Presentation by:

NiQ Lai, Co-Owner & Chief Executive Officer

William Yeung, Co-Owner & Executive Vice-chairman

24 October 2019

Stronger as ONEFY19 Annual Results Presentation for 12 months ended 31 August 2019

Disclaimer

2

These materials have been prepared by HKBN Ltd. (the “Company”) solely for use at this presentation and have not beenindependently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placedon, the fairness, accuracy, completeness or correctness of the information or opinions presented or contained in these materials.

It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis ofthe financial or trading positions or prospects of the Company. None of the Company or any of their respective directors, officers,employees, agents, affiliates, advisers or representatives accepts any liability whatsoever in negligence or otherwise for any losshowsoever arising from any information or opinions presented or contained in these materials or otherwise arising in connectionwith these materials. The information presented or contained in these materials is subject to change without notice and itsaccuracy is not guaranteed.

Statements that are not historical facts, including statements about the beliefs and expectations of the Company, are forward-looking statements. These statements are based on current plans, estimates and projections, and undue reliance should not beplaced on them. Forward-looking statements speak only as of the date they are made, and the Company has no obligation toupdate any of them publicly in light of new information or future events. Forward-looking statements involve inherent risks,uncertainties and assumptions. The Company cautions that if these risks or uncertainties ever materialize or the assumptionsprove incorrect, or if a number of important factors occur or do not occur, actual results of the Company may differ materially fromthose expressed or implied in any forward-looking statement.

This document does not constitute, and should not be construed as constituting or forming part of, any advertisement of, or anyoffer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares of the Company or of anyof its controlled entities or affiliates, in any jurisdiction. Neither this document, nor any part of it, shall form the basis of or may berelied upon in connection with, any contract, investment decision or commitment whatsoever, nor does it constitute arecommendation regarding the shares or securities of the Company.

3

Business & Financial Review

NiQ LaiCo-Owner & Chief Executive Officer

4

Executive Summary

Financial Highlights:

Solid Financial Performance

AFF: $750mn

+30%

EBITDA (New*): $1,709mn +45%

EBITDA (Old*): $1,477mn +25%

Service Revenue: $4,797mn

+31%

^ FY19 consolidates 4 months of WTT results since May-19

* EBITDA (New) adopts HKFRS15 and EBITDA (Old) adopts HKAS18

# HKBN, Ex-WTT excluded WTT figures in FY19

AFF: $688mn

+19%

EBITDA (New*): $1,447mn +23%

EBITDA (Old*): $1,247mn +6%

Service Revenue: $4,089mn

+12%

DPS: 70 HK Cents

+25%

HKBN Group^ HKBN, Ex-WTT#

5

Executive Summary

Residential Business:

Multi-play driving ARPU growth

Enterprise Business^:

Strong position post-WTT Integration

878kBroadband

subscriptions

+2%

$185Residential

ARPU

+5%

$2,473mnService Revenue

+9%

103kEnterprise

Customers

+81%

$2,324mnService Revenue

+69%

$1,742*Enterprise

ARPU

+15%

^ FY19 consolidates 4 months of WTT results since May-19

* Enterprise ARPU was $1,742 for LTM Aug-19 and $2,356 for the month of Aug-19

6

Consecutive Growth in Dividend

# The dividend policy of the Company is to pay dividends in an amount of not less than 90% of the Adjusted Free Cash Flow with an intention to pay 100% of the Adjusted Free

Cash Flow in respect of the relevant full year period, after adjusting for potential debt repayment, if required. For the shares of 1,005,666,666 existed immediately before the WTT

Merger, the Company has recommended to pay 100% of the Adjusted Free Cash Flow for the full year dividend. The dividend on the 305,932,690 newly issued consideration

shares and the amount payable to the vendor loan note shall be funded by cash and cash equivalent held by WTT as of completion date and the Adjusted Free Cash Flow

contributed by WTT for FY19.

