Wharf : Application for Registration and Proposed Issue of RMB Debt Financing Instruments

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Hong Kong with limited liability)

Stock Code: 4

The board of directors of The Wharf (Holdings) Limited (the "Company") announces that, on 20 July 2016, the Company submitted a formal application to the National Association of Financial Market Institutional Investors (the "Association") in the People's Republic of China for registration and proposed issue of foreign non-financial enterprises Renminbi debt financing instruments in an aggregate amount not exceeding RMB20,000,000,000 (the "RMB Debt Financing Instruments") in a single tranche or in multiple tranches at appropriate time(s) in the future (the "Application").

Subject to approval of the Application being granted by the Association, the Company intends to issue the first tranche of RMB Debt Financing Instruments in the form of medium term notes (the "First Tranche Medium Term Notes") in a principal amount of not exceeding RMB4,000,000,000 and the coupon rate shall be determined through the centralised book- building process, and subject to market conditions and response from investors. Proceeds raised from the First Tranche Medium Term Notes are intended to be used for financing or refinancing the Group's projects in the Mainland.

Drafts of documents relating to the Application and the proposed issue of the First Tranche Medium Term Notes have been disclosed on the website of the Association (http://zhuce.nafmii.org.cn/).

This announcement is made pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

It is uncertain whether and when approval of the Application will be granted by the Association. The proposed issue of the First Tranche Medium Term Notes may or may not proceed and, in the event it does proceed, timing, size and terms are still to be determined. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By order of the directors of

Company Secretary

Hong Kong, 2 August 2016

As at the date of this announcement, the board of directors of the Company comprises Mr. Stephen T. H. Ng, Mr. Andrew O. K. Chow, Ms. Doreen Y. F. Lee, Mr. Paul Y. C. Tsui, Ms. Y.

T. Leng and Mr. K. P. Chan, together with six independent non-executive directors, namely Mr. Alexander S. K. Au, Professor Edward K. Y. Chen, Hon. Vincent K. Fang, Mr. Hans Michael Jebsen, Mr. David Muir Turnbull and Professor E. K. Yeoh.