China COSCO Holdings Company LimitedChina COSCO Holdings Company Limited

27 August 2008

2008 Interim Results

2

DisclaimerDisclaimer

This presentation contains certain forward-looking statements with respect to

the financial condition, results of operations and business of China COSCO

and certain plans and prospects of the management of China COSCO.

Such forward-looking statements involve known and unknown risks,

uncertainties and other factors which may cause the actual result or

performance of China COSCO to be materially different from any future results

or performance expressed or implied by such forward looking statements. Such

forward- looking statements are based on numerous assumptions regarding

China COSCO’s present and future business strategies and the political and

economic environment in which China COSCO will operate in the future.

The representations, analysis and advice made by China COSCO in this

presentation shall not be construed as recommendations for buying or selling

shares of China COSCO. China COSCO shall not be responsible for any action

or non-action made according to the contents of this presentation.

3

Highlights

Market & Operational Review

Financial Review

Outlook

Appendix: Company Profile

AgendaAgenda

Part I: HighlightsPart I: Highlights

5

Strategic Execution

Dry bulk shipping sector internal integration –

Establishment of China COSCO Bulk Division in

Tianjin

Enhanced Synergies between Segments

Strong Earnings Growth on pro forma basis*

Turnover increased by 47.6% to RMB 70.5 billion

Net profit increased by 109.2% to RMB15.1 billion

Operating profit margin: 26.9%, up 8.7 percent

Basic EPS: RMB 1.48

HighlightsHighlights

*The 2007H1 financial figures have been restated.

Part II: Market & Operational ReviewPart II: Market & Operational Review

7

600

700

800

900

1,000

1,100

1,200

1,300

Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08

0

2,000

4,000

6,000

8,000

10,000

12,000

Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08

Ave. 1022

Ave. 1148

12.3%

Ave. 5310

Ave. 855761.1%

Market ReviewMarket Review

CCFICCFI BDIBDI

CCFI - China Container Freight Index (Source: Shanghai Shipping Exchange)

BDI - Baltic Dry Index (Source: Baltic Shipping Exchange)

8

658

119

536

766 780

115

693713742

660

0

100

200

300

400

500

600

700

800

900

Trans-Pacific Asia-Europe Intra-Asia Other International PRC

26%

24%27%

4%

19% 22%

25%

26%

4%

23%

1H 20081H 2007

-7.4％％％％ 16.4％％％％29.3％％％％

-3.5％％％％5.2％％％％

Utilization(%) **** Trans-Pacific Asia-Europe Intra-AsiaOther

InternationalPRC

1H 2008 94.1 99.0 93.2 83.8 92.3

1H 2007 96.0 105.5 92.7 79.6 90.3* Head-hauls only

Container Shipping Container Shipping –– CargoCargo Volume by MarketVolume by Market

‘000 TEUs

9

1,112

6,726

6,042

2,830

964

2,956

1,059

6,336

7,579

1,847

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Trans-Pacific Asia-Europe Intra-Asia Other International PRC

32%

39%

5%

9%

15%

39%

34%

16%

5%6%

-5.8％％％％ 25.4％％％％

66.0％％％％9.8％％％％4.5％％％％1H 20081H 2007

Unit Income(RMB/TEU)

Trans-Pacific Asia-Europe Intra-AsiaOther

InternationalPRC Total

1H 2008 9598 9889 3788 9243 2664 6560

1H 2007 9439 9178 3814 8127 2075 6386

YOY% 1.7% 7.7% -0.7% 13.7% 28.4% 2.7%

RMB million

Container Shipping Container Shipping –– Turnover by MarketTurnover by Market

10

3,0522,590

1,6952,104

981 1045

11091

-

1,000

2,000

3,000

4,000

5,000

6,000

1H 2007 1H 2008

5,819

5,849

29%52%

17%

2%2%

44%

18%

36%

1H 20071H 2008

+0.5％％％％

Cost Per TEUCost Per TEU

� Equipment and cargo transportation costs down 7.6%, mainly due to effective cost control on cargo and transhipment cost (-8.9%) and equipment cost(-3.5%)

� Voyage costs up 35.2%, driven by rising bunker costs(+43.1%) and port charges(+13%)

� Vessel costs up 16%

*Voyage costs include bunker cost and port charge.

**Equipment and cargo transportation costs include costs of (1) cargo and transshipment (2) commissions and rebates (3) equipment and repositioning.

Vessel costs

Voyage costs* Equipment and cargo transportation costs**

Business Tax

Container Shipping Container Shipping –– Cost of ServicesCost of Services

RMB

11

0

200,000

400,000

600,000

800,000

1,000,000

1H

2008

2008 2009 2010 2011 2012 2013

Owned Chartered

458,472 502,092

562,503

663,400

880,094

109,911

24%

80,141

17%

20,558

4%

247,862

55%

≥≥≥≥5001TEU

≥≥≥≥3001TEU

≤≤≤≤5000TEU

≥≥≥≥1001TEU

≤≤≤≤3000TEU

≤≤≤≤1000TEU

Capacity

(TEU)

Number of

vessels

Vessels on charter-incontract

215,650215,650215,650215,650 25252525

Vessels onorderbook

272,722272,722272,722272,722 40404040

784,794

946,844

Container ShippingContainer Shipping –– CapacityCapacity

Current capacityCurrent capacity

Total capacity as of 30 Jun 08

140 vessels /458,472 TEU(Avg. Age 10.9 years)

Future Capacity Future Capacity

Vessels to be deliveredVessels to be delivered

12

Dry Bulk Dry Bulk Shipping Shipping –– CargoCargo VolumeVolume & Revenue& Revenue

(mn tons)

Cargo VolumeCargo Volume RevenueRevenue

33%

47%

39,332

20,925

(mn RMB)

88%

9%

130136

2008H12007H1

Coal Ores Grain Others

4%

Cargo Volume by market (2008H1)Cargo Volume by market (2008H1)

Revenue by marketRevenue by market

13,900

25,016

6,707

13,896

-

10,000

20,000

30,000

40,000

1H 2007 1H 2008

Voyage charterTime charter Others

64%

35%

China domestic

InternationalChina import

Other international

China domestic

China export

40%

15%

5%

40%

5%

95%

6%

94%

2008H1 2007H1

13

Dry Bulk Dry Bulk Shipping Shipping –– Operation Days & Ave. TCE (USD/day)Operation Days & Ave. TCE (USD/day)

Operation Days

1H08 1H07 YOY 07

Capesize 15,980 15,773 1% 31,467

Panamax 22,755 23,250 -2% 48,253

Handymax 26,047 21,134 23% 51,407

Handysize 7,587 10,432 -27% 14,150

Total 72,369 70,588 3% 145,277

Operation Days & Ave. TCE (USD/day)Operation Days & Ave. TCE (USD/day) Market T/C RateMarket T/C RateVs.

Ave. T/C Equivalents

1H08 1H07 YOY 071H08/

07

Capesize 102,688 52,102 97% 74,465 38%

Panamax 49,872 27,153 84% 36,573 36%

Handymax 43,200 24,475 77% 30,643 41%

Handysize 27,888 16,608 68% 18,872 48%

Total Ave. 56,828 30,368 87% 40,958 39%

Capesize

050000100000150000200000Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08

USD/day

Spot TC-1yr TC-3yrs

Panamax

020000400006000080000100000Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08

USD/day

Spot TC-1yr TC-3yrs

Source: Clarkson, Baltic Shipping Exchange

(USD/day)

*As of 30 Jun 2008, fixed operation days accounted for 76.3% of the total in 2008 and the fixed average T/C equivalent revenue per day of all vessel types is higher than the annual average in 2007, with an average increase of about 40%.

14

Voyage Costs

0.5%15.2%

11.4%

4.1%

68.8%

2008H1 2007H1

Operating Lease Rentals

Business tax and Others

Cost of services (RMB million) 2008H1 2007H1 YOY

Voyage costs* 3,436 2,055 67.1%

Vessel costs** 19,058 11,215 69.9%

Business tax 111 72 54.6%

Others 483 307 57.3%

Total 23,087 13,649 69.1%

Dry Bulk Dry Bulk Shipping Shipping –– Cost of ServicesCost of Services

Other Vessel Costs

Depreciation0.5%

15.4%

15.1%

9.1%

59.9%

*Voyage costs include bunker cost, port charge and commission. Bunker costs up by 86.9% due to increased consumption volume (+29.4%) and higher bunker price.