20 2022 23

26

30

3436

FY16 1H FY16 2H FY17 1H FY17 2H FY18 1H FY18 2H FY19 1H FY19 2H

FY19: 70 DPS

(+25% YoY)

FY18: 56 DPS

(+24% YoY)

FY17: 45 DPS

(+13% YoY)

FY16: 40 DPS

7

FY19 Dividend Payout Summary

Financials in HK$mn, unless otherwise stated

Due to the mid-year merger, dividend for the 473m newly issued shares (including unconverted

vendor loan note) is primarily funded by surplus cash at WTT

7

(‘m) 1H2019 2H2019 FY19

No. of shares# (‘m) 1,479 1,479 1,479

DPS (Cents) 34 36 70

Dividend payment (‘m) 503 532 1,035

As funded by:

AFF 299 451 750

WTT surplus cash n/a n/a 285

Total n/a n/a 1,035

# Including HKBN existing shares, new shares issued and unconverted vendor loan notes, at ex dividend date

Included 4 months of WTT AFF

from May to Aug-19

WTT had “locked box” cash and

cash equivalent of $355m as of

30 April 2019

HKBN’s Total Returns since IPO

8

HKBN

HSI

60

80

100

120

140

160

180

200

Performance of HKBN vs. Hang Seng1

+80.6%

+11.5%

69.1%

Excess

return

Source: HKBN’s disclosure, FactSet

Note: Based on market data as of Oct 23, 2019; 1 Both of HKBN share price and Hang Seng Index were rebased to 100 on Mar 12, 2015; 2 Includes accumulated DPS based on actual timing of dividends

payment; 3 Hang Seng Index reflects cash dividend or distribution in the total return index counterpart as reinvestment on the ex-date

(Rebased) HKBN (with dividends)2

Hang Seng Index3

Current(Oct 2019)

IPO(Mar 2015)

2016 2017 2018

LaunchedOTT

Announced NWT acquisition

Launched MVNO

2019

Announced HKBN-WTT merger

Regulatory approval on HKBN-WTT merger

Announced JOS acquisition

9

Solid Growth in EBITDA & AFF

3,232

3,949

5,108

FY17 FY18 FY19

1,041 1,180

1,709

1,477

FY17 FY18 FY19HKFRS15

(New)

FY19HKAS18

453

578

750

FY17 FY18 FY19

9

EBITDA*

Financials in HK$mn, unless otherwise stated

Adjusted Free Cash Flow (AFCF)#

FY19 consolidates 4 months of WTT results since May-2019

* Under HKAS 18, customer acquisition and retention cost were expensed as incurred. Under HKFRS 15, such costs were capitalized and amortised over the expected

customer relationship period and was excluded from calculation of EBITDA.

# Excluded property related transactions

+45% +30%

Revenue

+29%

+22%+13%

+28%

+25%

HKBN

4,400

(+11%)

WTT

262

HKBN

1,447

(+23%)

WTT

230

HKBN

1,247

(+6%)

WTT

62

WTT

708

HKBN

688

(+19%)

10

Industry Leading Revenue GrowthFinancials in HK$mn, unless otherwise stated

• Residential – driven by ARPU increment and broadband subscription growth

• Enterprise – included 4 months of WTT financial performance

+16%

+14%

+342%

3,232

3,949+22%

+9%

+69%

+7%

5,108+11%

+8%

+17%

+7%

Excluding WTT

4,400

1,958 2,278 2,473 2,470

1,208 1,379

2,324 1,619 66

292

311

311

FY17 FY18 FY19 FY19

Residential Revenue Enterprise Revenue Product Revenue

+29%

FY19 consolidates 4 months of WTT results since May-2019

11

Enterprise Solutions:

Over 5x Growth on Service Revenue in 5 Years

423 476

811

1,2081,379

2,324

FY14 FY15 FY16 FY17 FY18 FY19

WTT

705

+69%

Merger WithAcquired Acquired Acquired

+14%

+49%

+70%+12%

FY19 consolidates 4 months of WTT results since May-2019

HKBN

1,619

(+17%)

11

Enterprise Service Revenue (HK$mn)

12

Residential Solutions:

Growth in ARPU & Subscriptions

Service Revenue grew by 9% YoY to HK$2,473mn

860 864878

36% 36% 36%

Aug-18 Feb-19 Aug-19

Residential Broadband Subscriptions ('000)

$168 $176

$185

FY17 FY18 FY19

Residential ARPU

Residential Broadband Subscriptions :Residential ARPU1

12

Service Revenue grew by 9% YoY to HK$2,473mn

+5%

Note:

1) Residential ARPU refers to historical full base residential ARPU for the period.

