09:55     WHARF HOLDINGS<00004> - Announcement (2)                            

    Major Conditions: TSL agreed to accept, with effect from                  
                      1st December, 2004, the surrender by City               
                      Super of the TS Premises which was leased               
                      to City Super under a tenancy agreement                 
                      dated 26th September, 2002, originally                  
                      for a 6-year term commencing from 1st                   
                      October, 2002 and terminating on 30th                   
                      September, 2008.  No consideration is                   
                      payable by either party in respect of such              
                      a surrender.  Furthermore, TSL agreed to                
                      waive the base rent for the two months                  
                      ended 30th November, 2004 due to the loss               
                      of sale revenue on the part of City Super               
                      as a result of renovation undertaken by                 
                      City Super at the TS Premises and in                    
                      consideration of City Super entering                    
                      into the TS Tenancy (as defined below).                 
                      As a result, the rent received or                       
                      receivable by TSL from City Super                       
                      represents the relevant turnover rent                   
                      for that two-month period which is                      
                      estimated to be HK$2.97 million as                      
                      compared to the base rent of HK$3.95                    
                      million for the two-month period.                       
                                                                              
    (b) Tenancy agreement ("TS Tenancy")                                      
                                                                              
    Date: 5th January, 2005                                                   
                                                                              
    Parties: TSL as the landlord and City Super as tenant                     
                                                                              
    Premises: B101-B109, Basement 1, Times Square, Causeway Bay,              
              Hong Kong                                                       
                                                                              
    Lettable Area: 43,049 sq. ft. (being 1,000 sq. ft. bigger                 
                   than the premises surrendered under the                    
                   Surrender Agreement)                                       
                                                                              
    Term: Six years and ten months from 1st December, 2004 to                 
          30th September, 2011                                                
                                                                              
    2. Tenancy at Gateway Arcade, Harbour City ("Gateway Tenancy")            
                                                                              
    (a) Renewal of tenancy                                                    
                                                                              
    Date: 5th January, 2005                                                   
                                                                              
    Parties: WRL as the landlord and City Super as tenant                     
                                                                              
    Premises: Shops 3001-3002, Level 3, Gateway Arcade,                       
              Harbour City, Kowloon, Hong Kong                                
              ("Gateway First Premises")                                      
                                                                              
    Lettable Area: 51,226 sq. ft.                                             
                                                                              
    Term: Six years from 15th December, 2004 to 14th December,                
          2010, such commencement date being immediately following            
          the expiry of a tenancy agreement previously entered                
          into between the same parties for the same premises                 
          which commenced on 15th December, 1998 and expired on               
          14th December, 2004.                                                
                                                                              
    (b) Letter of agreement for future expansion                              
                                                                              
    Date: 5th January, 2005                                                   
                                                                              
    Parties: WRL as the landlord and City Super as tenant                     
                                                                              
    Premises: Shops 3103-3104, Level 3, Gateway Arcade,                       
              Harbour City, Kowloon, Hong Kong                                
              ("Gateway Second Premises")                                     
                                                                              
    Lettable Area: 4,600 sq. ft. (subject to final measurement),              
                   adjoining the Gateway First Premises                       
                                                                              
    Term: Four years and nine months from 15th March, 2006 to                 
          14th December, 2010                                                 
                                                                              
    Other Major Terms and Relevant Matters:                                   
                                                                              
    Under the letter of agreement for the Gateway Second Premises,            
    the parties have agreed to enter into, on 15th March, 2006 or             
    thereabout, an addendum to the tenancy agreement for the                  
    Gateway First Premises to the effect that the area covered                
    under such agreement will be increased by the addition thereto            
    of the Gateway Second Premises, with the base rent for both               
    the Gateway First Premises and Gateway Second Premises being              
    calculated on the same basis and at the same unit rate, and               
    with the turnover rent being calculated on the basis that the             
    two premises are regarded as one single premises.                         
                                                                              
    3. Annual rent: