wing tai holdings limited

Newer Heights, Bolder Strides

summary report

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Wing Tai Holdings Limited 3 Killiney Road#10-01 Winsland House ISingapore 239519

Tel: (65) 6280 9111Fax: (65) 6736 3486

107 Tampines RoadSingapore 535129

Tel: (65) 6309 1200Fax: (65) 6343 0021www.wingtaiasia.com.sg

China

Jiaxin (Suzhou) Property Development Co., Ltd 8/F Blk 1A Singa PlazaNo 8 Jinji Hu RoadSuzhou Industrial ParkPRC 215021

Tel: (86) 512 6761 2128Fax: (86) 512 6761 9098www.wingtaiasia.com.cn

hong Kong

USI Holdings LimitedSuite 31039 Queen’s Road CentralHong Kong

Tel: (852) 2525 9798Fax: (852) 2801 4302www.usi.com.hk

malaYsia

DNP Holdings Berhad

Kuala Lumpur5 Jalan SS23/11Taman SEA47400 Petaling JayaSelangor Darul Ehsan Malaysia

Tel: (603) 7806 3211Fax: (603) 7806 3380

25-3A Jalan SS23/11Taman SEA47400 Petaling JayaSelangor Darul Ehsan Malaysia

Tel: (603) 7880 9381/82Fax: (603) 7880 9380

Penang166-A Rifle Range Road11400 Penang Malaysia

Tel: (604) 828 7291Fax: (604) 828 3998www.wingtaiasia.com.my

CONTENTSChairman’s Message

Every Home Has a Storytimeless. exclusive. modern lifestyle investment. contemporary city rhythm without the blues.

Be Our Guestsuperb location. premium hospitality. experience the comforts of home in a different city.

Tog Sensestylish and inspirational. revel in the finest threads. seriously classy and versatile.

Year In Year Out

corporate data.28

board of directors.29

key management staff.33

corporate governance.34

financial reports.41

0206

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Holding court in Draycott 8 is a �7,000 sq ft award-winning 2-storey colonial clubhouse. This beautifully conserved bungalow houses modern facilities such as an exclusive wine cellar, cigar terrace, Japanese onsen and top-notch concierge service.

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delivering shareholder ValueThe Group achieved a revenue of S$981.6 million for the current financial year ended 30 June 2007. This represents an increase of 10% from the S$889.3 million in the previous year. This increase is brought about by the higher contribution from the development properties as more property units were sold in Draycott 8, Kovan Melody, The Light at Cairnhill and Amaryllis Ville.

The Group’s operating profit for the current year is S$421.9 million, an increase of S$311.7 million over the previous year. The current year’s operating profit includes the fair value gains of S$189.0 million on investment properties. The fair value gains were taken into account in the income statement as a result of the early adoption of the new Financial Reporting Standard (FRS) 40 Investment Property. Excluding these gains, the Group’s operating profit still rose by a healthy 112% to S$232.9 million in the current year, largely due to profits recognised from the sale of residential property units.

The Group’s net profit attributable to shareholders for the current year is S$381.8 million. This represents an increase of 198% over the net profit of S$128.0 million recorded in the previous year.

The Group’s net gearing ratio has been reduced to 0.4 times as at 30 June 2007 from 0.7 times as at 30 June 2006. This has been brought about by the cash generated from the sale of residential property units and the increase in the Group’s net asset value in the current year.

Chairman’s Messagethe singapore economy grew strongly by 7.6% in the first half of 2007 and is expected to achieve a growth of 7.0% to 8.0% for the full year. the singapore property market sentiment continues to be positive and demand for residential projects has remained strong. asia is growing at an accelerated pace; with the rapid development of emerging markets led by the growth of china in particular, we continue to see good opportunities in the region’s real estate and retail sectors.

As a result of the improved performance, the Board of Directors have recommended a first and final cash dividend of 3 cents per share less tax and a special cash dividend of 5 cents per share less tax. In addition, to utilise the Company’s section 44 balance, the Board has proposed a special rights dividend of 25 cents per share less tax and a 1-for-10 Rights Issue of up to 72.2 million new ordinary shares at an issue price of S$2.05 for each rights share.

sustainable PerformanceSeveral new and strategically located residential developments in Singapore viz. The Riverine by the Park and Casa Merah, were fully subscribed within a month of their releases. We shall be releasing more new residential developments located in the prime districts in the coming year, including Helios Residences along Cairnhill Circle, L’VIV on Newton Road and Belle Vue Residences on Oxley Walk. With the acquisition of additional freehold, prime residential sites viz. the former Ardmore Point site and the former Anderson 18 site, the Group’s residential development portfolio in Singapore has reached 1 million square feet in combined gross floor area.

New projects in Malaysia also progressed well. The Meritz, launched in January 2007, was fully sold. A luxury condominium along Jalan Ceylon is also targeted for launch. DNP Holdings Berhad holds about 10.8 million square feet in gross floor area of landbanks in Kuala Lumpur and Penang.

CHaIrmaN’S meSSage

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Helios residences allures with close proximity to Singapore’s prime retail and entertainment hub, cosying up to the lush greens of the Cairnhill enclave.

In May 2007, we created a development and investment real estate platform to inject equity totaling US$450 million to invest in approximately US$1 billion worth of projects in China. We are leading the consortium in identifying business opportunities and managing the venture and its assets; our international partners are SEB Immobilien-Investment GmbH from Germany, Forum Partners from the United States and the Eilam Group Ltd from Israel.

Our portfolio of investment properties through Lanson Place serviced apartments in Singapore, Malaysia, Hong Kong and China, continued to perform strongly and to achieve consistently high occupancies averaging above 90% through the year. Benefiting from rising demands for office space, healthy occupancies of over 90% were achieved in Singapore for Winsland House I, Winsland House II, and Burlington Square.

Our retail arm expanded to achieve S$208 million in revenue under management in the current year. This represents a growth of 28% as compared to last year. As of August 2007, we have 18 brands in over 160 outlets throughout Singapore and Malaysia.

Wing Tai Retail won several awards in the past year for its management and service excellence. We will continue to increase synergies across our business lines to achieve brand success, like the repositioning of G2000 in May 2007. We shall continue to expand our business to seize growth opportunities in the retail sector; several new brands are in the pipeline for the coming year.

RestructuringDuring the year, through a restructuring exercise, USI Holdings Limited acquired the Group’s 27.7% interest in Winsor Properties Holdings Limited in exchange for new shares issued by USI Holdings and Winsor Properties becomes a subsidiary of USI Holdings. After the restructuring, the Group’s interest in USI Holdings increased from 21.0% to 31.8% and USI Holdings has become the Group’s flagship company in Hong Kong.

Building BrandWingTai Asia continues to deliver premier developments, quality products and attention to detail services to customers. As we expand across Asia, we shall continue to leverage on our brand and engage in corporate citizenry activities to enhance our corporate image and reputation in the communities where we do business.

VisionCrest residence is an urban oasis nestled next to the picturesque Fort Caning Park and the beautifully restored House of Tan Yeok Nee.

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Lanson Place residences and Lanson Place Hotel extend their trademark premium hospitality across Singapore, Kuala Lumpur, Hong Kong, Shanghai, and most recently, Beijing.

g2000 is for living, working, flirting and succeeding. reflecting the latest fashion trends in europe, with quality fabrics at affordable prices.

“The Group’s operating profit for the current year is S$421.9 million, an increase of S$311.7 million over the previous year.”

CHaIrmaN’S meSSage

Cheng wai KeungChairman

28 September 2007

Board movementWe welcome Mr Paul Tong Hon To who joined us as Non-Executive Director in August 2007. We bade farewell to Mr Christopher Patrick Langley, OBE and Mr Ne Chen Duen who retired in October 2006 and August 2007, respectively. On behalf of the Board, I thank Christopher and Chen Duen for their contributions to the Board over the years.

Recognising ContributionsI thank my fellow Board members for their invaluable insights and guidance to the Group. I also commend our management and staff for their passion, dedication and integrity, without whom the strong results this past year could not be achieved. Finally, I thank our many stakeholders, including shareholders, customers, bankers, and business partners, for their continued support of the Group.

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TimElESS. ExCluSivE. mOdErN lifESTylE iNvESTmENT.

CONTEmpOrary CiTy rhyThm wiThOuT ThE bluES.

every home

has a storyproperty

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a major architectural icon in the Orchard road area, the Helios residences will be a beacon of style and luxury.

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PrOPerTY

Property

singaporeSingapore res ident ia l p roper t y market ach ieved unprecedented benchmark prices, especially in the high-end luxury sector. Strong demand for high-end residential homes was attributed to strong economic fundamentals and tremendous growth in the various sectors of the economy, particularly wealth and financial services. According to Urban Redevelopment Authority (URA), some 11,147 new homes were sold in 2006, outstripping the sales of 8,955 new homes in 2005.

Riding the upside of the market, the Group recorded strong performance in its sale of 1,300 units with a total sales value of approximately S$1.8 billion in the current year. The Group made its mark in developing distinctive, prime, luxury homes in districts 9, 10 and 11, through innovative lighting, landscaping and design approaches that catered to mid- to high-end market homebuyers. We were awarded the prestigious URA Architectural Heritage Award 2006 for the conservation of the 2-storey building for Draycott 8 clubhouse.

Luxury developments like Draycott 8, The Light at Cairnhill and The Grange were fully sold. VisionCrest Residence, an exclusive 265-unit freehold development near the Dhoby Ghaut MRT Interchange Station, continue to register robust sales with close to 90% of units subscribed.

Kovan Melody, a residential development comprising 778 units was completed with Temporary Occupation Permit obtained in December 2006. All units were taken up by end March 2007.

In April 2007, Casa Merah, a suburban joint venture project was officially launched. With its convenient location next to the Tanah Merah MRT Station, the 556-unit condominium development received overwhelming response from homebuyers, with all units fully sold within a month from launch.

Helios Residences, Wing Tai’s latest freehold development along Cairnhill Circle also registered strong interests among homebuyers. Cradled amongst 7-storey lush vines and incorporating a unique Tree Top Recreation Deck soaring 4 levels above ground, more than 70 units of this development have been sold to date.

In August 2006, the Group purchased the freehold site at 398 Kallang Road, which was later named The Riverine by the Park. The 96-unit luxury development located besides the Kallang Riverside Park registered strong interest among homebuyers, with all units fully sold in an exclusive preview exercise in April 2007.

The riverine by the Park, sited in the greater marina Bay area, overlooks a cityscape framed by palm trees, where a new vista unfolds with each sunset.

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The Group continued to seek opportunities to enhance its land portfolio with prime site acquisitions viz. Ardmore Point in Ardmore Park, with a land area of 60,534 square feet was acquired in October 2006; Anderson 18 on Anderson Road, with a land area of 112,098 square feet, was also acquired with a joint venture partner in January 2007.

Singapore office market continued to enjoy robust rental growth, with demand driven primarily by banking and financial institutions, logistics and IT companies. Further rental upside is expected with office supply remaining tight over the next 2 to 3 years. Winsland House I, Winsland House II and Burlington Square enjoyed high occupancies averaging above 90%. Sale of VisionCrest Commercial block and The House of Tan Yeok Nee was effected in January 2007.

Going forward, the Group expects to continue to benefit from a tight office rental market, with further enhancement in the value of office assets.

malaysia The Group’s property business activities in Malaysia were conducted through DNP Holdings Berhad, its subsidiary company listed on Busa Malaysia Securities Berhad.

The Meritz, a luxury 31-storey serviced residences tower comprising 110 units of 2- and 3-bedroom apartments, was launched in January 2007. It is strategically located within the heart of Kuala Lumpur’s Golden Triangle, a 3-minute walk to KLCC (Kuala Lumpur City Centre) Twin Towers and Suria KLCC and LRT station. Construction of The Meritz, fully sold, would complete by end 2007.

With plans to develop the Menara DNP site into an iconic residential tower designed by well known French Architect, Ateliers Jean Nouvel, planning submissions are pending approval from the Authorities. The Menara DNP site is located along Jalan Ampang and is directly opposite the KLCC Twin Towers.

The Bukit Ceylon site, along Jalan Ceylon and off Jalan Raja Chulan, was purchased in 2005 to be developed into a residential condominium. The site is strategically located within walking distance to the bustling commercial area of Jalan Raja Chulan, yet close to the Bintang Walk shopping area and entertainment hub. The development will be designed by well-known Australian architectural firm, Guida Moseley Brown (GMB) Architects. Planning approvals were obtained and piling works commenced in June 2007. The sales launch was tentatively scheduled for 2nd quarter 2008.

Sering Ukay, located off Middle Ring Road II, Hulu Kelang, is a landed scheme of 125 acres of freehold land, only 9 km from the KLCC. Phase 1 consisting 176 units of 2 and 21/2-storey terrace houses was soft launched in September 2005. Of the 153 units released, 144 units were taken up showing strong response from buyers. Construction works of Phase 1 will be completed by September 2007. Show units of Phase 2 consisting 195 units were ready in August 2007.

The Tomlinson is a striking synthesis of granite and glass, unlike any residence in Singapore. This architectural tour de force is dramatically illuminated at night.

“Going forward, the Group expects to continue to benefit from a tight office rental market, with further enhancement in the value of office assets.”

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The meritz, a luxury ��-storey serviced residences tower comprising ��0 units and just three minutes walk from the KLCC Twin Towers, is fully sold.

left & aBoVe Sering Ukay is a landed scheme of �2� acres of freehold land – only � km from the iconic KLCC.

PrOPerTY

“Strong demand for high-end residential homes was att r ibuted to strong economic fundamentals and tremendous growth in the various sectors of the economy, particularly wealth and financial services.”

The Jalan U-Thant site, located in the quiet and affluent area of Ambassador Row, was acquired in May 2007. The site will be redeveloped into a high-end condominium; planning submissions will be made to the Authorities in September 2007.

In Johor Bahru, piling works for Phase 2 of Plaza DNP were completed in May 2006. Located within the commercial district of Johor Bahru city, the development was approved as a 38-storey residential tower.

In Penang, Phase 3 of Taman Seri Impian consisting 2-storey terrace houses with an overall land area of 45 acres, was 85% completed. There were also 3 smaller on-going projects of semi-detached and bungalow units, namely The Sentinelle Watch, Sentinelle Garden and Gems Garden in Penang. Mirage Boulevard, a new 56-acre mixed housing development project, will be launched in 2007.

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The Lakeside in Suzhou, China is an exclusive residential development that sits next to the scenic Jinji Lake – China’s biggest city lakeside park in Suzhou Industrial Park.

ChinaOutlook for China is positive with its Gross Domestic Growth averaging more than 10% in the last three years. The Group continues to extend its presence in China.

New partnerships were formed for sustainable growth. In May 2007, the Group formed a consortium with three international partners viz. SEB Immobilien-Investment GmbH from Germany, Forum Partners from the United States and the Eilam Group Ltd from Israel, to inject equity totaling US$450 million to invest in approximately US$1 billion worth of projects in China.

Kicking off the activities of the consortium, in September 2007 the Group formed a joint venture company with China’s Chengdu Jinli (Group) Co. Ltd. to develop a real estate project located in the prime district of Chengdu, the capital of Sichuan Province, with a total investment of approximately RMB 800 million (S$160 million). When completed, the mixed development project will offer new opportunities for city living with hotels/serviced apartments, residential, office and retail spaces, and be among the tallest buildings in the city.

Up until May 2007, the Group’s property investment in Suzhou was mostly conducted through its subsidiary company Jiaxin (Suzhou) Property Development Co., Ltd. The Lakeview, comprising 453 apartment units is a high-end residential project in the heart of the China-Singapore Suzhou industrial Park with a panoramic view of the beautiful Jinji Lake. The

Phase 1 launch was well received by homebuyers and investors, with 96% of the first batch comprising 101 units fully sold. The second batch comprising 12 units will be launched during the second half of 2007. Work on Phase 2 has commenced with a launch expected in 2008.

A stone’s throw away from the western bank of Jinji Lake is The Lakeside, another high-end residential development with beautiful landscapes and top- class clubhouse services and facilities. In Phase 1, 98% of the 64 apartments were taken up. All the 20 villas and 4 out of 5 townhouses were sold as prices continue to escalate. Construction on Phase 2, comprising 4 luxury apartment blocks of 84 units, will start in the second half of 2007 and is scheduled for launch in 2008.

hong KongThe Group’s property interests in Hong Kong were represented by investments in the USI Holdings Group, listed on the Stock Exchange of Hong Kong.

The Grandville, an exclusive development in Shatin pre-sold at end 2004, was completed in second half 2006. The project had received positive market response, with all remaining units of The Grandville fully sold by end 2006.

The Giverny, a luxury villa development in Hebe Haven, Sai Kung, was launched in October 2005 and continue to attract keen interest from homebuyers and investors.

Smack in the heart of the China-Singapore Suzhou Industrial Park, The Lakeview is one of Suzhou’s most upmarket, in-demand residential projects. as the name suggests, The Lakeview peers over the mirror-like Jinji Lake. The construction of Phase 2 is currently underway.

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PrOPerTY

Twin-tower office building in Hong Kong, designed by world renown firm arquitectonica International, offering grade-a office space by 2008.

The giverny in Hong Kong is a high quality residence project perched on a verdant peninsula overlooking beautiful Hebe Haven.

“The Grandville, an exclusive development in Shatin pre-sold at end 2004, was completed in second half 2006. The project had received positive market response, with all remaining units of The Grandville fully sold by end 2006.”

New high-end condominium planned, in the golden Triangle of Jakarta designed by arquitectonica International.

Another residential development project, 157 Argyle Street provides about 90,000 square feet of floor space. This is 80% owned by USI Holdings and is scheduled for completion in 2009.

In end 2006, two memoranda of agreements were signed with partner developers in Hong Kong to jointly develop 2 pieces of land situated at Tai Po Town Lot Nos. 187 and 188, Pak Shek Kok, Tai Po. USI Holdings had 15% interest on each MOA, with attributable floor area of 165,000 square feet.

USI Holdings’ first foray into office and retail sectors in Hong Kong started with the acquisition of the former Bank of East Asia Building in 2005, which was later named W Square. Situated at 314-324 Hennessy Road, Wanchai, renovation work of the mixed development was due for completion in December 2007.

In another development, the twin-tower office development at 102 How Ming Street in Kwun Tong, providing 1.2 million square feet of Grade-A office space, commenced superstructure construction work in April 2007 and is scheduled for completion in second half 2008.

USI Holdings’ industrial buildings, namely the Shui Hing Centre and Unimix Industrial Centre, reported high occupancy rates of around 90%. These continue to generate stable rental income for the Group.

Jakarta, indonesiaIn Jakarta, the 173,085 square-foot site located at the junction of Jalan Rasuna Said and Jalan Casablanca (in the Golden Triangle of Jakarta), will be developed into a 200-unit high-end condominium. The project is presently in the design stage.

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be our guest

SupErb lOCaTiON. prEmium hOSpiTaliTy. ExpEriENCE ThE COmfOrTS Of hOmE iN a diffErENT CiTy.

hospitality

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be our guest

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Lanson Place Winsland, Singapore

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In Singapore, Lanson Place Winsland continued to report high occupancy rate of 95% as of June 2007. In Kuala Lumpur, Lanson Place Ambassdor Row has achieved current high occupancy rate of 95%, while Lanson Place Kondominium 8 held its leading position in the Ampang area with a high occupancy rate of 97% in first half 2007.

Since its opening in March 2006, Lanson Place Hotel at 133 Leighton Road became Hong Kong’s first member of “Small Luxury Hotels of the World”. It also won the prestigious “Boutique Hotel of the Year in the SCMP/Harper’s Bazaar Style Awards” in early 2007. Occupancy rate was high at 86% as of June 2007 despite it being operational for just over a year.

In Shanghai, Lanson Place Jinlin Tiandi Residences had been recognised as a leading serviced residences in Shanghai in terms of quality and service, achieving high occupancy rate of 95%.

Construction of Lanson Place Central Park Residences in Beijing was substantially completed with remaining interior works in progress. The opening of the property was targeted for 2nd quarter 2008. As the number of expatriates increased in China, the Group expects strong demand for high-end service apartments and continues to seek opportunities for expansion in the various Chinese cities.

HOSPITaLITY

Hospitality

the group has also extended its high standards of quality and attention-to-detail hospitality services to develop and manage the lanson place chain of serviced residences. lanson place residences and lanson place hotels are currently represented in singapore, kuala lumpur, hong kong, shanghai and, most recently, in beijing. in view of continued demand for high-end serviced apartments in the region, the group aims to seize opportunities to expand its presence in existing markets, and in more gateway cities in southeast asia.

Lanson Place residences exemplify the kind of charming homeliness, cool amenities and heartwarming service that, once tasted, will have residents coming back for more.

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STyliSh aNd iNSpiraTiONal. rEvEl iN ThE fiNEST ThrEadS.

SEriOuSly ClaSSy aNd vErSaTilE.

togsense

retail + lifestyle

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togsense

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Warehouse is one of UK’s marquee fashion brands, catering to chic twenty-somethings in the UK, Ireland, USa, germany, Cyprus, middle east and now Singapore. Sumptuous fabric that looks right at home at The Tomlinson.

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In Singapore, the Group has a portfolio of 17 brands across 123 shops and is now a specialty chain stores retailer, with fashion retail as its core earnings driver.

Several new brands were introduced in the year, including Pumpkin Patch for children’s wear from New Zealand; Ben Sherman for designer menswear from the UK; Diva for fashion jewellery from Australia and Charles Tyrwhitt for men’s tailored shirting from Jermyn Street, London, UK.

In March 2007, several fashion brands, namely Topshop/Topman, Miss Selfridge, Ben Sherman, Dorothy Perkins, Warehouse, Fox and G2000 participated in the Singapore Fashion Festival at both the main event hall and fringe events at various shopping malls.

Against the backdrop of a highly competitive quick service environment, Yoshinoya continues to show improvements in both revenue and profitability. 14 dishes from the Yoshinoya menu were given the Healthier Choices Award by the Health Promotion Board under its Healthier Dining program in September 2006. Yoshinoya at Ngee Ann City was also voted one of top three restaurants in Singapore and given the People’s Choice Award in October 2006. Mrs Helen Khoo, Executive Director of Wing Tai Retail, won the International Management Action Award (IMMA) in March 2007.

The Group’s continued focus on staff training and development gained us industry recognition for service and management excellence. Two retail shop-in-charges from Topshop and G2000 were elected Finalists for the prestigious Excellent

Retail + Lifestyle

reTaIL + LIFeSTYLe

g2000 is all about modern living, with endless options to suit the occasion and capture the mood of the discerning dresser. Quality cuts and friendly price tags for the working class.

This dapper collection hails from London’s Jermyn Street, renowned for its quality retailers and craftsmen since �7�0. Charles Tyrwhitt offers premium classic business wear spiced with British wit.

Yoshinoya is famous for its extremely palatable Beef Bowl (gyudon), filling hungry stomachs in �2�� outlets in Japan, USa, Hong Kong, China, Philippines, Singapore, malaysia, Taiwan and australia.

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Service Awards Superstar in the Retail segment of the Excellent Service Awards hosted by Spring Singapore and Singapore Retailer Association, and the G2000 supervisor won Excellent Service Superstar in November 2006.

In Malaysia, the Group’s retail and lifestyle businesses are conducted through its subsidiary company, DNP Clothing Sdn Berhad.

Operations in Malaysia reported revenue year-on-year growth of 38%, with 9 brands in 32 shops.

For the coming year, the Group plans to open more than 10 new shops at various new malls viz. Pavilion, Mid-Valley Gardens and Sunway extension.

Fox Kids autumn/Winter Collection 2007 transforms grubby kids into oh-so-cute sophisticates. Style-conscious parents will be spoilt for choice with over �00 styles in each fashion line.

“The Group’s continued focus on staff training and development gained us industry recognition for service and management excellence.”

Topshop enjoys top brand awareness among young fashionistas, one of whom makes an appearance at The Tomlinson.

Built on a passion for sports and sporting lifestyle, and engineered to perform, adidas by Wing Tai Clothing, is catered to the different needs of each individual.

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reTaIL + LIFeSTYLe

miss Selfridge autumn/Winter Collection 2007 is Britain’s leading young fashion label with funky, quirky and exciting designs. a touch of femininity, looking resplendent at The Helios residences.

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july_06Wing Tai Clothing successfully secured exclusive rights in Singapore to launch Diva, Australia’s largest accessories chain. There are 6 Diva outlets island-wide.

august_06 Wing Tai purchased the freehold site of 398 Kallang Road next to Kallang Riverside Park. The 35,323 square-foot site was named The Riverine by the Park.

september_06Wing Tai won the prestigious URA Architectural Heritage Award 2006 for the conservation of the 2-storey colonial building for Draycott 8 clubhouse.

Wing Tai Clothing launched Ben Sherman in Singapore, with its first outlet at Paragon.

