Hong Kong Exchanges and Clearing Limited

FORM 3B - Director's/Chief Executive's Notice – Interests in Shares of Associated Corporation

Form Serial No:

DB20051118000006

1. Name of listed corporation:

Wharf (Holdings) Ltd., The

2. Stock code:

00004

3. Name of associated corporation of listed corporation:

Modern Terminals Limited

4. Registered office:

Berth One, Kwai Chung, New Territories, Hong Kong

5. Principal place of business:

N/A

6. Class of shares in which interested:

Ordinary Shares

7. Number of issued shares in class:

70,116

8. Business registration number:

03302514

9. Certificate of Incorporation No.:

17748

Place of Incorporation:

Hong Kong

10. Exchange on which listed:

11. Name of director (English) as printed on HKID/Passport:

(Surname)	Jebsen
(Other names)	Hans Michael

14. Name of director (Chinese):

15. Chinese Character Code:

18. Date of relevant event:

16/11/2005
(dd/mm/yyyy)

19. Date when director became aware of the relevant event/ interest in the shares (if later):


20. Details of relevant event:
	Relevant event code describing circumstances	Code describing capacity in which shares were/are held		Number of shares bought/sold or involved	Currency of transaction	On Exchange		Off Exchange
		Before relevant event	After relevant event			Highest price per share	Average price per share	Average consideration per share	Consideration code
Long position	157	205	205	3,787	HKD

21. Total shares in associated corporation immediately before the relevant event:

	Total number of shares	Percentage figure (%)
Long Position	3,787	5.40

22. Total shares in associated corporation immediately after the relevant event:

	Total number of shares	Percentage figure (%)
Long Position	3,787	5.40

23. Capacity in which interests disclosed in Box 22 are held (required for Initial Notification only):

Code describing capacity	Number of shares
Nil

24. Further information in respect of derivative interests in associated corporation:

Code describing derivatives

Exercise period

Consideration - if derivatives granted by associated corporation

Number of shares

		Begins	Ends	Price for grant	Exercise price	Price on assignment
Nil

25. Further information in relation to interests of children under 18 and/or spouse:

Name of child/spouse	Number of shares
Nil

26. Further information in relation to interests of corporations controlled by Director:

Name of controlled corporation

Address and place of incorporation

Name of controlling shareholder

% control

Direct interest

Number of shares

Jebsen Securities Limited

28/F - 31/F, Caroline Centre, 28 Yun Ping Road, Causeway Bay, Hong Kong (Hong Kong)

Hans Michael Jebsen

35.00

Long position

3,787

Jebsen Securities Limited

28/F - 31/F, Caroline Centre, 28 Yun Ping Road, Causeway Bay, Hong Kong (Hong Kong)

Jebsen Securities Limited (Incorporated in BVI)

65.00

Long position

3,787

Jebsen Securities Limited

P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (British Virgin Islands)

Jebsen Investment Holdings Limited (Incorporated in BVI)

100.00

Long position

3,787

Jebsen Investment Holdings Limited

P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (British Virgin Islands)

Jebsen and Company Limited (Incorporated in BVI)

100.00

Long position

3,787

Jebsen and Company Limited

28/F - 31/F, Caroline Centre, 28 Yun Ping Road, Causeway Bay, Hong Kong (Hong Kong)

Hans Michael Jebsen

79.00

Long position

3,787

27. Further information in relation to interests held by Director jointly with another person:

Name of joint shareholder	Address	Number of shares
Nil

28. Further information from a director who is a trustee, or beneficiary of a trust, or a person who has set up a Discretionary Trust:

Names of Trust	Address	Status code	Number of shares
Nil

29. Date of filing this Form 3B:

17/11/2005
(dd/mm/yyyy)

31. Number of attachments: