[HONG KONG, March 29, 2000] Hutchsion Port Holdings has made a breakthrough agreement with the Shanghai Port Authority, Shanghai Industrial Investment and COSCO Pacific on further developing Wai Gao Qiao terminal with the signing in Shanghai today of a joint venture agreement on the managing of Phase I of the Wai Gao Qiao development.

The honorary guests at the signing ceremony were Mr. Chen Liang Yu, Executive Deputy Mayor of Shanghai; Mr. Han Zheng, Deputy Mayor of Shanghai; Mr. Wu Nian Zu, Secretary-General of the Shanghai Municipal Government; Mr. Lu Hai Ku, Chairman of the Shanghai Port Authority; Mr. Cai Mei Yi, Deputy Chairman of the Shanghai Port Authority; Mr. Cai Lai Xing, Chairman and President of Shanghai Industrial Investment; Mr. Zhuo Fu Min, Vice President of Shanghai Industrial Investment; Mr. Dong Jiu Feng, Chairman of COSCO Pacific; Mr. Shi Qin, Managing Director of COSCO Pacific; Mr. Li Ka Shing, Chairman of Hutchison Whampoa; Mr. Canning Fok, Group Managing Director of Hutchison Whampoa; Mr. John Meredith, Group Managing Director of Hutchison Port Holdings and Mr. James Tsien, Executive Director of Hutchison Port Holdings.

Mr. Li Ka Shing said that following the signing of a Memorandum of Understanding in 1998, there has been greater co-operation between the Hutchison Whampoa Group and the Shanghai Municipal Government.

"Since 1998, we have co-operated with Shanghai on a much larger scale and in greater depth. I believe there will be a better future, particularly through our efforts to develop Shanghai into an international port and trading center," said Mr. Li Ka Shing.

Today's joint venture project on development of Phase I of Wai Gao Qiao port is waiting for final approval by the Central Government.

Notes to Editor

About Hutchison Port Holdings

HPH is an independent port investor, developer and operator with global interests in Asia, Europe and the Americas. Today, HPH operates a total of 120 berths in 18 ports along with a number of transportation related service companies. With industry recognized core competence in effectively and efficiently managing and operating container ports, the HPH Group handled over 18 million TEUs (Twenty Foot Equivalent units) in 1999.

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