The Nexus, a freehold residential development nestled in the prestigious Bukit Timah neighbourhood, obtained its Temporary Occupancy Permit.

USI Holdings acquired 33 apartment units in Tower 15 and 33 car park spaces at Central Park located in Chaoyang District of Beijing, China.

14 dishes from Yoshinoya’s menu were awarded as Healthier Choices under the Healthier Dining program by the Health Promotion Board.

year in year out

g2000 helps you to look like a million dollars without costing the earth.

eVeNTS CaLeNDar

2006

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november_06At the prestigious Excellence Service Award 2007, G2000 clinched 12 Star, 29 Gold and 13 Silver awards while Wing Tai Clothing bagged 2 Star, 7 Gold and 32 Silver awards. Fox Fashion received 3 Gold and 10 Silver awards while Yoshinoya clinched 11 Silver awards.

G2000 supervisor won the SuperStar Excellent Service Award (Retail Category), and together with another colleague from Topshop, was nominated as Top 3 Finalists for the award, organised by SPRING and 7 leading industry associations.

december_06Kovan Melody, a 99-year leasehold development comprising 778 units located along Kovan Road obtained its Temporary Occupation Permit.

Wing Tai Clothing introduced Charles Tyrwhitt in Singapore, bringing the top provider of classic Jermyn Street London shirts to Singapore. The first outlet opened in VivoCity.

Pumpkin Patch

october_06The 42nd Annual General Meeting was successfully conducted.

Wing Tai received Associate of the Arts Award from the Singapore National Arts Council. The award recognised the company’s contributions to the Arts in 2005.

Wing Tai purchased the 60,534 square-foot freehold site of Ardmore Point located at Ardmore Park at a price of S$201 million.

Wing Tai Clothing introduced Pumpkin Patch to Singapore, with the opening of its first concept store at VivoCity. Pumpkin Patch offers fresh and fashionable clothes with inspiring designs, catering to children in each age group.

G2000 was voted Best Shop for Corporate Wear in CLEO magazine.

Yoshinoya at Ngee Ann City was one of Top 3 restaurants in Singapore to achieve People’s Choice Award.

The riverine By The Park

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january_07VisionCrest Residence, a freehold development comprising 265 units located along Oxley Rise obtained its Temporary Occupation Permit.

Wing Tai entered into an agreement to sell the VisionCrest Commercial block and The House of Tan Yeok Nee at a total consideration of S$260 million.

Wing Tai acquired Anderson 18 with a joint venture partner; the 112,098 square-foot prime freehold residential site located along Anderson Road will be developed into a high-end residential development.

The Meritz, a 31-storey serviced residences located opposite Kuala Lumpur City Centre (KLCC) and Petronas Twin Towers was officially launched. The exclusive development was well received by buyers, with all units fully sold.

march_07During the Singapore Fashion Festival (SFF), Wing Tai Clothing presented the Topshop Unique and Topman Design show at Ngee Ann City Civic Plaza.

Mrs Helen Khoo, Executive Director for Wing Tai Retail was awarded the prestigious International Management Action Award (IMMA). The award administrated by the Chartered Management Institute was in recognition of her exceptional management skill.

G2000 was recognised among Top 40 establishments for The Best of Singapore in Service Excellence by the Singapore Tourism Board.

april_07Casa Merah, a 556-unit joint venture project was officially launched. The development, located next to the Tanah Merah MRT Station was fully sold within a month.

USI Holdings entered into Memorandum of Agreement with Nan Fung to jointly acquire and develop a residential site located at Tai Po, New Territories in Hong Kong.

The meritz

2007

2�

eVeNTS CaLeNDar

may_07Wing Tai entered into a strategic partnership with 3 international investors to lead real estate development and investment platform in China, expected to invest in approximately US$1 bil l ion worth of projects in the market.

The Riverine by the Park, a 96-unit residential development located beside the Kallang Riverside Park, was fully sold before launch.

As part of its re-branding exercise, G2000 opened its flagship concept store at OUB Centre. The 4,600 square foot 2-storey store houses G2000, blù, Pink Label and Black Label, offering one-stop shopping for contemporary wear for all occasions.

june_07The Extraordinary General Meeting was duly convened.

Through a restructuring exercise, USI Holdings Limited acquired the Group’s 27.7% interest in Winsor Properties Holdings Limited in exchange for new shares issued y USI Holdings and Winsor Properties becomes a subsidiary of USI Holdings. After the restructuring, the Group’s interest in USI Holdings increased from 21.0% to 31.8% and USI Holdings has become the Group’s flagship company in Hong Kong.

The initial release of 50 units at Helios Residences, a 140-apartment luxury development located along Cairnhill Circle, was fully subscribed. To date, over 70 units have been sold.

Wing Tai sponsored the Asian premiere of Sinfonia Eroica’s performance at the Singapore Arts Festival; the dance was choreographed by Michèle Anne de Mey.

Ben Sherman

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BoaRd of diReCtoRsCheng Wai KeungChairman

Edmund Cheng Wai WingDeputy Chairman

Boey Tak Hap

Cheng Man Tak

Tan Sri Dato’ MohamedNoordin bin Hassan

Lee Han Yang

Lee Kim Wah

Loh Soo Eng

Phua Bah Lee

Paul Tong Hon To

aUdit CommitteePhua Bah LeeChairman

Boey Tak Hap

Lee Han Yang

Paul Tong Hon To

RemUneRation CommitteeLee Han YangChairman

Boey Tak Hap

Tan Sri Dato’ Mohamed Noordin bin Hassan

Loh Soo Eng

nominating CommitteeLoh Soo EngChairman

Cheng Wai Keung

Tan Sri Dato’ Mohamed Noordin bin Hassan

Phua Bah Lee

ComPanY seCRetaRiesOoi Siew Poh

Gabrielle Tan

eXeCUtiVe diReCtoRsCheng Wai KeungManaging Director

Edmund Cheng Wai WingDeputy Managing Director

Lee Kim WahFinance Director

eXeCUtiVe offiCeRsTan Hwee BinChief Operating Officer

Karine LimGeneral ManagerGroup Human Resource

sUBsidiaRY ComPaniesDNP Holdings BerhadDato’ Roger Chan Wan ChungExecutive Director

Wing Tai LandChng Chee BeowExecutive Director

Wing Tai retailHelen KhooExecutive Director

Wing Tai Property managementLen Siew LianGeneral Manager (Marketing)

RegisteRed offiCe3 Killiney Road #10-01Winsland House ISingapore 239519

Tel: 6280 9111Fax: 6732 9956

Website: www.wingtaiasia.com.sg

RegistRaR & tRansfeR offiCeTricor Barbinder Shareregistration Services(A division of Tricor Singapore Pte. Ltd.)

8 Cross Street#11-00 PWC BuildingSingapore 048424

aUditoRsPriceWaterHouseCoopersCertified Public Accountants8 Cross Street#17-00 PWC BuildingSingapore 048424

Quek Bin HweeAudit Partner(Year of appointment: 2006)

PRinCiPal BanKeRsDBS Bank Limited6 Shenton WayDBS BuildingSingapore 068809

The Hongkong and Shanghai Banking Corporation Limited21 Collyer QuayHSBC BuildingSingapore 049320

malayan Banking Berhad2 Battery RoadMaybank TowerSingapore 049907

Overseas-Chinese Banking Corporation Limited65 Chulia StreetOCBC CentreSingapore 049513

The Bank of Tokyo-mitsubishi UFJ, Ltd9 Raffles Place #01-01Republic PlazaSingapore 048619

United Overseas Bank Limited80 Raffles PlaceUOB PlazaSingapore 048624

COrpOraTE daTa

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Cheng wai KeUng Chairman/Managing Director

Mr Cheng Wai Keung has been appointed Chairman of the Board of Wing Tai Holdings Limited (the “Company”) since 1994. He is also Managing Director of the Company and a member of the Nominating Committee.

Mr Cheng is Chairman of Neptune Orient Lines Limited, Vice Chairman of Singapore-Suzhou Township Development Pte Limited and Managing Director of DNP Holdings Berhad. He holds directorships in public and private companies, including GP Batteries International Limited and has served on the boards of several government organizations. He was awarded the Distinguished Service Order (DUBC) by the Singapore Government in August 2007, and received the Public Service Star (Bar) (BBM-Lintang) in 1997 and Public Service Star (BBM) in 1987. He is appointed Justice of The Peace by the Singapore President since 2000, and has served on the Panel for Disciplinary Committees of Inquiry appointed by the Public Service Commission of the Prime Minister Office since 2001.

Mr Cheng graduated with Masters of Business Administration from the University of Chicago, after obtaining his Bachelor of Science degree from Indiana University.

Mr Cheng was last re-elected Director on 26 October 2006.

edmUnd Cheng wai wing Deputy Chairman/Deputy Managing Director

Mr Edmund Cheng is Deputy Chairman and Deputy Managing Director of the Company since joining the Company in 1984. He is responsible for property development, investment and management activities of the Group.

Mr Cheng is Chairman of the Singapore Airport Terminal Services Limited and Mapletree Investments Pte Ltd. He sits on the board of SNP Corporation Ltd and DNP Holdings Berhad. He also chairs Singapore’s National Arts Council and DesignSingapore Council. He is a member of the International Council for Asia Society.

He chaired the Singapore Tourism Board, the Old Parliament House Limited, and The Esplanade Co Ltd where he is now a member. He sat on the board of the Construction Industry Development Board, the Urban Redevelopment Authority and Singapore Airlines Limited. He was President of REDAS (Real Estate Developers’ Association of Singapore) and now serves as a member on its Presidential Council.

Mr Cheng was awarded the Public Service Star Award (BBM) in 1999 by the Singapore Government. He was also recognised by Tourism Awards Singapore as Outstanding Contributor to Tourism in 2002.

Mr Cheng graduated from Northwestern University and Carnegie Mellon University in USA, with a Bachelor’s degree in Civil Engineering and Master’s in Architecture.


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BoeY taK haP

Mr Boey Tak Hap has been a non-executive director since 2 May 1997. He is a member of both the Audit Committee and Remuneration Committee.

Mr Boey was formerly the Chief of Army, Singapore Armed Forces and the President & CEO of Singapore Power Group. He was also the President & CEO of SMRT Corporation as well as Chief Executive of the Public Utilities Board.

Mr Boey graduated from the University of Manchester Institute of Science and Technology with a Bachelor of Science degree in Automatic Control & System Engineering with Management Sciences. In January 2002, he was conferred the Honorary Doctorate of Doctor of Engineering by his alma mater. He also holds a Diploma in Business Administration from the National University of Singapore and has attended the Harvard Business School’s Advanced Management Programme in Boston, USA.

Mr Boey was last re-elected Director on 26 October 2006.

Cheng man taK

Mr Cheng Man Tak has been a non-executive director since 11 May 1981. He serves as a director of the Federation of Hong Kong Garment Manufacturers and is a member of the Occupational Safety & Health Council of Hong Kong and an authority member of Clothing Industry Training Authority. He is also a member of the Advisory Committee of Poly University (Institute of Textile and Clothing Industries) in Hong Kong.

Mr Cheng graduated from the University of Southern California with a Bachelor of Science degree and holds a Masters in Business Administration from Pepperdine University, USA.


tan sRi dato’ mohamed nooRdin Bin hassan

Tan Sri Dato’ Mohamed Noordin bin Hassan has been a non-executive director since 27 September 2002 and is currently a member of both the Nominating Committee and Remuneration Committee.

Tan Sri Dato’ Mohamed Noordin has more than 40 years of working experience with the government of Malaysia and the private sector serving in various government departments at District, State and Federal levels including as Deputy Secretary General, Ministry of Trade and Industry, Secretary General, Ministry of Science, Technology and Environment and Secretary General, Ministry of Education. He retired from the Malaysian Civil Service in September 1994 and was subsequently offered a job with the Malaysian government owned company, Petronas Berhad.

He served Petronas Berhad until 31 August 2000, first as Vice-President in charge of Group Human Resource, subsequently as Vice President of Education.

Tan Sri Dato’ Mohamed Noordin is currently Chairman of DNP Holdings Berhad in Malaysia. He also sits on the Board of several subsidiaries of DNP Holdings Berhad as well as other companies in Malaysia.

Tan Sri Dato’ Mohamed Noordin graduated from the University of Malaya with a Bachelor of Arts (Honours) degree in Economics. He also holds a Masters degree in Public & International Affairs from the University of Pittsburgh, USA.

Tan Sri Dato’ Mohamed Noordin was re-elected Director on 13 October 2005.

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lee han Yang

Mr Lee Han Yang has served as a non-executive director since 3 January 1989 and is currently Chairman of the Remuneration Committee and a member of the Audit Committee. He is a Barrister-at-Law of Lincoln’s Inn, London. He is an Advocate and Solicitor of the Supreme Court of Singapore and is a Consultant at Messrs Peter Low Partnership. He is also a director of several public and private companies in Singapore.

Mr Lee is an active member of the Law Society of Singapore and has served on several committees of the Law Society. At present, he serves on the board of the National Council of Social Services and on the Society for the Physically Disabled. In August 2006, he was awarded the Public Service Star (BBM) by the President of Singapore.

Mr Lee was last re-appointed Director on 26 October 2006.

lee Kim wah

Mr Lee Kim Wah has served as an executive director since 2 May 1977. He is responsible for the finance, human resource and administrative functions of the Group.

Educated in Accountancy in Australia, Mr Lee was a Manager in a public accounting firm, prior to joining the Company. He has been with the Group for more than 30 years.

Mr Lee was conferred the Public Service Medal (PBM) in 2000 and is currently the Treasurer of the Singapore National Employers’ Federation.

Mr Lee was last re-elected Director on 22 October 2004.

loh soo eng

Mr Loh Soo Eng was an executive director for the property division of the Wing Tai Group since 1991. He retired as an executive director on 1 June 2004 and is currently serving as a non-executive director. He is currently Chairman of the Nominating Committee and a member of the Remuneration Committee.

Mr Loh is a director of USI Holdings Limited.

His past experiences are in power station, oil company, shipbuilding and shiprepairing industries as well as banking.

Prior to joining the Company, Mr Loh was with the DBS Group for 17 years, holding the posts of Executive Director of Raffles City Pte Ltd, and General Manager of DBS Land. He has also served on a few Government committees, including SAFTI Military College and Temasek Polytechnic. He was a Chairman of SLF Properties Pte Ltd and SLF Management Services Pte Ltd and was President of Real Estate Developers’ Association of Singapore (REDAS) from 2001 to 2003.

Mr Loh graduated with a Bachelor of Engineering (Mechanical) from the University of Adelaide, Australia.

Mr Loh was last re-elected Director on 22 October 2004.

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PhUa Bah lee

Mr Phua Bah Lee has served as a non-executive director since 11 January 1989 and is currently Chairman of the Audit Committee and a member of the Nominating Committee.

Mr Phua currently holds directorships in a number of public and private companies. He was the Parliamentary Secretary of the Ministry of Communications (1968 to 1971), Senior Parliamentary Secretary of the Ministry of Defence (1972 to 1988) and a member of Parliament for the Tampines Constituency (1968 to 1988).

Mr Phua graduated from the Nanyang University in Singapore with a Bachelor of Commerce degree.

Mr Phua was last re-appointed Director on 26 October 2006.

PaUl tong hon to

Mr Paul Tong Hon To has been a non-executive director since 16 August 2007. He is a member of the Audit Committee.

Mr Paul Tong is currently Executive Vice President and General Counsel of Johnson Electric Holdings Limited, where he was appointed as Chief Financial Officer in 1995. He has many years of senior management experience in manufacturing and trading businesses with global operations.

Mr Paul Tong obtained his BSc (Economics) and postgraduate Certificate of Management Studies from the University of London and the University of Oxford in England respectively. He was admitted as a Barrister of the Middle Temple in England, the Supreme Court of Hong Kong, and the High Court of Australia. He is also a CPA of The Hong Kong Institute of Certified Public Accountants; and an Associate Member of The Institute of Chartered Secretaries and Administrators.

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kEy maNagEmENT STaff

tan hwee Bin

Ms Tan Hwee Bin is Chief Operating Officer of Wing Tai Holdings Limited. Prior to joining the Group in November 2000, she was Asia Pacific Regional Finance & IT Director, and Global Finance Director in a multinational corporation, and has worked in Hong Kong and China.

Ms Tan is a Certified Public Accountant and graduated with a Bachelor of Accountancy degree from the National University of Singapore. She has attended management courses in Oxford University and INSEAD at Fontainebleau; in 2005, she completed the Advanced Management Program at Harvard Business School in Boston.

Ms Tan is Director of NTUC Fairprice Co-operative Ltd. She is also a member of Central Singapore Community Development Council and the Finance and Establishment Committee of Chinese Development Assistance Council.

KaRine lim

Ms Karine Lim is General Manager, Group Human Resource and has been with the Group since March 2004. Prior to joining the Group, she has more than 18 years of human resource management experience in the retail, property and public transport industries. She graduated with a Bachelor of Arts (Honours) degree from the National University of Singapore and has acquired a Diploma in Human Resource Management from the Singapore Human Resource Institute.

dato’ RogeR Chan wan ChUng

Dato’ Roger Chan Wan Chung joined DNP Holdings Berhad as General Manager in June 1971 and he is one of the pioneer staff of DNP Group. With over 30 years’ experience in the garment business, he assists the Managing Director in overseeing the day-to-day operations of the DNP Group.

He was appointed to the DNP Board on 18 August 1988 and currently sits on the Board of several subsidiaries of the DNP Group and other private limited companies.

Chng Chee Beow

Mr Chng Chee Beow is Executive Director of Wing Tai Land and has been with the Group since October 1987. He is a registered Architect by profession. Mr Chng is currently the Honorary Treasurer of REDAS Management Committee and Chairman of SRP-Real Estate Management & Maintenance Industry (SRP-REMMI) - Industry Lead Body. He is the President of International Alliance for Interoperability (IAI) by Building Construction Authority (BCA), Planning Appeals Inspector of Ministry of National Development and a member of the URA Design Advisory Committee.

He is also an active member of several government and private bodies. He graduated with a Bachelor of Architecture and has a post-graduate Diploma in Building Science from the National University of Singapore.

helen Khoo

Mrs Helen Khoo is Executive Director of Wing Tai Retail and oversees the Group’s retail and food businesses. Prior to joining the Group in 1995, she was based in Hong Kong as senior executive with a transnational corporation holding a diversified portfolio. With over 20 years of experience in the retail and fast food business, Mrs Khoo drives the Group’s growth and expansion in its portfolio of retail brands. Having led the retail arm of the Company to winning various industry awards, Mrs Khoo was herself awarded by the International Management Action Award (IMAA) recognising excellence in People Management.

She is an active council member of the Singapore Retailers Association and Orchard Road Business Association. She graduated with a Bachelor of Arts degree from the University of Hong Kong.

len siew lian

Ms Len Siew Lian is General Manager (Marketing) of Wing Tai Property Management. She oversees marketing and sales, including project launches of the Group’s development properties for sale. She joined the Group in September 1989 where she was mainly involved in the commercial leasing of both office and retail, having spent her early career with an international property consultancy company. She graduated with a Bachelor of Science (Estate Management) degree from the National University of Singapore.

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COrpOraTE gOvErNaNCE

The Company is committed to maintaining high standards of Corporate Governance and conduct to enhance corporate performance and accountability. The Company has adopted the principles, structures and processes of corporate governance as set out in this report.

BoaRd matteRs

The Board’s Conduct of its Affairs

The Board provides strategic guidance and entrepreneurial leadership for the Company and ensures that the Company has the necessary financial and human resources to meet its objectives. Its principal functions include approving strategic business plans, major acquisitions or disposal of assets, dividends and other returns to shareholders, fund raising exercises, corporate and financial restructuring and interested person transactions of a material nature, reviewing Management performance, reviewing the Group’s corporate policies and financial performance, approving quarterly and annual financial results of the Group, and establishing a framework of prudent and effective controls to assess and manage risk. The Board continues to set the Company’s values and standards to ensure obligations to shareholders and other stakeholders are properly understood and met.

The Board conducts regular meetings on a quarterly basis and/or as necessary when circumstances arise. A total of six Board meetings were held in the current financial year. Details of attendance of the directors at the Board and Board Committee meetings are as follows:

directors’ attendance at Board and Board Committee meetings for fY2007

audit remuneration Nominating Name Board Committee Committee Committee

meetings Held: �* meetings Held: � meetings Held: � meetings Held: �

meetings attended meetings attended meetings attended meetings attended

Cheng Wai Keung 5* 1

Edmund Cheng Wai Wing 5*

Boey Tak Hap 6 5 3

Cheng Man Tak 4*

Tan Sri Dato’ Mohamed Noordin bin Hassan 6 1

Lee Han Yang 6 5 3

Lee Kim Wah 6

Loh Soo Eng 6

Ne Chen Duen ** 6

Phua Bah Lee 6 5 3 1

Notes: * One of the six Board meetings was convened for the purpose of considering and approving an interested person transaction. As Mr Cheng Wai

Keung, Mr Edmund Cheng Wai Wing and Mr Cheng Man Tak are associates of the relevant interested person and therefore may themselves be regarded as being either directly or indirectly interested in the transaction, they abstained from attending the meeting.

** Mr Ne Chen Duen, an executive director, retired on 2 August 2007.

The Board also delegates certain functions to the various Board committees, namely, Audit, Nominating and Remuneration Committees. Each of these committees has its own terms of reference and reports its activities regularly to the Board. On 23 August 2007, the Board approved the recommendation by the Nominating Committee (“NC”) to change the composition of the Board Committees, in particular, each Board Committee shall have four members instead of three, and the Chairman of each Board Committee will be appointed on a 5-year rotational basis. This is to better facilitate the distribution of responsibilities amongst the directors as well as to enhance the overall effectiveness of the Board.

The Board is of the view that the contribution of each director should not be focused only on his attendance at Board and/or Committee meetings. A director’s contribution may extend beyond the confines of formal Board meetings, through sharing of views, advice, experience, and strategic networking relationships which would further the interests of the Company.

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BoaRd matteRs (continued)The Board’s Conduct of its Affairs (continued)

The Board is responsible for the overall strategy and direction of the Group; the Management closely monitors changes to regulations and accounting standards and the directors are informed of their disclosure obligations. Newly appointed directors are given briefings by Management on the Group’s business, directions and policies.

Changes to regulations and accounting standards are monitored closely by Management. Where regulatory changes have an important bearing on the Company’s or directors’ disclosure obligations, directors are briefed during Board meetings.

Board Composition and Balance

The Board currently comprises a majority of non-executive directors, with more than one-third independent directors. There are 10 Board members, three of whom are executive directors and seven are non-executive directors (inclusive of six independent directors). The Board considers its current size and members whose core competencies, qualifications, skills and experience are extensive and complementary, to be appropriate. The Board will examine its size and composition whenever circumstances require it. Mr Ne Chen Duen, an executive director, retired from the Board on 2 August 2007.

The independence of each director is reviewed annually by the Nominating Committee to ensure that there is a strong and independent element on the Board and that its size is appropriate to the scope and nature of the Group’s operations. No individual or smaller group of individuals dominate the Board’s decision-making process. The Nominating Committee has determined Mr Loh Soo Eng, to be an independent non-executive director. Three years have lapsed since Mr Loh ceased to be employed by the Company or any of its related companies in June 2004. As such, Mr Loh is no longer deemed to be non-independent under the Code of Corporate Governance.

Chairman and Managing Director

There is no separation of roles between the Chairman and the Managing Director (“MD”) in the Company as there is adequate accountability and transparency as reflected by the internal controls established within the Group. The Board is of the opinion that it is well balanced with a strong and independent group of non-executive directors.

As Chairman, Mr Cheng Wai Keung assists the Board in developing policies and strategies as well as providing leadership to the Board and ensuring that Board meetings are held when necessary and that Board members are provided with complete, adequate and timely information. As MD, he supervises the management of the business and affairs of the Group, reviews major acquisitions or disposals, investments, strategic plans and funding requirements and ensures that the Board’s decisions and strategies are properly and effectively carried out. The sustained growth of the Company under Mr Cheng’s leadership shows his ability to discharge the responsibilities of both roles effectively.

BoaRd Committees

nominating Committee

Board Membership

The NC comprises four members, namely, Mr Loh Soo Eng - Chairman of NC, Tan Sri Dato’ Mohamed Noordin bin Hassan, Mr Phua Bah Lee (all independent non-executive directors) and Mr Cheng Wai Keung.

The NC has adopted specific written terms of reference. The principal functions of the NC are to make recommendations to the Board for the appointment and re-appointment of directors to the Board and to review the independence of each director annually. The NC will review the composition of the Board from time to time and to search and identify suitable candidates with the right qualifications, expertise and experience. Each candidate will be evaluated based on his ability to enhance the board through his contributions in his area of expertise and to improve the Group’s business strategies, controls or corporate governance. Mr Paul Tong Hon To was appointed to the Board on 16 August 2007 as an independent non-executive director. As a new director, Mr Paul Tong Hon To will submit himself for re-election at the next Annual General Meeting (“AGM”) immediately following his appointment.

All directors are required to submit themselves for re-nomination and re-election at least once every three years. At least one-third of the directors retire at each AGM subject to re-election annually. Directors above the age of 70 are also required under the Companies Act to retire and offer themselves for re-appointment by the shareholders at every AGM.

Key information on the directors are set out on pages 29 to 32 of this Annual Report.


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BoaRd Committees (continued)

Board Performance

The NC’s evaluation of the performance of the Board as a whole will be conducted on an annual basis taking into account the level of participation and contribution of individual directors towards the Board’s effectiveness and competencies, strategic insight, financial literacy, business judgment, sense of accountability and maintenance of expertise relevant to the Group. The aim of the evaluation is to assess if each director continues to contribute effectively and demonstrate commitment to their respective roles.

Access to Information

As and when the need arises and prior to each meeting, the Board is provided with timely and adequate information to enable full deliberation of issues to be considered.

To ensure that the Board is able to fulfill its responsibilities, the Management provides the Board with periodic management reports, forecasts/budgets, financial statements and other relevant information of the Group.

The Board has independent access to the Management team and the Company Secretary at all times. The Board seeks independent advice as and when necessary to enable it to discharge its responsibilities effectively.

The Company Secretary attends all Board meetings and ensures that Board procedures are followed. The Company Secretary together with the Management team also ensure that the Company complies with all applicable statutory and regulatory rules.

RemUneRation matteRs

Remuneration Committee

The Remuneration Committee (“RC”) comprises four members, all of whom are independent non-executive directors. The RC members are Mr Lee Han Yang - Chairman of RC, Mr Boey Tak Hap, Tan Sri Dato’ Mohamed Noordin bin Hassan and Mr Loh Soo Eng.

The RC reviews the remuneration of directors and key executives of the Group and obtains advice on remuneration matters as and when required from human resource advisers or consultants within and outside the Group. No director is involved in deciding his own remuneration.

The RC makes recommendation on an appropriate framework of remuneration taking into account employment conditions within the industry and the Company’s performance to ensure that the package is competitive and sufficient to attract, retain and motivate key executives.

The Group’s remuneration policy comprises a fixed component (in the form of base salary) and a variable component that is linked to the Company and individual performance.

Directors who participate in Board Committees receive higher fees for the additional responsibilities. All directors’ fees are approved by shareholders at the Annual General Meeting of the Company before they are paid.


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RemUneRation matteRs (continued)

A breakdown (in percentage terms) of the directors’ remuneration for FY2007 are as follows:

Bonus, allowance & remuneration Bands Fees (%) Salary (%) Other Benefits (%)

$2,750,001 to $3,000,000 Cheng Wai Keung 34 66#

$2,500,001 to $2,750,000Edmund Cheng Wai Wing 34 66#

$500,001 to $750,000Lee Kim Wah 51 49^

$250,000 to $500,000Ne Chen Duen 3# 69 28#

Below $250,000Boey Tak Hap 100 – –Cheng Man Tak 100 – –Tan Sri Dato’ Mohamed Noordin bin Hassan 77# – 23#

Christopher Patrick Langley (retired on 26 Oct 2006) 100 – –Lee Han Yang 100 – –Loh Soo Eng 100 – –Phua Bah Lee 100 – –

# Includes fees, allowance and other benefits from DNP Holdings Berhad.^ Other benefits include the cost of the fair value of share options in accordance with FRS102 – Share Based Payment.

Instead of setting out the names of the top five key executives who are not directors of the Company, we have shown a Group-wide cross-section of executives’ remuneration (one of whom is related to the Managing Director) by number of employees within bands of $250,000. This gives a macro perspective of the remuneration pattern in the Group while maintaining confidentiality of employees’ remuneration:

range of remuneration No. of Key executives

Above $750,001 1$500,001 to $750,000 4$250,001 to $500,000 2

Other than share options granted to Mr Lee Kim Wah as set out below, no options were granted to the directors of the Company during the financial year. Options granted aggregate options since during the commencement of the aggregate financial year Scheme to �0.0�.2007 options No. of outstanding options exercise Options Options Options as atName of participants granted price ($) granted exercised expired �0.0�.2007

Directors of the Company

200� Share Option Scheme

Lee Kim Wah 120,000 1.81 720,000 – – 720,000

Loh Soo Eng – – 360,000 240,000 – 120,000


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aCCoUntaBilitY and aUdit

Accountability

Shareholders are provided with the Company’s performance, financial position and prospects on a quarterly basis, while periodic management reports of the Company and its businesses are furnished to the Board.

audit Committee

The Audit Committee (“AC”) comprises four members, all of whom are independent non-executive directors. The AC members are Mr Phua Bah Lee - Chairman of AC, Mr Lee Han Yang, Mr Boey Tak Hap and Mr Paul Tong Hon To.

Members of the AC have sufficient financial management expertise and experience to discharge its functions. It held five meetings in FY2007. The functions of the AC include the review of annual audit plan, internal audit process, the adequacy of internal controls and interested person transactions. The AC recommends to the Board the external auditors to be appointed or re-appointed taking into account the independence and objectivity of such external auditors as well as to review the scope, results and cost effectiveness of their audit procedures. The AC also reviews the quarterly and annual financial statements before submitting to the Board for approval.

The key function of the AC is to maintain a high standard of corporate governance. The AC has full access to and co-operation of the Management. The AC met with the internal and external auditors without the presence of the Management once during the year. Having reviewed the value of non-audit services by the external auditors to the Group, the AC is satisfied that the nature and extent of such services will not prejudice the independence and objectivity of the external auditors.

Internal Controls

The Group’s internal financial controls provide reasonable assurance that assets are safeguarded, proper accounting records are maintained, reliability of financial information and compliance with applicable laws and regulations. Regular management meetings are held to report and monitor the performance of each department.

The Board is satisfied that based on the information furnished to it and on its own observations, the internal controls (including financial, operational and compliance controls) and risk management processes are satisfactory for the nature and size of the Group’s operations and business.

Interested Person Transaction

The Company has established an internal policy in respect of any transactions with interested persons and has set out the procedures for review and approval of the Company’s interested person transactions (“IPT”). During FY2007, the AC reviewed the following IPT:-

interested Person transaction aggregate value of iPt

Irrevocable undertaking to accept the offer by Cazenove Asia Limited S$270,000,000 on behalf of USI Holdings Limited (the interested person) for shares in Winsor Properties Holdings Limited

The above IPT was approved by shareholders at the Extraordinary General Meeting held on 22 June 2007.

Internal Audit

The Company has adopted a set of internal controls which sets out approval limits for expenditure, investments and divestments and cheque signatory arrangements. The internal audit function of the Group is carried out by Messrs Kan & Co (“IA”) and its approach is consistent with the standards as required by the Institute of Internal Auditors. The IA reports their audit findings to the AC and Management.

The functions of the IA are to provide an objective opinion and assurance to the AC and Management as to the adequacy of the internal processes and controls, identify financial and operational risks and to recommend policies and plans for effective compliance control. The IA submits its plans and recommendations to the AC for approval. The AC reviews the activities of the IA on a quarterly basis and is satisfied that there are adequate internal controls in the Company.


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CommUniCation with shaReholdeRsShareholders are updated on the business and affairs of the Company through the quarterly release of the Company’s results. Material and price-sensitive information is publicly released by the Company via SGXNET on an immediate basis where required by the Singapore Exchange Securities Trading Limited (SGX-ST). The Company does not practise selective disclosure. Timely and detailed disclosure of pertinent corporate information is communicated via SGXNET and the Company’s website.

All shareholders receive the summary financial report and/or annual report of the Company and notice of the AGM. The notice (also advertised in the press) and results are published via SGXNET. The Company also conducts media and analysts briefing for its full-year results.

Shareholders are given the opportunity to raise relevant questions and communicate their views at the AGM. A shareholder can vote in person or appoint up to two proxies to attend and vote at the AGM in his/her absence.

dealings in seCURities The Company has adopted and implemented an internal guideline on share dealings in the Company’s securities in compliance with Rule 1207(18)(c) of the Listing Manual of the SGX-ST. All the officers of the Company are prohibited from dealing in securities of the Company while in possession of price-sensitive information. They are also prohibited from dealing in securities of the Company during the closed period, which is two weeks before the date of announcement of results for each of the first three quarters of the Company’s financial year and one month before the date of announcement of the full-year financial results.


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Summary directors’ report

Auditors’ statement to the members of Wing Tai Holdings Limited

Consolidated income statement

Balance sheets

Consolidated statement of changes in equity

Notes to the summary financial statements

Notice of annual general meeting

Shareholding statistics

Proxy form

Request form

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49

5051

53

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sUmmaRY finanCial RePoRts

CONTENTS

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Summary dirECTOrS’ rEpOrT for the financial year ended 30 June 2007

imPoRtant noteThe accompanying summary financial statements contain only a summary of the information in the directors’ report and the financial statements of the Company’s full financial report. It does not contain sufficient information to allow a full understanding of the results and the state of affairs of the Company and of the Group.

For further information, the full financial statements, the auditors’ report on those financial statements and the directors’ report should be consulted. Shareholders may request a copy of the full financial report at no cost. Please use the request slip at the end of this summary financial report.

sUmmaRY diReCtoRs’ RePoRt

1. diReCtoRsThe directors of the Company at the date of this report are:

Cheng Wai Keung (Chairman and Managing Director)Edmund Cheng Wai Wing (Deputy Chairman and Deputy Managing Director)Boey Tak HapCheng Man TakTan Sri Dato’ Mohamed Noordin bin HassanLee Han YangLee Kim WahLoh Soo EngPhua Bah LeePaul Tong Hon To (appointed on 16 August 2007)

2. PRinCiPal aCtiVities of the gRoUPThe principal activity of the Company is that of an investment holding company.

The principal activities of the subsidiary companies in the Group consist of property development and investment, provision of management services, trading in garments and accessories as well as restaurant operation. There have been no significant changes in the nature of these activities during the financial year.

3. aRRangements to enaBle diReCtoRs to aCqUiRe shaRes and deBentUResExcept as disclosed in the “Share Options” section of this report, neither at the end of nor at any time during the financial year was the Company a party to any arrangement, whose object was to enable the directors of the Company to acquire benefits through the acquisition of shares in, or debentures of, the Company or any other body corporate.

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4. diReCtoRs’ inteRests in shaRes oR deBentURes(a) The interests of the directors holding office at the end of the financial year in the shares and share options of the Company

and related corporations according to the register of the directors’ shareholdings were as follows:

Holdings registered Holdings in which a director in the name of director is deemed to have an interest as at as at as at as at

Name of directors 0�.07.200� �0.0�.2007 0�.07.200� �0.0�.2007

ordinary sharesCheng Wai Keung – – 284,960,816 282,365,150Edmund Cheng Wai Wing – – 282,381,150 282,381,150Ne Chen Duen (Retired on 2 August 2007) – – 85,551,203 85,551,203Lee Han Yang 300,000 300,000 – –Lee Kim Wah 634,000 634,000 – –Loh Soo Eng 255,000 255,000 – –Phua Bah Lee 340,000 250,000 – –

share optionsLee Kim Wah 600,000 720,000 – –Loh Soo Eng 120,000 120,000 – –

Related corporationdnP holdings Berhad

ordinary sharesLoh Soo Eng 40,000 40,000 – –

share optionsCheng Wai Keung 500,000 500,000 – –Edmund Cheng Wai Wing 500,000 500,000 – –

(b) By virtue of Section 7 of the Companies Act (Cap. 50), Cheng Wai Keung and Edmund Cheng Wai Wing, who by virtue of their interest of not less than 20% in the issued capital of the Company, are also deemed to have an interest in the shares of the various subsidiary companies held by the Company.

(c) There is no change in any of the above-mentioned interest between 30 June 2007 and 21 July 2007 except for Ne Chen Duen, whose deemed interest decreased from 85,551,203 as at 30 June 2007 to 19,444,443 as at 21 July 2007.

5. diReCtoRs’ ContRaCtUal BenefitsSince the end of the preceding financial year, no director has received or become entitled to receive a benefit by reason of a contract made by the Company or a related corporation with the director or with a firm of which he is a member or with a company in which he has a substantial financial interest, except as disclosed in Note 3 to this summary financial statements.


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6. shaRe oPtions(a) The Wing Tai Holdings Limited (2001) Share Option Scheme (the “Scheme”)

The Scheme was approved and adopted by the members of the Company at an Extraordinary General Meeting held on 31 August 2001.

The Share Option Scheme Committee of the Company has been designated as the committee responsible for the administration of the Scheme. The Committee comprises the following members:

Cheng Wai Keung Paul Tong Hon To

Pursuant to the Scheme, the full-time executives (including executive directors) of the Company or any of its subsidiary companies or associated companies and non-executive directors of the Company are eligible to participate in the Scheme. In addition, an executive or a non-executive director who is a controlling shareholder or his associate as defined in the Listing Manual of the SGX-ST shall be eligible to participate in the Scheme if (a) his participation in the Scheme and (b) the actual number of ordinary shares and the terms of the options to be granted have been approved by shareholders of the Company in separate resolutions for each such person.

There were no share options granted to the controlling shareholders or their associates.

During the financial year, options were granted by the Company pursuant to the Scheme in respect of 1,905,000 ordinary shares in the Company, of which 120,000 options were granted to a director Lee Kim Wah, and 1,785,000 options were granted to 75 executives of the Group. There were no share options granted at a discount to the market price.

None of the participants of the Scheme received 5% or more of the total number of options available under the respective Scheme except for the following:

Options granted aggregate options since during the commencement of the financial year Scheme to �0.0�.2007 aggregate options Number of exercise Options Options outstanding as at

Name of participants options granted price ($) granted exercised �0.0�.2007

Directors of the CompanyLee Kim Wah 120,000 1.81 720,000 – 720,000Loh Soo Eng – – 360,000 240,000 120,000

At 30 June 2007, the following options to subscribe for 4,549,000 ordinary shares in the Company were outstanding:

Number Number Number Number as at of options of options of options of options as at exercise

Date of grant 0�.07.200� granted exercised forfeited expired �0.0�.2007 price ($) expiry date

02.11.2001 286,000 – 91,000 – – 195,000 0.678 01.11.201105.11.2002 276,500 – 61,500 – – 215,000 0.653 04.11.201228.11.2003 870,500 – 390,500 10,000 – 470,000 0.745 27.11.201319.11.2004 1,281,000 – 403,000 93,000 – 785,000 0.934 18.11.201430.09.2005 1,575,000 – 247,000 144,000 – 1,184,000 1.430 29.09.201505.09.2006 – 1,905,000 – 205,000 – 1,700,000 1.810 04.09.2016

total 4,289,000 1,905,000 1,193,000 452,000 – 4,549,000


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6. shaRe oPtions (continued)

(b) The DNP Holdings Berhad (“DNP”) Employees’ Share Option Scheme (the “ESOS”)

DNP Holdings Berhad (“DNP”), a subsidiary of the Company, implemented the ESOS approved by the shareholders of DNP at an Extraordinary General Meeting held on 11 May 2005.

The directors (including Non-Executive directors) and employees of DNP who as at the date of offer are confirmed with at least one year of continuous service in DNP and its subsidiary companies are eligible to participate in the scheme. The ESOS will allow granting of Options to all eligible directors and employees by giving them the rights to subscribe for new shares of RM1.00 each, subject to the terms and conditions of the by-laws of the ESOS.

The details of the ESOS have been disclosed in the Directors’ Report of DNP.

At 30 June 2007, the following options to subscribe for 5,768,500 ordinary shares in DNP were outstanding:

Number Number Number Number exercise as at of options of options of options of options as at price

Date of grant 0�.07.200� granted exercised forfeited expired �0.0�.2007 (rm) expiry date

01.12.2005 4,830,000 – – 510,000 4,320,000 – 1.00 16.01.200701.12.2005 6,878,000 – 4,214,500 220,000 – 2,443,500 1.00 15.05.201531.01.2007 – 4,696,000 1,278,000 93,000 – 3,325,000 1.00 15.05.2015

total 11,708,000 4,696,000 5,492,500 823,000 4,320,000 5,768,500

Except for the above, no other options were granted by the Company or any subsidiary companies during the financial year and there were no unissued shares under options at the end of the financial year.

7. aUdit CommitteeThe Audit Committee consists of four non-executive independent directors. The members of the Committee are:

Phua Bah Lee (Chairman)Lee Han YangBoey Tak HapPaul Tong Hon To

The Audit Committee reviewed the Group’s accounting policies and system of internal controls on behalf of the Board of Directors and performed the functions specified in Section 201B(5) of the Companies Act (Cap. 50). In performing its functions, the Committee reviewed:

(a) the audit plans of the Company’s internal and external auditors and their evaluation of the system of internal controls arising from their audit examinations;

(b) the scope and results of internal audit procedures; and

(c) the quarterly results and the full year consolidated financial statements of the Group for the financial year ended 30 June 2007 before their submission to the Board of Directors for approval and the auditors’ report on these financial statements.

The Audit Committee has nominated PricewaterhouseCoopers for re-appointment as auditors of the Company at the forthcoming Annual General Meeting.


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8. mateRial and UnUsUal items dURing and afteR the finanCial YeaR

The results of the operations of the Company and of the Group during the financial year have not been substantially affected by any item, transaction or event of a material and unusual nature.

In the opinion of the directors, no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which would affect substantially the results of the operations of the Company and of the Group for the financial year in which this report is made, or render any item in the full financial statements of the Company and of the Group for the current financial year misleading or affect the ability of the Company and of the Group in meeting their obligations as and when they fall due.

The summary financial statements set out on pages on 42 to 55 was approved by the Board of Directors on 28 September 2007 and was signed on its behalf by:

CHeNg WaI KeUNg eDmUND CHeNg WaI WINgDirector Director

Singapore28 September 2007


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We have examined the summary financial statements set out on pages 42 to 55, which has been prepared by the directors.

In our opinion, the summary financial statements are consistent in all material respects with the full financial statements and Directors’ Report of Wing Tai Holdings Limited for the financial year ended 30 June 2007 from which they were derived and complies with the requirements of Section 203A of the Companies (Amendment) Act 1995, and regulations made thereunder, applicable to a summary financial statement.

We have issued an unqualified audit report dated 28 September 2007 on the full financial statements of Wing Tai Holdings Limited and its subsidiary companies for the financial year ended 30 June 2007, which is as follows:

indePendent aUditoR’s RePoRt to the memBeRs of wing tai holdings limitedWe have audited the accompanying financial statements of Wing Tai Holdings Limited (the “Company”) and its subsidiary companies (the “Group”) set out on pages # to #, which comprise the balance sheets of the Company and of the Group as at 30 June 2007, and the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash flow statement of the Group for the financial year then ended, and a summary of significant accounting policies and other explanatory notes.

directors’ Responsibility for the financial statementsThe Company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with the provisions of the Singapore Companies Act and Singapore Financial Reporting Standards. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

audiTOrS’ STaTEmENT TO ThE mEmbErS Of wiNg Tai hOldiNgS limiiTEd for the financial year ended 30 June 2007

�7

indePendent aUditoR’s RePoRt to the memBeRs of wing tai holdings limited (continued)

opinionIn our opinion,

(a) the balance sheet of the Company and the consolidated financial statements of the Group are properly drawn up in accordance with the provisions of the Singapore Companies Act (the “Act”) and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company and of the Group as at 30 June 2007, and the results, changes in equity and cash flows of the Group for the financial year ended on that date; and

(b) the accounting and other records required by the Act to be kept by the Company and by those subsidiary companies incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.

PricewaterhouseCoopersCertified Public Accountants

Singapore28 September 2007

# The page numbers are as stated in the Auditors’ Report dated 28 September 2007 included in Wing Tai Holdings Limited’s full financial statements for the financial year ended 30 June 2007.

audiTOrS’ STaTEmENT TO ThE mEmbErS Of wiNg Tai hOldiNgS limiiTEd for the financial year ended 30 June 2007

�8

CONSOlidaTEd iNCOmE STaTEmENT for the financial year ended 30 June 2007

group 2007 200� $’000 $’000

Revenue 981,634 889,258

Cost of sales (636,640) (664,863)

gross profit 344,994 224,395

Other gains – net 219,362 15,440

Expenses– Distribution (58,703) (40,370)– Administrative (69,928) (44,225)– Other (13,869) (45,120)

operating profit 421,856 110,120

Finance costs (32,057) (40,297)

Share of profit of associated and joint venture companies 110,107 87,082

Profit before income tax 499,906 156,905

Income tax expense (58,155) (21,163)

total profit 441,751 135,742

attributable to:equity holders of the Company 381,835 128,028Minority interests 59,916 7,714

441,751 135,742

earnings per share attributable to equity holders of the Company (cents)Basic 53.12 17.84Diluted 53.03 17.81

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balaNCE ShEETS as at 30 June 2007

group Company 2007 200� 2007 200� $’000 $’000 $’000 $’000

assets

Current assetsCash and cash equivalents 410,790 308,538 129,138 168,425Derivative financial instruments 735 2,208 – 1,874Trade and other receivables 100,673 76,686 383,324 383,226Inventories 24,985 23,717 – –Development properties 987,359 1,048,276 – –Other current assets 36,856 42,789 7,408 10,792 1,561,398 1,502,214 519,870 564,317

Non-current assetsAvailable-for-sale financial assets 33,183 7,774 3,793 3,793Trade and other receivables 248,528 238,701 586,567 660,293Investments in associated companies 431,586 371,749 – –Investments in joint venture companies 111,126 89,870 – –Investments in subsidiary companies – – 241,300 253,392Investment properties 574,219 417,970 82,000 –Property, plant and equipment 173,145 117,328 10,935 90,533 1,571,787 1,243,392 924,595 1,008,011

total assets 3,133,185 2,745,606 1,444,465 1,572,328

liaBilities

Current liabilitiesTrade and other payables 140,849 104,786 175,510 212,516Current income tax liabilities 26,134 11,732 2,357 2,275Derivative financial instruments 10,063 357 10,019 –Borrowings 190,497 246,368 – 50,000 367,543 363,243 187,886 264,791Non-current liabilitiesBorrowings 864,355 861,347 275,000 275,000Deferred income tax liabilities 52,425 7,444 158 158Other non-current liabilities 184,680 251,695 55,037 77,029 1,101,460 1,120,486 330,195 352,187

total liabilities 1,469,003 1,483,729 518,081 616,978

net assets 1,664,182 1,261,877 926,384 955,350

eqUitYCapital and reserves attributable to equity holders of the CompanyShare capital 688,316 687,193 688,316 687,193Other reserves 87,484 204,874 (1,622) 83,782Retained earnings 713,549 257,814 239,690 184,375 1,489,349 1,149,881 926,384 955,350minority interests 174,833 111,996 – –total equity 1,664,182 1,261,877 926,384 955,350

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CONSOlidaTEd STaTEmENT Of ChaNgES iN EquiTy for the financial year ended 30 June 2007

attributable to equity holders of the Company

Share Other retained minority Total capital reserves earnings Total interests equity $’000 $’000 $’000 $’000 $’000 $’000

2007Beginning of financial year, as previously reported 687,193 204,874 257,814 1,149,881 111,996 1,261,877Effect of adopting FRS 40 – (127,491) 108,399 (19,092) (213) (19,305)

As restated 687,193 77,383 366,213 1,130,789 111,783 1,242,572

Fair value gains on available-for-sale financial assets – 11,556 – 11,556 11,463 23,019Cash flow hedges – (12,225) – (12,225) – (12,225)Currency translation differences – (10,884) – (10,884) 3,171 (7,713)Revaluation gain on property, plant and equipment – 1,475 – 1,475 41 1,516Share of capital reserves of associated and joint venture companies – 18,941 – 18,941 841 19,782

Net gains recognised directly in equity – 8,863 – 8,863 15,516 24,379

Net profit – – 381,835 381,835 59,916 441,751

Total recognised gains – 8,863 381,835 390,698 75,432 466,130

Cost of share-based payment – 1,238 – 1,238 143 1,381Issue of shares on exercise of share options 1,123 – – 1,123 – 1,123Issue of shares by subsidiary company to minority shareholders – – – – 2,402 2,402 Ordinary dividends paid – – (34,499) (34,499) – (34,499)Liquidation of subsidiary company – – – – (6,486) (6,486)Acquisition of subsidiary company – – – – 8,391 8,391Acquisition of additional interest in subsidiary companies – – – – (16,832) (16,832)

end of financial year 688,316 87,484 713,549 1,489,349 174,833 1,664,182

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CONSOlidaTEd STaTEmENT Of ChaNgES iN EquiTy for the financial year ended 30 June 2007

attributable to equity holders of the Company

Share Share Other retained minority Total capital premium reserves earnings Total interests equity $’000 $’000 $’000 $’000 $’000 $’000 $’000