2) Acquisition and renewal contract ARPU refers to ARPU of the new acquisition and renewal subscriptions for the specific month. Such ARPU was $189 in August 2018 and $192 in August 2019.

3) Market share is calculated by dividing the number of residential broadband subscriptions by the latest available total number of residential broadband subscriptions published by the Office of the

Communications Authority “OFCA”. The latest available OFCA statistics for residential broadband services is as of 30 June 2019.

+1%+2%

+5%

13

Manageable Debt Profile

13

3.4 3.4 3.0

4.2

FY16 FY17 FY18 FY19

Net Debt to EBITDA (x)

@

All financial figures are rounded to nearest HK$ million. The interest margin will be subject to a margin grid determined by reference to the net leverage ratio.

*10% optional redemption completed on 13 September 2019. Another 10% optional redemption available from 23 November 2019.

@ Based on the total debt post WTT merger net of cash over HKBN and WTT’s last twelve month (“LTM”) EBITDA with proforma synergies in FY19, computed in accordance

with the terms of the Group’s relevant banking facilities.

Debt Maturity (HK$mn)

$5,232

$3,900

$580

Nov-22 May-23 Oct-23

US$670m

Senior note

Senior note

Loan

Loan

Optional redemption in FY20

via cheaper financing*

Net Debt to EBITDA Ratio

• Interest margin will be uplifted in FY20 due to

increase in Net Debt to EBITDA ratio in FY19

post-WTT merger

• Expect to deleverage to below 4x through

synergy to achieve interest savings

14

“Best of Breed” Management Diversity

Table: Profile of HKBN’s top 64 executives (top 1.4% of the Company) i.e. Associate Directors and above.

14

Company of Origin Total % of Team

HKBN

More than 5 years with HKBN 29 45%

5 years or less with HKBN 7 11%

WTT 16 25%

NWT 5 8%

Y5Zone 3 5%

ICG 4 6%

Total 64 100%

Note: Excluding JOS, which is expected to be completed in Dec 2019

Management positions earned based on MINDSET and

CAPABILITY instead of where they are from

15

Broad-based Co-Ownership

with skin in the game

16

Business Outlook

William YeungCo-Owner & Executive Vice-chairman

17

On Track for “Invest and Harvest” Roadmap

Note – The above was first shown in HKBN FY17 interim results announcement

^ AFF refers to FY19-21 total Cumulative Adjusted Available Cash per Share for Distribution17

DPS HK$0.40 DPS HK$0.45 DPS HK$0.56

Co-Ownership III+ KPI period for cumulative HK$2.53

to HK$3.03 AFF^

DPS HK$0.70

FY16 Actual FY17 Actual FY18 Actual FY19 Actual FY20 FY21

Broadband + Fixed

VoiceInvest Harvest Harvest Harvest Harvest Harvest

• Content Overlay Invest Invest Harvest Harvest Harvest Harvest

• Mobile Overlay N/A Invest Invest Harvest Harvest Harvest

Enterprise

Solutions

Integrate

NWT

Integrate

NWTHarvest

HarvestHarvest

Harvest WTT

Integration

18

1-HKBN – The Completed Puzzle

18

▪ The proposed acquisition is AFF accretive to HKBN

▪ Post JOS completion, we look forward to welcoming

Mark Lunt – Group Managing Director, Eric Or –

Managing Director, JOS Greater China and Stanley

Chiu – JOS Group Financial Controller as Co-Owners

and pain/GAIN participantsVertical expansion

for service capability

Horizontal expansion for network and customer scale

19

WTT Synergy on Track

✓ 20 senior WTT Talents have indicated interests to convert their

completion bonus into CO3+

✓ Realigned incentive with pain/GAIN

Over HK$300m total synergies by FY21

20

Set Sail on our 1-HKBN Journey

All-Talent Townhall Meeting on 20 May 2019

21

Appendix

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Operational Highlights – Enterprise Solutions

FY18 FY19YoY

Changes

Commercial building coverage (‘000) 2.4 7.2 >100%

Subscriptions ('000)

- Broadband 57 116 >100%

- Voice 140 454 >100%

Market share

- Broadband 19.2% 36.5% +17.3pp

- Voice 7.7% 25.3% +17.6pp

Enterprise customers ('000) 57 103 +81%

Broadband churn rate 1.2% 1.3% +0.1pp

Enterprise ARPU $1,510 $1,742 +15%

Market share is calculated by dividing the number of residential broadband subscriptions by the latest available total number of residential broadband subscriptions published

by the Office of the Communications Authority “OFCA”. The latest available OFCA statistics for residential broadband services is as of 30 June 2019.

23

Operational Highlights – Residential Solutions

FY18 FY19YoY

Changes

Residential homes passed ('000) 2,297 2,360 +3%

Subscriptions ('000)

- Broadband 860 878 +2%

- Voice 500 500 -0%

Market share

- Broadband 36.1% 35.8% -0.3pp

- Voice 21.8% 21.9% +0.1pp

Residential customers ('000) 1,017 1,019 +0%

Broadband churn rate 1.1% 0.9% -0.2pp

Residential ARPU $176 $185 +5%

Total full-time talents 2,981 4,131 +39%

Market share is calculated by dividing the number of residential broadband subscriptions by the latest available total number of residential broadband subscriptions published by the

Office of the Communications Authority “OFCA”. The latest available OFCA statistics for residential broadband services is as of 30 June 2019.

24

Consolidated Income Statement(HK$ million, unless otherwise stated) FY18 FY19 YoY Changes

Residential Revenue 2,278 2,473 +9%

Enterprise Revenue 1,379 2,324 +69%

Product Revenue 292 311 +7%

Turnover 3,949 5,108 +29%

Other net income 22 30 +36%

Network costs and cost of services (974) (1,552) +59%

Costs of inventories (273) (289) +6%

Advertising and marketing expenses (605) (614) +1%

Talent costs (490) (693) +42%

Other operating expenses (1,023) (1,422) +39%

Finance cost (117) (259) >100%

Profit before taxation 489 309 -37%

Income tax (92) (94) +3%

Profit for the period 397 215 -46%

Amortisation of intangible assets 130 284 >100%

Deferred tax arising from amortisation of intangible assets (20) (46) >100%

Originating fee for banking facility expired 49 - n/a

Transaction costs in connection with business combination 2 76 >100%

Transaction costs in connection with proposed business

combination18 10 -45%

Adjusted Net Profit 575 538 -6%

The Group recognizes cumulative effect of the initial application of HKFRS 15 as an adjustment to the opening balance of equity at 1 September 2018.

Comparative information is not restated under this method prescribed by HKFRS 15.

All financial figures are rounded to nearest HK$ million

25

Consolidated Balance Sheet (Summary)

25

(HK$ million, unless otherwise stated)At 31 August 2018

(Restated)

At 28 February

2019At 31 August 2019

Non-current assets 5,622 6,427 18,635

Current assets 954 1,065 1,747

Current liabilities 908 966 1,745

Total assets less current liabilities 5,668 6,526 18,637

Non-current liabilities 4,631 5,218 11,180

Net assets 1,037 1,308 7,457

Capital and Reserves 1,037 1,308 7,457

Additional Info:

Goodwill and intangible assets 3,255 3,164 13,427

Property, plant and equipment 2,294 2,577 4,342

Cash and cash equivalents 373 421 663

Bank loans 3,874 4,451 4,454

Senior notes - - 5,169

The Group recognizes cumulative effect of the initial application of HKFRS 15 as an adjustment to the opening balance of equity at 1 September 2018.

Comparative information is not restated under this method prescribed by HKFRS 15.

