09:15     PCPD<00432> - Announcement (2)                                      

    The Company and its subsidiaries are principally engaged in the           
    development of premium properties in Asia and the investment in           
    premium-grade buildings in Asia or substantial parts thereof.             
                                                                              
                                                                              
    DEFINITIONS                                                               
                                                                              
    In this announcement, the following expressions have the meanings         
    set out below unless the context requires otherwise:                      
                                                                              
    `Asian Motion'                 Asian Motion Limited, a                    
                                   company incorporated in the                
                                   British Virgin Islands and a               
                                   wholly-owned subsidiary of                 
                                   PCCW                                       
    `CB Shares'                    520,000,000 new Shares to be               
                                   issued pursuant to the                     
                                   Conversion                                 
    `Company'                      Pacific Century Premium                    
                                   Developments Limited, a                    
                                   company incorporated in                    
                                   Bermuda with limited                       
                                   liability, the shares of                   
                                   which are listed on the main               
                                   board of the Stock Exchange                
    `Conversion'                   conversion of the Convertible              
                                   Note                                       
    `Convertible Note'             Tranche A convertible note                 
                                   with the principal amount of               
                                   HK$1,170,000,000 issued by                 
                                   the Company to PCCW on 10 May              
                                   2004, being the completion                 
                                   date of the acquisition of                 
                                   various property interests of              
                                   PCCW, details of which were                
                                   set out in the circular of                 
                                   the Company dated 2 April                  
                                   2004                                       
    `Directors'                    directors of the Company                   
    `HK$'                          Hong Kong dollars, the lawful              
                                   currency of Hong Kong                      
    `PCCW'                         PCCW Limited, a company                    
                                   incorporated in Hong Kong                  
                                   with limited liability, the                
                                   shares of which are listed on              
                                   the main board of the Stock                
                                   Exchange                                   
    `Share(s)'                     Share(s) of HK$0.10 each in                
                                   the capital of the Company                 
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong                                       
                                   Limited                                    
                                                                              
                                                                              
                                                                              
                                   By Order of the Board                      
                                   Hubert Chak                                
                                   Director                                   
                                                                              
                                                                              
                                                                              
    Hong Kong, 24 February 2005                                               
                                                                              
    The directors of the Company as at the date of this announcement are      
    as follows:                                                               
                                                                              
    Executive Directors:                                                      
    Li Tzar Kai, Richard (Chairman); Yuen Tin Fan, Francis (Deputy            
    Chairman); Lee Chi Hong, Robert (Chief Executive Officer); Alexander      
    Anthony Arena and Hubert Chak                                             
                                                                              
    Non-Executive Director:                                                   
    Dr Allan Zeman, GBS, JP                                                   
    Independent Non-Executive Directors:                                      
    Ronald James Blake, OBE, JP; Cheung Kin Piu, Valiant; Tsang Link          
    Carl, Brian and Prof Wong Yue Chim, Richard, SBS, JP