2006Beginning of financial year, as previously reported 179,027 501,600 193,470 141,331 1,015,428 (19,960) 995,468Effect of adopting FRS 28 – – – 6,025 6,025 – 6,025Effect of adopting FRS 102 – – 466 (466) – – –

As restated 179,027 501,600 193,936 146,890 1,021,453 (19,960) 1,001,493Effect of adopting FRS 39 – – (5,922) – (5,922) – (5,922)

179,027 501,600 188,014 146,890 1,015,531 (19,960) 995,571

Cash flow hedges – – 8,084 – 8,084 – 8,084Currency translation differences – – (12,646) – (12,646) (1,006) (13,652)Revaluation gain on investment property and property, plant and equipment – – 5,178 – 5,178 (646) 4,532Share of capital reserves of associated and joint venture companies – – 11,091 – 11,091 4,784 15,875Realisation of reserve upon sale of investment property and property, plant and equipment – – 8,910 121 9,031 – 9,031

Net gains recognised directly in equity – – 20,617 121 20,738 3,132 23,870

Net profit – – – 128,028 128,028 7,714 135,742

Total recognised gains – – 20,617 128,149 148,766 10,846 159,612

Cost of share-based payment – – 956 – 956 – 956Issue of shares on exercise of share options 771 1,082 – – 1,853 – 1,853Transfer to Share Capital upon commencement of Companies (Amendment) Act 2005 507,395 (502,682) (4,713) – – – –Issue of shares by subsidiary company to minority shareholder – – – – – 400 400Dividends paid by subsidiary company to minority shareholders – – – – – (5,590) (5,590)Ordinary dividends paid – – – (17,225) (17,225) – (17,225)Liquidation of subsidiary company – – – – – (16,280) (16,280)Acquisition of subsidiary company – – – – – 142,580 142,580

end of financial year 687,193 – 204,874 257,814 1,149,881 111,996 1,261,877

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NOTES TO ThE Summary fiNaNCial STaTEmENTS for the financial year ended 30 June 2007

1. geneRal

The Company is incorporated in Singapore and the financial statements are expressed in Singapore Dollar.

On 1 July 2006, the Group adopted the following new or revised Singapore Financial Reporting Standards (“FRS”) and Interpretations to FRS (“INT FRS”):

FRS 19 (Amendment) Employee BenefitsFRS 21 (Amendment) The Effects of Changes in Foreign Exchange RatesFRS 32 (Amendment) Financial Instruments: Disclosure and PresentationFRS 39 (Amendment) Financial Instruments: Recognition and MeasurementINT FRS 104 Determining whether an Arrangement contains a Lease

The Group has early adopted FRS 40 Investment Property on 1 July 2006.

The adoption of the above FRS or INT FRS did not result in any substantial changes to the Group’s accounting policies, except for the adoption of FRS 40 Investment Property, the effect of which is disclosed below:

FrS �0 Investment Property

Prior to the adoption of FRS 40, investment properties are stated at fair value based on their open market values. Increases in carrying amount arising from the revaluation of each class of investment properties are taken to an asset revaluation reserve in shareholders’ equity, unless they are directly related to previous decreases in carrying amount that were taken to the income statement. Such increases are taken to income statement to the extent that they offset previously recorded decreases. Decreases in the carrying amount that offset previous increases of the same class of asset are taken to asset revaluation reserve; all other decreases are taken to the income statement.

With the adoption of FRS 40, changes in fair values of investment properties are included in the income statement. Investment properties which do not meet the recognition criteria under FRS 40 are reclassified as property, plant and equipment under FRS 16 Property, Plant and Equipment. Property, plant and equipment which meet the recognition criteria under FRS 40 are reclassified as investment properties. In addition, in accordance with FRS 12 Income Taxes, the Group has also provided for deferred income tax on the revaluation surplus.

This change in accounting policy has been accounted for prospectively in accordance with the transitional provisions of FRS 40 and the effects of the change on the balance sheets as at 30 June 2007 and 1 July 2006 and the consolidated income statement and earnings per share for the financial year are as follows:

group Company Increase/(Decrease) Increase/(Decrease) as at as at as at as at 30 June 2007 � July 200� 30 June 2007 � July 200� $’000 $’000 $’000 $’000

Balance sheetsInvestments in associated companies (19,865) (8,782) – –Investment properties (35,826) (35,826) 82,000 82,000Property, plant and equipment 35,826 35,826 (82,000) (82,000)Deferred income tax liabilities 41,075 10,523 – –Asset revaluation and other reserves (127,491) (127,491) (76,018) (76,018)Retained earnings 308,413 108,399 76,018 76,018Minority interests 7,917 (213) – –

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1. geneRal (continued)

FrS �0 Investment Property (continued) group Increase 2007 $’000

Consolidated income statementFair value gains on investment properties 189,033 Share of profit of associated and joint venture companies 49,663Less: Deferred income tax expense 30,552 Minority interests 8,130

200,014

earnings per share (cents)Basic 27.82Diluted 27.79

2. diVidends

ordinary dividends paid in respect of preceding financial year group and Company 2007 200�

$’000 $’000

First and final dividend of 3 cents (2006: 3 cents) per share less tax of 20% (2006: 20%) 17,250 17,225Special dividend of 3 cents (2006: Nil) per share less tax of 20% (2006: Nil) 17,249 –

34,499 17,225

The directors have recommended a first and final cash dividend in respect of the financial year ended 30 June 2007 of 3 cents per share less tax of 18%, special cash dividend of 5 cents per share less tax of 18% and special rights dividend of 25 cents per share less tax of 18% amounting to $194.7 million. These financial statements do not reflect these proposed dividends, which will be accounted for in the shareholders’ equity as an appropriation of retained earnings in the financial year ending 30 June 2008.

On 29 August 2007, the Company announced a proposed renounceable non-underwritten rights issue of up to 72,179,600 new ordinary shares in the capital of the Company at an issue price of $2.05 for each rights share, on the basis of one rights share for every ten existing ordinary shares of the Company and the availability of an option to elect to use the net special rights dividend to subscribe for the rights shares.

The proposed first and final dividend and special dividend in respect of the financial year ended 30 June 2006 has been accounted for in the shareholders’ equity as an appropriation of retained earnings in the current financial year.


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3. Related PaRtY tRansaCtions

In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions between the Group and related parties took place during the financial year at terms agreed between the parties:

(a) Sales and purchases of goods and services group 2007 200� $’000 $’000

Commission income received from:– associated companies 28 84– joint venture companies 809 1,059

Management and service fees received from:– associated companies 240 2,590– joint venture companies 3,285 900

Management fees paid to associated company 571 353

Reimbursement of administrative costs and service fees to associated companies – 615

Reimbursement of administrative costs and service fees from associated companies 686 557

Financial, secretarial and administrative fees received from:– associated companies 30 30– joint venture companies 177 156

(b) Key management personnel compensation

Key management personnel compensation is as follows: group 2007 200� $’000 $’000

Salaries and other short term employee benefits 10,314 7,619Share options granted 329 90

10,643 7,709

Included in the above is compensation to directors of the Company which amounted to $6.3 million (2006: $4.4 million).


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NOTiCE Of aNNual gENEral mEETiNg

wing tai holdings limited(Company Registration No. 196300239D)(Incorporated in the Republic of Singapore)

NOTICe IS HereBY gIVeN that the 43rd Annual General Meeting of the Company will be held at The Ballroom, Level 3, Raffles Hotel, 1 Beach Road, Singapore 189673 on Tuesday, 30 October 2007 at 10.30 a.m. to transact the following business:

as oRdinaRY BUsiness1. To receive and adopt the Audited Accounts for the financial year ended 30 June 2007 and the Reports of the

Directors and Auditors thereon.

2. To declare a First and Final Dividend of 3 cents per share, a Special Dividend of 5 cents per share and a Special Rights Dividend of 25 cents per share, less 18% Singapore income tax for the financial year ended 30 June 2007.

3. To approve Directors’ fees of $321,258/- for the financial year ended 30 June 2007 (2006: $260,500/-).

4. To re-elect the following Directors who are retiring in accordance with the Company’s Articles of Association:

(i) Mr Lee Kim Wah (Retiring under Article 107)

(ii) Mr Loh Soo Eng (Retiring under Article 107)

(iii) Mr Paul Tong Hon To (Retiring under Article 117)

Mr Paul Tong Hon To upon re-election as a Director of the Company, remains as a member of the Audit Committee. Mr Tong will be considered independent for the purposes of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited.

5. To re-appoint PricewaterhouseCoopers as auditors of the Company and to authorise the Directors to fix their remuneration.

as sPeCial BUsiness6. To re-appoint the following Directors to hold office until the next Annual General Meeting pursuant to Section

153(6) of the Companies Act (Chapter 50):

(a) Mr Phua Bah Lee

(b) Mr Lee Han Yang

Mr Phua Bah Lee, a Non-Executive Director, will, upon re-appointment as Director of the Company, remain as Chairman of the Audit Committee and will be considered independent for the purposes of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited.

(See Explanatory Note 1)

Mr Lee Han Yang, a Non-Executive Director, will, upon re-appointment as Director of the Company, remain as a member of the Audit Committee and will be considered independent for the purposes of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited.


resolution �

resolution 2

resolution �

resolution �

resolution �

resolution �

resolution 7

resolution 8

resolution �

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7. To consider, and if thought fit, to pass the following Ordinary Resolutions with or without modifications:

(a) “That pursuant to Section 161 of the Companies Act (Chapter 50), and the listing rules of the Singapore Exchange Securities Trading Limited, authority be and is hereby given to the Directors of the Company to issue shares and convertible securities in the capital of the Company (whether by way of rights, bonus or otherwise) at any time to such persons and upon such terms and conditions and for such purposes as the Directors may in their absolute discretion deem fit, provided that:

(i) the aggregate number of shares and convertible securities to be issued pursuant to this Resolution does not exceed 50% of the Company’s issued share capital, of which the aggregate number of shares and convertible securities to be issued other than on a pro rata basis to shareholders of the Company does not exceed 20% of the Company’s issued share capital; and for the purpose of this Resolution, the issued share capital shall be the Company’s issued share capital at the time this Resolution is passed (after adjusting for new shares arising from the conversion of convertible securities or share options on issue at the time this Resolution is passed and any subsequent consolidation or subdivision of the Company’s shares), and

(ii) unless revoked or varied by the Company in general meeting, the authority conferred by this Resolution shall continue in force until the conclusion of the next Annual General Meeting of the Company or the date by which the next Annual General Meeting of the Company is required by law to be held, whichever is the earlier.”


(b) “That pursuant to Section 161 of the Companies Act (Chapter 50), approval be and is hereby given to the Directors of the Company to exercise full powers of the Company to issue and allot shares in the Company pursuant to the exercise of options granted in connection with or pursuant to the terms and conditions of the Wing Tai Holdings Limited (2001) Share Option Scheme approved by Shareholders of the Company in general meeting on 31 August 2001 and as may be amended from time to time (the “2001 Scheme”) and, pursuant to the 2001 Scheme, to make and grant offers, agreements and options which would or may require shares to be issued and allotted, whether during the continuance of this authority or thereafter, upon such terms and conditions as the Directors may in their absolute discretion deem fit.”


8. To transact any other business that may be transacted at an Annual General Meeting of the Company.

By Order of the Board

gabrielle TanCompany Secretary

Singapore15 October 2007

resolution �0

resolution ��


�7


notes:

1. A Shareholder of the Company entitled to attend and vote at the Meeting is entitled to appoint not more than two proxies to attend and vote in his stead. A proxy need not be a Shareholder of the Company.

2. A Shareholder of the Company which is a corporation is entitled to appoint its authorised representative or proxy to vote on its behalf. The instrument appointing the proxy must be under seal or the hand of an officer or attorney duly authorised.

3. The instrument appointing a proxy must be deposited at the registered office of the Company at 3 Killiney Road, #10-01 Winsland House I, Singapore 239519, not less than 48 hours before the time fixed for holding the Meeting.

explanatory notes:

1. The proposed Resolution 8 above, if passed, will authorise Mr Phua Bah Lee, who is over the age of 70, to continue in office as a Director of the Company until the next Annual General Meeting of the Company.

2. The proposed Resolution 9 above, if passed, will authorise Mr Lee Han Yang, who is over the age of 70, to continue in office as a Director of the Company until the next Annual General Meeting of the Company.

