TNAG-1779-FCO40-2539-Hong-Kong-international-telecommunications-1988 — Page 312

CONFIDENTIAL

Shareholding Structure of CWplc's Interests in HK (After Re-organisation but before offer for Sale)

Annex A

Public Shareholders

9%

100%

Hong Kong Telephone

Cable and Wireless Group

Hong Kong Government

80%

11%

Hong Kong Telecommunications

100%

Cable and Wireless (HK)

Hong Kong Telephone Companies*

* Principal Subsidiary and Associated Companies:

Subsidiaries:

Communication Services Limited

Integrated Business Systems Limited

Computasia Limited

Telephone Properties Ltd.

Associated Company:

Cable Television Hong Kong Limited

CONFIDENTIAL