2.—(1) Pacific Century Regional Developments Limited is hereby granted exemption from tax on the dividends received in Singapore after 21st June 2011 from PCCW Limited located in Hong Kong, being a company in which Pacific Century Regional Developments Limited owns 21.3% of the total number of issued ordinary shares.
(2) The exemption under sub-paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 17th October 2011 addressed to the tax agent of Pacific Century Regional Developments Limited.