4 138%9% 76% One Bay East 21%

2015 :

4 138%9% 76% One Bay East 21%

1 4 5 7 12 14 64 68 80 86 106 123 124 125 126 127 128 130 170 183 188 198 16 24 32 34 40 50 54 58 62

183 22 (852) 2118 8118 (852) 2118 8018 www.wharfholdings.com 4

5

7%

6.9% 66% 50.5% 2.4% 2.5% 3.7% 9%76%73% 8

A 16%25% CHINA MAGBest Luxury Wedding Hotel Travel+Leisure 21% 18%51% 5% 5.29 3% 101.53 14.9% 18.9% 1.351.26 1.901.81 9

2015 GRI 6.5% 10

1% 2% 3% 11

40,875 38,136 +7% 14,853 14,283 +4% a 10,969 10,474 +5% 9,793 8,247 +19% 16,024 35,930-55% 5,759 5,486 +5% 3.62 3.46 +5% 3.23 2.72 +19% 5.29 11.86-55% 0.55 0.55 1.35 1.26 +7% 1.90 1.81 +5% 443,916 444,658 b 414,770 422,412-2% 310,177 301,890 +3% 47,197 59,259-20% 307,728 305,495 +1% 317,180 314,111 +1% 3,031 3,030 101.53 100.82 +1% 14.9% 18.9% -4.0% pt (a) 50% (b) 12

15 14 13 12 11 10 09 08 07 06 10,969 15 14 13 12 11 10 09 08 07 06 40,875 15 14 13 12 11 10 09 08 07 06 14,853 0 2,000 4,000 6,000 8,000 10,000 12,000 0 10,000 20,000 30,000 40,000 50,000 0 3,000 6,000 9,000 12,000 15,000 15 14 13 12 11 10 09 08 07 06 3.62 15 14 13 12 11 10 09 08 07 06 16,024 15 14 13 12 11 10 09 08 07 06 307,728 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 10,000 20,000 30,000 40,000 50,000 0 50,000 100,000150,000200,000250,000300,000350,000 15 14 13 12 11 10 09 08 07 06 1.90 15 14 13 12 11 10 09 08 07 06 5.29 15 14 13 12 11 10 09 08 07 06 101.53 0.0 0.5 1.0 1.5 2.0 0 5 10 15 20 0 20 40 60 80 100 120 13

16 24 32 34 40 50 54 58 62

7% 6% 16% 25% 18% 51% 4%2%12% 9% 1%

172,292 9,882 7,846

3%5% 5%100% J. Crew Miu Miu Pandora Philipp Plein Rado Sulwhasoo Christian Louboutin Men Issey Miyake Maison Margiela Tea WG Boutique Bottega Veneta Giuseppe Zanotti Jimmy Choo Prada Roger VivierLOG-ON 18

Ballin Leonard Paris MM6 Pleats Please Vivienne Westwood Café Adidas China Tang WallyMartin Handford Happily Ever After 9% 98%76% 19

163,300 159,700 +2% * 8,020 8,420-5% 972 954 +2% 172,292 169,074 +2% * 5,949 5,674 +5% 2,317 2,121 +9% 301 301 1,315 1,454-10% 9,882 9,550 +3% 5,312 5,066 +5% 1,977 1,793 +10% 195 195 362 420-14% 7,846 7,474 +5% 20

(%) 2,049,000 5,949 99 96,639 4,263,000 2,317 98 56,481 670,000 301 71 10,180 1,368,000 1,315 85 8,020 15 171,320 15 9,882 14 13 12 11 168,120 146,110 133,330 100,490 14 13 12 11 9,550 8,471 7,508 6,635 21

(%) (%) (%) 37.8 29.1 25.0 21.9 13.1 26.4 19.2 7.8 21.7 8.6 19.6 12.1 3.5 15.4 3.1 3.0 5.1 2.3 2.2 1.9 7.0 2.1 2.2 1.5 1.7 5.8 0.9 100 100 100 22

8.35 80+ 1/3 Avenue Montaigne 307 2,377 23

54,114 2,687 2,346

6% 3% 7% 99% AMOREPACIFIC Burberry Beauty kikki.k Kurt Geiger Laura Mercier M.A.C Origins Stuart Weitzman Adidas Camper Max & Co.Greenhouse by Gaia Group Häagen-Dazs dessert café Joe & The Juice 26

AKids SquareKingkow Marks & Spencer Baby Watsons Baby Donguri Republic LABO Hair & Nail by IL COLPO LensCrafters OSIM OTO Sugarman Tic Tac Time Tissot Square on 9th floormetro Kids by Metro Books Gundam Docks at Hong Kong II Hugh Jackman 98%65% 27

54,070 52,100 +4% 44 42 +5% 54,114 52,142 +4% 2,017 1,883 +7% 670 661 +1% 2,687 2,544 +6% 1,775 1,701 +4% 571 575-1% 2,346 2,276 +3% 15 14 13 12 11 54,070 52,100 46,200 43,600 37,000 15 14 13 12 11 2,687 2,544 2,096 1,908 1,732 28

1.97 65+ #1 91 1,517 29

(%) (%) (%) 34.3 23.7 22.6 33.2 16.6 26.6 14.1 21.1 26.0 7.3 25.9 7.6 5.0 5.4 12.6 4.6 3.4 3.8 1.5 3.9 0.8 100 100 100 30

(%) 936,000 2,017 99 38,731 1,033,000 670 95 15,339 31

32

3% 96% 65% 26 20+ (%) (%) (%) 22.2 34.5 21.2 21.5 12.6 18.4 20.1 21.2 14.2 13.6 13.3 15.6 7.9 4.8 7.5 6.7 5.7 16.7 5.3 4.7 4.3 2.7 3.2 2.1 100 100 100 33

Mount Nicholson 31,318

When you re talking about building a house, you re talking about dreams -Robert A.M. Stern 36

397,200 11177 8 162,000 1 91,000 11 46,000 CHELSEA COURT 43,000 77 42,200 13,000 25,514 24,472 +4% 3,838 3,739 +3% 1,194 856 +39% 772 239 +223% 31,318 29,306 +7% 37

3.2% One Bay East Peninsula East 189,000 204,000 534,000 829,000 Peninsula East 256,000 596,000 38

39

40

16% 25% 25% 100% UA IMAX Creemee J Ed Hardy Hollys Coffee Hublot Roberto Cavalli Junior Shiseido SPA Zenith 2015 International Vertical Marathon Chengdu ICSC 2015 Western Commercial Real Estate Value List The Most Demonstrative City Complex in Western China 33% 42

16% 43

44

98% 81% 11% CitySuper 100% 82% 45

1/3 1/3 1/2 * * 23 1 2 * 46

75% 50% 85% 80% 80% 1 47

48

49

18%51% 21% 21% (%) (%) 29 78 67 10 9 16 8 4 8 7 9 9 50

1 51

245,000 03 183,000 132,000 155,000 114,000 94,000 82,000 77,000 62,000 52,000 GS05-R21-A01 52,000 104,000 136,000 133,000 98,000 71,000 347,000 260,000 1 52,000 322,000 252,000 151,000 397,000 340,000 222,000 84,000 267,000 260,000 76,000 52

