PCCW : Disclosure of Dealings under Rule 22 of the Takeovers Code

Public Disclosure Form

23 September 2020

Partial offer

Disclosure of dealings in the shares of PCCW Limited

The Executive received the following disclosure of securities dealings pursuant to Rule 22 of the Hong Kong Code on Takeovers and Mergers:

Party	Date	Description	Nature of dealings	Purchase	Total	Total	Highest (H)	Lowest (L)
		of relevant		/ Sale	number	amount paid	prices paid	prices paid
		securities			of shares	/ received	/ received	/ received
					involved
Global Markets	22 September	Ordinary	Hedging of Delta 1 products created	Sale	20,000	$95,630.0000	$4.8000	$4.7500
of HSBC Bank	2020	shares	as a result of wholly unsolicited
plc			client-driven orders
		Delta 1	Closing / flattening / unwinding of	Purchase	20,000	$95,630.0000	$4.7815	$4.7815
		products	proprietary positions arising from
			unsolicited client-driven dealings. I
			confirm this was done no later than
			the close of the morning trading
			session on the trading day following
			the orginating client-driven dealing

End

Public Disclosure Form

Note:

Global Markets of HSBC Bank plc is an exempt principal trader connected with the Offeree company.

Dealings were made for its own account.

Global Markets of HSBC Bank plc is ultimately owned by HSBC Holdings plc.