03-May-2001

[Hong Kong – 3 May 2001] Hutchsion Port Holdings (HPH) announces that a consortium consisting of HPH, Hyundai Marine Merchant Co and Hanjin Shipping, has been selected to participate in further negotiations for the Kwangyang Port Development Project in Korea. The consortium is now finalising the terms of the concession with the Korea Container Terminal Authority.

HPH Group Managing Director, Mr John Meredith said, “We are very pleased to be involved in further negotiations for this port project. This project will provide the HPH Group with the opportunity to move into a very strategic location, which has great growth potential. We look forward to working with our partners, Hyundai Merchant Marine Co and Hanjin Shipping – two of Korea’s largest corporations, to develop the port into a world-class facility.”

The Kwangyang Port Development Project includes the development and operation of Phase II and Phase III container terminals.

The Port of Kwangyang is situated on the main trade arteries of Northeast Asia. It is a natural deep-water port. The existing Phase I Container Terminal handled 665,000 TEU in 2000.