Q1

What are Wharf's main businesses?

A1

The Group's main businesses include two core properties - Harbour City and Times Square, China properties and logistics. Harbour City and Times Square represent close to 60% of the Group's total assets. The land bank and investment properties in the Mainland are now over 50 million square feet. Logistics mainly comprise Modern Terminals, which has a strategic focus on its port business in Hong Kong and China, with accelerating pace of investments in Mainland ports, including Dachan Bay and Taicang.

Harbour City - the Group's flagship property comprising offices, serviced apartments, hotels, club and the city's largest shopping centre, located at the tip of the Tsim Sha Tsui peninsula in Kowloon. Harbour City has been selected by Forbes Traveler as one of the top 10 Asian mega-malls in April 2007.

Times Square - a landmark property in Causeway Bay which has been named one of Hong Kong's top ten tourist attractions by the Hong Kong Tourism Board.

China Properties - Covering eight cities - Beijing, Shanghai, Chongqing, Wuhan, Dalian, Chengdu, Suzhou and Wuxi. The Group is increasing its investments in China with further land acquisitions in light of robust economic growth in China which provides attractive investment opportunities.

Modern Terminals - a leading container terminal operator in the Southern China region which provides world-class terminal services to international shipping lines. The transformation of Modern Terminals from operating at a single port (Hong Kong) to a portfolio of strategic ports is rapidly taking shape. Taicang in the Yangtze River Delta has been in operation since 2004. Dachan Bay in the Pearl River Delta will be commissioned at the end of 2007. A framework agreement on strategic cooperation for the development of Dayaowan terminals in Dalian was signed.

Q2

Where are the Group's core businesses / assets located?

A2

They are principally located in Hong Kong and China. However, more than 90% of the FY2006 earnings still came from Hong Kong. Upon rolling-out of the Group's projects on China properties and ports in a few years' time, % of earnings from China will become more meaningful.

Q3

How big is the Group's investment property portfolio?

A3

The Group's property investment portfolio totals 16.2 million square feet, represented primarily by Harbour City (8.4 million square feet) and Times Square (2.0 million square feet).

Q4

What are Wharf's other properties in Hong Kong apart from Harbour City and Times Square?

A4

For a list of Group projects in Hong Kong, please see below.

# Substantially sold
## Partly sold
* Formerly known as World Trade Square

Q5

What's the Group's policy towards these properties?

A5

The Group has a policy to dispose of non-core properties when opportunity arises.

Q6

Does the Group have any property exposure outside of Hong Kong?

A6

Yes. The Group's land bank and investment properties in the Mainland is now over 50 million square feet, covering eight cities, including Beijing, Shanghai, Chongqing, Wuhan, Dalian, Chengdu, Suzhou and Wuxi. The Group owns and manages prime Times Square developments in Beijing, Shanghai and Chongqing. More Times Square will be rolled out in Wuhan, Dalian and Chengdu. In terms of commercial property, the development on 1717 Nan Jing Xi Road in Shanghai is currently under construction with completion targeted for the mid of 2009. On residential / mixed developments, there are ten sizeable projects in six cities: Chengdu (3), Wuxi (1), Suzhou (1), Wuhan (1), Dalian (1), and Shanghai (3). Pre-sale of Wellington Garden's 286 units in Shanghai and part of Towers 3 and 4 at Wuhan Times Square are being in progress. Both pre-sales were met with favorable responses. Since the inception of the Group's mainland programmes, capital expenditure has been cautiously controlled with investment totalled around HK$7.7 billion as at December 31, 2006.

Q7

What's the latest throughput handled by Modern Terminals? What about its maximum capacity? Does Modern Terminals have any investment in China?

A7

For the year ended 31st December 2006, Modern Terminals' throughput increased by 7% year-on-year to 5.42 million TEUs. In Hong Kong, Modern Terminals currently operates 7.5 berths with total handling capacity of 7.0 million TEUs. The facility upgrade at CT1, 2 and 5, geared towards enhancement of operational efficiency and handling capacity, is progressing in accordance with plan. The Group, through Hong Kong-based Modern Terminals, is actively expanding in container terminals in China. As far as Modern Terminals' investments in China is concerned, there are several major projects in both Pearl River Delta and Yangtze River Delta, including Dachan Bay Phase I (65%) and Taicang Port Phase I (51%) and II (70%). Phase I of the Dachan Bay project in Shenzhen West consists of five berths. The first two berths are due to open for business at the end of 2007. Taicang in the Yantze River Delta has been in operation since 2004. A framework agreement on strategic cooperation for the development of Dayaowan terminals in Dalian was also signed.

Q8

What's the size of i-CABLE's subscriber base?

A8

As of the end of December 2006, the total subscriber base of CABLE TV grew to 786,000 while the number for Broadband Internet also increased to 328,000.

Q9

How many installed fixed lines in total does Wharf T&T have?

A9

As of the end of December 2006, Wharf T&T's installed base of fixed lines grew to 562,000, representing an overall market share of 13%.