118,000 84,000 70,000 K 48,000 144,000 90,000 66,000 188 197 53

19 *( ) The Murray* ( ) *( ) *( ) * ( ) *

(GRI ) 56

The Murray 57

17,245 7.7

4% 2%12% 60% 40% 15% 35% 2% 23% 20%3% 8% 50% 50% 66% 11,526 14,196-19% 5,075 4,253 +19% 297 297 +0% 347 402-14% 17,245 19,148-10% 60

15 14 13 12 11 7.7 9.4 8.9 7.8 8.4 61

ICT ICT 2%3% 18% PIHK Network Limited 9% 1% 62

63

Google HKMA/TVB ICSC The Golden Globe Tigers Awards Marketing Campaign of the Year The Marketing Events Awards 2015Best Event Consumer The Golden Globe Tigers Awards Best Use of Social Media in Marketing AMEC Awards 2015 Most Innovative Use of Measurement in a Digital Campaign The Marketing Events Awards 2015 Best PR Strategy The Marketing Events Awards 2015Best Digital Integration Unveiling VITA The New Home of Beauty: The Marketing Events Awards 2015 Best Event, Targeted Community 64

Global Awards for Brand ExcellenceAward for Brand Excellence in Retail Sector PR Awards 2015Best PR IdeaBest PR Campaign ConsumerBest PR Campaign Public Services The Marketing Events Awards 2015Most Creative Event PR Awards 2015 Best Engagement Targeted CommunityBest PR Campaign Corporate Social Responsibility The Marketing Events Awards 2015Best Event CSR 2015 PMAA Dragons of Asia AwardBest Use of Public Relations The Marketing Events Awards 2015Best Stunt ICSC 6S ICSC I AM HERE! 100A 65

/WeB The Marketing Events Awards 2015Best Experiential Event Hong Kong Business2014 Travel + Leisure e-zonee- 2015 Your Choice @ Focus 2014/15 66

Navis Inspire Awards 2015 Squarefoot 2015 TripAdvisor ISO 22000 67

English WeCan 35 50 42,000 70

71

12 9 72

73

ISO14001 PLU S HKQAA CSR INDEX 74

75

1,000+ 12,000+ 76

77

(GRI) G4 78

79

(I) 5% 9%76%73% 48% 55% 8% 7% 16%8% 6% 25% 16% 27% 18% 51% 3% 28% 14%34% 3%2% 9%47% 3% 24%35% 7% 4% 21% 24.3% 80

2.8%3.2% 8% 5% 58% 55% 5.2911.86 19% 5%76% 11%9% 48% 3.623.46 81

(II) 1% 101.53 100.82 75% 70% 34%37% 20% 39,863 48,965 8,763 11,023 (1,647) (767) 218 38 47,197 59,259 14.9%18.9% 82

41.6 25.6 16.0 31.0 31.0 72.6 56.6 16.0 14.3 9.0 5.3 5.8 4.8 1.0 0.6 0.3 0.3 93.3 70.7 22.6 83

A. 1,218 4,137 5,355 889 15,912 16,801 2,107 20,049 22,156 357 15 372 257 37 294 330 1 331 207 207 1,151 53 1,204 3,258 20,102 23,360 i. ii. iii. B. 2,027 477 2,504 8,714 5,144 13,858 10,741 5,621 16,362 459 459 11,800 16,289 28,089 12,259 16,289 28,548 1,999 235 2,234 150 24 174 119 50 169 25 245 270 2,293 554 2,847 25,293 22,464 47,757 84

(III) 14,6002,400 (IV) 80% (V) 1. 2. 3. 4. 5. 85

86

A.2.1 F.1.3 I. A. A.1 93 87

A.2 88

A.2.1 A.3 89

109 112 A.4 (1) (2) 90

A.5 (a) (b) (c) (d) www.wharfholdings.com (a) (b) (c) 91

A.6 B A, B A, B A, B A, B A, B A, B A, B A, B A, B B A, B A B 92

2/2 1/1 1/1 4/4 1/1 3/4 1/1 4/4 1/1 4/4 1/1 4/4 1/1 1/2 4/4 4/4 1/1 3/4 1/1 1/4 1/1 3/4 3/4 1/1 2/4 1/4 1/1 0/1 0/3 2/3 1/1 0/1 4/4 1/1 3/4 1/1 0/1 4 4 1 1 A.7 93

B. B.1 (a) (b) (c) (i) (ii) (d) (e) (f) 94

(g) (h) (i) www.wharfholdings.com 93 (a) (b) 225,000 150,000 75,000 1352(b) 95

C. C.1 (i) (ii) (iii) C.1.3 C.1.4 123 96

C.2 104 105 C.3 (I) (a) (b) (c) 97

98 (II) (a) (i) (ii) (iii) (iv) (v) (vi) (b) (II)(a) (i) (ii) (III) (a) (b) (c) (d) (e) (f) (g) (h)

99 (i) (j) (k) (IV) (a) (b) (c) (d) (e) C.3.3 www.wharfholdings.com 93 (a) (b) (c) (d) C.3(II)(a) (e) (f) (g) (h) (i) (j) (k)

D. D.1 D.2 C.3B.1A.5 D.3 99 (IV) 100

E. E.1 93 www.wharfholdings.com 101

E.2 (a) (b) (c) (d) (e) (a) (b) (c) (d) F. 102

F.1.3 F.1.3 I. 622566 5% II. www.wharfholdings.com III. (i) (ii) 615 2.5% (a) (b) (c) 566615 103

(I) 104

(II) (III) COSO Committee of Sponsoring Organizations of the Treadway Commission > > > > (IV) 120 122 105

183 186 124125 127 0.551.35 1.901.81 900,000 55.15 16424 116 117 106

622 1 2 7 11 14 67 12 13 80 85 120 122 16931 www.wharfholdings.com 97 106(A) 122 (L) 119 120 (J) 107

(a) (b)(c) 109 122 108

(A) (i) 63 Joyce Boutique Holdings LimitedJoyce Hotel Properties Limited 65 59 Joyce 69 FCCA, FCPA, FCMA, CGMA, FCIS, CGA-Canada Joyce 109

44 BSc(Hons), MRICS, MHKIS, RPS 55 OBE 69 ACA, FCCA, FCPA, AAIA, FCIB, FHKIB GBS, CBE, JP 71 110

SBS, JP 72 BBS 59 St. Gallen Dannebrog DannebrogHofjægermester Dannebrog 60 Green Dragon Gas Limited Greka Drilling Limited 111

GBS, OBE, JP 69 MBBS(HK), FHKAM, FHKCCM, FHKCP, FFPHM(UK), FRCP(Edin), FRCP(Lond), FRCP(Glasg), FRACMA, FRACP (1) (2) (3) 3.13 (ii) A(i) 112

(B) (i) 20% 804,445 (0.0265%) 100,000 (0.0033%) 100,000 (0.0033%) 15,000 (0.0005%) 300,000 (0.0148%) 1,265,005 (0.0629%) 3,787 (5.40%) 5,000,000 330,000 (0.02%) (1) (ii)(iii) (2) 113

(ii) 3,500,000 (0.12%) 04/07/2011 1,500,000 1,500,000 55.15 05/07/2011 04/07/2016 (1) 05/06/2013 2,000,000 2,000,000 70.20 06/06/2013 05/06/2018 (2) 3,500,000 (0.12%) 04/07/2011 1,500,000 1,500,000 55.15 05/07/2011 04/07/2016 (1) 05/06/2013 2,000,000 2,000,000 70.20 06/06/2013 05/06/2018 (2) 3,320,000 (0.11%) 04/07/2011 1,320,000 1,320,000 55.15 05/07/2011 04/07/2016 (1) 05/06/2013 2,000,000 2,000,000 70.20 06/06/2013 05/06/2018 (2) 2,200,000 (0.07%) 04/07/2011 1,200,000 1,200,000 55.15 05/07/2012 04/07/2016 (1) 05/06/2013 1,000,000 1,000,000 70.20 06/06/2013 05/06/2018 (2) 1,250,000 (0.04%) 04/07/2011 500,000 500,000 55.15 05/07/2011 04/07/2016 (1) 05/06/2013 750,000 750,000 70.20 06/06/2013 05/06/2018 (2) 1,250,000 (0.04%) 04/07/2011 500,000 500,000 55.15 05/07/2011 04/07/2016 (1) 05/06/2013 750,000 750,000 70.20 06/06/2013 05/06/2018 (2) (1) (i) (ii) 300,000 120,000 300,000 (2) (3) 114

(iii) 14/06/2013 1,500,000 1,500,000 (0.074%) 39.98 15/06/2013 14/06/2018 (a) (b) 352 (C) 3365% (i) 1,789,006,608 (59.02%) (ii) HSBC Trustee (C.I.) Limited 1,789,006,608 (59.02%) (1) (i)(ii) (2) Lynchpin LimitedLLWF Investment Partners LimitedWIPLWheelock Investments LimitedWIL LL248,871,0728.21%WIPL1,349,610,536 44.53%High Fame Investments Limited187,525,0006.19% WIL1,789,006,608 59.02% 115

(D) (I) (a) (b) (c) (i) 281,024,732 (ii) 9.27% (d) 1% (e) (f) (g) (i) 10.00 (ii) (iii) (h) (i) (ii) (iii) (iv) 622 (i) 116

(II) 04/07/2011 1,540,000 1,540,000 05/07/2011 04/07/2016 55.15 2,320,000 (300,000) 2,020,000 05/07/2012 04/07/2016 2,320,000 (300,000) 2,020,000 05/07/2013 04/07/2016 2,320,000 (300,000) 2,020,000 05/07/2014 04/07/2016 2,320,000 (300,000) 2,020,000 05/07/2015 04/07/2016 10,820,000 (900,000) (300,000) 9,620,000 05/06/2013 2,500,000 (400,000) 2,100,000 06/06/2013 05/06/2018 70.20 2,500,000 (400,000) 2,100,000 06/06/2014 05/06/2018 2,500,000 (400,000) 2,100,000 06/06/2015 05/06/2018 2,500,000 (400,000) 2,100,000 06/06/2016 05/06/2018 2,500,000 (400,000) 2,100,000 06/06/2017 05/06/2018 12,500,000 (2,000,000) 10,500,000 23,320,000 (900,000) (2,300,000) 20,120,000 (1) 2,300,000 (2) (3) 59.04 (E) 117

(F) 8.10 8.10(2) (i)(ii)(iii) (G) (i) 30% (ii) 30% (H) 154 155154 155 (I) 118

(J) (i) 117,226.1338,174 25:24:26:25 25:26:24:25 25% 51.89% (ii) Wisdom Gateway LimitedWGL City Super WGL WGL WGL WGL WGL 119

(iii) (a) J(ii) (1) (2) (3) (b) 14A.563000 740 (1) (2) (3) (4) (iv) 16726 (a) (b) (K) 70% 120

121

122 ICT 159 16423 (L) Andrea Limited * Chavalit Uttasart * * * * * * * * * * * * * ZEMAN Allan * * * * *

124 187 405 10 8 123

1 40,875 38,136 (21,282) (19,472) (1,560) (1,363) (1,632) (1,496) 16,401 15,805 2 (1,548) (1,522) 2 14,853 14,283 6,729 28,293 3 (460) (1,743) 21,122 40,833 4 (1,879) (1,930) 1,156 1,262 11 236 (11) 20,635 40,154 5 (3,829) (3,730) 16,806 36,424 16,024 35,930 782 494 16,806 36,424 7 5.29 11.86 5.29 11.86 130187 6 124

16,806 36,424 (5,554) (426) (5,437) (426) (117) (2,032) (76) (1,508) (76) (524) (1,272) (288) 10 9 (8,848) (781) 7,958 35,643 7,629 35,157 329 486 7,958 35,643 130187 125

8 310,177 301,890 9 22,779 25,027 10 17,785 22,449 11 17,612 19,030 12 8,102 3,740 13 305 305 22 700 673 16 585 885 237 209 378,282 374,208 14 37,768 47,543 46 48 15 3,974 3,851 16 336 283 17 23,510 18,725 65,634 70,450 443,916 444,658 16 (1,558) (1,071) 22 (10,748) (10,425) (334) (315) 20 (62,244) (69,331) (74,884) (81,142) 18 (22,681) (23,664) 19 (18,854) (14,496) 16 (612) (1,116) 5(d) (1,242) (1,476) 20 (8,463) (8,653) (51,852) (49,405) (126,736) (130,547) 317,180 314,111 24 29,441 29,376 278,287 276,119 307,728 305,495 9,452 8,616 317,180 314,111 130187 126

3,030 26,339 7 1,080 9,332 235,769 275,557 8,698 284,255 35,930 35,930 494 36,424 (314) (464) 5 (773) (8) (781) (314) (464) 35,935 35,157 486 35,643 84 84 84 (11) 11 (99) 99 (3,636) (3,636) (3,636) (1,667) (1,667) (1,667) (568) (568) 24(a)) 26,346 (26,339) (7) 29,376 740 8,868 266,511 305,495 8,616 314,111 16,024 16,024 782 16,806 (1,855) (6,546) 6 (8,395) (453) (8,848) (1,855) (6,546) 16,030 7,629 329 7,958 65 (15) 50 50 40 40 40 (28) 28 (3,819) (3,819) (3,819) (1,667) (1,667) (1,667) 876 876 (365) (365) (4) (4) 29,441 (1,118) 2,322 277,083 307,728 9,452 317,180 130187 127

(a) 15,951 15,108 (a) 11,887 6,992 (a) 27,838 22,100 (1,808) (1,797) (2,172) (2,527) 364 730 1,061 824 174 154 (1,730) (1,367) (1,482) (1,661) 24,053 18,253 (5,436) (9,463) (1,297) (1,696) (116) (118) (1,592) (2,103) 252 25 5 9 (5,827) (73) 2,729 (6) (c) 1,275 47 5,447 (1) (70) (7,290) (10,719) 50 19,261 26,961 (25,361) (34,417) 876 (5,486) (5,303) (365) (568) (11,025) (13,327) 5,738 (5,793) 18,625 24,485 (954) (67) 23,409 18,625 (b) 23,409 18,625 130187 128

a. 14,853 14,283 (363) (633) (174) (152) 1,548 1,522 2 4 45 40 84 15,951 15,108 (8,337) (7,653) 15,038 13,291 2 (1) (188) 103 1,363 2,035 4,358 (834) (334) 37 (15) 14 11,887 6,992 27,838 22,100 b. 17 23,510 18,725 (101) (100) 23,409 18,625 c. 2,064 360 (2,130) (4) 290 744 328 (290) (29) 155 908 744 (22) (46) 676 599 1,275 129

1. 130

a. 14,470 11,759 6,729 111 (1,255) 17,344 12,165 10,516 5,761 (1,246) 15,031 2,305 1,243 968 111 (9) 2,313 18,018 2,241 (1,542) (93) 890 201 1,697 (25) 18 (57) (64) 18,018 2,266 (1,542) (93) 872 258 1,761 1,549 278 (4) 274 2,848 689 627 (194) 266 35 1,423 2,739 676 668 (194) 188 35 1,373 109 13 (41) 78 50 3,501 112 2 (34) 80 1,510 (246) 2 (3) (247) 1,991 362 (31) 331 (4) (4) (298) 40,088 15,079 6,729 (802) (1,580) 1,156 236 20,818 787 464 342 (299) 507 (690) (690) 40,875 14,853 6,729 (460) (1,879) 1,156 236 20,635 13,397 10,896 28,293 69 (1,303) 37,955 11,413 9,905 27,864 18 (1,269) 36,518 1,984 991 429 51 (34) 1,437 15,539 1,762 (1,778) (100) 930 (64) 750 113 93 9 (23) 79 15,426 1,669 (1,778) (100) 921 (41) 671 1,600 387 (6) 381 3,319 1,051 (61) (246) 332 53 1,129 3,206 1,034 (20) (246) 234 53 1,055 113 17 (41) 98 74 3,616 211 1 (37) 175 1,666 (140) 1 (139) 1,950 352 (37) 315 (1) (1) (370) 37,101 14,307 28,293 (1,769) (1,692) 1,262 (11) 40,390 1,035 714 26 (238) 502 (738) (738) 38,136 14,283 28,293 (1,743) (1,930) 1,262 (11) 40,154 131

b. 14,470 (148) 14,322 13,397 (144) 13,253 18,018 18,018 15,539 15,539 1,549 1,549 1,600 1,600 2,848 2,848 3,319 3,319 3,501 (78) 3,423 3,616 (94) 3,522 787 (72) 715 1,035 (132) 903 41,173 (298) 40,875 38,506 (370) 38,136 c. 311,641 303,498 252,904 246,005 58,737 57,493 73,239 87,421 5,685 4,703 67,554 82,718 7,728 7,208 18,244 20,197 17,245 19,148 999 1,049 3,918 4,088 1,189 1,284 2,729 2,804 414,770 422,412 29,146 22,246 443,916 444,658 29,332 36,187 6,065 5,292 35,397 41,479 132

d. 5,355 13,316 118 98 1,218 6,757 32 23 4,137 6,559 86 75 3,487 4,644 155 201 3,332 4,443 372 759 208 204 294 403 8 2 457 469 294 402 8 2 454 466 1 3 3 538 504 765 751 207 188 351 348 331 316 414 403 6,559 14,982 3,495 4,646 1,548 1,522 (i) 24.3%(ii) (iii) e. 19,152 19,126 11,409 11,549 21,685 18,977 3,406 2,701 38 33 38 33 40,875 38,136 14,853 14,283 271,671 264,523 275,016 267,328 101,340 106,443 139,754 155,084 373,011 370,966 414,770 422,412 133

2. a. 162 169 1,190 1,158 69 74 127 121 1,548 1,522 10 18 45 (i) 3,632 3,740 23 23 2 2 15,000 13,291 74 63 (ii) (14,470) (13,397) 2,584 2,402 (16) (9) (iii) (363) (633) (174) (152) 2 4 i. ii. iii. 134

b. 3831 iv 83 5,411 5,494 32,591 iv 197 7,243 15,500 18 22,958 21,452 150 5,440 10,000 18 15,608 17,680 150 5,605 9,500 837 16,092 16,143 150 4,787 8,500 13,437 11,823 150 3,695 4,000 365 8,210 8,971 v 95 2,022 4,000 300 6,417 iii 24,923 ii 225 225 150 150 150 100 vii 150 150 100 ii 225 225 150 ii 225 225 150 ii vi 151 151 128 66 150 150 100 ii 175 175 50 2,426 34,203 51,500 1,538 89,667 134,577 1,794 42,681 89,000 1,102 134,577 i. ii. iii. iv. v. vi. vii. viii. 21(d) 135

c. 10 1 20 31 13,500,00114,000,000 1 17,000,00117,500,000 1 2 3. a. 24.3% b. 50% c. d. e. 136

4. 1,018 1,091 938 1,196 1,956 2,287 195 317 (678) (904) 1,473 1,700 379 97 27 133 406 230 1,879 1,930 a. 2.4%2.0% b. c. 137

5. 1,592 1,540 (21) (56) 1,073 860 (5) 9 2,639 2,353 5(c) 411 515 488 543 304 375 (13) (56) 779 862 3,829 3,730 a. 16.5%16.5% b. 25%25%10% c. 30% 60% d. e. f. 10% 138

g. 20,635 40,154 3,553 6,987 375 402 (242) (329) (951) (4,598) (26) (47) 487 425 (138) (97) (13) (56) (30) 6 411 515 258 368 145 154 3,829 3,730 6. 0.55 1,667 0.55 1,667 1.35 4,092 1.26 3,819 1.90 5,759 1.81 5,486 a. b. 7. 139

8. a. 229,150 31,947 261,097 (91) (74) (165) 6,988 6,215 13,203 (29) (29) 12,319 (12,828) (509) 28,292 1 28,293 276,629 25,261 301,890 (2,390) (884) (3,274) 647 4,550 5,197 (1,340) 975 (365) 6,567 162 6,729 280,113 30,064 310,177 b. 280,113 12,740 292,853 17,324 17,324 280,113 30,064 310,177 276,629 9,577 286,206 15,684 15,684 276,629 25,261 301,890 c. 211,375 211,375 27,724 13,001 40,725 239,099 13,001 252,100 41,014 17,063 58,077 280,113 30,064 310,177 206,007 206,007 29,334 9,770 39,104 235,341 9,770 245,111 41,288 15,491 56,779 276,629 25,261 301,890 140

d. 13 149,325 76,982 25,282 250 251,839 18,292 21,493 1,229 41,014 167,617 98,475 26,511 250 292,853 145,296 74,897 24,487 238 244,918 18,237 21,752 1,299 41,288 163,533 96,649 25,786 238 286,206 141

