PCCW declares an interim dividend for 9 months to September 30, 2004

5.5 HK cents per ordinary share to be payableto shareholders on record as of November 19, 2004

HONG KONG, November 2, 2004 - PCCW Limited, as indicated in its first half results on August 26, today formally declared an interim dividend of 5.5 HK cents per ordinary share for the nine months to September 30, 2004. The dividend will be payable on or around November 25, 2004 to shareholders on record as of November 19, 2004.

"This interim dividend payment is evidence of our objective to reward our shareholders going forward," said Deputy Chairman and Group Managing Director Jack So.

PCCW today also issued unaudited consolidated results for the nine months to September 30, 2004.

The nine-month results showed continued strength in PCCW's market-leading broadband business, substantial progress in subscriptions to now Broadband TV, the Company's pay-TV service for broadband subscribers, and increased revenue from the Bel-Air property development in Cyberport and the Unihub IT solutions business.

"We continue to enjoy improved customer retention rates in our core telephony business following the introduction of New Generation Fixed Line (NGFL) services, and we continue to outperform the market in our core broadband business," said Mr So.

"We are especially pleased with the success of our now Broadband TV, which has won 367,000 sign-ups as at September 30, 2004, and has attracted more than 60 quality channels," he added. now Broadband TV was last week voted by industry peers for having made the most outstanding contribution to the cable, satellite and pay- TV industries in 2004, winning the Cable & Satellite Broadcasting Association of Asia (CASBAA) Chairman's Award.

PCCW reported profit attributable to shareholders of HK$1,018 million (US$131 million) for the nine months ended September 30, 2004, an increase of 47.5 percent from HK$690 million (US$88 million) in the same period last year.

Consolidated revenue for the period ended September 30, 2004 remained stable at HK$15.970 billion (US$2.047 billion).

About PCCW

PCCW Limited (SEHK: 0008, ADR-NYSE: PCW) is the largest communications provider in Hong Kong and one of Asia's leading IT&T players. Hong Kong's image as a center of technology excellence continues to be enhanced by PCCW's innovation, especially in new generation fixed-line telephony, broadband, IT, wireless and delivery of home entertainment. Internationally, PCCW provides cutting-edge technical services to network operators, and enables organizations to bring their business to Asia and take Asian business to the rest of the world. The Company's English name was changed in 2002 from "Pacific Century CyberWorks Limited" to "PCCW Limited".

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