[Hong Kong - 8 June 2001] Hutchison Port Holdings (HPH) announced today at the Third Zhejiang Province Trade and Investment Symposium in Ningbo, that it has signed an agreement with the Ningbo Port Authority to jointly operate and develop Ningbo Beilun Port Phase II. HPH has acquired a 49 per cent interest in the joint venture company which will invest 2 billion RMB in the project.

In attendance at today's signing ceremony were the Governor of Zhejiang Province, Mr Chai Songyue, Executive Vice Mayor of Ningbo, Mr Shao Zhanwei, Director of the Ningbo Port Authority, Mr Li Linghong, Group Managing Director of HPH, Mr John Meredith, and Managing Director of Hutchison Ports China Ltd, Mr James Tsien.

Commenting at the ceremony, Group Managing Director of HPH, Mr John Meredith said, "We are very pleased to have the opportunity to work with the Ningbo Port Authority on the Beilun Port development project. This project, which will facilitate Eastern China's rapidly growing exports and imports, is a result of China's continuing open-door policy and economic reform. The development represents the government's welcoming towards international investors and the continued restructuring of China's transport infrastructure projects."

Executive Vice Mayor of Ningbo, Mr Shao Zhanwei said, "We welcome HPH to invest in Ningbo and we look forward to working with HPH in the Beilun Port Phase II development project. We are confident that HPH's international port management expertise will enable Beilun Port to develop into a world-class port."

Ningbo Beilun Port is a natural deepwater port. Phase II, situated on 744,000 square metres of land, is equipped with three container berths, a quay length of 900 metres and depth alongside of -13.5 metres. Ningbo Beilun Port handled over 900,000 TEU in 2000.

Note to Editors:

Hutchison Port Holdings (HPH) is an independent port investor, developer and operator with interests in Asia, Africa, Europe and the Americas. Today, HPH operates a total of 159 berths in 28 ports together with a number of transportation related service companies. With industry recognized core competence in the effective and efficient management and operation of container ports, the HPH Group handled over 25.3 million TEU in 2000.