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

[For Immediate Release]

China Telecom 2019 Annual Work Conference Highlights

On 25 December 2018, China Telecom held its 2019 annual work conference in Beijing. The conference summed up the work of 2018, analyzed the new current situation and planned for key missions in 2019. The conference united all staff and boosted their confidence to deepen reform, accelerate transformation and promote high-quality development of the Company, in order to make new contributions to Cyberpower, economic and social development as well as better lives for the people. Mr. Chen Zhaoxiong, Vice Minister of Ministry of Industry and Information Technology (MIIT) attended the conference and made pronouncements. Leaders from Ministry of Finance, National Audit Office and State-owned Assets Supervision and Administration Commission (SASAC) attended the conference. Mr. Yang Jie, Chairman and Chief Executive Officer of China Telecom, introduced the strategic plan, and Mr. Ke Ruiwen, President and Chief Operating Officer of China Telecom, presented the work report.

Mr. Chen introduced the industry development and MIIT's work progress in information and communications in 2018, conveyed the basic ideas of MIIT's work in information and communications in 2019, and strongly recognized China Telecom's achievements in 2018, including: continued in deepening transformation development, vitality further unleashed from reform. Looking forward to 2019, Mr. Chen expressed expectations on China Telecom to further promote network convergence application, foster and strengthen new development impetus; to carry on the good work regarding Speed Upgrade and Tariff Reduction to improve customers' sense of fulfillment; to strengthen the assurance of network information security to create a clean and healthy online environment; to improve its international operation capabilities to serve "The Belt and Road Initiative"; to promote high-quality development of the Company to push forward high-quality development of the industry to a new stage with solid achievements.

The conference stated that, focusing on the "Three Goals, Three Missions and Three Initiatives Transformation", in 2018 China Telecom accelerated the development of ecosystem, deepened reform and innovation, enhanced quality and efficiency, strengthened execution and promoted corporate reform and development, achieving prominent results in various aspects.

During the year, adhering to the new development principles, the Company continuously promoted step-up transformation, speeded up corporate development, offered new contributions to economic and social development. Along with the promotion of network intelligentization, service ecologicalization and operation intellectualization, revenue size continued to expand while revenue structure further optimized. Profitability of the Company continuously enhanced, and the task of preserving and increasing assets value was successfully accomplished.

Comprehensive promotion of reform and innovation, with corporate development vitality further enhanced. The Company continued to push forward management system reform, accelerate operation mechanism reform, and deepen the Three-dimensional inter-driven force reform surrounding "Sub-dividing Performance Evaluation Units", "Professional Operation" and "Top-down Service Support System". In total, 58,000 sub-division units were established, covering 160,000 employees. The Company further optimized its technological innovation system, mastering a series of key technologies in major fields such as 5G, network reconstitution and etc. Targets of "Streamlining Corporate Structure" and "Dealing with Zombie and Destitute Companies" have been exceeded and accomplished ahead of schedule.

Proactively fulfilling corporate social responsibilities. The Company carried out poverty alleviation and created a big picture of poverty alleviation featuring "six poverty reduction" (namely poverty reduction by leveraging Internet, informatization, education, charity, industries development and employment). Annual target of Speed Upgrade and Tariff Reduction was accomplished. Bandwidth unit price for wireline broadband continued to decline, while tariff of broadband and dedicated lines for SMEs further reduced. National mobile data roaming fee was fully cancelled, while international data roaming fee of more than 60 directions declined. Proactively serving "The Belt and Road Initiative", the Company built and started commercial operation of China-Pakistan and China-Nepal fibre optical cables. Global network capabilities of the Company achieved to be first class in Asia and mainstream in the world. The Company was deeply involved in the construction of Xiongan New Area, including planning for informatization infrastructure and undertaking key projects. Persisting in governing enterprises in accordance with laws, network information security was effectively safeguarded. The Company continued its efforts in energy saving and emission reduction as well as risk prevention and control, successfully accomplished various major tasks of telecommunications assurance and disaster relief.

The conference analyzed changes in current regulatory, economic and industrial environment, which can be summarized as "four accelerated transformation", i.e. accelerated transformation of Chinese economy from high-speed growth to high-quality development; accelerated transformation of information and communication technologies from an underlying driver to the core engine of economic development; accelerated transformation of basic telecommunications services from scale operation to scale-based value operation; accelerated transformation of information and communication market from "factors" competition to "factors plus capabilities" competition.

The conference emphasized that adhering to the new development principles while focusing on "Three Goals, Three Missions and Three Initiatives Transformation", the Company will deepen value operation, accelerate ecological endowment and promote reform and innovation. The Company will also strengthen team building, reinforce the sense of responsibility and speed up high-quality development of the Company to build a world-class enterprise to make new contributions to Cyberpower, economic and social development as well as better lives for the people.

The conference required the following key tasks to be carried out in 2019: to deepen value operation, build a "Trinity" value operation system featuring convergence, integration and intelligentization for high-quality development; to accelerate ecological endowment and optimize five ecospheres system to provide capability support for high-quality development; to promote reform and innovation through efforts in different directions to bring new vigor and vitality to high-quality development; to strengthen team building to provide strong organizational support for high-quality development; to reinforce the sense of responsibility to build the execution system for high-quality development.

The conference set operational goals and major tasks for the year, including: to persist in "Trinity" to build a value operation system for high-quality development; to promote cloud-network integration to consolidate network foundation for high-quality development; to adhere to the troubleshooting-oriented approach to enhance operation capabilities for high-quality development; to deepen reform and innovation to stimulate inner vitality for high-quality development; to take the initiative to fulfill corporate responsibilities with high quality.

Note: "Three Goals" refer to building cyberpower, building first-class enterprise and building better lives. "Three Missions" refer to strengthen information infrastructure, deepen application convergence and enhance total factor productivity. "Three Initiatives Transformation" refer to network intelligentization, service ecologicalization and operation intellectualization.

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Source: China Telecom Corporation Limited
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