09:41     PCPD<00432> - Announcement (4)                                      

                                   Limited, a wholly-owned                    
                                   subsidiary of the Company                  
    `Cyberport'                    the residential and                        
                                   commercial property                        
                                   development project situated               
                                   at Telegraph Bay in Hong                   
                                   Kong, and which CPL has                    
                                   undertaken to construct on                 
                                   behalf of FSI Holdings                     
    `Directors'                    directors of the Company                   
    `FSI Holdings'                 Hong Kong Cyberport                        
                                   Development Holdings Limited,              
                                   Hong Kong Cyberport                        
                                   Management Company Limited                 
                                   and Hong Kong Cyberport                    
                                   (Ancillary Development)                    
                                   Limited and their respective               
                                   successors or assigns, or any              
                                   of them as the context may                 
                                   require                                    
    `Group'                        the Company and its                        
                                   subsidiaries                               
    `HK$'                          Hong Kong dollars, the lawful              
                                   currency of Hong Kong                      
    `Hong Kong'                    The Hong Kong Special                      
                                   Administrative Region of the               
                                   People's Republic of China                 
    `Listing Rules'                the Rules Governing the                    
                                   Listing of Securities on the               
                                   Stock Exchange                             
    `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                                   
    `PCCW Group'                   PCCW and its subsidiaries                  
    `percentage ratios'            has the meaning ascribed to                
                                   it in Chapter 14 of the                    
                                   Listing Rules                              
    `Stock Exchange'               The Stock Exchange of Hong                 
                                   Kong Limited                               
    `substantial shareholder'      has the meaning ascribed to                
                                   it under the Listing                       
                                   Rules.                                     
                                                                              
                                   By Order of the Board                      
                                   Chan Ya Lai, Alice                         
                                   Company Secretary                          
                                                                              
    Hong Kong, 22 April 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