TNAG-1779-FCO40-2539-Hong-Kong-international-telecommunications-1988 — Page 313

CONFIDENTIAL

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Shareholding Structure of CWolc's Interests in HK (Before Re-organisation)

Public Shareholders

Cable & Wireless Group

Hong Kong Government

21%

79%

30%

20%

Hong Kong Telephone

Cable & Wireless (HK)

Hong Kong Telephone

Companies*

X

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