All financial figures are rounded to nearest HK$ million

26

Reconciliation of EBITDA and Adjusted Free Cash Flow

(HK$ million, unless otherwise stated) FY18 FY19 YoY Changes

Profit/ (loss) for the year 397 215 -46%

Finance costs 117 259 >100%

Interest income (2) (4) >100%

Income tax 92 94 +3%

Depreciation 425 535 +26%

Amortisation of intangible assets 130 284 >100%

Amortisation of customer acquisition and retention costs # - 241 n/a

Transaction costs in connection with business combination 2 76 >100%

Transaction costs in connection with proposed business combination 18 10 -45%

EBITDA # 1,180 1,709 +45%

Service EBITDA Margin 32.3% 36.0% +3.7pp

Capital expenditure ^ (395) (414) +5%

Net interest paid (102) (277) >100%

Other non-cash items 1 4 >100%

Income tax paid (116) (117) +1%

Customer acquisition and retention costs - (232) n/a

Changes in working capital 10 77 >100%

Adjusted Free Cash Flow 578 750 +30%

Dividend 563 1,035 >100%

DPS (HK cents) 56 70 +25%

# The Group recognizes cumulative effect of the initial application of HKFRS 15 as an adjustment to the opening balance of equity at 1 September 2018. Comparative information is not restated under

this method prescribed by HKFRS 15. The initial application of HKFRS 15 requires the capitalization of customer acquisition and retention costs and amortised over the expected customer relationship

period. This amortization expense is excluded from the EBITDA calculation in FY19. Prior to the adoption of HKFRS 15, such costs were expensed as incurred.

Excluded $191 million payment for the purchase of properties in Shatin and excluded $296 million paid on acquisition of Cosmo True Limited, a property holding company holding the two network

centres currently occupied by the Group, which were completed in September 2018

All financial figures are rounded to nearest HK$ million

27

Impact of New Accounting Standard

The impact of the initial application of HKFRS 15 is summarized as follows:

FY19 (HK$mn) Presented by

old accounting

standard

HKAS 18

Presented by

new accounting

standard

HKFRS 15

Impact Remarks

Revenue 5,108 5,108 No impact

EBITDA 1,477 1,709 +232

Under HKAS 18, customer acquisition and

retention cost were expensed as incurred.

Under HKFRS 15, such costs were

capitalized and amortised over the

expected customer relationship period and

was excluded from calculation of EBITDA.

AFF 750 750 No impactThe change in treatment of customer

acquisition and retention cost has no cash

impact

28

HKBN & WTT Key Financial Indicators

(HK$ million, unless

otherwise stated)

FY18

(Reported)

FY19

(HKBN)

FY19*

(WTT)

FY19

(Reported)

YoY

Changes

(HKBN)

YoY

Changes

(Reported)

Residential Revenue 2,278 2,470 3 2,473 +8% +9%

Enterprise Revenue 1,379 1,619 705 2,324 +17% +69%

Product Revenue 292 311 - 311 +7% +7%

Turnover 3,949 4,400 708 5,108 +11% +29%

EBITDA (HKFRS15) # - 1,447 262 1,709 +23% +45%

EBITDA (HKAS18) # 1,180 1,247 230 1,477 +6% +25%

Adjusted Free Cash Flow^ 578 688 62 750 +19% +30%

28

# The Group recognizes cumulative effect of the initial application of HKFRS 15 as an adjustment to the opening balance of equity at 1 September 2018. Comparative information is not restated under

this method prescribed by HKFRS 15. The initial application of HKFRS 15 requires the capitalization of customer acquisition and retention costs and amortised over the expected customer relationship

period. This amortization expense is excluded from the EBITDA calculation in FY19. Prior to the adoption of HKFRS 15, such costs were expensed as incurred.

Excluded $191 million payment for the purchase of properties in Shatin and excluded $296 million paid on acquisition of Cosmo True Limited, a property holding company holding the two network

centres currently occupied by the Group, which were completed in September 2018

* FY19 consolidates 4 months of WTT results since May-19

All financial figures are rounded to nearest HK$ million