City Telecom (H.K.) Limited is a Hong Kong and the U.S. listed company (SEHK: 1137; NASDAQ : CTEL). Established in 1992, the Group possesses extensive

THE BEGINNING OF A TV MIRACLE ANNUAL REPORT 2012 City Telecom (H.K.) Limited Stock Code - SEHK: 1137; NASDAQ: CTEL

City Telecom (H.K.) Limited is a Hong Kong and the U.S. listed company (SEHK: 1137; NASDAQ : CTEL). Established in 1992, the Group possesses extensive and successful experience in telecom market liberalization, popularizing advanced technology & applications. The Group strives to expand its foothold to the TV industry. Since 2011, we have been aggressive in forming the dream team of artistes, production and creative Talents. The Group will invest over HK$800 million in the next three years to build a 500,000 sq. ft. TV & Multimedia Production Centre, including the largest studio in Asia with an area of 18,000 sq. ft. and post-production suite equips with 3D and Super Highdefinition production facilities. The production centre is expected to go into full operation in 2014. At commencement, City Telecom s TV business will broadcast 5 channels, and will increase to 30 in 6 years. City Telecom targets in 2013 to double up the production output produced in 2012.

02 04 08 12 20 20 22 26 28 32 37 46 55 56 57 58 60 61 62 119 120

02

03 % 3,762-3,762 100.0% (71,406) (32,110) (39,296) 122.4% (9.0) (4.1) (4.9) 119.5% (9.0) (4.1) (4.9) 119.5% 30.0 30.0 - - 15.0 15.0 - - 15.0 15.0 - - 178,750 51,255 127,495 248.7% 3,771,694 346,025 3,425,669 990.0% 251,606 346,025 (94,419) (27.3%) 3,520,088-3,520,088 100% 2,627,119 408,976 2,218,143 542.4% 3,271 1,238 2,033 164.2% 3,483,393 1,797,381 1,686,012 93.8% 809,017 771,912 37,105 4.8% 4.31 2.33 1.98 85.0%

04 1992 1997 IDD300 INC the Specialized IDD Network for Corporations 2001 2002 IDD0030 2006 2008 2009 2010 10 bb100 WiFi 199 26 1 Gbps 1Gbps 15820 1Gbps 9.91.3 4,500 CVC Capital Partners

05 1998 1999 2000 ISR IDD1666 2003 2004 2005 bb100 100Mbps bb1000 2b 99 13 100 Mbps Hong Kong HRM Awards Innovation in Recruitment Champion of HR 2011 2010 MusicOne bbtv 2012 100GB 60

1

08

09

2

12

13 500220 bbtv 850 500,000 18,000 3,000 ARRI 3D 4k8k

14 companion devices 73,800,000 32,100,000 3,800,000 87,600,000 4,873,600,000 3,520,100,000 3,771,700,000 4,873,600,000 183,400,00034,800,000 4,655,400,000 2,022,500,000 2.5 2,627,100,000 3,300,000 1,200,000 2,623,800,000 407,800,000 2,000,000 6,900,00021,300,000 200,000 300,000 3,111 950 90 105 70 183 3,271 1,238

15 462,400,000 449,200,000 178,800,000 283,600,000 700,000,000 7.80 1.00 2,000,000 5,600,000 1,300,000 1,000,000 700,000,000 800,000,000 15 1530 30 2.5 537 3,080 553,000,000566,700,000

3

20

21

22

23

The National Association of Broadcasters (NAB) Show 24

25 Discovery Channel 20 20 Discovery Channel The Kung Fu Killers Discovery Channel 2010 U.S. International Film & Video Festival Ursule Wong (Right) and Derek Tsang (Left) and our crews become the first team in Asia to shooting in the volcanic island in Vanuatu.

26 4 Life

27

28

Ben Ben Ben Be bow bow bow bow ow 100 100 100 0 29

30

31

32 2 1 1 2 Herzing Institute

33 4 3 3 Hong Kong Telecom International Limited 4

34 6 5 5 ARA Asset Management Limited ARA Asset Management (Fortune) LimitedARA Asset Management (Singapore) Limited) 6

35 7 8 7 8

36 37 46 55 56 57 58 60 61 62 119 120

37 14 14 10 (i) (ii)

38 32 35 (iii) (ii) 92 96 99 (iv) (v) 3.10

39 (vi) 42 (vii) (viii)

40 (i) 3.10(2) www.ctigroup.com.hk (i) (ii) Sarbanes-Oxley Act (iii) (iv)

41 (ii) (i) (ii) (iii) (iv) A.5.2 www.ctigroup.com.hk (iii) (i) (ii) (iii) (iv) B.1.2 www.ctigroup.com.hk (i) (ii)

42 7/7 7/7 1 2/2 2 2/2 3 4/5 4 # 4/5 1/2 # 7/7 1/2 * # 7/7 4/4 2/2 * # 7/7 4/4 2/2 * # 7/7 4/4 2/2 # 1/2 * # 1. 2. 3. 4. 5.

43 a. b. c. d. e. 55 1,630,0002,530,000 915,000 33 3.2915 32 113 115A

44 94(b) Committee of Sponsoring Organizations of the Treadway Commission (COSO) Sarbanes-Oxley Act Sarbanes-Oxley ActSOX Act SOX Act 404(a) COSO

45 www.ctigroup.com.hk

46 18 13 16 3 56118 22 2.515 15 1513.5 15 200,000393,000 14 22 79B 2,287,647,000 146,103,000

47 119 2012 2011 3,111 950 90 105 70 183 3,271 1,238 (i) (ii) (iii) (iv) (i) (ii) (iii) (iv)

48 92 96 99 3.13 32 35 13.51B (1) (1) (2) 11

49 XV352 (1) 15,236,893 339,814,284 (2)(i) 355,051,177 355,051,177 43.89% 25,453,424 24,924,339 (2)(ii) 50,377,763 50,377,763 6.23% 95,239 95,239 95,239 0.01% 50,000 50,000 50,000 0.01% (1) 809,016,643 (2) (i) (ii) 42.12%Top Group International LimitedTop Group 339,814,284 Top Group 50%Worship Limited24,924,339 51 52 18 XV 352

50 (1) (2) (3) 10%50,302,066 10%61,407,340 62,704,840 44,620,299 5.52% 30%30% (4) 1% 1% (5) (6) (7) 1.00 (8) (a) (b) (c)

51 (9) (10) 6 1 7 1.5224 8,091,604 (8,091,604) 1.53 1.5224 6,091,604 (6,091,604) 1.53 * 0.6523 165 (165) 0.64 1.7568 5,542,791 2 8 2 (5,542,790) (1) 1.99 4.2400 6,000,000 3 8 3 (6,000,000) 4.34 * 1.8660 6,044,791 4 8 4 (6,044,790) (1) 1.86 # 1.7568 302,239 5 5 (302,239) 1.79 # 1.5224 202,289 (202,289) 1.53 0.6523 102,291 (102,291) 0.64 * #

52 6 1 7 1.5224 3,605,682 (3,605,682) 1.53 0.6523 1,122,227 (1,121,336) (891) 0.64 37,105,683 (37,104,790) (893) 1. 37,104,7906,914,509 4.425.63 2. 3. 4. 5. 6. 7. 893629,665 8. (11)

53 336 Top Group International Limited 339,814,284 42.00% 809,016,643 336 30% 2012 2011 % % 11 17 32 49 5% 25% 37 45

54 10

55 56 118 141 10 8

56 2012 2011 3 3,762 4 (6,006) 18,200 5(a) (104,960) (23,481) 5(b) 19,920 3,456 5(c) (2,455) (7,303) 5 (71,539) (27,328) 6 (2,281) (4,782) (73,820) (32,110) 2 3,771,694 346,025 3,697,874 313,915 (71,406) (32,110) 3,771,694 346,025 3,700,288 313,915 (2,414) (2,414) 3,697,874 313,915 9 (9.0) (4.1) 480.9 44.9 471.9 40.8 9 (9.0) (4.1) 474.1 43.7 465.1 39.6 62 118

57 2012 2011 3,697,874 313,915 (265) 2,383 (4,881) 3,692,728 316,298 3,695,142 316,298 (2,414) 3,692,728 316,298 62 118

58 2012 2011 2012 2011 13 1,066 14 477,141 1,642,701 27,584 55,512 15 311,726 311,726 16 623,437 1,082,021 284 4,101 17 15,323 789,151 1,663,191 962,747 1,137,533 18 1,311 71,999 6,207 18 31,581 90,984 11,292 5,156 87,617 577 17 29,312 19(a) 544,040 544,040 19(b) 2,083,079 408,976 2,068,766 254,056 2,748,205 601,271 2,624,098 265,419 3,026 845 3,026 700 10,830 20 5,371 17,419 2,721 20 31,118 209,585 15,418 22,863 2,259 26,969 8,038 21 85,895 8,282 935 2,281 356 25 85 105 85 87 42,794 343,099 19,229 53,177 2,705,411 258,172 2,604,869 212,242 3,494,562 1,921,363 3,567,616 1,349,775

59 2012 2011 2012 2011 23 1,346 111,138 1,232 4,340 21 992 3,071 24 9,663 11,564 9,663 11,564 25 160 288 160 245 11,169 123,982 11,055 19,220 3,483,393 1,797,381 3,556,561 1,330,555 22 80,902 77,191 80,902 77,191 3,402,491 1,720,190 3,475,659 1,253,364 3,483,393 1,797,381 3,556,561 1,330,555 62 118

60 77,191 1,083,495 23,759 7 607,783 5,146 1,797,381 1,797,381 3,700,288 3,700,288 (2,414) 3,697,874 (5,146) (5,146) (5,146) 3,700,288 (5,146) 3,695,142 (2,414) 3,692,728 8(b) (115,901) (115,901) (115,901) 8(a) (2,022,542) (2,022,542) (2,022,542) 8(a) (119,674) (119,674) (119,674) 22(c)(i) 3,711 104,510 (33,044) 75,177 75,177 5(d) 10,480 10,480 10,480 (1,195) 1,195 14 165,156 165,156 165,156 2,450 2,450 (1,826) (1,826) (36) (1,862) 80,902 1,188,005 7 2,051,149 165,156 (1,826) 3,483,393 3,483,393 76,500 1,074,997 21,064 7 513,208 2,763 1,688,539 1,688,539 313,915 313,915 313,915 2,383 2,383 2,383 313,915 2,383 316,298 316,298 8(b) (103,735) (103,735) (103,735) 8(a) (115,605) (115,605) (115,605) 22(c)(i) 691 8,498 (1,957) 7,232 7,232 5(d) 4,652 4,652 4,652 77,191 1,083,495 23,759 7 607,783 5,146 1,797,381 1,797,381 62 118

61 2012 2011 26(a) 184,927 588,911 (3,003) (3,012) 181,924 585,899 (544,040) 14,282 3,059 2(d) 4,655,367 (467,840) (437,477) 24,022 20,229 3,681,791 (414,189) 3,863,715 171,710 26(b) 75,177 7,232 (125,000) 26(b) (99) (212) (19) (30) (1,152) (7,134) (4,638) (1,862) (2,257,812) (219,312) (2,191,749) (343,112) 1,671,966 (171,402) 408,131 578,175 (44) 1,358 2,080,053 408,131 19(b) 2,083,079 408,976 (3,026) (845) 2,080,053 408,131 62 118

62 1 (a) 1(c) (b) 1(g) 1(l) 1(o) 1(t) 1(u) 31 (c) 24

63 1 (c) 40 12 12 12 12 1240 12 12 (d) (e) (i)

64 1 (e) (i) 1(k) (ii) (f) (i)(ii) (i) (ii) (ii) (i) 1(k) (g) 1(v)(vi)

65 1 (h) (i) 1(k) (ii) 1(k) 50 4 210 420 4 (i) 1(k) 20 10

66 1 (j) (i) 1(j)(iii) (ii) 1(h)1(k) (iii) (k) (i)

67 1 (k) (i) 1(k)(ii) 1(k)(ii)

68 1 (k) (ii) (iii) 3434 1(k)(i) (k)(ii)

69 1 (l) (m) (n) (o) 1(k)(i) 1(k)(i) (p) (q) (i) (i) (ii) 1(q)(ii)

70 1 (q) (ii) (r) (i) (ii) (iii) (iv)

71 1 (s) 1(g)

72 1 (t) (u) 1(q) (v) (i) (ii) (iii) (iv) (v) (vi) (vii) (w) (x)

73 1 (y) (z) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i)

74 2 4,873,649,000 (a) 2012 2011 3 1,433,775 1,681,458 4 (277,028) (212,315) 5(a) (860,946) (1,073,683) 5(b) 3,638 3,793 5(c) 574 944 300,013 400,197 6 (48,407) (54,172) 251,606 346,025 2(c) 3,520,088 3,771,694 346,025 (b) 2012 2011 414,695 747,982 4,336,661 (363,124) (211,887) (379,843) 4,539,469 5,015

75 2 (c) 13 1,066 14 1,601,528 4,533 17 36,978 75,481 165,161 42,357 (7,529) (19,221) (147,364) (20,946) (1,721) 23(a) (157,102) (81,241) (49) 1,491,931 (4,873,649) (316,943) (4,881) 183,454 (3,520,088) (d) 4,873,649 (183,454) (34,828) 4,655,367

76 3 2012 2011 3,762 134,645 197,134 1,299,130 1,484,324 1,433,775 1,681,458 1,437,537 1,681,458

77 3 2012 3,762 134,645 1,299,130 1,437,537 1,100 698 10,530 (12,328) 4,862 135,343 1,309,660 (12,328) 1,437,537 (107,204) 32,555 263,246 188,597 6,317 18,200 3,520,088 17,241 (1,881) 3,748,562 (50,688) 3,697,874

78 3 2011 197,134 1,484,324 1,681,458 3,814 14,837 (18,651) 200,948 1,499,161 (18,651) 1,681,458 (23,481) 89,313 306,147 371,979 3,883 3,366 (6,359) 372,869 (58,954) 313,915

