10:19     CCT TELECOM<00138> & CCT TECH INT'L<00261> - Joint Ann. (4)         

    (b)   The adjustment reflects the issuance of Convertible Bonds by        
    CCT Telecom to the holder of the CCT Tech 2005 CN for acquisition         
    of the entire CCT Tech 2005 CN, excluding any expense in connection       
    with the issue of the Convertible Bonds.                                  
                                                                              
    (c)   As at 30 June 2004, CCT Tech was a subsidiary of CCT Telecom        
    which held 34.66% shareholding interest in CCT Tech. As such, the         
    assets and liabilities of the CCT Tech Group had already been             
    consolidated in the CCT Telecom Group's consolidated balance sheet.       
    The adjustment reflects the elimination of the minority interests         
    amounting to HK$138 million representing 65.34% of the consolidated       
    net asset value of the CCT Tech Group as at 30 June 2004 as set out       
    in the interim report of CCT Tech for the period then ended on the        
    assumption that CCT Tech had become a wholly-owned subsidiary of CCT      
    Telecom following the full acceptance and completion of the Offers        
    as at 30 June 2004.                                                       
                                                                              
    (d)   The goodwill represents the difference between the total            
    consideration of the Offers (excluding any expense in connection          
    with the Offers) amounting to approximately HK$354 million and the        
    aggregate total of the minority interests of the CCT Tech Group           
    amounting to approximately HK$138 million and the principal amount        
    of CCT Tech 2005 CN before completion of the Offers.                      
                                                                              
    As at the date of this announcement, the executive directors of CCT       
    Telecom are Mr. Mak Shiu Tong, Clement, Mr. Tam Ngai Hung, Terry,         
    Ms. Cheng Yuk Ching, Flora and Dr. William Donald Putt and the            
    independent non-executive directors of CCT Telecom are Mr. Samuel         
    Olenick, Mr. Tam King Ching, Kenny and Mr. Lau Ho Man, Edward.            
                                                                              
    As at the date of this announcement, the executive directors of CCT       
    Tech are Mr. Mak Shiu Tong, Clement, Mr. Tam Ngai Hung, Terry, Ms.        
    Cheng Yuk Ching, Flora, Mr. Tong Chi Hoi and Dr. William Donald Putt      
    and the independent non-executive directors of CCT Tech are Mr. Chow      
    Siu Ngor, Mr. Lau Ho Kit, Ivan and Mr. Chen Li.                           
                                                                              
    By Order of the Board of                                                  
    CCT TELECOM HOLDINGS LIMITED                                              
    Mak Shiu Tong, Clement                                                    
    Chairman                                                                  
                                                                              
    By Order of the Board of                                                  
    CCT TECH INTERNATIONAL LIMITED                                            
    Tam Ngai Hung, Terry                                                      
    Director                                                                  
                                                                              
    Hong Kong, 31 March 2005                                                  
                                                                              
    The directors of CCT Telecom jointly and severally accept full            
    responsibility for the accuracy of the information (other than that       
    in respect of the CCT Tech Group) in this announcement and confirm,       
    having made all reasonable enquiries, that to the best of their           
    knowledge, opinions expressed in this announcement have been arrived      
    at after due and careful consideration and there are no other facts       
    not contained in this announcement the omission of which would make       
    any statement in this announcement misleading.                            
                                                                              
    The directors of CCT Tech jointly and severally accept full               
    responsibility for the accuracy of the information (other than that       
    in respect of the CCT Telecom Group and the Offeror) in this              
    announcement and confirm, having made all reasonable enquiries, that      
    to the best of their knowledge, opinions expressed in this                
    announcement have been arrived at after due and careful                   
    consideration and there are no other facts not contained in this          
    announcement the omission of which would make any statement in this       
    announcement misleading.