**Vessels costs include (1) depreciation (2) operating lease rentals (3) other vessel costs (4)Transshipment charges. Operating lease rentals up by 94.8% due to increased operation days of charter-in vessels and higher daily hire expenses.

15

Dry Bulk Dry Bulk Shipping Shipping –– CapacityCapacity

Owned Chartered-in Total

Ship TypeNo. of

Ships

DWT 000’

Age

(Year)

No. of

Ships

DWT 000’

No. of

Ships

DWT 000’

Capesize 20 3,336 7.7 61 10,252 81 13,588

Panamax 65 4,546 14.8 83 6,228 148 10,774

Handymax 80 3,797 13.7 51 2,674 131 6,471

Handysize 39 1,320 21.1 33 1,445 72 2,765

Total 204 12,999 14.9 228 20,599 432 33,598

19,93617,462

14,22012,885

0

10,000

20,000

2007 2008 2009 2010 2011

Capesize Panamax Handy

(’000 DWTs)

New Vessel Delivery ScheduleNew Vessel Delivery Schedule

Capacity as of 30 Jun. 08*Capacity as of 30 Jun. 08*

Panamax

32%

Handmax &

Handysize

28%Capesize

40%

1,560

-

345

1,215

-

DWT 000’

8

-

3

6

-

No. of

Ships

2011+2008H2 2009 2010 Total

Ship TypeNo. of

Ships

DWT 000’

No. of

Ships

DWT 000’

No. of

Ships

DWT 000’

No. of

Ships

DWT 000’

VLOC 1 298 5 1,488 4 1,190 10 2,976

Capesize 1 177 3 531 2 405 12 2,328

Panamax** 3 234 5 380 9 879 20 1,838

Handymax 9 513 15 843 - - 24 1,356

Total 14 1,222 28 3,242 15 2,474 66 8,498

21,291

8.3%Total

3.6%Handysize

8.2%Handymax

9.8%Panamax

9.9%Capesize

Market ShareShip Type

*Not including vessels operated by Bulk overseas companies (COSCO Europe Bulk Shipping GMBH, COSCO Oceania Chartering Pty Ltd., and COSCO Bulk Carrier Americas Inc.)

**Including 8 vessels of 115,000 DWT each.

2008H1 YOY 2007H1

Third Party Logistics

Product Logistics

of which: Home appliance (’000 units) 29,439 66.0% 17,734

Automobile (No. of vehicles) 145,694 -26.4% 197,991

Chemical logistics (tons) 1,965,677 46.7% 1,339,832

Engineering Logistics (million RMB) 501 17.1% 428

Shipping Agency (vessels) 65,336 2.9% 63,497

Freight Forwarding

Sea freight forwarding

of which: bulk cargo (tons) 76,065,620 7.5% 70,762,066

container cargo (TEU) 1,147,911 10.4% 1,039,453

Air freight forwarding (tons) 58,540 12.5% 52,044

16

LogisticsLogistics –– VolumeVolume GrowthGrowth

17

Throughput 1H2008 (TEUs) YoY

Bohai Rim 8,400,703 +8.2%

Qingdao Qianwan Container Terminal 4,315,000 +7.2%

Qingdao Cosport Container Terminal 572,260 +16.2%

Dalian Port Container Co., Ltd. 1,272,752 -4.7%

Dalian Port Container Terminals 794,296 +91.8%

Tianjin Five Continents Container Terminal 962,681 +1.1%

Yingkou Container Terminal 483,714 -11.3%

Yangtze River Delta 4,576,107 +17.9%

Shanghai Container Terminal 1,848,826 +14.2%

Shanghai Pudong Container Terminal 1,314,428 -3.1%

Zhangjiagang Win Hanverky Terminal 377,091 +25.5%

Yangzhou Yuanyang Terminal 127,285 -8.3%

Nanjing Longtan Terminal 513,563 +20.3%

Ningbo Yuan Dong Terminal 394,914 +889.9%

Pearl River Delta & Southeast Coast 6,760,413 +21.0%

COSCO-HIT Terminal 883,700 -2.5%

Yantian Container Terminal (Phase I, II & III) 4,264,901 +2.4%

Guangzhou South China Oceangate (“Nansha”) 1,078,564 +719.1%

Quan Zhou Pacific Container Terminal 469,881 +22.0%

Jinjiang Pacific Ports Development 63,367 N/A

Overseas 2,350,823 +206.7%

COSCO-PSA Terminal 677,308 +69.3%

Antwerp Terminal 574,087 +56.7%

Suez Canal Container Terminal S.A.E. 1,099,428 N/A

Total Container Throughput in China 19,737,223 +14.5%

Total Container Throughput 22,088,046 +22.7%

Total Break-bulk Cargo Throughput (tonnes) 6,568,015 +99.6%

Throughput increased by 22.7% to 22.1m TEUs:

� Bohai Rim: +8.2%

� Yangtze River Delta: +17.9%

� Pearl River Delta & Southeast Coast: +21.0%

� Overseas: +206.7%

14 new operating berths in 1H2008 accelerated throughput growth:

� Ningbo Yuan Dong: 1 berth

� Nansha: 6 berths

� Jinjiang Pacific: 2 berths

� COSCO-PSA: 1 berth

� Suez Canal: 4 berths

NEW

NEW

NEW

NEW

NEW

Terminals Terminals –– Throughput GrowthThroughput Growth

Top 10 container leasing companies in 2007 (Unit：：：：TEUs)

Note：The fleet size of Florens as at 31st December 2007

Source：World Cargo News (Feb, 2008)

2,040,000

1,519,671

1,430,000

995,000

990,000

950,000

750,000

475,000

440,000

440,000

Textainer Group

COSCO Pacific(Florens)

Triton Container

TAL International

Seacastle Container Leasing

GE SeaCo

CAI

UES International HK

Cronos Group

Gold Container

Note

Container Leasing Container Leasing –– IncreasedIncreased Market ShareMarket Share

18

Fleet Capacity

503 561

238306

765

657

1H 2007 1H 2008

Managed Box

Owned Box (International Customer)

Owned Box (COSCON)

(Unit: ‘000 TEUs)

16.8%1,398

1,632

Managed Box

46.9%

Owned Box

53.1%

Managed Box

47.0%

Owned Box

53.0%

Part III: Financial ReviewPart III: Financial Review

20

RMB million 2008H1 2007H1 YoY

Turnover 70,482 47,745 47.6%

Gross profit 19,325 9,386 105.9%

Operating profit 18,949 8,710 117.5%

Finance costs (474) (572) -17.1%

Share of profits less losses of

JCE & Associates804 859 -6.5%

Profit before income tax 19,753 9,194 114.8%

Income tax expenses (3,896) (1,293) 201.3%

Profit after tax 15,857 7,901 100.7%

Net profit attributable to equity

holders of the Company15,122 7,228 109.2%

Summary Profit & LossSummary Profit & Loss

Revenue 2008H1 2007H1 YoY

Container Shipping 23,500 20,924 12.3%

Dry Bulk Shipping 39,333 20,925 88.0%

Logistics 7,094 5,473 29.6%

Terminals 296 190 55.9%

Container Leasing 857 952 -10.0%

Inter-segment (598) (720)

Total 70,482 47,745 47.6%

Summary of Segment ResultsSummary of Segment Results

RMB million

5%2%

91%

1%1%

33%

56%

1%10% 0.4%

21

Operating Profit 2008H1 2007H1 YoY

Container Shipping 1,002 614 63.1%

Dry Bulk Shipping 17,100 7,545 126.6%

Logistics 250 168 48.8%

Terminals 188 163 15.2%

Container Leasing 467 408 14.7%

Others & Unallocated (58) (188)

Total 18,949 8,710 117.5%

Revenue Breakdown

Operating Profit Breakdown

43%

44%

2%

11%0.4%

7%5%

84%

2%2%

2008H1

2007H1

2008H1

2007H1

22

RMB million 2008-6-30 2007-12-31 Change

Non-current assets 71,939 62,797 14.6%

Current assets 51,971 54,523 -4.7%

Current liabilities 29,709 43,155 -31.2%

Net current assets 22,262 11,368 95.8%

Non-current liabilities 25,675 17,025 50.8%

Capital and reserves attributable to

the equity holders of the Company58,025 46,593 24.5%

Minority interests 10,501 10,546 -0.4%

Total assets 123,911 117,320 5.6%

SummarySummary Balance SheetBalance Sheet

23

RMB million 2008H1 2007H1

Cash & Cash Equivalents-Beginning 37,615 11,040

Cash Inflow (outflow)