79 3 2012 2,755,116 2,755,116 544,040 238,200 3,537,356 51,682 51,682 935 1,346 53,963 178,750 3,665 279,978 462,393 4,636 7,021 174,248 185,905 2011 380,736 53,509 1,830,217 2,264,462 30,764 48,695 274,203 353,662 2,281 111,138 467,081 51,255 1,631 396,310 449,196 1,585 9,914 206,698 218,197 4

80 5 (a) 2012 2011 214 1,630 1,392 6,144 1,452 124 133 (1,632) 4,636 1,585 2,827 675 382 5(d) 55,971 6,837 15 5,217 33,790 13,285 104,960 23,481 271,532 344,136 1,071 1,385 181,252 216,338 17 274 181,269 216,612 26,910 28,426 (2,674) 626 5(d) 233,814 304,518 17 29,902 37,873 119,122 140,107 860,946 1,073,683 965,906 1,097,164

81 5 (b) 2012 2011 (16,167) (2,039) (3,388) (229) (1,234) (136) (183) (19,920) (3,456) (1,074) (1,327) (408) 239 (2,156) (2,705) (3,638) (3,793) (23,558) (7,249) (c) 2012 2011 15 22 1,152 182 (1,901) 271 1,251 4,341 4,425 2,455 7,303 4 8 (578) (952) (574) (944) 1,881 6,359

82 5 (d) 2012 2011 101,483 6,404 2,928 48 10 3,993 385 108,404 6,837 (47,140) (5,293) 55,971 6,837 396,008 511,205 564 10,480 4,652 10 38,074 43,487 444,562 559,908 (17,671) (22,206) (6,247) (10,843) (186,830) (222,341) 233,814 304,518 289,785 311,355

83 6 16.5%25% 15% 2012 2011 (935) (1,346) (4,782) (2,281) (4,782) (2,443) (3,524) (135) (45,964) (50,513) (48,407) (54,172) (50,688) (58,954)

84 6 2012 2011 3,748,562 372,869 (619,401) (63,606) 4,662 535 (3,627) (4,975) 6,872 (9,693) 577,383 (135) 2,406 (12) (51) (50,688) (58,954) (2,281) (4,782) (48,407) (54,172) (50,688) (58,954) 7 4,398,466,000212,267,000 8 (a) 2012 2011 2.5 2,022,542 1515 119,674 115,605 15 15 121,352 115,787 2,263,568 231,392

85 8 (b) 2012 2011 15 13.5 115,901 103,735 114,000 9 2012 2011 3,700,288 313,915 2012 2011 771,912 764,997 12,164 3,810 784,076 768,807 11,511 23,992 795,587 792,799 471.9 40.8 465.1 39.6

86 10 5% 10% 5% 10 100%3 9 5%1,000 1,250 20% 2012 2011 3,993 385 38,074 43,487 42,067 43,872

87 11 (a) 6,707 1,050 670 8,427 6,707 1,050 670 8,427 (a) 7,477 66,163 8,901 342 82,883 (a) 2,070 59,915 120 207 62,312 (b) 6,199 4,200 192 10,591 (b) 1,659 1,839 166 3,664 183 183 202 202 190 190 190 190 765 30,819 134,217 9,021 2,247 177,069 (a) (b) 6,704 1,000 670 8,374 6,706 1,000 670 8,376 9,733 1,310 3,006 456 14,505 2,762 635 1,906 276 5,579 176 176 195 195 182 182 182 182 735 25,905 3,945 4,912 2,072 37,569 112

88 11 (b) 2011 2,523 300 181 3,004 2011 3,000,0013,500,000 1 12 10%(a) (b) (c)

89 12 (a) 202,289 1 14,183,208 1 102,456 1 5,542,791 3/6/7 6,044,791 2/6/7 302,239 5 6,000,000 4/7 3,605,682 1 1,122,227 1 37,105,683 16,183,208 1 2,023,064 1 5,542,791 3/6 6,044,791 2/6 6,000,000 4 4,158,680 1 3,160,379 1 604,479 5 932,465 5/6 44,649,857

90 12 (a) 1 2 3 4 5 6 2 276,000 7 8,328,000

91 12 (b) 2012 2011 2.03 37,105,683 1.87 44,649,857 2.03 (37,104,790) 1.05 (6,914,509) 0.65 (893) 1.79 (629,665) 2.03 37,105,683 1.47 19,217,594 4.425.63 2.03 3 13 2012 2011 1,066 1,066 (1,066) 1,066

92 14 51,111 97,684 121,598 21,836 3,466,362 12,219 3,770,810 83,686 2,911 31,790 2,295 283,911 4,796 53,004 462,393 (16,343) (8,092) (8,836) (321,549) (6,951) (2,877) (364,648) (16,425) (125,516) (11,378) (3,378,790) (4,907) (3,537,016) 18,200 18,200 (118) (68) (1,774) (1,960) (3,306) 3,306 14 b 220,000 (57,361) 162,639 134,797 238,200 10,466 19,662 3,849 44,854 5,157 53,433 510,418 134,797 10,466 19,662 3,849 44,854 5,157 53,433 272,218 238,200 238,200 134,797 238,200 10,466 19,662 3,849 44,854 5,157 53,433 510,418 18,651 91,937 19,661 1,987,610 10,250 2,128,109 1,352 10,896 991 170,419 1,403 2,476 187,537 (16,343) (7,784) (8,640) (300,564) (6,424) (2,870) (342,625) (119) (59) (1,561) (1,739) (955) (91,764) (9,791) (1,829,916) (3,062) (1,935,488) (2,870) 2,870 14 b (2,517) (2,517) 188 3,166 2,162 23,118 2,167 2,476 33,277 134,797 238,200 10,278 16,496 1,687 21,736 2,990 50,957 477,141

93 14 5,197 90,911 113,286 21,191 3,130,209 12,948 3,373,742 51,111 1,576 6,851 203 388,828 627 449,196 (42) (57,268) (1,356) (58,666) 1,461 484 4,593 6,538 (5,197) 5,197 51,111 97,684 121,598 21,836 3,466,362 12,219 3,770,810 2,413 14,284 80,316 18,132 1,816,942 9,842 1,941,929 104 1,850 10,349 1,121 203,009 1,764 218,197 (42) (36,098) (1,356) (37,496) 1,272 450 3,757 5,479 (2,517) 2,517 18,651 91,937 19,661 1,987,610 10,250 2,128,109 51,111 79,033 29,661 2,175 1,478,752 1,969 1,642,701

94 14 2,680 9,913 9,459 296,910 3,656 322,618 217 27 20,369 571 21,184 (7,683) (8,782) (295,661) (2,867) (314,993) 4,720 4,720 7,400 2,447 704 21,618 1,360 33,529 2,447 704 21,618 1,360 26,129 7,400 7,400 7,400 2,447 704 21,618 1,360 33,529 8,822 8,933 246,071 3,280 267,106 474 326 5,583 136 6,519 (7,745) (8,583) (248,902) (2,450) (267,680) 1,551 676 2,752 966 5,945 7,400 896 28 18,866 394 27,584

95 14 2,784 9,719 9,463 309,253 4,901 336,120 194 464 658 (104) (104) (4) (12,807) (1,245) (14,056) 2,680 9,913 9,459 296,910 3,656 322,618 9,913 9,459 296,910 3,656 319,938 2,680 2,680 2,680 9,913 9,459 296,910 3,656 322,618 8,373 8,308 249,461 4,215 270,357 449 625 9,048 310 10,432 (12,438) (1,245) (13,683) 8,822 8,933 246,071 3,280 267,106 2,680 1,091 526 50,839 376 55,512

96 14 (a) 2012 2011 2012 2011 13,659 105 105 51,219 54 158 64,878 159 263 3,604 2,653 6,257 64,878 6,257 159 263 (b) 1(g) 165,156,000 (c)

97 14 (d) 2012 2011 2012 2011 383,275 130,144 7,400 2,680 134,797 51,111 10,278 79,033 238,200 7,400 2,680 383,275 130,144 7,400 2,680 (e) 92,000 267,000 (f) 36 (g) 638 7 1 2 3 100% 18 12141617 100% 18 13 100% 552-566 14 1 L13 100%

98 15 226,700 90,243 2,450 319,393 (2,450) (2,450) 226,700 90,243 316,943 2,905 2,312 5,217 2,905 2,312 5,217 223,795 87,931 311,726 226,700 90,243 316,943 226,700 90,243 316,943 2,905 2,312 5,217 2,905 2,312 5,217 223,795 87,931 311,726

99 16 2012 2011 (a) 51,791 (b) 623,437 1,040,414 623,437 1,092,205 (10,184) 623,437 1,082,021 (a) Attitude Holdings Limited # 1 100 Best Intellect Limited 1 * 100 Cosmo True Limited 1 * 100 10,000 100 Golden Trinity Holdings Limited # 1 * 100 10,000 100 2 100 10,000 100 2 100 100 100 Multi Talent Enterprise Limited 1 * 100 ^ 8,000,000 ^ 383,049 * # ^ (b) 625,860,0009

100 17 2012 2011 44,635 35,612 22,245 46,896 (29,902) (37,873) 36,978 44,635 (36,978) (29,312) 15,323 18 2012 2011 2012 2011 1,311 78,529 6,526 (6,530) (319) 1,311 71,999 6,207 31,581 90,984 11,292 5,156 32,892 162,983 11,292 11,363 (a) 2012 2011 2012 2011 30 573 44,949 1,647 31 60 565 16,417 2,674 61 90 94 6,861 389 90 79 10,302 1,816 1,311 78,529 6,526 30

101 18 (b) 1(k)(i) 2012 2011 2012 2011 6,530 5,823 319 559 9,707 13,636 335 483 (11,707) (12,929) (723) (4,530) (654) 6,530 319 (c) 2012 2011 2012 2011 573 44,949 1,647 0 30 565 16,417 2,674 31 60 94 6,861 389 60 79 3,772 1,497 1,311 71,999 6,207 (d) 1,392,0009,026,000

102 19 (a) (b) 2012 2011 2012 2011 263,270 206,046 2,083,079 145,706 2,068,766 48,010 2,083,079 408,976 2,068,766 254,056 20 2012 2011 2012 2011 5,371 17,419 2,721 31,118 209,585 15,418 22,863 36,489 227,004 15,418 25,584 (a) 2012 2011 2012 2011 30 2,920 11,719 1,137 31 60 315 245 61 61 90 84 733 90 2,052 4,722 1,523 5,371 17,419 2,721 (b) 21

103 22 (a) 77,191 1,083,495 23,759 7 146,103 1,330,555 4,398,466 4,398,466 (115,901) (115,901) (2,022,542) (2,022,542) (119,674) (119,674) 3,711 104,510 (33,044) 75,177 10,480 10,480 (1,195) 1,195 80,902 1,188,005 7 2,287,647 3,556,561 76,500 1,074,997 21,064 7 153,176 1,325,744 212,267 212,267 (103,735) (103,735) (115,605) (115,605) 691 8,498 (1,957) 7,232 4,652 4,652 77,191 1,083,495 23,759 7 146,103 1,330,555

104 22 (b) (i) 48B (ii) 1(r)(iv) (iii) 1(e)(ii) (c) 2012 2011 0.10 2,000,000,000 200,000 2,000,000,000 200,000 0.10 771,911,853 77,191 764,997,344 76,500 (i) 37,104,790 3,711 6,914,509 691 809,016,643 80,902 771,911,853 77,191 (i) 2.031.05 37,104,7906,914,509 75,177,0007,232,000 3,711,000691,00071,466,0006,541,000 33,044,0001,957,0001(r)(iv)

105 22 (c) (ii) 1.5224 3,807,971 (3,807,971) 1.5224 14,183,208 (14,183,208) 0.6523 1,224,683 (1,223,792) (891) 1.7568 5,542,791 (5,542,790) (1) 1.8660 6,044,791 (6,044,790) (1) 1.7568 302,239 (302,239) 4.2400 6,000,000 (6,000,000) 37,105,683 (37,104,790) (893) 0.10 (d)

106 23 (a) (i) (146,799) 90,956 (55,843) (21,185) (34,110) (55,295) (7) 7 (167,991) 56,853 (111,138) (167,991) 56,853 (111,138) (25,849) (21,461) (47,310) 181,737 (24,635) 157,102 (12,103) 10,757 (1,346) (ii) (6,098) (6,098) 1,209 549 1,758 (4,889) 549 (4,340) (4,889) 549 (4,340) 2,603 505 3,108 (2,286) 1,054 (1,232)

107 23 (a) (iii) 2012 2011 2012 2011 (1,346) (111,138) (1,232) (4,340) (1,346) (111,138) (1,232) (4,340) (b) 59,787,0008,087,000 2012 2011 15 20 2,412 59,787 5,675 59,787 8,087 (c) 31,550,00010%5%

108 24 2012 2011 9,663 11,564 175,000,000 39 25 2012 2011 2012 2011 (a) 245 393 245 332 (85) (105) (85) (87) 160 288 160 245 2012 2011 2012 2011 85 105 85 87 90 105 90 85 70 183 70 160 245 393 245 332 (85) (105) (85) (87) 160 288 160 245

109 25 (a) 2012 2011 85 10 95 105 20 125 90 5 95 105 14 119 70 1 71 183 8 191 160 6 166 288 22 310 245 16 261 393 42 435 2012 2011 85 10 95 87 14 101 90 5 95 85 10 95 70 1 71 160 7 167 160 6 166 245 17 262 245 16 261 332 31 363

110 26 (a) 2012 2011 3,748,562 372,869 187,396 217,790 141 407 (1,632) 29,902 37,873 2,450 (17,241) (3,366) 19 30 (1,999) 1,008 10,480 4,652 (18,200) (3,520,088) 5,217 1,251 (1,901) 271 3,763 3,473 182 1,152 426,869 637,592 (716) 1,073 (108,169) 26,543 (22,245) (46,896) (85,985) (19,181) (9,490) (5,646) (19,911) 184,927 588,911

111 26 (b) 1,172,561 605 123,567 7,232 (212) (125,000) 1,251 182 4,652 1,184,445 393 1,184,445 393 75,177 (99) (49) 10,480 (1,195) 1,268,907 245 27 (a) 30 18 28 28 18

112 27 (b) 2012 2011 3,026 3,026 3,026 845 845 845 5,371 5,371 5,371 17,419 17,419 17,419 31,118 31,118 31,118 209,585 209,585 209,585 2,259 2,259 2,259 26,969 26,969 26,969 85 95 95 105 125 125 9,663 10,060 4,619 4,174 1,267 11,564 12,590 4,716 4,000 3,874 160 166 95 71 288 310 119 191 51,682 52,095 46,488 4,269 1,338 266,775 267,843 259,659 4,119 4,065

113 27 (b) 2012 2011 3,026 3,026 3,026 700 700 700 10,830 10,830 10,830 2,721 2,721 2,721 15,418 15,418 15,418 22,863 22,863 22,863 8,038 8,038 8,038 85 95 95 87 101 101 9,663 10,060 4,619 4,174 1,267 11,564 12,590 4,716 4,000 3,874 160 166 95 71 245 262 95 167 29,052 29,465 23,858 4,269 1,338 56,348 57,405 49,269 4,095 4,041 (c) 175,000,000 100 1,750,0001,750,00024

114 27 (d) 7.80 1.00 (e) 7 2012 9,663 9,663 2011 11,564 11,564

115 27 (f) 28 2012 2011 2012 2011 1,330 1,300 1,950 5,572 1,950 6,902 1,300 23,260,00038,900,000 1,950,0006,902,000 29 (a) 2012 2011 2012 2011 4,958 141,432 3,119 827,401 600,000 41,659 2,743 5,000

116 29 (b) 2012 2011 2012 2011 5,373 27,679 2,294 20,642 7,667 48,321 63,300 168 17,103 5 3,211 83,614 173 7,667 131,935 173 (c) 2012 2011 96,613 25,777 106,669 27,197 203,282 52,974

117 30 11(a)11(b) 2012 2011 176,852 35,979 2,488 2,616 9,546 4,652 188,886 43,247 31 12 14 27 (a) (b) 36

118 32 1 10 12 13 27 7 32 9

119 2012 2011 2010 2009 2008 3,762 1,433,775 1,681,458 1,574,687 1,478,239 1,302,981 1,437,537 1,681,458 1,574,687 1,478,239 1,302,981 (73,820) (32,110) 9,029 31,189 (380) 251,606 346,025 207,837 181,640 125,570 177,786 313,915 216,866 212,829 125,190 3,520,088 (73,820) (32,110) 9,029 31,189 (380) 3,771,694 346,025 207,837 181,640 125,570 3,697,874 313,915 216,866 212,829 125,190 1,066 1,066 1,066 1,066 477,141 1,642,701 1,431,813 1,302,380 1,231,399 311,726 284 4,101 5,174 6,091 5,586 26,335 44,635 35,612 49,460 56,095 2,748,205 571,959 777,884 431,411 772,929 3,537,356 2,264,462 2,251,549 1,790,408 2,093,410 42,794 343,099 362,364 383,056 372,369 11,169 123,982 200,646 178,825 688,434 53,963 467,081 563,010 561,881 1,060,803 3,483,393 1,797,381 1,688,539 1,228,527 1,032,607

120 1137 CTEL 3 4 3 5 3 3 5 7 9 1 7 8 2 7 9 2 5 6 9 1 2 3 4 5 6 7 8 9 18 13 8 18 10 8 183 46 The Bank of New York Mellon Corporation 101 Barclay Street, 22nd Floor New York, NY 10286 USA www.ctigroup.com.hk

The Aggregation of Talents CREATIVE PROFESSIONALS 500220 City Telecom embraces more than 500 backstage talents and signed up approximately 220 artistes.

The Aggregation of Talents OUR ARTISTES WONG YAT WA CHEUNG HO YEE MAGGIE HA YU PAW HEE CHING LAM MAN LUNG LAM KAR WAH LIU KAI CHI LIU BERNICE JAN LEILA

JOHN CHIANG SO WING HONG WILLIAM KWOK FUNG SAM LEE LEUNG SIU BING LIEW MEI KWAN PRUDENCE SHEK SAU TSANG WAI KUEN CHAU KA YEE

The Aggregation of Talents OUR ARTISTES WONG HE KWAN KELVIN AI WAI KATE YEUNG WONG TSZ CHING ADRIAN KATHY CHOU TSUN WAI LAWRENCE LOK YING KWAN CHAN JASON

CHAN ON YING LO HOI PANG CHAN MANNOR YIN TERENCE TZU WEI CHIANG CHO MAN CHEUNG CHUNG CHI YUEN WAH HUANG GRACE LAU HO LUNG WILFRED

The Aggregation of Talents OUR ARTISTES KUNG CHE YAN KEUNG HO MAN PHILIP YOUNG DEXTER CHIANG BENJAMIN YIP ANNIE LIU CHOI WING YAN EVELYN MICHELLE CHIANG LESLEY LAM LEE

POON CHAN LEUNG YU MO LIN CHAN YU SUM SAM YING CHEONG YAU CHARLES WONG URSULE ZAC KOO CHAN SIU PONG LI YU YEUNG EDDIE LAU YUK CHUI

The Aggregation of Talents OUR ARTISTES SIN HO YING FUNG SO BOR TSANG KWOK CHEUNG LEANNE HO LUI YAU WAI PAK BIU LEUNG PO KI WONG CHING CHAN YUEN WAI CALINDA LWUNG KIN PING NG YUEN YEE BONNIE WONG

LAI PETER TANG KIN MING LUI YAU FAI PATRICK TSE YUET MAY CHAN KWAN VIVI LEE KWAN PO WAI EMILY LUI HEI SHERMING YIU MAK CHI LOK BRYANT CHEN CHAI PING MARIA BONDY CHIU

The Aggregation of Talents OUR ARTISTES CHAN KA LOK WONG MEI KI MAGGIE TSE CHI LUN PANG KWOK LEUNG PETER CHAN WING YIN ANITA ANN HO SHAM KIT YEE YAN NG LI FUNG WONG CHAK FUNG JONES LEE LI HUNG KIT

PAU HONG YI CHERRY RACHEL LAM LI KA LUN TSZ YUEN JASON LAM MA WING YAN WINNIE FAN CHOI YEE WU KWING LUNG DANIEL KWOK LU HEI LOY YOE BIU LAW KWUN FUNG

The Aggregation of Talents OUR ARTISTES LEE RIKKO OI KEI KOO AYALA CARLOS ERNESTO CHAN TAN TAN EMILY WONG CHAN MAN CHING SHUM WINNIE TSE SHAN SHAN TING LOK SZE LO MAN KIT SIMON CHEUNG KIT LIN WONG KWUN BUN EUNICE HO

WONG MAN PIU WONG YING JOYCE CHEUNG YICK CHAN SZE WAI EVA GUTIERREZ RAY ANTHONY ANNIE CHONG PAU HIU WAH TING CHE WAI CAMY CHENG KA SANG LUVIN KWAN WAI LUN WONG FUNG KING CANDY

The Aggregation of Talents OUR ARTISTES LEE CHEUK LING KAREN KWONG CHOR FAI TONY LENA WONG CHUI YEE TWEETY CHENG SHU FUNG NG WAI SHAN LAM YING HUNG PANG KA LAI ANGELA LEE WONG SANG CHEUNG CANDY SHUET KWAN LI ANNA HO MAN KIT

LUK CHUN KONG ALAN FU CHOR WAI HUI MING CHI WONG KING WAI PATRICK CHAN PUI SZE TSANG AMY LEI SIN HANG JACKY WONG LING YAN KAWAII KWAN YI TUNG CHAN LEI MAN QUEENIE CHOW TSZ LUNG THOMAS CHU YUEN YEE CANDY

The Aggregation of Talents OUR ARTISTES LAI CHUN YE HO TING YAN JIM PING HEI CHIU MAN TUNG KONG FAI AMOS TO WONG KA HIM JACKY CHALK NORTH LUI KA FAI JIANG XIAO JIE LUEN JEREMY YU CHOI LAM

HO HING FAI RICKSEN TAM YU TIN YAN ALISON CHIU TSUN MING PAUL CHONG SHIU LUN HUI CHUN HO KA CHUN CHEUNG KA WAI WONG SIU PING LEE YIU TONG GARY WONG HO TING NG HOI LAM

The Aggregation of Talents OUR ARTISTES CHAN SZE MAN LI TSZ KI VIVIAN LAU YI CHING CHEUNG HOK LEUNG TSANG KAI LUN YEUNG HUNG CHUN JACK HAU KIN MAN TANG BOK HIN VECTRA KWOK WING TUNG CHEUNG HUNG HEI CHAN ROCKY CHAN CHIK WING

LAM HOI YEE CHENG PAN HO TIM KWOK CHEUNG NGAR LAI MARK CHAN LAW CHIU CHUNG CHIU SIN HANG LEUNG KIN HANG

Where the English and the Chinese texts conflict, the English text prevails Concept and design: Phoenix Communications Limited Printing: ione Financial Press Limited. Website: www.ione.com.hk

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