPCCI PCC Skyhorse Holding LimitedSkyhorse Skyhorse8,000 Skyhorse Skyhorse2000 11 7PCCI Skyhorse 2003 2 26 9. 2003 4 8 Unihub Global Network Technology (China) Limited 1 195 10. 2003 9 11 2,250 2,1002003 12 31 2003 9 16 11. 2003 9 12 850 800 2003 9 16

200369 12. 2003 9 18 480 450 920 870 2003 9 19 13. 2003 9 22 710 670 (a) (b) 2003 12 31 14. 2003 9 24 270 260 2003 9 24 15. 2003 9 24 5,550 5,240 2003 9 24 16. 2003 11 4 900 850 2003 12 30 3,180 3,000 2003 11 42003 12 31 14 2003 1 7 2001 12 3120022003 12 31 2004 3 4

70 2003 71 129 2003 12 31 141 2003 12 31 2004 3 4 40(g)2004 3 5

200371 2003 12 31 2003 2002 4 5 22,550 20,112 6 4,339 5,212 7 407 13 8 (2,452) (534) 9 (38) (311) 5 2,256 4,380 11 (2,117) (1,997) (891) 550 65 281 12 (4,464) (8,263) Joint Venture (Bermuda) No. 2 LimitedRWC 13 (1,433) 10 (5,151) (6,482) 15 (1,165) (1,406) (6,316) (7,888) 216 126 5 (6,100) (7,762) 17 (122.81 ) (168.53 )

72 2003 2003 12 31 2003 2002 1 1 (5,916) (11,764) 32 305 32 20 107 325 107 32 (6,100) (7,762) 3,068 965 RWC 32 4,081 Reach Ltd. 32 315 8,263 32 469 194 784 12,538 12 31 (7,839) (5,916)

200373 2003 12 31 2003 2002 18 21,540 23,280 19 3,774 4,357 20 933 1,304 21 1,350 1,738 3(c) 23 33 3,505 24 488 1,127 25 638 908 35 377 475 390 467 29,523 37,161 19 297 26(a) 2 26(b) 2,402 26(c) 2,701 720 1,653 1,355 26(d) 537 481 3(d) 105 45 26(e) 323 394 26(f) 1,571 1,724 34(c) 5,535 7,881 15,124 12,602 26(g) (160) (154) 26(h) (1,377) (1,160) 36(a) (4,645) (4,829) 28 (1,870) (70) 3(d) (415) (373) 26(i) (10) 3(b) (1,158) (1,221) (1,074) (1,187) (10,699) (9,004) 4,425 3,598 33,948 40,759

74 2003 2003 12 31 2003 2002 27 (34,506) (41,366) (11) (11) 33(a) (3,026) (3,165) 36(a) (14) (19) 30(a) (446) (586) 28 (1,941) 27(b) (1,540) (1,120) (41,484) (46,267) (7,536) (5,508) 29 1,343 1,164 32 (9,182) (7,080) (7,839) (5,916) 303 408 (7,536) (5,508) 2004 3 4

200375 2003 12 31 2003 2002 22 24,054 26,317 3(c) 23 319 105 24,373 26,422 103 52 3(d) 62 22 1,877 3,499 2,042 3,573 36(a) (66) (47) (66) (47) 1,976 3,526 26,349 29,948 27 (3,443) (1,519) (69) (3,512) (1,519) 22,837 28,429 29 1,343 1,164 32 21,494 27,265 22,837 28,429 2004 3 4

76 2003 2003 12 31 2003 2002 34(a) 3,816 3,917 203 20 (1,958) (1,611) (146) (114) 32 (13) 34(b) 152 2 (2) (179) (144) 161 474 532 332 (316) 283 (11) (37) 664 10 3(c) (1,115) (1,969) (812)

200377 2003 12 31 2003 2002 3,068 (1,115) 3,510 (174) (173) 10,508 12,052 (1,084) (1,159) (4) (16,215) (17,632) 94 (2) 720 685 (4,202) (2,719) (2,355) 386 9 52 7,881 7,443 34(c) 5,535 7,881

78 2003 2003 12 31 2003 12 31 1 1994 10 18 2003 6 12 2 a. 35 2002 7 134 2003 1 1 b. c. 12 31

200379 2 d. i. ii. iii. iv. v. vi. vii. viii.

80 2003 2003 12 31 2 e. i. 2(f)2(h) 2(d)(iv) ii. f. 2(h) 5 15 5 25 2 16 g. 20

200381 2 g. 20 20 h. 20 20 i. ii. i.

82 2003 2003 12 31 2 j. k. 2001 1 1 2(h) 2001 1 110 20 2(h) 10 20 2(h) l. 2(h) 20 10

200383 2 m. 2(h) n. 2(k) 2(h) o. 2(n) 2(h)

84 2003 2003 12 31 2 p. i. ii. iii. iv. v. vi. q. r.

200385 2 r. s. 2(d)(v) t. u. v.

86 2003 2003 12 31 2 v. w. i. ii. iii. x. i. ii.

200387 2 x. 34 1622003 52003 1 1 200334 2003 1 12003 12 31 iii. iv. y. z. 36(a)

88 2003 2003 12 31 2 aa. bb. 3 a. 2003 2002 293 293 117 117 594 221 254 59 162 1,086 1,474 b. 2,4002002 1.07

200389 3 c. 2001 1 30 2003 4 15 Telstra Corporation LimitedTelstraTelstra 2010 12 311293.6 2002 1 12002 12 31 2002 2002 12 31 2003 4 15Telstra Telstra 1.4311.15 Telstra2003 12 3111.392002 11.15 2,400 23 2003 12 3110.362002 14.43 d. 24

90 2003 2003 12 31 4 2003 2002 16,535 18,227 1,626 1,470 4,111 20 276 332 2 63 22,550 20,112 5 a. JALECO LTD.JALECO

200391 5 a. 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 15,865 17,248 1,762 1,661 4,497 503 426 700 22,550 20,112 707 759 564 573 103 182 93 (1,374) (1,607) 16,572 18,007 2,326 2,234 4,600 685 426 793 (1,374) (1,607) 22,550 20,112 5,156 6,348 (148) (102) 102 267 (2,317) (1,930) 2,793 4,583 (537) (203) 2,256 4,380 (2,117) (1,997) (750) 1,060 (49) (34) (1) 1 (26) (196) (826) 831 (4,170) (8,263) (294) (4,464) (8,263) RWC (1,433) (1,433) (5,151) (6,482) (1,165) (1,406) (6,316) (7,888) 216 126 (6,100) (7,762)

92 2003 2003 12 31 5 a. 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 1,746 1,353 190 117 13 19 165 718 2,228 2,183 136 95 151 206 176 255 5,190 8,263 71 147 1,643 387 82 108 8 16 9 10 328 742 17,685 20,122 1,495 1,474 16,474 10,662 1,569 3,082 37,223 35,340 487 4,443 20 110 1 1 13 78 521 4,632 6,903 9,791 44,647 49,763 4,527 5,593 746 734 5,146 977 672 736 11,091 8,040 41,092 47,231 52,183 55,271 b. 2003 2002 2003 2002 2003 2002 21,172 19,063 31,611 29,000 1,894 1,550 948 701 5,011 4,708 115 62 430 348 601 1,632 150 616 22,550 20,112 37,223 35,340 2,159 2,228

200393 6 2003 2002 22,550 20,112 (8,730) (5,295) (9,481) (9,605) 4,339 5,212 7 2003 2002 8 (142) 103 (92) (258) (581) 12 32 464 36(c) 532 332 10 407 13 8 2003 2002 a 1,167 204 b 301 309 c 893 91 21 2,452 534 a. 2003 12 31 11.55(c)1,200 b. 2003 2003 12 31 3.01 c. JALECO JALECO2003 12 31 JALECO JALECO2002 7.421.51

94 2003 2003 12 31 9 JALECO 3,8008(c) 2002 17 2002 11 1,600 2003 1 13,000 20021,4002002 3.11 10 2003 2002 2 8 8 34 87 56 8 7 9 276 332 (21) (11) 182 315 8,263 742 309 122 1,167 232 351 8 70 26 2,674 2,623 132 112 82 85 14 2,813 3,395 112 47 30(a)(iii) 103 197 30(a)(iii) 108 1,528 1,431 3,951 9 145 76 12 10 2 223 261 99 145

200395 11 2003 2002 501 10 4 842 908 811 853 531 2,266 2,194 (17) (33) 2,249 2,161 (132) (164) 2,117 1,997 22.492002 21.612.172002 2.41 2002 12 2003 2002 a 4,159 8,263 b 227 78 4,464 8,263 a. 2003 4 15 1512 2003 4 25 2003 12 31 20022003 12 31 41.592002 82.63 2003 12 31 2002 39.3 b. 2003 12 31 2003 12 31 2.27

96 2003 2003 12 31 13 Joint Venture (Bermuda) No. 2 LimitedRWC 2002 RWCa (1,771) b 338 (1,433) a. RWC 2002 6 28 Telstra i. RWCTelstra6.1447.92 ii. 7.558.520072007Telstra 5,4384.24 iii. Telstra1.914.822005 2005Telstra RWC 2002 2007Telstra 5,850 2007Telstra 424 2005Telstra (1,482) RWC 4,792 RWC2002 6 28 (2,482) RWC 2,310 (4,081) RWC (1,771)

200397 13 Joint Venture (Bermuda) No. 2 LimitedRWC b. 2002 12 4.97 3.38 2002 12 31 2003 12 31 2002 497 (159) 338 14 2003 2002 4 3 62 46 4 4 50 38 22 2 8 118 118 122 121 20022003 4387,600 1,162,800

98 2003 2003 12 31 14 2003 2002 1,000,000 5 7 1,000,001 1,500,000 3 1,500,001 2,000,000 1 2,000,001 2,500,000 3 4,000,001 4,500,000 1 5,000,001 5,500,000 1 5,500,001 6,000,000 1 7,000,001 7,500,000 2 8,000,001 8,500,000 1 1 10,000,001 10,500,000 1 1 10,500,001 11,000,000 1 2 11,000,001 11,500,000 3 13,500,001 14,000,000 1 16,000,001 16,500,000 1 16,500,001 17,000,000 1 45,000,001 45,500,000 1 17 21 2002 15 2003 3 (a) 2002 2003 2002 1,300 1,249 57 3 10 137 (74) 33(a) (145) (152) 1,148 1,237 24 175 (8) (14) 1 36 (28) 1,165 1,406

200399 15 2003 2002 (5,151) (6,482) a (922) (1,037) (48) (193) 1,340 2,100 453 304 57 3 161 36 (56) 56 10 137 170 1,165 1,406 a. 3 31 2003 16 86.62002 140.49 17 2003 2002 (6,100) (7,762) 4,967,178,732 4,605,653,512 20032002 12 31 20032002 2003 1

100 2003 2003 12 31 18 5,635 3,445 6,883 7,722 4,542 1,146 29,373 25 25 143 242 528 1,045 1,958 (54) 46 372 340 346 (1,050) (5) (2) (7) (6) (147) (72) (225) 26 7 33 305 305 5,880 3,365 7,398 8,304 5,374 1,141 31,462 3,365 7,398 8,304 5,374 1,141 25,582 5,880 5,880 5,880 3,365 7,398 8,304 5,374 1,141 31,462 192 1,880 1,392 2,629 6,093 93 1,017 663 901 2,674 371 435 361 1,167 (5) (2) (7) (4) (19) (23) 2 16 18 278 3,268 2,490 3,886 9,922 5,880 3,087 4,130 5,814 1,488 1,141 21,540 5,635 3,253 5,003 6,330 1,913 1,146 23,280 2003 12 312002 9,300

2003101 18 2003 2002 2003 2002 50 2,117 1,869 1,447 1,483 10 50 4 10 1,559 1,563 10 4 5 44 122 50 46 10 50 3,755 3,751 37 39 5,880 5,635 3,087 3,253 2003 12 31 37.372002 38.3 19 2003 2002 3 3 3 3 b 4,068 4,354 (297) 3,771 4,354 3,774 4,357 a. 2003 12 312002 b. 2000 5 17 2003 2

102 2003 2003 12 31 20 2003 1,429 166,177 106 1,535 166,177 125 128,039 82 395 784 602 128,823 933 37,354 1,304 38,138 21 2003 1,518 375 61 1,954 93 2 95 1,518 375 93 63 2,049 180 36 216 76 38 11 7 132 301 50 351 256 375 11 57 699 1,262 82 6 1,350 1,338 339 61 1,738

2003103 22 2003 2002 25,549 24,599 203,323 198,509 228,872 223,108 (148,179) (141,738) 80,693 81,370 (56,639) (55,053) 24,054 26,317 1,481.792002 1,417.38 2003 12 31 5.032002 58.96 2003 12 31163.272002 128.38 2003 12 31 1.98 20021.91 2003 12 31 6,092,100,052 100% * 2,163,783,209 100% PCCW-HKT Business Services Limited 2 100% PCCW-HKT Consumer Services Limited 2 100% PCCW-HKT Network Services Limited 2 100% PCCW-HKT Products & Services Limited* 8,437,500 100% 2 100%

104 2003 2003 12 31 22 PCCW Teleservices Operations 2 100% (Hong Kong) Limited 10,000 100% 2 100% 1,000,000 100% Corporate Access Limited 10 100% 10 100% Beyond The Network Limited 2 100% Beyond the Network America, Inc. 18 100% 6,750,000 100% Omnilink Technology Limited 14,850 76.43% 200,000,000 38.2% 1,200 100% IP/IT IP/IT 2 100% 5,000,000 100% 2 100% 100,000 100%

2003105 22 * 10,000 100% 359,189 62.31% ilink Holdings Limited 50,463,000 100% 72,462,299 100% 2 100% 50,000,000 100% Partner Link Investments Limited 1 100% Ripley Investments Limited 10 100% PCCW Facilities Management Limited 2 100% JALECO LTD.Pacific Century 19,742,711,522 76.13% CyberWorks Japan Co., Ltd. 1,087,000,000 56.56% UK Broadband Limited (Public 1 100% Poundradio Limited Fixed Wireless Access) * 3 31

106 2003 2003 12 31 23 2003 2002 2003 2002 2,821 3,806 1,147 93 1,139 27 39 (1) (374) 3,994 3,564 1,139 (3,961) (59) (1,139) 33 3,505 3,130 3,581 11.392002 3(c) 2003 12 31 Reach Ltd. 5,000,000,000 50% 2003 2002 12 31 23,800 24,433 2,346 3,982 26,146 28,415 (13,710) (14,293) (3,651) (3,854) (158) (159) 8,627 10,109 12 31 7,036 9,854 (1,747) 1,141 2003 4 15 1512 2003 4 25 2003 12 31 20022003 12 31 41.592002 82.63 2003 12 31 2002 39.3

2003107 23 2003 12 31 2003 2002 2,705 3,615 3(c) 1,139 8,578 8,578 12,422 12,193 (12,422) (8,263) 3,930 24 2003 2002 547 1,203 78 34 67 (115) 659 1,155 (171) (28) 488 1,127 991 1,086 72 991 1,158 68 2000 2003 12 31 Great Eastern Telecommunications 43,112,715 49% Limited* 15,600,000 37.04% 50,000,000 45% * 3 31

108 2003 2003 12 31 25 2003 2002 37 42 a 601 866 638 908 a. 2003 2002 1,751 1,764 (1,222) (1,027) 529 737 51 72 63 270 114 342 (42) (213) 72 129 601 866 12 31 83 81 1002002 2,800 2,0002002

2003109 26 a. 2003 2002 2 2 b. (c) c. 2003 12 3127.01 2002 2002 12 317.2 39 d. 2003 2002 10 218 235 298 218 21 18 537 481 e. 2003 2002 73 62 250 269 63 250 332 323 394 2002 2003 12 31 2.462002 2.37 2007 36(a)2003

110 2003 2003 12 31 26 f. 2003 2002 0-30 1,125 1,280 31-60 206 299 61-90 88 87 91-120 64 66 120 276 112 1,759 1,844 (188) (120) 1,571 1,724 1830 g. 2003 2002 54 75 106 79 160 154 154 145 6 9 39 h. 2003 2002 0-30 886 534 31-60 130 56 61-90 88 120 91-120 44 37 120 229 413 1,377 1,160

2003111 26 i. 2003 2002 809 801 (809) (811) (10) 2003 12 31 7.762002 7.53 2003 12 31 8002002 800 27 2003 2002 2003 2002 a 22,029 27,757 3,003 b 12,477 13,609 440 1,519 34,506 41,366 3,443 1,519 a. 2003 2002 2003 2002 106 79 133 123 4,704 406 3,003 17,192 27,228 22,135 27,836 3,003 (106) (79) 22,029 27,757 3,003 4.56 i 3,541 30.03ii 3,003 3,003 5 iii 3,900 47 iv 6,094 300 v 1,950 1,950 10 vi 7,801 7,799 50vii 5,000 50viii 5,000 1,834 1,914 22,029 27,757 3,003 1,819 1,908 20,210 25,849 3,003

112 2003 2003 12 31 27 a. 220.29 i. 4.56 2003 1 24PCCW Capital No. 3 Limited 4.56 7.88 2013 2003 8 21 ii. 30.03 2003 3 14 30.03 3.85 2008 iii. 5 2003 7 17PCCW-HKT Capital No.2 Limited53962013 iv. 47 2001 247366.6 0.85 1.45 0.95 1.55 2003 12 31 v. 300 2001 10 26Profit Century Finance LimitedPCF 30019.5 20313.65PCF 2006 10 27 vi. 10 2001 11PCCW-HKT Capital Limited107820117.75 20112011 2011 20118 2011 vii. 50 2002 3 750 6.41 2008 30.55 2003 12 31

2003113 27 a. viii. 50 2002 4 1750 6.41 2009 40.65 2003 12 31 39 b. 2003 2002 2003 2002 8,983 3,494 13,609 440 1,519 12,477 13,609 440 1,519 4.51 2007i 3,494 3,510 2005Telstra ii 440 1,521 440 1,519 113.5 2005iii 8,543 8,578 12,477 13,609 440 1,519 440 1,521 440 1,519 12,037 12,088 124.77 i. 4.51 2007 2002 1 29PCCW Capital No. 2 Limited4.51 2007 2007 2007 1 15 13.58361.741512002 7 29 1 297 29 2007 1 29 2007 1 29 ii. 2005Telstra 2002 6 28 Telstra2005TelstraRWC 13(a) 2005 Telstra 2005 6 302005Telstra 30 15 2003 4 12 5

114 2003 2003 12 31 27 b. ii. 2005Telstra 2005Telstra 20Telstra2005 Telstra Telstra 2005Telstra Telstra2005Telstra 2003 4 152005Telstra1.4311.15 Telstra 5,400 4.21 2005Telstra 2005Telstra 1.9 2005Telstra2003 3 31700 1.43 2005Telstra2005Telstra iii. 113.5 2005 2000 12 5 PCCW Capital Limited 112005 2001 1 52005 11 214.9804 38.84713.5 2005 12 5 221,000,0002005 12 5 2003 12 31 (i)(iii)13.262002 8.44 2003 12 31 28 2003 a 70 70 123 123 3,680 3,680 (62) (62) 3,680 131 3,811 (1,739) (131) (1,870) 1,941 1,941

2003115 28 a. 29 2003 2002 0.05 32,000,000,000 1,600 32,000,000,000 1,600 0.25 0.05 0.25 a (25,600,000,000) 6,400,000,000 1,600 32,000,000,000 1,600 0.05 23,268,770,370 1,164 22,693,349,346 1,135 c 376,680,000 19 Trans World International, Inc. 175,000,000 9 23,741,024 1 23,268,770,370 1,164 23,268,770,370 1,164 0.25 0.05 0.25 a (18,615,016,296) 4,653,754,074 1,164 23,268,770,370 1,164 b 715,000,000 179 5,368,754,074 1,343 23,268,770,370 1,164 a. 2003 1 7 50.05 10.25 2003 1 8 2003 1 8 16 6,400,000,0000.254,653,754,074 b. 2003 7 170.25 715,000,0004.40 30.6830.6 2003 7 25

116 2003 2003 12 31 29 c. 1999 9 PCC Holdings Ltd.PCCH Pacific Convergence Corporation, Ltd.PCCPCCPCCH 1,003,070,000 10 2002 12 31376,680,000 0.05 30 a. 2003 7 1 2003 6 30 34 342003 12 31 Canadian Institute of Actuaries Society of ActuariesWatson Wyatt Hong Kong Limited Aaron Wong 2003 12 312002 i. 2003 2002 4,567 4,578 (4,137) (3,466) 430 1,112 16 (526) 446 586 2003 12 315002002 200

2003117 30 a. ii. 2003 2002 1 1 586 34 521 586 521 (243) (240) 103 305 446 586 iii. 2003 2002 89 235 234 401 (222) (428) 2 97 103 305 10 103 197 9 10 108 103 305 700 (341) iv. 2003 2002 5.25% 5.50% 5.75% 6.50% 3.50% 3.50% b. 20,000

118 2003 2003 12 31 31 a. 1994 92002 5 2002 5 23 2002 5 23(i) (ii)(iii) i. 2003 2002 2002 109,559,896 119,242,866 596,214,416 iii 132,856,200 14,930,700 74,653,500 iv (20,238,568) (24,613,670) (123,068,352) ii 222,177,528 109,559,896 547,799,564 66,869,490 54,540,325 272,701,628 20022003 1

2003119 31 a. ii. 2003 2002 1999 8 17 2000 8 172009 8 17 11.7800 19,525,188 2.3560 123,741,352 1999 9 15 1999 10 25 2000 8 172009 10 25 22.7600 4,509,200 4.5520 32,046,000 1999 11 23 1999 12 20 2000 12 202009 12 20 33.5600 6.7120 1,080,000 2000 1 18 2000 2 8 2001 2 82010 2 8 75.2400 86,700 15.0480 433,500 2000 3 8 2000 8 26 2001 5 262010 8 26 60.1200 10,308,600 12.0240 57,168,000 2000 9 24 2000 10 27 2001 3 152010 10 27 24.3600 12,966,082 4.8720 73,731,010 2000 11 25 2001 1 22 2001 1 222011 1 22 16.8400 23,278,438 3.3680 138,357,902 2001 2 20 2001 2 20 2002 2 82011 2 8 18.7600 86,700 3.7520 433,500 2001 4 17 2001 5 262011 4 17 10.3000 3,542,960 2.0600 18,971,000 2001 5 16 2001 7 16 2002 7 162011 7 16 9.1600 689,760 1.8320 3,723,800 2001 9 15 2001 8 3 2002 3 312011 8 1 16.8400 3.3680 4,000,000 2001 9 27 2001 9 272011 9 7 6.8150 3,600,000 1.3630 18,000,000 2001 10 15 2002 10 152011 10 15 8.6400 292,000 1.7280 1,460,000 2001 11 13 2002 5 10 2003 4 112012 4 11 7.9150 231,700 1.5830 1,158,500 2002 5 28 2003 4 292012 4 29 9.9500 5,600,000 1.9900 28,000,000 2002 6 19 2002 6 192012 5 21 10.0900 279,000 2.0180 2,895,000 2002 8 1 2003 8 12012 7 31 8.0600 200,000 1.6120 1,000,000 2002 10 11 2002 10 112007 10 10 8.6165 1,200,000 1.7233 6,000,000 2002 11 13 2003 11 132012 11 12 6.1500 7,040,000 1.2300 35,600,000 2003 7 25 2004 7 252013 7 23 4.3500 127,551,200 2003 9 16 2004 9 162013 9 14 4.9000 1,190,000 222,177,528 547,799,564

