Document:

PCCW Limited: Exhibit 4(ff) - Prepared by TNT Filings Inc.

EXHIBIT 4(ff)

	Guarantee No.:
    149020252470-SO	
    

	 

THIS GUARANTEE is made on 30 September 2005 

BETWEEN: 

(1)                  STANDARD CHARTERED BANK (HONG KONG) LIMITED

    whose registered office is at
32/F, 4-4A Des Voeux Road Central, Hong Kong and having an office at 7/F
Standard Chartered Tower, 388 Kwun Tong Road, Hong Kong (the "Issuing Bank");
and 

(2)                  
PCCW-HKT TELEPHONE LIMITED whose registered office is at 39/F., PCCW Tower,
TaiKoo Place, 979 King's Road, Quarry Bay, Hong Kong (the "Applicant");

IN FAVOUR of: 

(3)                   PCCW LIMITED whose registered office is at 39/F., PCCW Tower, TaiKoo Place,
979 King's Road, Quarry Bay, Hong Kong (the "Beneficiary"). 

WHEREAS: 

(A)                
The Beneficiary proposes to present a petition (the "petition") to the
High Court ("High Court") of the Hong Kong Special Administrative Region
of the People's Republic of China ("Hong Kong"), for the confirmation of
a cancellation of the Beneficiary's share premium account (referred to herein as
the "capital reduction"). 

(B)                 
With a view to obtaining an order of the High Court pursuant to section 60 of
the Companies Ordinance (Cap. 32) of the Laws of Hong Kong confirming the
capital reduction, the Issuing Bank has agreed at the request of the Applicant
to give this guarantee in respect of the Beneficiary's liabilities as is set out
in this document. 

IT IS AGREED as follows: 

1.                    
Guarantee 

1.1                  
Subject to the capital reduction being confirmed by the High Court and such
capital reduction becoming effective in accordance with Section 61 of the
Companies Ordinance, the Issuing Bank hereby undertakes that if the Beneficiary
fails to pay or satisfy any debt or claim outstanding at the date on which the
proposed capital reduction becomes effective in accordance with Section 61 of
the Companies Ordinance (the "Effective Date") and which, if that date
were the date of the commencement of the winding up of the Beneficiary, would be
admissible in proof against the Beneficiary (any such debt or claim being
referred to herein as a "Relevant Liability"), the Issuing Bank will,
subject to Clause 1.2, pay or satisfy such Relevant Liability, upon and subject
to the terms and conditions of this Guarantee. 

	
    Page 1 of 7

    Standard Chartered Bank (Hong Kong) Limited
    

    Trade Services Centre7th Floor Standard Chartered
    Tower

    388 Kwun Tong Road Kwun Tong Hong Kong
	
    
    

	
    
    

	Guarantee No.:
    149020252470-SO 	
    

1.2                 
Subject to Clause 1.4 below, the liability of the Issuing Bank under this
Guarantee shall be limited to the maximum aggregate sum of HK$258,514,691.18.

1.3                 
The Issuing Bank's liability under this Guarantee shall cease and determine at
11.59 p.m. on 13 July 2008 (the "Termination Date"), but without prejudice to
the continuing liability of the Issuing Bank to pay or satisfy (subject to
Clauses 1.2 and 1.4):- 

(a)                   a Relevant Liability which is not disputed by the Beneficiary and in respect of
which a creditor or claimant in respect of a Relevant Liability ("Relevant
Creditor") has made written demand of the Issuing Bank prior to the Termination
Date, but which has not been paid or satisfied by the Issuing Bank prior to that
date; and 

(b)                  
a Relevant Liability which is disputed by the Beneficiary, but in respect of
which a Relevant Creditor has both (1) made written demand of the Issuing Bank
prior to the Termination Date and (2) commenced court proceedings within one
month of that written demand, but which has not been paid or satisfied by the
Issuing Bank prior to the Termination Date. 

1.4                  
The liability of the Issuing Bank shall be extinguished and this Guarantee shall
cease to have effect if the amount paid up on the share capital in the
Beneficiary has been increased as a result of issues of shares made after the
Effective Date for cash or in consideration of property, shares or other assets
or on the capitalisation of distributable reserves (save in so far as the
proceeds of any such issue are applied in accordance with sections 49A or 49B of
the Companies Ordinance) by the sum of HK$152,932,345,321. 

2.
                  
Payment Conditions 

No payment shall be made by the
Issuing Bank under this Guarantee to any Relevant Creditor unless a written
demand has been made by the Relevant Creditor on the Issuing Bank for payment of
the Relevant Creditor's Relevant Liability in accordance with Clause 6 below and
any one of the following sub-Clauses (a) to (e) is satisfied in relation to the
relevant demand: 

(a)                  
the Issuing Bank has received notice in writing from the Beneficiary that the
demand is in respect of a Relevant Liability which the Beneficiary has admitted
in writing to be then due and payable and outstanding for at least 14 banking
days and that such Relevant Liability is properly due and payable under the
terms of this Guarantee; or 

(b)                  
the Issuing Bank has received notice in writing from the Beneficiary that the
demand is in respect of a Relevant Liability which has been the subject of a
final judgement of a court of competent jurisdiction and that such Relevant
Liability is properly due and payable under the terms of this Guarantee; or 

	
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    	Guarantee No.:
    149020252470-SO 

    	
    

(c)                  
if a receiver or receiver and
manager has been appointed over all or any of the Beneficiary's revenues and
assets and has not been discharged or stayed within 14 days, the Issuing Bank
has received confirmation in writing from the receiver or receiver and manager
that the Relevant Liability has, as a result, become due and payable under or
pursuant to the provisions creating or constituting it and that such Relevant
Liability is properly due and payable under the terms of this Guarantee; or 

(d)                 
if a liquidation of the
Beneficiary has commenced, the Issuing Bank has received confirmation in writing
from the liquidator that the Relevant Creditor would then be entitled to prove
in the liquidation of the Beneficiary in respect of a Relevant Liability and
that such Relevant Liability is properly due and payable under the terms of this
Guarantee; or 

(e)                  
the Issuing Bank has received
confirmation in writing by an order of a court of competent jurisdiction that
such Relevant Liability is properly due and payable under the terms of this
Guarantee. 

3. 
                  
Payments 

3.1                  
If a liquidation of the
Beneficiary has commenced and the relevant conditions under Clause 2 above have
been satisfied, payments shall (subject to the other terms and conditions of
this Guarantee) be made by the Issuing Bank under this Guarantee to the Relevant
Creditors on a pro-rata basis, according to the amount of the Relevant Liability
which each Relevant Creditor is entitled to prove in the liquidation of the
Beneficiary, in each case, as confirmed in writing to the Issuing Bank by the
liquidator of the Beneficiary in accordance with the instructions contained
therein. 

3.2                  
In any other case, provided
that the relevant payment conditions set out in Clause 2 above have been
satisfied and subject to the other terms and conditions of this Guarantee, the
Issuing Bank shall satisfy the Relevant Liabilities in the order in which claims
in respect of those Relevant Liabilities are received by the Issuing Bank. If at
any time the aggregate of claims received by the Issuing Bank in respect of
Relevant Liabilities exceeds the maximum aggregate sum detailed in Clause 1.2
above, then the Issuing Bank shall satisfy such claims first received by it up
to such maximum aggregate sum and all such claims not satisfied by the Issuing
Bank under this Guarantee shall be the responsibility of the Beneficiary. 

4.                    
Postponement of Claims

If, pursuant to Clause 1, the Issuing
Bank shall pay or satisfy any part of the Relevant Liability owed to a Relevant
Creditor, the resulting debt or claim of the Issuing Bank against the Applicant
and the resulting debt or claim of the 

	
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    	Guarantee No.:
    149020252470-SO 

    	
    

Issuing Bank against the Beneficiary shall each be
postponed to the remaining Relevant Liabilities owed to the Relevant Creditors
and, accordingly:- 

(a)                  
except in the event of the liquidation of the Applicant (to which the provisions
of (c) below shall apply), the Issuing Bank shall not be permitted to recover or
enforce or take any action to recover or enforce any such debt or claim of the
Issuing Bank against the Applicant, and the Applicant shall not make and the
Issuing Bank shall not receive any payment in respect of any such debt or claim
against the Applicant, unless and until all of the remaining Relevant
Liabilities of the Relevant Creditors have been fully paid or have otherwise
been discharged, satisfied, released or ceased to exist; 

(b)                  
the Issuing Bank shall not, on the ground of any such debt or claim against the
Applicant (but without prejudice to any other ground which the Issuing Bank may
have), claim any set-off, abatement or other extinction or reduction in respect
of an amount payable by the Issuing Bank to the Applicant, unless and until all
of the remaining Relevant Liabilities of the Relevant Creditors have been fully
paid or have otherwise been discharged, satisfied, released or ceased to exist;

(c)                  
the Issuing Bank shall give to the Relevant Creditors in respect of such
Relevant Liabilities the benefit of any proof which it is entitled to make in
the liquidation of the Applicant in respect of any such debt or claim against
the Applicant, until the remaining Relevant Liabilities of the Relevant
Creditors have been fully paid or have otherwise been discharged, satisfied,
released or ceased to exist; 

(d)                  
except in the event of the liquidation of the Beneficiary (to which the
provisions of (f) below shall apply), the Issuing Bank shall not be permitted to
recover or enforce or take any action to recover or enforce any such debt or
claim of the Issuing Bank against the Beneficiary, and the Beneficiary shall not
make and the Issuing Bank shall not receive any payment in respect of any such
debt or claim against the Beneficiary, unless and until all of the remaining
Relevant Liabilities of the Relevant Creditors have been fully paid or have
otherwise been discharged, satisfied, released or ceased to exist; 

(e)                  
the Issuing Bank shall not, on the ground of any such debt or claim against the
Beneficiary (but without prejudice to any other ground which the Issuing Bank
may have), claim any set-off, abatement or other extinction or reduction in
respect of an amount payable by the Issuing Bank to the Beneficiary, unless and
until all of the remaining Relevant Liabilities of the Relevant Creditors have
been fully paid or have otherwise been discharged, satisfied, released or ceased
to exist; 

(f)                   
the Issuing Bank shall give to the Relevant Creditors in respect of such
Relevant Liabilities, the benefit of any proof which it is entitled to make in
the liquidation of the Beneficiary in respect of any such debt or claim against
the Beneficiary, until the remaining Relevant 

	
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    	Guarantee No.:
    149020252470-SO 

    	
    

Liabilities of the Relevant Creditors have been
fully paid or have otherwise been discharged, satisfied, released or ceased to
exist. 

Following all the Relevant Liabilities
of the Relevant Creditors having been fully paid or having otherwise been
discharged, satisfied, released or ceased to exist, the debt or claim of the
Issuing Bank against the Applicant and the debt or claim of the Issuing Bank
against the Beneficiary, in each case resulting from the Issuing Bank having
paid or satisfied any part of the Relevant Liability owed to a Relevant
Creditor, shall rank at least equally with all the other unsecured and
unsubordinated obligations of the Applicant or the Beneficiary (as the case may
be) at the relevant time. 

5.
                   
Benefit and Substitution of Guarantee 

The provisions of Clauses 1 and 4 of
this Guarantee shall enure for the benefit of the Relevant Creditors at the
Effective Date in respect of any Relevant Liabilities and shall be enforceable
against the Issuing Bank by the Relevant Creditors as aforesaid provided that:

(a)                  
this Guarantee may be terminated or amended with the consent of the Beneficiary,
the Applicant and the Issuing Bank and with the approval of the High Court,
subject to such conditions as may be imposed by the High Court; and 

(b)                  
the liability of the Issuing Bank under this Guarantee may be reduced or
terminated in whole or in part, if and to the extent that a further guarantee,
on such terms as the High Court may approve, is entered into to protect
creditors of the Beneficiary who would otherwise have had the benefit of this
Guarantee. 

6.                   
Demands 

6.1                  
Demands under this Guarantee shall be delivered personally or by recorded
delivery to the Issuing Bank, marked for the attention of Guarantee Section at
7/F Standard Chartered Tower, 388 Kwun Tong Road, Hong Kong or such other
address in Hong Kong as the Issuing Bank may notify the Beneficiary from time to
time, accompanied by a declaration from the claimant that the Beneficiary has
failed to pay the sums due and that the claimant did not consent to the proposed
capital reduction. Such declaration shall be signed by two directors of the
claimant (if the claimant is a corporation) or by the claimant (if the claimant
is an individual) and, in each case, be accompanied by such evidence as the
Issuing Bank may reasonably request to confirm that the claimant is entitled to
make demand under this Guarantee. 

6.2                  
The Issuing Bank may rely on any demand or other document or information
believed by it to be genuine and correct to have been signed or communicated by
the person(s) by whom it purports to be signed or communicated and the Issuing
Bank shall not be liable for the consequences of such reliance and shall have no
obligation to verify the facts or matters stated therein are true and correct.

