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Press Release
Press Release
1 Jun 2003
Wharf T&T Appoints Additional Independent Directors
Wharf T&T Limited announced today the appointment of Professor K. C. Chan and Mr. Andrew Leung as additional directors with effect from 1 June 2003. They join Mr. Chan Wing Kee, Mr. Roger Luk and Mr. Alan Smith as five independent non-executive directors on an expanded board with a total of eight directors.

Professor K. C. Chan is Dean of School of Business & Management and Professor of Finance at Hong Kong University of Science and Technology. His many community services include appointments to the Hong Kong Government's Central Policy Unit, the Securities and Futures Appeals Tribunal, the Hong Kong Council for Academic Accreditation, the Civil Service Training and Development Advisory Board, the Consumer Council and the Board of the Hong Kong Securities Institute.

Mr. Andrew Leung is Managing Director of Sun Hing Knitting Factory Limited. His many community appointments include Deputy Chairman of the Federation of Hong Kong Industries and Chairman of the Hong Kong Productivity Council, the Textile Council of Hong Kong and the Board of Governors of the Philip Dental Hospital.

Mr. Stephen T. H. Ng, Chairman & CEO of Wharf T&T, welcomed the appointment of Professor Chan and Mr. Leung, "Wharf T&T will greatly benefit from their wisdom, experience and perspective. Their appointment will contribute to the continual growth and development of the Company."

"2002 was a difficult year for Hong Kong generally and for the telecom sector in particular. While almost all of our competitors in FTNS (Fixed Telecommunications Network Services) were reporting losses, Wharf T&T reported a record gain in market share and a more than five-fold increase in net profit to $53 million," Mr. Ng added.

Wharf T&T's satisfactory performance was primarily attributable to its strategic transformation since 1998 from predominantly an IDD focus to a company offering integrated fixed line telecommunications solutions comprising voice, data, broadband, internet and multimedia services.

For two consecutive years, in 2001 and 2002, Wharf T&T's installed base of fixed lines grew by 100,000 lines. That momentum accelerated in 2003, with first quarter performance running at more than twice the average in 2001 and 2002. This was achieved at a time when the overall market was steadily contracting.

As at the end of 2002, Wharf T&T's installed base stood at 340,000 lines, which was 42% higher than a year ago. This represented a market share of 9% overall. In the business sector, Wharf T&T's market share was over 15%. This achievement represents just reward for the Company's substantial investment over the years, particularly in capital and time intensive network infrastructure.
About Wharf T&T Limited

Wharf T&T, licensed in 1995, is the fastest growing network operator after the opening of Hong Kong's fixed telecommunication market, owning the second largest fully fibre-optic network in Hong Kong. Since its launch, Wharf T&T has continually sought to upgrade its services and deliver competitive products at competitive prices to Hong Kong businesses and consumers.

Wharf T&T is a member of The Wharf Group, one of the largest groups of companies in Hong Kong. The Wharf Group also owns i-CABLE Communications Limited, the No. 1 Television Station in Hong Kong for News, Movies and Sports, as well as a leading Internet access service provider.

For further information about both Wharf T&T and The Wharf Group, please visit the Wharf T&T website at www.wharftt.com.

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