09:55     PCCW<00008> - Announcement (5)                                      

                                   and other restructuring                    
                                   mentioned in this                          
                                   announcement (amounting to                 
                                   approximately US$1.2 billion               
                                   in aggregate prior to such                 
                                   restructuring)                             
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited                               
    `Telstra'                      Telstra Corporation Limited,               
                                   a company incorporated in                  
                                   Australia with limited                     
                                   liability and whose shares                 
                                   are listed on The Australian               
                                   Stock Exchange Limited                     
    `Telstra Group'                Telstra and its subsidiaries               
                                                                              
                                                                              
                                                                              
    Hong Kong, 16 April 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; Zhang Chunjiang; Dr Tian Suning (Deputy         
    Chairman); Dr Fan Xingcha                                                 
                                                                              
    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, LLD, JP; Aman Mehta; The Hon     
    Raymond George Hardenbergh Seitz