China Telecom Corporation Limited
(A joint stock limited company incorporated in the People's Republic of China with limited liability)

China Telecom 2017 Annual Work Conference Highlights

On 20 December 2016, China Telecom held its 2017 annual work conference in Beijing. The conference summed up the work of 2016, analyzed the current situation and planned for mission in 2017. The conference firmed up all employees' confidence in accelerating reform and innovations, promoting network intelligentization, service ecologicalization and operation intellectualization, endeavoring to start a new phase of step up in corporate transformation, for greater contribution in the promotion of economic development and construction of cyberpower.

Mr. Chen Zhaoxiong, Vice Minister of Ministry of Industry and Information Technology (MIIT), and Mr. Guo Yimin, Chairman of Supervisory Committee for Key Large-Sized State-Owned Enterprises, attended the conference and made important directional pronouncements. Mr. Yang Jie, Chairman and Chief Executive Officer of China Telecom, introduced the strategic plan, and Mr. Yang Xiaowei, President and Chief Operating Officer of China Telecom, presented the work report.

Vice Minister Mr. Chen introduced the industry development and MIIT's work in information and communications in 2016. Mr. Chen also conveyed the basic ideas of MIIT's work in information and communications in 2017, and strongly recognized China Telecom for its work in 2016:

First, the Company has entered into a new stage of step up transformation; second, achieved new breakthrough in business development; third, reform and innovations brought in fresh vitality; fourth, attained new achievement in fulfilling social responsibility; fifth, advanced to new level and achieved good start in the 13th Five-year Plan, which contributed positively to industry innovation, economic and social informatization development. Mr. Chen expressed his sincere expectation on China Telecom to accomplish its work in 2017, including deepening corporate reform, innovating business model, strengthening service capabilities and expanding business prospect.

A full review of China Telecom's work in 2016 was made in the conference. China Telecom achieved good start in the 13th Five-year Plan: motivated by reform and innovations, focused on key tasks, and strengthened execution, strived for improvement in every aspect. In summary, China Telecom attained achievement in the following areas:

Set up strategic plan and stepped up in corporate transformation.

Based on integrated research and study of the economy, industry trend and corporate fundamentals, China Telecom announced its strategic plan in step up transformation, namely Transformation 3.0, at the end of June 2016, with the goal of becoming "a leading integrated intelligent information service provider", and laid out the full plan of network intelligentization, service ecologicalization and operation intellectualization.

Network intelligentization: formulated and announced the network reconstitution plan, CTNet2025, to accelerate the evolution of network intelligentization; Service ecologicalization: through coordination of internal resources and strengthening of external cooperation, the Company endeavors to build up the five key service ecospheres namely Intelligent Connection, Smart Family, Internet Finance, Internet of Things and new ICT application; Operation intellectualization: by enhancing the capabilities in data operation, network operation, customer service and channel sales, the foundation for step up in corporate transformation is firmly supported.

Promoted development and fully completed missions set in production and operations.

Persistently improved service quality driven by the goal to satisfy the needs of customers, the Company has achieved breakthroughs in various aspects: revenue structure continued to optimize on the back of the significant increase in the share of emerging businesses; the capability of withstanding risks was further strengthened; asset value was further retained and appreciated. In addition, through continual expansion of customer scale, China Telecom has become the world's largest operator in LTE FDD, FTTH and IPTV services.

Several requirements on the overall work in 2017 were made in the conference. China Telecom shall strengthen its strategy-led, deepen reform and innovations, advance core competences and reinforce firm execution. The Company shall accelerate the implementation of network intelligentization, service ecologicalization and operation intellectualization, continuously sharpen its differentiation edges, persistently enhance corporate development quality and return. The Company shall promote the growth of corporate value, together with customer and employee value, for greater contribution in economic development and construction of cyberpower.

The conference affirmed several key tasks in 2017: First, the Company shall refine strategic initiatives, accelerate the implementation of network intelligentization, service ecologicalization and operation intellectualization for concrete results; second, deepen reform and innovations to fuel momentum for corporate transformation and development; third, accelerate the buildup in corporate capabilities in order to strengthen the overall competitiveness; fourth, reinforce firm execution and fully complete the planned tasks and missions in the year ahead.

Source: China Telecom Corporation Limited
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