09:57     CCT TELECOM<00138>&CCT TECH INT'L<00261> - J.Ann.&Resume(4)         

    (c)   represents a premium of approximately 9.52% over the average        
    closing price of approximately HK$0.021 per CCT Tech Share for the        
    last sixty trading days up to and including the Last Trading Day;         
    and                                                                       
                                                                              
    (d)   represents a premium of approximately 109.09% to the audited        
    consolidated net asset value per CCT Tech Share of approximately          
    HK$0.011 as at 31 December 2003 (based on the audited consolidated        
    net assets of approximately HK$142,143,000 and 13,138,422,562 CCT         
    Tech Shares in issue as at 31 December 2003) and a premium of             
    approximately 53.33% to the unaudited consolidated net asset value        
    per CCT Tech Share of approximately HK$0.015 as at 30 June 2004           
    (based on the unaudited consolidated net assets of approximately          
    HK$210,599,000 and 14,138,422,562 CCT Tech Shares in issue as at          
    30 June 2004).                                                            
                                                                              
    The CCT Tech 2005 CN and the CCT Tech 2008 CN                             
                                                                              
    As at the date of this announcement, New Capital, a company               
    wholly-owned by Mr. Mak Shiu Tong, Clement, the Chairman and an           
    executive director of both CCT Telecom and CCT Tech, and his family       
    members,  is the registered holder of the CCT Tech 2005 CN. The           
    full conversion of the CCT Tech 2005 CN would result in the issue         
    of 4,500,000,000 new CCT Tech Shares (representing approximately          
    28.23% of the existing issued capital of CCT Tech and approximately       
    22.02% of the issued share capital of CCT Tech as enlarged                
    thereby).                                                                 
                                                                              
    New Capital has provided an irrevocable undertaking to the Offeror        
    to accept the Offers in the form of the CCT Tech 2005 CN or the           
    4,500,000,000 new CCT Tech Shares immediately upon the Offers             
    having been approved by the CCT Telecom Shareholders and opt for          
    the Convertible Bonds.  The consideration of the CCT Tech 2005 CN         
    is based on value of the underlying 4,500,000,000 new CCT Tech            
    Shares at the offer price of HK$0.023 per CCT Tech Share.                 
                                                                              
    The CCT Tech 2008 CN in the outstanding principal amount of HK$615        
    million as at date of this announcement is held by an indirect            
    wholly-owned subsidiary of CCT Telecom, Noble Team Investments            
    Limited, a party acting in concert with the Offeror. The CCT Tech         
    2008 CN will not form part of the Offers.                                 
                                                                              
    (The details of the shareholding of CCT Tech (i) before conversion of the 
    CCT Tech 2005 CN and the CCT Tech 2008 CN; and (ii) assuming conversion of
    the CCT Tech 2005 CN and the CCT Tech 2008 CN in full as of the date of   
    this announcement, please refer to the press announcement today.)