Annual Financial Review

NOTES 1. BASIS OF PREPARATION The HKT Trust (the "HKT Trust”) is constituted by a Hong Kong law governed trust deed and as supplemented, amended or substituted from time to time (the "Trust Deed"), entered into between HKT Management Limited (the “Trustee-Manager", in its capacity as the trustee-manager of the HKT Trust) and HKT Limited (the "Company"). In accordance with the Trust Deed, the HKT Trust and the Company are each required to prepare their own sets of financial statements on a consolidated basis. The HKT Trust consolidated financial statements for the year ended December 31, 2021 comprise the consolidated financial statements of the HKT Trust, the Company and its subsidiaries (together the “Group”), and the Group's interests in associates and joint ventures. The HKT Limited consolidated financial statements for the year ended December 31, 2021 comprise the consolidated financial statements of the Company and its subsidiaries (together the “HKT Limited Group") and the HKT Limited Group's interests in associates and joint ventures, and the Company's statement of financial position. The HKT Trust controls the Company and the sole activity of the HKT Trust during the year ended December 31, 2021 was investing in the Company. Therefore, the consolidated financial results and financial position that would be presented in the consolidated financial statements of the HKT Trust are identical to the consolidated financial results and financial position of the Company with the only differences being disclosures of the capital of the Company. The directors of the Trustee-Manager and the directors of the Company believe therefore that it is clearer to present the consolidated financial statements of the HKT Trust and of the Company together. The consolidated financial statements of the HKT Trust and the consolidated financial statements of the Company are presented together to the extent they are identical and are hereinafter referred to as the "HKT Trust and HKT Limited consolidated financial statements". The consolidated income statements, consolidated statements of comprehensive income, consolidated statements of financial position, consolidated statements of changes in equity, consolidated statements of cash flows, principal accounting policies and the related explanatory information are common to the HKT Trust and the Company. The Group and the HKT Limited Group are referred to as the "Groups". The HKT Trust and HKT Limited consolidated financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards, which is a collective term for all individual Hong Kong Financial Reporting Standards ("HKFRSS"), Hong Kong Accounting Standards ("HKASS") and Interpretations issued by the Hong Kong Institute of Certified Public Accountants, accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance (Cap. 622). The following amended Hong Kong Financial Reporting Standards are adopted for the financial year beginning January 1, 2021, but have no material effect on the Groups' reported results and financial position for the current and prior accounting periods. - HKAS 39 (Amendments), Financial Instruments: Recognition and Measurement - HKFRS 4 (Amendments), Insurance Contracts - HKFRS 7 (Amendments), Financial Instruments: Disclosures HKFRS 9 (2014) (Amendments), Financial Instruments - HKFRS 16 (Amendments), Leases 21

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