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Contact Person:Michelle Lu, General Manager - Group Corporate Affairs
Telephone:(852) 2619 7557     Fax: (852) 2612 0083
E-mail:gca@hph.com.hk
Date:28 May 2001

Hutchison Port Holdings acquires overseas assets of
International Container Terminal Services, Inc.

[Hong Kong - 28 May 2001] Hutchison Port Holdings (HPH) announced today that it has entered into agreements with Philippines-based International Container Terminal Services, Inc. (ICTSI) and certain financial investors to acquire ICTSI International Holdings Corp. (IIHC), the overseas port development and holding subsidiary of ICTSI.

IIHC has eight port operations and investments in Mexico, Argentina, Saudi Arabia, Pakistan, Tanzania and Thailand. These port holdings consist of 23 container and general cargo berths.

Commenting on the announcement, HPH Group Managing Director Mr. John Meredith said, "This transaction represents an important strategic milestone for the HPH Group, for it establishes HPH in a number of highly attractive markets across the world in which we have previously not been involved. We look forward to contributing our experience, expertise and resources in global ports management to the continued development and growth of IIHC's ports. In so doing, we will look to build on and expand the commercial success that ICTSI has achieved thus far in these businesses."

ICTSI Chairman and President Mr. Enrique K. Razon, Jr., said, "Through IIHC, ICTSI has pursued a highly effective strategy of international expansion, and we believe this transaction provides a clear endorsement of this strategy. With the considerable resources of the HPH Group firmly behind IIHC's ports, I am optimistic of the future prospects of these businesses. Meanwhile, ICTSI will continue to pursue attractive port investment and development opportunities overseas, and remains committed to its on-going projects such as Suape in Brazil."

The eight ports under IIHC include: Buenos Aires Container Terminal Services S.A. at the Port of Buenos Aires in Argentina; Ensenada International Terminal S.A. de C.V. and Ensenada Cruiseport Village S.A. de C.V. at the Port of Ensenada in Mexico; Internacional de Contenedores de Asociados de Veracruz S.A. de C.V. at the Port of Veracruz in Mexico; Terminal International de Manzanillo S.A. de C.V. at the Port of Manzanillo in Mexico; International Port Services Company Limited at the Port of Dammam in Saudi Arabia; Karachi International Container Terminal Limited at the Port of Karachi in Pakistan; Tanzania International Container Terminal Services Limited at the Port of Dar es Salaam in Tanzania; and Thai Laemchabang Terminal Company Limited at the Port of Laemchabang in Thailand.

This transaction is subject to customary closing conditions, including regulatory and board approvals, and is expected to close in June 2001. Goldman Sachs (Asia) LLC acted as financial advisor to HPH in this transaction.

Notes to Editor :

Hutchison Port Holdings (HPH) holds and manages ports and related services worldwide, operating a total of 136 berths in 19 ports together with a number of transportation related service companies. With industry recognised core competence in the effective and efficient management and operation of container ports, the HPH Group handled over 25.3 million TEU in 2000. Its subsidiary, Hongkong International Terminals, is the world's largest and busiest privately owned container terminal operator, handling over 50% of the total throughput at Hong Kong's container port.

HPH also owns the Port of Felixstowe, Harwich International Port, and Thamesport in the UK, and has a substantial interest in ports in Indonesia, Myanmar, Malaysia, The Bahamas, Panama and Rotterdam in the Netherlands. Concurrently, HPH is also involved in the investment, development and operations of a number of deep-sea and coastal/river ports in China.

HPH is a wholly owned subsidiary of Hutchison Whampoa Limited (Hutchison), a Hong Kong-based multinational conglomerate with a market capitalisation of approximately US$47 billion. With origins dating back to the 1800s, Hutchison is also part of the Li Ka-shing group of companies, which together represent about 15% of the total market capitalisation of the Hong Kong stock market. In 2000, consolidated turnover of the Hutchison Whampoa Group (including associates) was over US$10 billion, and consolidated net profit was approximately US$4.4 billion. With close to 100,000 employees worldwide, Hutchison operates five core businesses in 28 countries: ports and related services; telecommunications and e-commerce; property and hotels; retail and manufacturing; and energy and infrastructure.

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