News Release

26th November 2001

HPH Signs Agreement to Develop Yantian Phase III


[Hong Kong – 26 November 2001] Hutchison Port Holdings (HPH) today announces that it has signed official agreements with the Shenzhen Government and Yantian Port Group to jointly develop Phase III of Yantian International Container Terminals (YICT). A total of HK$6.6 billion will be invested in the project.

Speaking at the signing ceremony, John Meredith, HPH Group Managing Director said, “HPH is pleased to be working with our close partners the Shenzhen Government and Yantian Port Group in the Phase III development. The additional capacity provided by Phase III will help facilitate South China’s cargo movements.”

Scheduled to commence construction in early 2002, Phase III will be developed on 90 hectares of land and will comprise four deep-water container berths. The development calls for the construction of 1,400 metres of berth with a water depth of 16 metres. Upon completion in 2006, Phase III will have an annual handling capacity of 2 million TEU.

Since 1994, HPH has been operating YICT Phase I & II. Phase II construction was completed in July 2000. Since commencing operations, throughput at YICT has grown from 13,000 TEU in 1994 to over 2 million TEU in 2000.