120 2003 2003 12 31 31 a. iii. 2003 2002 2003 4 112012 4 11 7.9150 1.5830 2 1,158,500 2003 4 292012 4 29 9.9500 1.9900 1 28,000,000 2002 6 192012 5 21 10.0900 2.0180 5 2,895,000 2003 8 12012 7 31 8.0600 1.6120 1,000,000 2002 10 112007 10 10 8.6165 1.7233 6,000,000 2003 11 132012 11 12 6.1500 1.2300 35,600,000 2004 7 252013 7 23 4.3500 131,666,200 2004 9 162013 9 14 4.9000 1,190,000 132,856,200 8 74,653,500 iv. 2003 2002 2000 8 172009 8 17 11.7800 5,223,068 2.3560 3,792,002 2000 8 172009 10 25 22.7600 1,900,000 4.5520 4,757,000 2000 12 202009 12 20 33.5600 216,000 6.7120 2001 5 262010 8 26 60.1200 1,125,000 12.0240 1,930,000 2001 3 152010 10 27 24.3600 1,780,120 4.8720 33,132,150 2001 1 222011 1 22 16.8400 4,393,140 3.3680 65,017,800 2001 5 262011 4 17 10.3000 251,240 2.0600 1,957,200 2002 5 72011 5 7 11.1600 2.2320 12,000,000 2002 7 162011 7 16 9.1600 55,000 1.8320 482,200 2002 3 312011 8 1 16.8400 800,000 3.3680 2002 6 192012 5 21 10.0900 300,000 2.0180 2003 11 132012 11 12 6.1500 80,000 1.2300 2004 7 252013 7 24 4.3500 4,115,000 20,238,568 123,068,352 b. 2002 2002 6 102002 11 12

2003121 31 b. 2003 2002 7,935,205 0.25 4,748,205 4.35 2002 8.24 834,800 3,187,000 (2,999,005) 5,771,000 7,935,205 2002 2003 1 2003 2002 12 31 29 49 34 4 26 16 17 25 12 3 c. JALECO 2000 8 JALECO JALECO2003 12 31 4,021,00020024,021,000JALECO2003 12 31 2002

122 2003 2003 12 31 32 2003 170,571 (117) (177,534) (7,080) 2,889 2,889 305 305 20 20 315 315 469 469 (6,100) (6,100) 173,460 305 (97) (182,850) (9,182) 173,460 305 (97) (183,004) (9,336) 57 57 97 97 173,460 305 (97) (182,850) (9,182) 170,571 (143,306) 27,265 2,889 2,889 (8,660) (8,660) 173,460 (151,966) 21,494 2002 169,635 (224) (182,310) (12,899) 936 936 RWC 4,081 4,081 107 107 8,263 8,263 194 194 (7,762) (7,762) 170,571 (117) (177,534) (7,080) 170,571 (117) (178,531) (8,077) 964 964 33 33 170,571 (117) (177,534) (7,080) 169,635 (129,257) 40,378 936 936 (14,049) (14,049) 170,571 (143,306) 27,265

2003123 33 a. 2003 1,840 485 467 451 (78) 3,165 15 (115) 5 2 20 (57) (145) 6 6 1,725 490 469 471 (129) 3,026 2002 2,036 506 520 395 (137) 3,320 15 (196) (21) (53) 56 62 (152) (3) (3) 1,840 485 467 451 (78) 3,165 b. 137.662002 121.76 18.18 2002 12.052003 12 31

124 2003 2003 12 31 34 a. 2003 2002 (5,151) (6,482) RWC 1,433 4,159 8,263 227 78 70 26 8 (132) (164) 2,020 1,948 217 226 2,674 2,623 (8) 142 (8) 182 (8) (34) (87) (56) 258 581 1,167 232 301 309 893 91 (464) 145 76 115 148 132 112 82 85 12 (12) (32) 826 (831) (532) (332) 7,517 8,011 286 (2,204) (123) (135) 54 (32) (245) 54 (2,402) (2,701) (25) 204 3,448 159 5 (10) (38) (322) (446) (63) (277) 5,414 5,301 (294) (221) 93 82 (1,371) (1,243) (26) (2) 3,816 3,917

2003125 34 b. 2003 2002 25 3 161 304 (135) 4 362 55 417 130 112 23 152 417 (152) 304 152 c. 2003 2002 8,248 8,638 (12) (37) (2,701) (720) 12 31 5,535 7,881 35 2003 2002 454 475 (77) 377 475 23.022002 26

126 2003 2003 12 31 36 a. 2002 2002 12 311.87 2002 1,0002002 12 31 7,100 2,500 26(e)2003 2003 12 31 20021.57 20032002 b. 2003 12 316,8002002 1.5 c. 2003 12 3127.56 300 200229.9 300 214.9719.52002 233.2219.5 78 782002 12 31 2003 12 31 5.32 2002 3.32 7

2003127 37 a. 2003 2002 3,025 4,155 3,480 7,436 6,505 11,591 2003 2002 274 137 82 i 5,637 11,080 101 24 512 247 2 6,505 11,591 i. 2000 5 17 b. 2003 12 31 2003 2002 1 148 188 1 5 259 288 5 198 123 605 599 2003 2002 1 44 35 1 5 29 44 64 c. 2003 12 317.5 2002 1.6 1.1 58.62002 12.456,300

128 2003 2003 12 31 38 2003 2002 2003 2002 130 74 1 2 10 9 14 17,632 14,112 85 16 20 1 5 12 11 255 134 17,632 14,113 2002 4 23 2000 7 24 6,522,00048 49 9,600 4.18 2001 1 12002 1 26.725 2002 5 29 2003 8 23 14(1) 39 2003 12 31 177.142002 216.6127.452002 35.21 27(a) 2003 2002 3,737 3,830 93 312 312 119 122 20 4,188 4,357

2003129 39 2002 12 317.22 6 7.22002 12 31 26(c) 2003 12 31 40 2003 12 31 a. 2004 1 19 7.5 b. 2004 2 172003 1260 6 c. 2004 2 192003 82828 2003 10 d. 2004 2 19 4,000 2004 3 16 e. 2004 2 2630.03 f. 2004 3 113 12.2 g. 2004 3 5 65.5729.6735.9 2004

130 2003 2003 12 31 2003 2002 2001 2000 1999 16,572 18,007 19,827 6,839 133 2,326 2,234 1,936 357 4,600 685 1,368 459 18 426 793 468 179 1 (1,374) (1,607) (1,640) (543) 22,550 20,112 21,959 7,291 152 2,256 4,380 5,450 (127,069) 281 (2,117) (1,997) (3,056) (2,356) 56 21 (826) 831 833 627 (5) (4,464) (8,263) Joint Venture (Bermuda) No. 2 Limited (1,433) (5,151) (6,482) 3,227 (128,798) 353 (1,165) (1,406) (1,982) (554) (7) (6,316) (7,888) 1,245 (129,352) 346 216 126 98 23 1 (6,100) (7,762) 1,343 (129,329) 347 12 31 2003 2002 2001 2000 1999 29,523 37,161 38,130 35,805 7,360 15,124 12,602 13,711 32,497 6,551 (10,699) (9,004) (10,966) (72,658) (1,484) 4,425 3,598 2,745 (40,161) 5,067 33,948 40,759 40,875 (4,356) 12,427 (41,484) (46,267) (51,372) (12,992) (1,183) (7,536) (5,508) (10,497) (17,348) 11,244

2003131 2003 * A 29,323 A 13 39,606 100% B 20,104 100% C 21,718 100% D 10,946 100% 451 100% 67,866 100% 380 54-62 6,092 100% 15,672 100% 104 3054 A 3087 32033205 3,778 100% 12 18 20 5 6 7 8 L3 L4 L5 35,850 100% 979 4-1316-18 20 21-26 2830-3132 35-38 3,736 100% 38-40 12131617 21-24 * 50 10 50

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