	
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    	Guarantee No.:
    149020252470-SO 

    	
    

6.3                 
The original copy of this Guarantee should be returned to the Issuing Bank when
the obligations under this Guarantee are terminated and in any event no later
than one month after the later of:- 

(a)                 
 the Termination Date; or

(b)                 
 if on the Termination
Date any Relevant Liabilities referred to in sub-Clause 1.3(a) or 1.3(b) remain
outstanding, the date on which the last of those Relevant Liabilities is paid or
satisfied by the Issuing Bank or the Issuing Bank receives notice in writing
from the Beneficiary that the last of those Relevant Liabilities has otherwise
been finally resolved. 

Except in the circumstances contemplated
by sub-Clauses 1.3(a) and 1.3(b), the Issuing Bank shall have no liability under
this Guarantee in respect of any demand made after the Termination Date. 

7.                   
Law and Jurisdiction

7.1
                
This Guarantee shall be governed by and construed in accordance with the laws of
Hong Kong. 

7.2                 
The Issuing Bank agrees that
the Hong Kong courts have jurisdiction to settle any disputes in connection with
this Guarantee and accordingly submits to the jurisdiction of the Hong Kong
courts. 

8.                   
Consent

                      
The Issuing Bank, as a creditor or contingent creditor of the Beneficiary,
hereby consents to the capital reduction as referred to in the petition. 

9.
                  
Amendment 

                       
No amendment to this Guarantee is effective for any purpose unless it has been
expressly agreed to in writing by the Beneficiary, the Applicant and the Issuing
Bank. 

	
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    	Guarantee No.:
    149020252470-SO 	
    

IN WITNESS WHEREOF this
Guarantee has been executed as a Deed by the parties hereto the day and year
first before written. 

Page 7 of 7PCCW Limited: Exhibit 4(gg) - Prepared by TNT Filings Inc.

EXHIBIT 4(gg)

(FOURTH ORIGINAL) 

Dated the 30th day of March, 2006

 

PCCW-HKT TELEPHONE LIMITED

and 

PCCW LIMITED 

and 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

________________________

 

DEED OF
TERMINATION AND RELEASE 

in respect of a 

Guarantee 

dated 30 September 2005 

and related security 

________________________

 

	 	 	RICHARDS 
    BUTLER
    

    20th Floor, Alexandra
    House

    16-20 Chater Road 

    Central 

    Hong Kong 

 

DEED OF TERMINATION AND RELEASE 
dated the 30th day of March,
2006 

BETWEEN:- 

PCCW-HKT TELEPHONE LIMITED 
whose registered office is at 39/F.,
PCCW Tower, TaiKoo Place, 979 King's Road, Quarry Bay, Hong Kong (the 
"Applicant");

PCCW LIMITED 
whose registered office is at 39/F.,
PCCW Tower, TaiKoo Place, 979 King's Road, Quarry Bay, Hong Kong (the 
"Beneficiary"); and 

STANDARD CHARTERED BANK (HONG KONG) LIMITED

 whose
registered office is at 32/F., 4-4A Des Voeux Road Central, Hong Kong and having
an office at 7/F., Standard Chartered Tower, 388 Kwun Tong Road, Hong Kong (the
"Issuing Bank").

WHEREAS:- 

(A)                   
Pursuant to a facility letter dated 13 July 2004, as supplemented pursuant to a
letter dated 8 July 2005, in each case between the Issuing Bank and the
Applicant (provisions as to subordination in respect of which were acknowledged
and accepted by the Beneficiary), the Issuing Bank issued a guarantee dated 30
September 2005 in favour of the Beneficiary in the aggregate sum of
HK$258,514,691.18 (Guarantee No.:149020252470-S0) (the 
"Guarantee"). 

(B)                   
The Guarantee was issued, pursuant to certain undertakings (the "Original
Undertakings") given to the High Court of the Hong Kong Special
Administrative Region of the People's Republic of China (the "Court") by
the Beneficiary in the Re-re-amended Order on Summons For Directions dated 20
July 2004, for the protection of those creditors of the Beneficiary existing as
at 3 August 2004, being the effective date of a capital reduction of the
Beneficiary, whose claims remained outstanding as at 4 October 2005, being the
date upon which the Beneficiary paid a dividend sourced, in whole or in part,
from amounts credited to the special capital reserve of the Beneficiary, being a
reserve established in the context of that capital reduction. 

(C)                    
On 5 October 2005, the Beneficiary made an application to the Court for the
release of the Original Undertakings referred to in recital (B) above on the
basis that the interests of those creditors of the Beneficiary whose claims then
remained outstanding be protected in a manner different from that prescribed by
the Original Undertakings. 

