Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 29) Regulations 2005

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Notes) (No. 29) Regulations 2005 and shall come into operation on 20th July 2005.

In these Regulations, unless the context otherwise requires —“Notes” means the 10-year US$ fixed rate notes due July 2015 issued by PCCW-HKT Capital No. 3 Limited for a principal amount of up to US$1 billion, which are irrevocably and unconditionally guaranteed by PCCW-HKT Telephone Limited;“stabilising action” means an action taken in Singapore or elsewhere by The Hongkong and Shanghai Banking Corporation Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

“Notes” means the 10-year US$ fixed rate notes due July 2015 issued by PCCW-HKT Capital No. 3 Limited for a principal amount of up to US$1 billion, which are irrevocably and unconditionally guaranteed by PCCW-HKT Telephone Limited;

“stabilising action” means an action taken in Singapore or elsewhere by The Hongkong and Shanghai Banking Corporation Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Notes in order to stabilise or maintain the market price of the Notes in Singapore or elsewhere.

Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Notes, within 30 days from the date of issue of the Notes, with —

a person referred to in section 274 of the Act; or

a sophisticated investor as defined in section 275(2) of the Act.