09:03     WHARF HOLDINGS<00004> - Results Announcement                        

    The Wharf (Holdings) Limited announced on 15/03/2005:                     
    (stock code: 00004 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('Million  )       ('Million  )      
    Turnover                        1  : 11,953             11,253            
    Profit/(Loss) from Operations   1  : 5,252              5,050             
    Finance cost                       : (239)              (480)             
    Share of Profit/(Loss) of                                                 
      Associates                       : 748                292               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : (2)                N/A               
    Profit/(Loss) after Tax & MI       : 3,767              3,043             
    % Change over Last Period          : +23.8     %                          
    EPS/(LPS)-Basic (in dollars)    2  : 1.54               1.24              
             -Diluted (in dollars)  3  : 1.54               1.24              
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 3,767              3,043             
    Final Dividend                     : 36 cents           28 cents          
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 11/05/2005         to 18/05/2005 bdi.
    Payable Date                       : 25/05/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 11/05/2005         to 18/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    (1)     The turnover and profit from operations of HK$11,953 million and  
    HK$5,252 million for the year ended 31st December, 2004 respectively and  
    HK$11,253 million and HK$5,050 million for the previous year respectively 
    were all generated from continuing operations.                            
                                                                              
    (2)     The calculation of earnings per share is based on the earnings for
    the year of HK$3,767 million (2003: HK$3,043 million) and the weighted    
    average of 2,447.5 million (2003: 2,447.5 million) ordinary shares in     
    issue during the year.                                                    
                                                                              
    (3)             The calculation of diluted earnings per share is based on 
    earnings for the year of HK$3,767 million (2003: HK$3,043 million) and the
    weighted average of 2,447.5 million (2003: 2,447.5 million) ordinary      
    shares after adjusting for the effects of all dilutive potential ordinary 
    shares as shown below:                                                    
                                                                              
                                                    2004            2003      
                                                   No. of shares No. of shares
                                                   Million       Million      
    Weighted average number of ordinary                                       
     shares used in calculating basic earnings                                
     per share                                      2,447.5         2,447.5   
    Deemed issue of ordinary shares for no                                    
     consideration                                  -               -         
                                                    ---------       ----------
    Weighted average number of ordinary shares used                           
     in calculating diluted earnings per share      2,447.5         2,447.5   
                                                    ---------       ----------
                                                                              
    The existence of unexercised options during the year ended 31st December, 
    2004 has no dilutive effect on the calculation of diluted earnings per    
    share for the year ended 31st December, 2004.                             
                                                                              
    For more details, please refer to the press announcement today.