at 31st December 1997

Company name	Country of incorporation	Particulars of issued capital			Attributable interest(%)	Nature of business
Dairy Farm Management Limited	Bermuda	HKD	100,000	Ordinary	100*	Holding company
		USD	100	Ordinary
Dairy Farm Management Services Limited	Bermuda	USD	12,000	Ordinary	100*	Group management
DFI Treasury Limited	British Virgin Islands	USD	1	Ordinary	100*	Treasury company
ASIA
Guangdong Jing Yun Distribution Company Limited	China	RMB	7,500,000	Ordinary	60	Distribution
Guangzhou Convenience Stores Limited	China	HKD	33,000,000	Ordinary	100	Convenience stores
Guangzhou Wellcome Supermarkets Company Limited	China	USD	635,000	Ordinary	100	Supermarkets
Shenzhen Convenience Stores Limited	China	HKD	15,000,000	Ordinary	78	Convenience stores
Shenzhen Wellcome Gintian Supermarket Company Limited	China	RMB	45,000,000	Ordinary	51	Supermarkets
Sichuan Wellcome Supermarkets Company Limited	China	RMB	15,000,000	Ordinary	51	Supermarkets
Asian Food Industries (HK) Limited	Hong Kong	HKD	5,800,000	Ordinary	100	Purchasing
Asian Food Industries (Properties) Limited	Hong Kong	HKD	10,000,000	Ordinary	100	Property
Iceberg Properties Limited	Hong Kong	HKD	500,000	Ordinary	100	Property
Hayselton Enterprises Limited	Hong Kong	HKD	2	Ordinary	100	Holding company
Hong Kong Convenience Stores Limited	Hong Kong	HKD	2	Ordinary	100	Convenience stores
Mannings Retail Limited	Hong Kong	HKD	1,000,000	Ordinary	100	Drugstores
Maxim's Caterers Limited (a)	Hong Kong	HKD	60,000,000	Ordinary	50	Restaurants
Ruthin Investments Limited	Hong Kong	HKD	200	Ordinary	100	Property
Sims Trading Company Limited	Hong Kong	HKD	300,000	Ordinary	75	Wholesaling
The Dairy Farm Company, Limited	Hong Kong	HKD	60,000,000	Ordinary	100	Investment Holding and ice manufacturing
Wellcome Company Limited	Hong Kong	HKD	255,000	Ordinary	100	Supermarkets
Wellsave Limited	Japan	JPY	3,500,000,000	Ordinary	60	Supermarkets
DFI Supermarkets (M) Sdn Bhd (a)	Malaysia	MYR	12,000,002	Ordinary	50	Supermarkets
Cold Storage Retail (Malaysia) Sdn Bhd (a)	Malaysia	MYR	7,000,000	Ordinary	30	Pharmacies
Fitzpatrick's Holdings Pte Limited	Singapore	SGD	30,000,000	Ordinary	100	Holding company
Cold Storage Singapore (1983) Pte Limited	Singapore	SGD	25,685,000	Ordinary	100	Supermarkets and convenience stores
Guardian SEA Pte Limited	Singapore	SGD	4,000,000	Ordinary	70	Pharmacies
DFI Géant Taiwan Company Limited (a)	Taiwan	TWD	595,000,000	Ordinary	50	Hypermarkets
Wellcome Taiwan Company Limited	Taiwan	TWD	1,800,000,000	Ordinary	97	Supermarkets
AUSTRALASIA
Franklins Holdings Limited	Australia	AUD	115,010,000	Ordinary	100	Holding company
Franklins Limited	Australia	AUD	1,250,000	Ordinary	100	Supermarkets
Denstree Corporation Limited	New Zealand	NZD	3,300	Ordinary	100	Holding company
		NZD	10,200	Preference
Woolworths (New Zealand) Limited	New Zealand	NZD	5,503,850	Ordinary	100	Supermarkets
		NZD	100,000	Preference
EUROPE
Culverdale Investments Limited	United Kingdom	GBP	4,705,000	Ordinary	100*	Holding company
		GBP	1,792	Preference
Kwik Save Group plc (a)	United Kingdom	GBP	15,563,126**	Ordinary	29	Supermarkets and liquor stores
Simago, S.A.	Spain	ESP	7,000,000,000	Ordinary	100	Supermarkets and discount stores

(a) Associates. All other companies are subsidiaries.
*Owned directly
**As at 30th August 1997