10:58     PCCW<00008> - Announcement (4)                                      

    DEFINITIONS                                                               
    `2004 Form 20-F'               the Company's annual report                
                                   on Form 20-F for the year                  
                                   ended December 31, 2004                    
    `ADS'                          American Depositary Shares,                
                                   each representing 10 Shares,               
                                   being rights and interests in              
                                   the Shares deposited with                  
                                   Citibank, N.A. as depositary               
                                   pursuant to the securities                 
                                   law and regulations of the                 
                                   United States                              
    `Company'                      PCCW Limited, a company                    
                                   incorporated in Hong Kong                  
                                   with limited liability, the                
                                   Shares of which are listed on              
                                   The Stock Exchange of Hong                 
                                   Kong Limited and has                       
                                   securities in the form of ADS              
                                   listed on the New York Stock               
                                   Exchange, Inc.                             
    `Group'                        the Company and its                        
                                   subsidiaries                               
    `HK GAAP'                      generally accepted accounting              
                                   principles in Hong Kong                    
    `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                 
    `Reach'                        Reach Ltd., a company                      
                                   incorporated in Bermuda with               
                                   limited liability and a 50:50              
                                   joint venture between the                  
                                   Company and Telstra                        
    `RWC'                          Joint Venture (Bermuda) No. 2              
                                   Limited, which indirectly                  
                                   owns 100% of Hong Kong mobile              
                                   operator Hong Kong CSL                     
                                   Limited. After Telstra's                   
                                   purchase of 60% of RWC in                  
                                   February 2001, the Group                   
                                   owned the remaining 40% of                 
                                   RWC until this interest was                
                                   sold to Telstra on June 28,                
                                   2002                                       
    `SEC'                          the Securities and Exchange                
                                   Commission of the United                   
                                   States                                     
    `Shareholder(s)'               holder(s) of Shares                        
    `Share(s)'                     share(s) of HK$0.25 each in                
                                   the capital of the Company                 
    `Telstra'                      Telstra Corporation Limited,               
                                   a company incorporated in                  
                                   Australia with limited                     
                                   liability and whose shares                 
                                   are listed on The Australian               
                                   Stock Exchange Limited                     
    `US' or `United States'        the United States of America,              
                                   its territories and                        
                                   possessions, any State of the              
                                   United States and the                      
                                   District of Columbia                       
    `US GAAP'                      generally accepted accounting              
                                   principles in the United                   
                                   States                                     
                                                                              
                                                                              
                                                                              
                                                                              
    By Order of the Board                                                     
    Hubert Chak                                                               
    Company Secretary                                                         
                                                                              
    Hong Kong, May 12, 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