(D)                   
On 10 January 2006, the Court ordered the release of the Original Undertakings
on the condition that the Beneficiary would set aside certain amounts in an
account or accounts for the benefit of certain identified creditors, which
amounts have, as at the date of this Deed, been so set aside as ordered. By the
same order, the Court further ordered that the Beneficiary was at liberty to
terminate the Guarantee, on the basis that it was no longer required for the
benefit of creditors of the Beneficiary existing as at 3 August 2004 whose
claims remained outstanding. 

	
-1- 

                      
                     
	
    

                  
                
              
            
          
        
      
    
  

(E)                  
The Applicant, the Beneficiary and the Issuing Bank have agreed to enter into
this Deed to record the termination of the Guarantee and the release of all
obligations thereunder. 

(F)                  
As security for the issuance of the Guarantee, the Applicant granted to the
Issuing Bank, pursuant to the Deed of Charge Over Deposit Account dated 13 July
2004 between the Applicant, the Beneficiary and the Issuing Bank (the 
"Deed of Charge"), a
first legal charge over the HK Dollar account no. 447-166-10100. The Applicant
has requested and the Issuing Bank has agreed to the release of the security
constituted pursuant to the Deed of Charge. 

NOW THIS DEED WITNESSES:- 

1.                   
RELEASE AND
TERMINATION IN RESPECT OF THE GUARANTEE

(a)                  
The Applicant and the
Beneficiary hereby unconditionally and irrevocably release the Issuing Bank from
all present, future, actual and contingent liabilities and obligations owing to
or for the benefit of the Beneficiary pursuant to the Guarantee. Without
prejudice to the generality of the foregoing, the Beneficiary specifically
releases the Issuing Bank from all liabilities under the Guarantee which, prior
to the date of this Deed, have enured for the benefit of the Relevant Creditors
(as defined in the Guarantee). 

(b)                  
In consideration of the
release referred to in sub-clause (a) above, the Issuing Bank hereby
unconditionally and irrevocably agrees to release the Applicant and the
Beneficiary from all present, future, actual and contingent liabilities and
obligation (if any) owing to the Issuing Bank pursuant to the Guarantee. 

(c)                  
Each of the parties
irrevocably agrees to terminate the Guarantee with immediate effect. 

2.                   
RELEASE AND TERMINATION IN RESPECT OF THE DEED OF CHARGE 

(a)                  
The Issuing Bank hereby
unconditionally and irrevocably releases the Applicant and the Beneficiary from
all of its present, future, actual and contingent liabilities and obligations
owing to the Issuing Bank pursuant to the Deed of Charge and releases and
re-assigns unto the Applicant all rights and benefits of and relating to all
sums deposited in the relevant account and any other assets expressed to be
charged, mortgaged and/or assigned by the Applicant to the Issuing Bank under
the Deed of Charge free and absolutely discharged of and from the Deed of Charge
and all claims and demands for or in respect of the same or in anyway relating
thereto. 

(b)                  
Each of the parties
irrevocably agrees to terminate the Deed of Charge with immediate effect. 

    	
-2- 

                      
                     
	
    

(c)                  
The Applicant, at its own cost and expense, shall apply to the Registrar of
Companies for a memorandum of discharge in respect of the Deed of Charge to be
entered on the public register. 

3.                    
COUNTERPARTS

This Deed may be executed in any number of
counterparts, and this has the same effect as if the signatures on the
counterparts were on a single copy of this Deed. 

4.
                   
GOVERNING LAW

This Deed shall be governed by and construed in
accordance with the laws of Hong Kong. 

IN WITNESS WHEREOF 
this Deed has been duly executed and
delivered by the Applicant and the Beneficiary and signed by the Issuing Bank on
the day and year first above written. 

	The common seal
    of	)	
    	
    

	PCCW-HKT
    TELEPHONE LIMITED	)
	was hereunto
    affixed	)
	in the presence
    of:-	)
	So Chak Kwong
    	 
	Alexander Anthony
    Arena	 
	 	 
	The common seal
    of	)
	PCCW LIMITED	)
	was hereunto
    affixed	)
	in the presence
    of:-	)
	So Chak Kwong
    	 
	Alexander Anthony
    Arena	 	
    For STANDARD CHARTERED BANK (HONG KONG) LIMITED
	 	 	                          
    
	
    Signed by Mr. Cheung Chee Shing (HK1052)	
    
	
    for and on 
    behalf of 	 
	
    STANDARD CHARTERED 
    	 
	(HONG KONG)
    LIMITED BANK	 
	
    	 
	in the presence
    of:-	 
	Ms. Gracie Y.W.
    Wong (HK6390)	 

-3-

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