09:19     PCCW<00008> - Announcement & Resumption of Trading (8)              

    `Subscription'                 the subscription for the                   
                                   Subscription Shares pursuant               
                                   to the Subscription                        
                                   Agreement                                  
    `Subscription Agreement'       a conditional subscription                 
                                   agreement entered into                     
                                   between the Company, China                 
                                   Netcom and the Subscriber                  
                                   dated 19 January 2005 in                   
                                   relation to the                            
                                   Subscription                               
    `Subscription Shares'          a total of 1,343,571,766 new               
                                   Shares which are to be                     
                                   subscribed by the Subscriber               
                                   pursuant to the Subscription               
                                   Agreement                                  
    `Takeovers Code'               the Hong Kong Code on                      
                                   Takeovers and Mergers                      
    `Voting Undertaking'           the voting undertaking given               
                                   by each of the PCCW                        
                                   Substantial Shareholders to                
                                   China Netcom in the PCCW                   
                                   Substantial Shareholders                   
                                   Agreements                                 
    `%'                            percent                                    
                                                                              
                                                                              
                                                                              
                                                                              
    By the Order of the Board                                                 
    PCCW Limited                                                              
    Hubert Chak                                                               
    Company Secretary                                                         
                                                                              
    Hong Kong, 20 January 2005                                                
    The Directors of the Company as at the date of this announcement are      
    as follows:                                                               
                                                                              
    Executive Directors:                                                      
    Li Tzar Kai, Richard (Chairman); So Chak Kwong, Jack (Deputy              
    Chairman and Group Managing Director); Yuen Tin Fan, Francis (Deputy      
    Chairman); Peter Anthony Allen; Alexander Anthony Arena; Chung Cho        
    Yee, Mico; Lee Chi Hong, Robert                                           
                                                                              
    Non-Executive Directors:                                                  
    Sir David Ford, KBE, LVO; The Hon Raymond George Hardenbergh Seitz        
                                                                              
                                                                              
    Independent Non-Executive Directors:                                      
    Prof Chang Hsin-kang; Dr Fung Kwok King, Victor;                          
    Dr The Hon Li Kwok Po, David, GBS, JP; Sir Roger Lobo, CBE, JP; Aman      
    Mehta