229,150 13,193 242,343 (91) (91) 6,988 281 7,269 (29) (29) 12,319 (3,898) 8,421 28,292 1 28,293 276,629 9,577 286,206 (2,390) (2,390) 647 481 1,128 (1,340) 2,520 1,180 6,567 162 6,729 280,113 12,740 292,853 142

5.2% 5.2% 285 278 4.2% 4.2% 49 47 4.0% 4.0% 58 57 7.1% 7.5% 388 372 6.4% 6.4% 186 184 5.0% 5.0% 242 236 e. f. 11,616 9,776 17,187 14,720 1,333 1,534 30,136 26,030 143

9. a. 4,904 6,770 2,089 17,562 11,786 43,111 (11) (5) (7) (19) (42) 4 704 42 621 408 1,779 (367) (47) (414) 36 36 517 (14) 38 (1) 540 4,897 7,986 2,110 17,871 12,146 45,010 (160) (143) (119) (214) (636) 5 344 32 553 428 1,362 (107) (42) (149) (606) (2,148) (2,754) (14) (14) 12 447 70 529 4,148 8,634 2,023 16,011 12,532 43,348 909 1,355 7,714 8,972 18,950 (1) (2) (3) (6) 74 78 708 541 1,401 (356) (45) (401) 34 34 5 5 982 1,431 8,102 9,468 19,983 (19) (45) (57) (121) 69 92 717 543 1,421 (102) (40) (142) (117) (573) (690) (14) (14) 44 1 45 87 87 915 1,478 8,204 9,972 20,569 3,233 7,156 2,023 7,807 2,560 22,779 3,915 6,555 2,110 9,769 2,678 25,027 144

b. 82 122 6 210 886 5,023 2,923 8,832 968 5,145 2,929 9,042 2,265 2,011 2,023 1,613 7,912 3,233 7,156 2,023 4,542 16,954 82 140 6 228 907 4,703 2,885 8,495 989 4,843 2,891 8,723 2,926 1,712 2,110 2,701 9,449 3,915 6,555 2,110 5,592 18,172 c. 145

10. 7,384 7,225 6,949 1,961 1,853 9,186 8,802 8,599 6,263 17,785 15,065 17,785 22,449 18 (3,083) (2,798) 14,702 19,651 4,041 a. 185 b. 24.3% c. d. 67.6% Mega Shekou Container Terminals Limited e. 146

f. 3(a)) 106,328 20,816 (67,775) (24,524) 34,845 32,049 3,210 284 34,845 (8,190) (3,015) 23,640 29,965 24.3% 7,304 80 7,384 9,186 8,802 1,156 588 (462) (19) 694 569 147

11. 7,999 9,864 54 7,999 9,918 9,613 9,112 17,612 19,030 18 (2,524) (2,045) 15,088 16,985 186 7,999 9,918 236 (11) (810) (68) (574) (79) 12. 6,493 2,468 1,583 1,246 26 26 8,102 3,740 148

13. 297 12 309 8 8 305 12 317 12 12 305 305 305 305 14. 32,289 40,797 5,479 6,746 37,768 47,543 a. b. c. d. 566 588 24,955 31,979 626 1,384 26,147 33,951 149

15. a. 625 749 167 165 74 74 105 79 971 1,067 3,003 2,784 3,974 3,851 b. 91 91 10 18 (15) (18) 86 91 c. 94%93%)86%91%) 150

16. 394 40 499 263 447 354 527 1,556 583 1,142 127 81 428 5 921 2,170 1,168 2,187 336 612 283 1,116 585 1,558 885 1,071 921 2,170 1,168 2,187 6 161 26 332 254 227 14 167 9 394 40 499 263 310 169 137 185 447 354 1 154 307 683 370 479 219 719 213 663 527 1,556 583 1,142 43 81 396 84 32 127 81 428 5 921 2,170 1,168 2,187 151

a. 21,690 19,585 8,230 8,230 19,226 18,852 42,719 28,142 b. c. d. e. 17. 23,510 18,725 a. b. 1.9%3.2% 152

22,772 16,350 435 1,919 288 440 11 9 4 7 23,510 18,725 18. 390 396 258 235 32 48 128 123 808 802 3,982 3,552 7,980 9,599 3,083 2,798 2,524 2,045 4,304 4,868 22,681 23,664 19. 153

20. 2,363 10,255 2,459 10,495 19,046 7,752 8,648 30,865 30,153 1,991 3,465 360 2,416 1,617 1,892 3,968 7,773 4,109 5,188 2,500 8,779 29,265 25,085 1,006 35,874 40,058 70,707 77,984 8,463 8,653 54,492 59,677 7,752 9,654 62,244 69,331 70,707 77,984 154

a. 23(b) 68,579 29,366 2,128 3,376 41,670 3,572 70,707 77,984 b. 23(a) (b) % % 3.0 3,787 3.0 3,809 2.6 8,230 2.6 8,230 12,017 12,039 3.0 27,078 3.0 26,344 2.0 31,612 2.3 39,601 58,690 65,945 70,707 77,984 c. d. e. f. 155

21. (i) (ii) (iii) (iv) 622 a. 9,000,000 11,750,000 3,100,000 1,500,000 25,350,000 b. Binomial Model 156

c. 55.15 70.20 10,820,000 (900,000) (300,000) 9,620,000 9,620,000 0.5 12,500,000 (2,000,000) 10,500,000 6,300,000 2.5 23,320,000 (900,000) (2,300,000) 20,120,000 15,920,000 63.22 55.15 68.24 63.00 61.11 55.15 70.20 11,220,000 (400,000) 10,820,000 8,500,000 1.5 13,250,000 (750,000) 12,500,000 5,000,000 3.5 24,470,000 (1,150,000) 23,320,000 13,500,000 63.30 64.97 63.22 60.72 59.12 d. y(i) 2,656 12,890 7,235 12,890 7,235 12,890 7,235 12,890 12,890 4,131 7,593 2,670 4,738 1,690 32,852 76,781 157

22. a. 10,748 10,425 (700) (673) 10,048 9,752 2,644 6,976 (109) (602) 8,909 255 543 (14) 78 862 3 3 (21) (1) (22) 2,902 7,498 (124) (524) 9,752 270 488 (4) 25 779 (39) (456) 11 1 (483) 3,133 7,530 (117) (498) 10,048 b. 446 111 552 137 4,481 739 3,970 655 3,110 778 3,208 802 7,591 1,517 7,178 1,457 8,037 1,628 7,730 1,594 158

