09:19     PCCW<00008> - Announcement & Resumption of Trading (7)              

                                   Exchange                                   
    `Company'                      PCCW Limited, a company                    
                                   incorporated in Hong Kong                  
                                   with limited liability, the                
                                   Shares of which are listed on              
                                   the Stock                                  
                                   Exchange                                   
    `Completion'                   the completion of the                      
                                   Subscription pursuant to the               
                                   Subscription                               
                                   Agreement                                  
    `Director(s)'                  director(s) of the Company                 
    `Group'                        the Company and its                        
                                   subsidiaries                               
    `HK$'                          Hong Kong dollars                          
    `Independent Shareholders'     the Shareholders of the                    
                                   Company other than the PCCW                
                                   Substantial                                
                                   Shareholders                               
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the               
                                   Stock                                      
                                   Exchange                                   
    `Non-Disposal Undertaking'     the non-disposal undertaking               
                                   given by each of the PCCW                  
                                   Substantial Shareholders to                
                                   China Netcom in the PCCW                   
                                   Substantial Shareholders'                  
                                   Agreements                                 
    `PCCW Substantial              means PCRD, PCGH and PCD                   
    Shareholders'                                                             
    `PCD'                          Pacific Century Diversified                
                                   Limited, a company                         
                                   incorporated in the Cayman                 
                                   Islands with limited                       
                                   liability and which is indirectly 100%     
                                   controlled by Li Tzar Kai,                 
                                   Richard (a Director and the                
                                   Chairman of the                            
                                   Company)                                   
    `PCGH'                         Pacific Century Group                      
                                   Holdings Limited, a company                
                                   incorporated in the British                
                                   Virgin Islands with limited                
                                   liability and which is                     
                                   100% controlled by                         
                                   certain trusts, the founder                
                                   of which was Li Tzar Kai,                  
                                   Richard (a Director and the                
                                   Chairman of the                            
                                   Company)                                   
    `PCRD'                         Pacific Century Regional                   
                                   Developments Limited, a                    
                                   company incorporated in                    
                                   Singapore with limited                     
                                   liability, the shares of                   
                                   which are listed on the                    
                                   Singapore Exchange Securities              
                                   Trading                                    
                                   Limited                                    
    `PCCW Substantial              means the anti-dilution                    
    Shareholders Anti-Dilution     agreements dated 19 January                
    Agreements'                    2005 and entered into between              
                                   each of the PCCW Substantial               
                                   Shareholders and the Company               
    `PCCW Substantial              means the shareholders                     
    Shareholders                   agreements dated 19 January                
    Agreements'                    2005 and entered into between              
                                   each of the PCCW Substantial               
                                   Shareholders and China Netcom              
    `PRC'                          the People's Republic of                   
                                   China, excluding Hong Kong,                
                                   Macau and                                  
                                   Taiwan                                     
    `Shares'                       ordinary shares of nominal                 
                                   value HK$0.25 each in the                  
                                   capital of the                             
                                   Company                                    
    `SFC'                          the Securities and Futures                 
                                   Commission of Hong                         
                                   Kong                                       
    `Shareholders'                 holder(s) of the Shares                    
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong                                       
                                   Limited                                    
    `Subscriber'                   China Netcom Group                         
                                   Corporation (BVI) Limited, a               
                                   company incorporated in the                
                                   British Virgin Islands which               
                                   is a wholly-owned subsidiary               
                                   of China Netcom, or a                      
                                   wholly-owned subsidiary of                 
                                   China Netcom Group                         
                                   Corporation (BVI) Limited