3. The proposed Resolution 10 above, if passed, will empower the Directors of the Company, from the date of the above Annual General Meeting until the next Annual General Meeting, to issue shares and convertible securities in the Company. The aggregate number of shares and convertible securities which the Directors may issue under this Resolution shall not exceed 50% of the issued share capital of the Company, of which the aggregate number of shares and convertible securities to be issued other than on a pro-rata basis to existing shareholders shall not exceed 20% of the issued share capital of the Company.

The percentage of issued share capital is based on the Company’s issued share capital at the time this proposed Resolution is passed, after adjusting for (a) new shares arising from the conversion of convertible securities or share options on issue at the time this proposed Resolution is passed; and (b) any subsequent consolidation or subdivision of shares.

4. The proposed Resolution 11 above, if passed, will empower the Directors of the Company, from the date of the above Annual General Meeting until the conclusion of the next Annual General Meeting, to issue shares in connection with the 2001 Scheme and to grant offers, agreements and options which would require shares to be issued. This authority is in addition to the general authority to issue shares and convertible securities sought under Resolution 10.

�8

SharEhOldiNg STaTiSTiCS as at 18 September 2007

shaRe CaPital

Issued and fully paid-up capital : S$689,223,847 divided into 720,478,602 ordinary shares Voting rights : 1 vote per share

distRiBUtion of shaReholdeRs

Size of Shareholdings No. of Shareholders % No. of Shares %

1 to 999 179 2.06 50,504 0.011,000 to 10,000 7,579 87.37 26,868,731 3.7310,001 to 1,000,000 896 10.33 29,273,990 4.061,000,001 and above 21 0.24 664,285,377 92.20

Total 8,675 100.00 720,478,602 100.00

twentY laRgest shaReholdeRs

Name No. of Shares %

1 Wing Sun Development Private Limited 202,032,264 28.04

2 DBS Nominees Pte Ltd 113,420,889 15.74

3 Winlyn Investment Pte Ltd 66,106,760 9.18

4 HSBC (Singapore) Nominees Pte Ltd 62,576,873 8.69

5 Citibank Nominees Singapore Pte Ltd 45,070,221 6.26

6 DBSN Services Pte Ltd 41,385,919 5.74

7 Raffles Nominees Pte Ltd 36,407,343 5.05

8 United Overseas Bank Nominees Pte Ltd 18,140,453 2.52

9 Nu Chan Sing Pte Ltd 16,666,666 2.31

10 Morgan Stanley Asia (Singapore) Securities Pte Ltd 12,817,134 1.78

11 DBS Vickers Securities (Singapore) Pte Ltd 11,764,999 1.63

12 Empire Gate Holdings Limited 11,017,793 1.53

13 UOB Kay Hian Pte Ltd 5,858,833 0.81

14 OCBC Nominees Singapore Pte Ltd 5,152,654 0.72

15 Merrill Lynch (Singapore) Pte Ltd 4,412,078 0.61

16 Oversea Chinese Bank Nominees Pte Ltd 3,391,833 0.47

17 Winway Investment Pte Ltd 3,208,333 0.45

18 Cheng Kar-Yunn Karen 1,300,000 0.18

19 Cheng Kar-Yee Carol 1,295,666 0.18

20 Weljoy Limited 1,166,666 0.16

Total 663,193,377 92.05

PeRCentage of shaReholding held in the hands of PUBliC

As at 18 September 2007, approximately 54.89% of the issued ordinary shares of the Company are held by the public. Rule 723 of the Listing Manual of the Singapore Exchange Securities Trading Limited has accordingly been complied with.

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SharEhOldiNg STaTiSTiCS as at 18 September 2007

sUBstantial shaReholdeRs as shown in the RegisteR of sUBstantial shaReholdeRs

Name Interest (No. of Ordinary Shares)

Cheng Wai Keung 282,365,1501

Edmund Cheng Wai Wing 282,381,1502

Christopher Cheng Wai Chee 279,279,3173

Edward Cheng Wai Sun 279,156,8174

Deutsche Bank International Trust Co. (Cayman) Limited 279,156,8174

Deutsche Bank International Trust Co. (Jersey) Limited 279,156,8174

Wing Sun Development Private Limited 202,032,264

Wing Tai Asia Holdings Limited 213,050,0575

Winlyn Investment Pte Ltd 66,106,760

Terebene Holdings Inc 66,106,7606

HSBC Holding plc 37,870,1137

Metro Champion Limited 66,106,7608

1 Includes 282,365,150 shares beneficially owned by Wing Sun Development Private Limited, Winlyn Investment Pte Ltd, Winway Investment Pte Ltd and Empire Gate Holdings Limited.

2 Includes 282,365,150 shares beneficially owned by Wing Sun Development Private Limited, Winlyn Investment Pte Ltd, Winway Investment Pte Ltd and Empire Gate Holdings Limited and 16,000 shares beneficially held by Mrs Kit Heng Wong-Cheng.

3 Includes 279,156,817 shares beneficially owned by Wing Sun Development Private Limited, Winlyn Investment Pte Ltd and Empire Gate Holdings Limited and 122,500 shares owned by a nominee, DBS Vickers Securities (S) Pte Ltd.

4 Includes 279,156,817 shares beneficially owned by Wing Sun Development Private Limited, Winlyn Investment Pte Ltd and Empire Gate Holdings Limited.

5 Includes 213,050,057 shares beneficially owned by Wing Sun Development Private Limited and Empire Gate Holdings Limited.

6 Shares beneficially owned by Winlyn Investment Pte Ltd in which Terebene Holdings Inc is deemed to have an interest.

7 Includes 30,295,113 shares registered in the name of The Hongkong and Shanghai Banking Corporation Limited, Singapore or its nominee(s), 2,305,000 shares registered in the name of DBS Bank Ltd., Singapore or its nominee(s) and 5,270,000 shares registered in the name of United Overseas Bank Limited, Singapore or its nominee(s).

8 Shares beneficially owned by Winlyn Investments Pte Ltd in which Metro Champion Limited is deemed to have an interest.

�0

I/We,

of

being a Shareholder(s) of Wing Tai Holdings Limited (the “Company”), hereby appoint:

Name Address NRIC/Passport Number Proportion of Shareholdings No. of Shares %

and/or (delete as appropriate)

as my/our proxies, to vote for me/us on my/our behalf and, if necessary, to demand a poll at the 43rd Annual General Meeting of the Company to be held on Tuesday, 30 October 2007 at 10.30 a.m. at The Ballroom, Level 3, Raffles Hotel, 1 Beach Road, Singapore 189673 and at any adjournment thereof.

I/We have indicated with an “X” in the appropriate box below how I/we wish my/our proxies to vote. If no specific direction as to voting is given, my/our proxies may vote or abstain at his/her discretion.

resolution resolutions relating to: To be used To be used on a show of hands in the event of a poll

For against Number of Number of Votes For Votes against

1. Adoption of Directors’ Report and Accounts

2. Declaration of First and Final Dividend, Special Dividend and Special Rights Dividend

3. Approval of Directors’ fees

4. Re-election of Mr Lee Kim Wah

5. Re-election of Mr Loh Soo Eng

6. Re-election of Mr Paul Tong Hon To

7. Re-appointment of PricewaterhouseCoopers as auditors and to authorise the Directors to fix their remuneration

8. Re-appointment of Mr Phua Bah Lee

9. Re-appointment of Mr Lee Han Yang

10. Authority to issue shares and convertible securities pursuant to Section 161 of the Companies Act (Chapter 50)

11. Authority to offer and grant options and to issue shares in accordance with the provisions of Wing Tai Holdings Limited (2001) Share Option Scheme.

Dated this day of 2007.

Signature(s) of Shareholder(s)/Common Seal of Corporate Shareholder

ImPOrTaNT: PLeaSe reaD NOTeS OVerLeaF


Number of shares held

prOxy fOrm

IMPORTANT

1. For investors who have used their CPF monies to buy shares of Wing Tai Holdings Limited, this Report is sent to them at the request of their CPF Approved Nominees and is sent solely FOR INFORMATION ONLY.

2. This proxy form is not valid for use by CPF investors and shall be ineffective for all intents and purposes if used or purported to be used by them.

3. CPF investors who wish to vote should contact their CPF Approved Nominees.

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notes:

1. Please insert the total number of shares held by you. If you have shares entered against your name in the Depository Register (as defined in Section 130A of the Companies Act, Chapter 50 of Singapore), you should insert that number of shares. If you have shares registered in your name in the Register of Members, you should insert that number of shares. If you have shares entered against your name in the Depository Register and shares registered in your name in the Register of Members, you should insert the aggregate number of shares entered against your name in the Depository Register and registered in your name in the Register of Members. If no number is inserted, the instrument appointing a proxy or proxies shall be deemed to relate to all the shares held by you.

2. A member of the Company entitled to attend and vote at a meeting of the Company is entitled to appoint not more than two proxies to attend and vote instead of him. A proxy need not be a member of the Company.

3. Where a member appoints more than one proxy, and if he does not specify the proportion of his holding to be represented by each proxy, the first named proxy shall be deemed to represent 100 per cent. of his holding and the second named proxy shall be deemed to be an alternate to the first named.

4. The instrument appointing a proxy or proxies must be deposited at the Company’s registered office at 3 Killiney Road, #10-01 Winsland House I, Singapore 239519 not less than 48 hours before the time set for holding the Meeting. The sending of a Proxy Form by a member does not preclude him from attending and voting in person at the Meeting if he finds that he is able to do so. In such event, the relevant Proxy Forms will be deemed to be revoked.

5. The instrument appointing a proxy or proxies must be under the hand of the appointor or his attorney duly authorised in writing. Where the instrument appointing a proxy or proxies is executed by a corporation, it must be executed either under its seal or under the hand of a director or an officer or attorney duly authorised.

6. A corporation which is a member may authorise by resolution of its directors or other governing body such person as it thinks fit to act as its representative at the Meeting, in accordance with Section 179 of the Companies Act, Chapter 50 of Singapore.

7. The Company shall be entitled to reject the instrument appointing a proxy or proxies if it is incomplete, improperly completed, illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor specified on the instrument appointing a proxy or proxies. In addition, in the case of shares entered in the Depository Register, the Company may reject any instrument appointing a proxy or proxies deposited if the member, being the appointor, is not shown to have shares entered against his name in the Depository Register as at 48 hours before the time appointed for holding the Meeting, as certified by The Central Depository (Pte) Limited to the Company.

prOxy fOrm


�2

15 October 2007

Dear Shareholder

This is a copy of the Chairman’s Statement and Summary Financial Statements (“Summary Financial Report” or “SR”) of Wing Tai Holdings Limited for the financial year ended 30 June 2007. The Summary Financial Report contains a review of the Group for the year ended 30 June 2007. It also contains a summary of the audited financial statements of the Company and the Group. We will be sending you a copy of the Summary Financial Report for so long as you are a shareholder of Wing Tai Holdings Limited, unless you indicate otherwise.

The full financial statement of the Company and the Group for the year ended 30 June 2007 are set out in a separate report called Annual Report (“AR”). This report is available to all registered shareholders of Wing Tai Holdings Limited at no cost upon request.

We will need to know which shareholders wish or do not wish to receive the SR and the AR. Therefore, we would appreciate if you could complete this request slip and return it to Wing Tai Holdings Limited by 25 October 2007 if you want to receive a copy of the AR. By failing to respond, we will take it that you do not wish to receive copies of the AR for the financial year ended 30 June 2007 and for so long as you are a shareholder. However, you may register or change your request for future financial years.

Yours faithfullyFor and on behalf of Wing Tai Holdings Limited

Gabrielle TanCompany Secretary

REQUEST SLIPto: wing tai holdings limited

N.B. Please tick only one box. Incomplete forms will not be processed.

Please send me/us a copy of the AR in addition to the SR for the financial year ended 30 June 2007 and for so long as I/we am/are a shareholder of Wing Tai Holdings Limited.

I/We do not wish to receive the SR or the AR for so long as I/we am/are a shareholder of Wing Tai Holdings Limited. I/We will download the AR/SR from your website.

Name(s) of Shareholder(s):

NRIC/Passport number(s): CDP Securities Account No.*:

Address:

Postcode:

Signature: Date:

* This is only applicable if your shares in Wing Tai Holdings Limited are registered with The Central Depository (Pte) Limited.

rEquEST fOrm


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Postage will be paid by addressee.

For posting in Singapore only.BUsiness RePlY seRViCe

PeRmit no 05214

C/O THE REGISTRAR

Wing Tai Holdings Limited(Tricor Barbinder Share registration Services)

8 Cross Street #11-00PWC Building

Singapore 048424

Documents

wing tai holdings limited