23. a. 2.1% 3.6% 83%85%) 17%15%)20(b)) 1 %1%) b. 159

6 147 4 11 203 160 7 14 1 (32) (4) (2) (36) (2) (4) (2) (3,279) (1,950) (11,955) (420) (110) (3,793) (1,650) (11,951) (420) (110) 23 330 (250) 51 326 (250) (8) (3,072) (1,473) (11,959) (670) (112) (3,600) (1,315) (11,955) (670) 1 (112) (8) 4,636 52,764 (4,594) 52,764 (938) 1,950 (40,764) 670 110 (899) 1,450 (40,764) 930 110 (82) (44) 544 477 41 (2) (9,137) 135 45 260 1 (2) (8) 1% 160

c. 10% d. 1 1 2 2 5 5 (70,707) (74,345) (7,443) (14,856) (43,460) (8,586) (22,681) (22,681) (18,862) (2,091) (1,529) (199) (127) (127) (43) (14) (43) (27) (1,029) (501) (9) 123 (284) (331) (93) 48 (9) 48 (52) 61 (94,637) (97,606) (26,366) (16,790) (45,368) (9,082) (77,984) (78,265) (9,438) (13,069) (46,976) (8,782) (23,664) (23,664) (20,204) (1,955) (1,267) (238) (347) (347) (315) (32) (559) 80 151 73 120 (264) (118) (543) (82) (89) (244) (128) 5 5 5 (102,667) (102,734) (29,888) (15,067) (48,367) (9,412) 161

e. 27 f. i. 13 8(d) 13 8,076 8,076 394 394 527 527 8,076 921 8,997 127 127 487 487 1,556 1,556 14,217 14,217 928 928 17,315 17,315 162

3,714 3,714 81 81 499 499 583 583 5 5 3,719 1,163 4,882 428 428 617 617 1,142 1,142 13,170 13,170 925 925 16,282 16,282 ii. 163

g. 20 70,707 77,984 17 (23,510) (18,725) 47,197 59,259 307,728 305,495 317,180 314,111 15.3% 19.4% 14.9% 18.9% 24. a. 3,030 3,030 29,376 3,030 26,346 1 65 3,031 3,030 29,441 29,376 622 11 37 4 5 164

b. (y)(i) (r) 3,030 26,339 7 344 29,894 59,614 10,216 10,216 84 84 (11) (11) (99) 99 (3,636) (3,636) (1,667) (1,667) 26,346 (26,339) (7) 29,376 318 34,906 64,600 12,147 12,147 65 (15) 50 40 40 (28) (28) (3,819) (3,819) (1,667) (1,667) 29,441 315 41,567 71,323 c. d. 1.351.26 165

25. 91,927 88,697 371 371 92,298 89,068 2 8 23 2 25 10 92,323 89,078 (51) (45) (20,416) (23,900) (533) (533) (21,000) (24,478) 71,323 64,600 24 29,441 29,376 41,882 35,224 71,323 64,600 166

26. a. b. 52(b) 2(c) 10 11 27. 167

28. a. (I) 2,027 477 2,504 1,598 1,011 2,609 8,714 5,144 13,858 6,221 9,909 16,130 10,741 5,621 16,362 7,819 10,920 18,739 459 459 1,123 1,123 11,800 16,289 28,089 12,520 25,325 37,845 12,259 16,289 28,548 13,643 25,325 38,968 2,486 477 2,963 2,721 1,011 3,732 20,514 21,433 41,947 18,741 35,234 53,975 23,000 21,910 44,910 21,462 36,245 57,707 (II) 1,999 235 2,234 173 2,042 2,215 150 24 174 277 16 293 119 50 169 106 109 215 25 245 270 5 208 213 2,293 554 2,847 561 2,375 2,936 25,293 22,464 47,757 22,023 38,620 60,643 i. ii. b. c. 50 52 97 127 24 33 171 212 168

29. 170182 30. 1028 11 1 1638 15 9 915 31. 6 32. 33. 169

a. 29 b. (z) c. i. (o) (p) 170

(f) (c)(ii) ii. (c)(iii) (k) (f) iii. (a) (b) (b)(a) 171

(k) d. i. (k)) (s)(i) (i) ii. iii. iv. v. e. i. ii. 40 172

iii. 220 iv. 325 f. s(iv) (v) (k))s(iv) t(v) (k) g. (h) 173

h. i. ii. iii. i. i. (d)(i)) 174

ii. iii. (e)(k) j. k. i. (c)(ii) (k)(ii)(k)(ii) 175

ii. 176

34 6 l. i. ii. m. n. o. 177

p. q. r. s. i. ii. iii. iv. v. vi. 178

t. u. i. ii. iii. (d)(i) iv. v. i. (a) (b) (c) 179

ii. (a) (b) (c) (d) (e) (f) (i) (g) (i)(a) (h) w. i. ii. x. 180

y. i. Binomiel Model ii. z. 23 181

(i) (ii) 182

# 22 100 330,100,00020,000 100 22 100 202 100 10,000,00010,000,000 100 Ridge Limited 10,00010,000 100 # 7,000,000,0007,000,000,000 100 Wharf Peak Properties Limited 30,000,0003,000,000 100 500,000500,000 100 Olinda Limited 202 100 10,00010,000 100 # Wharf China Holdings Limited 5,129,000,0001 100 1,000,0001 100 iii 45,000,000 100 ii 200,000,000 100 ii 223,533,440 100 i 240,000,000 98 ii 330,000,000 100 ii 2,377,000,000 100 ii 170,000,000 100 ii 40,000,000 100 ii 1,192,000,000 100 ii 20,000,000 100 1,000,0001 100 ii 33,100,000 100 ii 165,000,000 100 iii 3,500,000 85 i 22,330,000 55 ii 745,000,000 100 ii 155,000,000 100 ii 220,000,000 100 ii 307,580,000 100 ii 26,000,000 100 ii 240,000,000 100 ii 537,500,000 100 ii 166,800,000 100 ii 187,000,000 100 ii 274,000,000 100 ii 140,900,000 100 ii 111,400,000 100 ii 144,600,000 100 ii 146,990,000 100 ii 310,000,000 100 ii 320,000,000 100 ii 126,000,000 100 ii 418,000,000 100 ii 1,080,000,000 100 ii 106,000,000 100 ii 180,000,000 100 ii 69,300,000 100 ii 172,000,000 100 183

* 3,641,350,047708,750,000 71 i 4,000,000,000 57 ii 229,800,000 71 ii 70,000,000 71 22 100 7,200,0001,440,000 100 82,049,20070,116 68 i 4,095,195,813 44 # Wharf Hotels Limited 5001 100 500,000,0001 100 202 100 100,000100,000 71 1,0001,000 100 22 100 Smart Event Investments Limited 11 71 ii 3,850,000 100 ii 8,000,000 100 ii 7,000,000 71 # 10,000,0001,000,000 100 * 6,857,598,9562,011,512,400 74 750,000,000750,000,000 74 740,000,000740,000,000 100 20,000,00040,000 100 184

202 100 iv Wharf Finance Limited 22 100 iv Wharf Finance (BVI) Limited 5001 100 # Wharf Hong Kong Limited 500,000,0001 100 Wharf China Finance Limited 5,000,0005,000,000 100 iv Wharf Finance (No.1) Limited 22 100 Wharf Finance (BVI) No. 1 Limited 5001 100 iv Wharf Finance (HK) Limited 101 100 Wharf Finance (2014) Limited) iv Wharf MTN (Singapore) Pte. Ltd 21 100 Start Treasure Limited 15 50 50 50 50 50 50 50 50 50 33 33 25 25 50 50 50 50 21 Mega Shekou Container Terminals Limited 14 17 24 185

