Investor Presentaiton

Enhancing Financial Management Efficiency ④ 中国电信 CHINA TELECOM Total Debt RMB Mil 95,744 79,022 17.5% Total Debt/ Total Capitalization Finance Expenses RMB Mil 21.8% 3.5p.p. 18.3% 2,708 25.0% 2,032 2018.12 2019.12 2018.12 2019.12 2018 2019 Note: 1. 2. Debt in the charts above represents interest-bearing debts excluding lease liabilities Finance Expenses = Net Finance Costs - Interest Expense on Lease Liabilities 2019 Annual Results | 23

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