2015 — Page 22

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REPORT OF THE DIRECTORS (CONTINUED)

CONNECTED TRANSACTIONS

Pursuant to the transactions and arrangements entered into by the Group with persons who are connected persons for the purposes of the Listing Rules, the Group recorded the transactions as described in note 28 to the financial statements.

Continuing Connected Transactions

For the year ended 31 December 2015, the Company and/or its subsidiaries have been entered into certain continuing connected transactions, with details below, which were subject to reporting, and announcement requirements but are exempt from the independent shareholders' approval requirement under Chapter 14A of the Listing Rules:

Date

1.

5 September 2013

Connected Persons

Transactions

Henderson Real Estate Agency Limited ("HREAL"), a wholly- owned subsidiary of

Henderson Land

Development Company Limited ("HLD")

Hung Hom Project Management Agreement between Well Dynamic Limited ("WDL"), a wholly-owned subsidiary of the Company, and HREAL, for the appointment of HREAL as the project manager for the development of Hung Hom Inland Lot No. 555, Kowloon, Hong Kong located at the junction of Gillies Avenue South and Bulkeley Street, Hung Hom, Kowloon, Hong Kong (the "Hung Hom Property") for a term of three years commencing from 5 September 2013.

The aggregate remuneration for the services to be provided by HREAL shall be subject to a total annual ceiling of HK$2,300,000 for the year ended 31 December 2015.

2. 24 December 2013

Henderson Property Agency Limited ("HPAL"), a wholly-owned subsidiary of HLD

Details of the Hung Hom Project Management Agreement were set out in the announcement of the Company dated 5 September 2013.

Hung Hom Sales Management Agreement between WDL and HPAL, for the appointment of HPAL as the sales manager of the development of the Hung Hom Property for a term of three years commencing from 1 January 2014.

The sales fee of half of one per cent. (0.5%) of the gross proceeds of sale of the residential units and other portions of the Hung Hom Property shall be subject to the ceiling of HK$1,000,000 for the year ended 31 December 2015.

Hong Kong Ferry (Holdings) Company Limited Annual Report 2015

Details of the Hung Hom Sales Management Agreement were set out in the announcement of the Company dated 24 December 2013.