Market Prospect Limited 50 40 50 50 30 50 50 50 60 50 # * i ii iii # 186

Wharf Finance (BVI) Limited 2.5 2 Wharf Finance Limited 4.3 4 3 6 1.6 3.26 3 1 20 3 1 1.5 4 0.7 0.25 0.15 0.1 0.2 0.5 3.45 4.24 0.6 3.12 3.82 0.6 1 1 5 2 1.95 1.85 1.77 8 2.3 2.5 Wharf Finance (No. 1) Limited 1.67 1.6 1.5 0.58 1.13 8 3 2 2.4 5.5 1.8 2 1 1 2 3 2.6 2 100 Wharf MTN (Singapore) Pte. Ltd. 2.5 187

511,000 511,000 987,000 613,000 374,000 223,000 223,000 223,000 223,000 512,000 512,000 460,000 460,000 1,241,000 1,127,000 114,000 2,636,000 1,551,000 415,000 670,000 760,000 14,000 175,000 571,000 308,000 308,000 350,000 350,000 139,000 139,000 8,350,000 4,263,000 2,049,000 670,000 1,368,000 1,969,000 1,033,000 936,000 3 562,000 562,000 534,000 529,000 5,000 566,000 566,000 832 13,000 13,000 63 Chelsea Court 43,000 43,000 11 Mountain Court 46,000 46,000 1 91,000 91,000 77 42,200 42,200 1 5 829,000 6,000 823,000 64 70A 188,700 105,400 83,300 3 50,800 50,800 4,934,700 1,667,400 1,643,100 1,058,200 566,000 325,000 325,000 13,609,700 5,930,400 3,692,100 1,728,200 2,259,000 11 One Midtown 1,900 1,900 5 Peninsula East 255,600 42,600 213,000 257,500 42,600 213,000 1,900 g 596,000 11,000 585,000 8 162,000 162,000 758,000 11,000 747,000 1,015,500 53,600 960,000 1,900 14,625,200 5,930,400 3,745,700 2,688,200 2,260,900 188

346,719 KPP 83 2033 1966 100% 126,488 KML 11 S.A. 2880 1977 100% (a) KML 11 S.B. 2880 1981 100% (a) KML 11 S.B. 2880 1981 100% (a) KML 11 S.D. 2880 1983 100% (a) KML 11 S.B. & D. 2880 1981/83 100% (a) KML 11 R.P. 2880 1994 100% (a) KML 11 S.B. & D. 2880 1998/99 100% 665 58,814 KML 91 S.A. & KML 10 S.B. 2863 1969 71% 397 (a) KML 11 S.B. 2880 1981 100% 393 (a) KML 11 S.D. 2880 1983 100% 48,309 KIL 11179 2021 1990 100% 112,441 IL 731, IL 728, IL 727, 2850/60/80 1993 100% IL 725 S.A. & R.P., IL 724 S.A. 280,510 NKIL 6160 2047 1997 100% 48,438 KTIL 713 2047 2019 100% TWTL 218 2047 1992 100% RBL 512 & 1004 2027/28 1974/77 100% 29,640 RBL 556 S.A.R.P. & S.B. 2035 2001 100% 32,145 RBL 522, 639, 661 2027 2017 100% 97,670 RBL 534 S.E., S.F. & R.P. 2028 2020 100% 76,726 RBL 836 2029 2017 100% 165,809 NKIL 5805, 5806 & 5982 2047 1984 100% 12,286 IL 7 R.P. & IL 45 S.A.R.P. 2842 1977 100% KML 10 S.A. 2863 1966 71% 68,136 9036 2063 2017 71% 66,000 TWIL 36 2047 2012 100% 42,625 YTIL 40 RP 2062 2016 100% 816,872 YTML 22 2047 14.9% YTML 28 YTML 29 YTML 12 32 33 250,930 IL9007 2060 2016 50% 189

() 93 111 973,000 331,000 447,000 195,000 100 591,800 13,800 578,000 160 8,000 8,000 50 188,000 188,000 633 680,000 680,000 5,349,000 3,136,000 2,213,000 1,592,000 1,592,000 1717 1,199,000 1,149,000 50,000 10,580,800 6,221,800 4,164,000 195,000 774,000 774,000 450,000 450,000 2,989,000 2,558,000 181,000 250,000 7,805,000 4,799,000 2,425,000 581,000 168 770,000 770,000 A 2,202,000 1,463,000 547,000 192,000 g 14,990,000 8,820,000 3,742,000 955,000 1,473,000 160 405,000 405,000 88 474,000 474,000 3 1 443,000 443,000 1,322,000 1,322,000 26,892,800 15,041,800 7,906,000 1,150,000 2,795,000 190

148,703 2043 1999 100% 95,799 2050 2004 100% (b) 2053 2008 100% (c) 2039 2008 100% (d) 2047 2009 100% (e) 2047 2013/2014 100% (f) 2047/57 2014 100% 136,432 2049 2010 98% (e) 2047 2016 100% 253 (f) 2047/57 2016 100% 133 229,069 2047/77 2017 57% 417 800,452 2051 2017 100% 1,299,000 2055 2016 100% 246 516,021 2050/60 2016 50% 100% 356 (b) 2053 2008 100% 271 842,531 2048 2014 71% 230 (e) 2047 2015 100% 191

1,426,000 1,426,000 1,970,000 1,970,000 2,638,000 2,638,000 C/D 825,000 825,000 FG05 883,000 883,000 562,000 78,000 484,000 09 1,666,000 1,666,000 GS05-R21-14 456,000 456,000 GS05-R21-A01 565,000 565,000 D1 3,000 3,000 2 233,000 233,000 E18 1,464,000 1,464,000 398 763,000 763,000 0806 05 1,053,000 1,053,000 682101 562,000 562,000 2,802,000 2,802,000 3,740,000 3,740,000 1,625,000 313,000 1,312,000 2,717,000 2,717,000 442,000 442,000 3,462,000 3,462,000 1,116,000 1,116,000 387,000 387,000 192

3,585,273 2047/77 2016 71% 2,563,134 2050/80 2018 100% 1,180,262 2083 2017 100% 914,000 2080 2016 100% 258,358 2080 2016 100% 553,442 2051/81 2015 100% 1,315,296 2081 2018 100% 211,685 2086 2019 100% 198,596 2085 2017 100% 638,000 2077 2012 71% 877,772 2081 2014 100% 585,723 2081 2017 100% 170,825 2043/63 2018 55% 526,905 2083 2016 100% 3,654,152 2076 2016 100% 2,501,747 2081 2018 100% 5,425,454 2077 2017 57% 1,276,142 2078 2019 100% 3,314,418 2078 2018 100% 1,416,822 2078 2017 100% 2,121,662 2048/78 2019 100% 558,000 2083 2016 100% 160,000 2079 2013 100% 193

56,000 5,000 38,000 13,000 10 2,000 2,000 4,277,000 2,348,000 962,000 967,000 85 2,392,000 88,000 2,304,000 8 907,000 62,000 845,000 B 710,000 710,000 50 10,000 10,000 39,714,000 2,666,000 1,228,000 35,820,000 g 3,000 3,000 40,000 13,000 3,000 24,000 35,000 35,000 758,000 26,000 716,000 16,000 A18AA21 2,000 2,000 A 902,000 41,000 859,000 2,000 1,270,000 89,000 1,163,000 18,000 433,000 27,000 403,000 3,000 KXCD D1 2 181,000 8,000 159,000 14,000 398,000 11,000 387,000 429,000 319,000 110,000 481,000 43,000 335,000 103,000 34,000 2,000 32,000 974,000 50,000 878,000 46,000 180/1 4,000 4,000 278a 05/278b 02/278b 04 1,428,000 1,182,000 219,000 27,000 194

761,520 2045/75 2013 100% 884,459 2046/76 2014 100% (d) 2047/77 2019 100% 800,882 2053/83 2018 100% 1,130,000 2050/80 2016 100% 454,000 2080 2016 100% (c) 2069 2009 100% 1,976,237 2077 2014 50% 2,867,600 2047/77 2012 50% 1,155,000 2048/78 2013 50% 1,526,900 2070 2017 50% 603,900 2080 2014 50% 639,000 2083 2017 50% 1,069,000 2083 2017 50% 305,722 2055/85 2018 50% 1,181,300 2081 2016 33% 783,000 2082 2016 33% 582,000 2085 2018 25% 680,000 2085 2018 25% 511,560 2079 2012 50% 902,000 2083 2017 50% 648,056 2082 2015 50% 1,156,979 2052/62 2020 19% 195

1 1,225,000 83,000 1,142,000 1,010,000 76,000 934,000 R21 02 A R21 01 669,000 44,000 617,000 8,000 280,000 5,000 275,000 R21 6 7 410,000 410,000 3# 2 17,000 17,000 E 4#, 7#, 8#, 12# 13# 395,000 395,000 1,550,000 1,550,000 3,659,074 1,236,264 390,903 1,865,277 166,630 813,000 40,000 773,000 2,796,000 169,000 2,627,000 C 2,877,000 901,000 1,976,000 26,000 26,000 23,099,074 2,418,264 2,300,903 17,842,277 537,630 () 62,813,074 5,084,264 3,528,903 53,662,277 537,630 89,705,874 20,126,064 11,434,903 54,812,277 3,332,630 40,502,500 20,972,200 11,598,100 2,878,200 5,054,000 63,828,574 5,084,264 3,582,503 54,622,277 539,530 i 104,331,074 26,056,464 15,180,603 57,500,477 5,593,530 (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) 428,719 188,090 171,356 3,900,589 590,481 313,867 14,928,000 515,000 196

2,046,685 2047/77 2017 50% 756,000 2053/83 2017 50% 448,224 2054/84 2016 50% 114,539 2054/84 2018 50% 207,772 2055/85 2019 50% 524,250 2080 2015 50% 708,142 2080 2017 50% 922,475 2083 2018 60% 2,212,128 2048/78 2014 30% 1,002,408 2057 2016 39% 2,335,535 2050/60 2018 50% 6,080,656 2047/57 2019 40% 1,619,360 2050/80 2016 50% 197

40,875 38,136 31,887 30,856 24,004 14,853 14,283 13,280 14,170 11,388 a 10,969 10,474 11,298 11,040 8,083 9,793 8,247 12,206 13,927 6,727 16,024 35,930 29,380 47,263 30,568 5,759 5,486 5,151 4,998 3,211 310,177 301,890 261,097 231,522 184,057 22,779 25,027 24,161 19,870 18,984 17,785 22,449 19,205 16,673 10,198 17,612 19,030 19,585 19,530 16,934 8,102 3,740 3,744 3,868 2,703 37,768 47,543 53,764 48,915 47,511 23,510 18,725 24,515 18,795 32,528 6,183 6,254 8,981 9,825 5,058 443,916 444,658 415,052 368,998 317,973 (70,707) (77,984) (82,587) (74,420) (75,993) (56,029) (52,563) (48,210) (37,672) (31,106) 317,180 314,111 284,255 256,906 210,874 3,030 3,029 3,029 26,346 26,285 26,285 29,441 29,376 29,376 29,314 29,314 278,287 276,119 246,181 219,187 173,943 307,728 305,495 275,557 248,501 203,257 9,452 8,616 8,698 8,405 7,617 317,180 314,111 284,255 256,906 210,874 47,197 59,259 58,072 55,625 43,465 3.62 3.46 3.73 3.64 2.70 3.23 2.72 4.03 4.60 2.25 5.29 11.86 9.70 15.60 10.22 101.53 100.82 90.94 82.04 67.10 190.00 181.00 170.00 165.00 106.00 (%) 15.3% 19.4% 21.1% 22.4% 21.4% (%) 14.9% 18.9% 20.4% 21.7% 20.6% c 7.6 6.1 5.8 7.4 7.9 (%)b 5.2% 12.4% 11.2% 20.9% 16.7% (%) 52.5% 52.4% 45.6% 45.3% 39.7% 35.9% 15.3% 17.5% 10.6% 10.5% 198

19,380 17,553 15,940 16,208 13,364 9,372 8,554 7,406 7,832 6,056 a 7,088 6,420 4,796 6,043 4,285 7,905 7,817 4,194 5,947 4,285 35,750 19,256 5,816 13,143 10,757 2,930 2,754 2,203 2,093 1,958 148,241 115,492 98,410 95,782 86,684 18,397 18,510 21,183 18,831 15,514 5,510 4,238 4,009 4,182 781 15,350 7,551 7,989 4,555 788 3,362 1,331 706 2,858 2,921 29,732 17,797 17,272 9,235 5,784 16,900 18,412 15,886 7,717 3,769 5,276 7,130 3,099 3,011 3,036 242,768 190,461 168,554 146,171 119,277 (49,589) (39,844) (38,009) (31,282) (20,670) (22,530) (15,029) (13,030) (22,887) (18,689) 170,649 135,588 117,515 92,002 79,918 2,754 2,754 2,754 2,448 2,448 16,573 16,573 16,573 7,758 7,758 19,327 19,327 19,327 10,206 10,206 143,762 109,219 91,748 76,158 64,956 163,089 128,546 111,075 86,364 75,162 7,560 7,042 6,440 5,638 4,756 170,649 135,588 117,515 92,002 79,918 32,689 21,432 22,123 23,565 16,901 2.51 2.33 1.75 2.38 1.75 2.79 2.84 1.53 2.34 1.75 12.64 6.99 2.12 5.17 4.39 59.22 46.68 40.33 35.28 30.70 100.00 100.00 80.00 80.00 80.00 (%) 20.0% 16.7% 19.9% 27.3% 22.5% (%) 19.2% 15.8% 18.8% 25.6% 21.1% c 12.9 16.5 8.1 8.7 8.7 (%)b 24.5% 16.1% 5.9% 16.3% 15.3% (%) 41.3% 42.9% 45.9% 34.6% 45.7% 8.2% 14.3% 37.9% 15.9% 18.2% (a) (b) (c) (d) 50% 199

Tsim Sha Tsui p.14 Costume of Painter kotkkoji girls p.68-69

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