Generated from operating activities 18, 167 8,879

Generated from investing activities (17,959) (2,940)

Generated from financing activities (4,442) 12,932

Exchange difference (1,017) (202)

Net increase (decrease) in cash and cash

equivalents(5,251) 18,669

Cash & Cash Equivalents-Closing 32,363 29,709

SummarySummary Cash FlowCash Flow

24

RMB million 2008H1 2008E

Purchase of container vessels 5,401 7,804

Purchase of dry bulk vessels 3,040 6,778

Investments in logistics 0 257

Investments in terminals 1,506 3,286

Purchase of containers 2,133 3,278

Others 202 3,899

Total 12,282 25,301

Capital ExpenditureCapital Expenditure

* As of 30 Jun 2008, capital commitment for vessels was RMB 36.2 billion.

Part IV: OutlookPart IV: Outlook

0

2

4

6

8

10

12

14

16(%)

Capacity Growth % 9.1 8.4 4 8 9 8 7 8 8 13.6 11.7 13.2 12.8

Volume Growth % 8.3 4.6 9 11 2 8 11 14 10.6 10.7 10.4 8.3 9.2

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 20072008

E

2009

E

Source: Clarkson

Market OutlookMarket Outlook–– Container ShippingContainer Shipping

Market Outlook

Capacity Growth

Volume Growth

Demand & Supply Growth Forecast

26*The effective capacity growth will be 2-3% lower than the nominal capacity growth.

27

Market Outlook Market Outlook –– Dry Bulk ShippingDry Bulk Shipping

Demand & Supply Growth Forecast

Seaborne Trade Volume (m. tons)

2007 YOY 2008H1 YOY 2008E YOY 2009E YOY

Iron Ore Global* 785 +8.6% 416 +14.4% 868 +10.6% 945 +8.9%

China Import** 383.7 +17.6% 230 +22.5% 458 +19.6% 517 +12.9%

Coal Global* 786 +7.2% 401 6.7% 832 5.9% 878 +5.5%

Grain Global* 300 +3.1% 146 1.6% 309 3% 313 +1.3%

Capacity by

Vessel Type***

2007 End Year

No.of ships m.DWT

2008H1 Delivery

No.of ships m.DWT

2008H2 Orderbook

No.of ships m. DWT

2009 Orderbook

No.of ships m.DWT

Capesize 768 131.4 18 3.43 26 5.24 155 28.87

Panamax 1,479 108.3 36 2.86 62 4.84 135 11.18

Handymax 1,598 76.9 46 2.52 106 5.73 268 14.92

Handysize 2,846 76.0 44 1.18 82 2.38 234 7.16

Total 6,691 392.5 144 9.99 276 18.19 792 62.13

***Source: Clarkson

Market Outlook

*Sources: Clarkson, SSY, Marsoft **Source: China Customs

Dry Bulk Dry Bulk

ShippingShipping

Container Container

ShippingShipping

adopt a stable and nimble operating strategy, and further strengthen risk control, make better arrangements of the mid- to long-term capacity and optimize the spot capacity operationcontinue to focus on key client strategyoptimize the portfolio of owned vessels and chartered-in fleetincrease the market share in China coastal market

OutlookOutlook

deploy and adjust capacity in different routes with quick response to the market situationcontinue to focus on stringent cost control by launching a internal cost responsibility system

28

TerminalsTerminals

Container Container

LeasingLeasing

centralize capital resources and strategically speed up the terminal network expansion in China and overseas markets and increase our controlling stake in the terminal investment in order to enhance our profitability

LogisticsLogistics

continue to implement the asset light business model and further strengthen the market leading position

speed up the development pace of the logistics business, and develop international business and value-added servicesincrease the added value for product logistic projects and strengthen the business development for overseas engineering logistic projects through the co-operation with our shipping business units

29

China COSCO Holdings Company LimitedChina COSCO Holdings Company LimitedAn integrated Shipping and Logistics ConglomerateAn integrated Shipping and Logistics Conglomerate

Appendix : Company ProfiAppendix : Company Profile

31

COSCO Container

Lines

COSCO Container

Lines

Integrating Platform of COSCO GroupIntegrating Platform of COSCO Group

China COSCO Holdings Company Limited

Container shipping

Terminals Container leasing and

management

Container manufacturing

Third-party

logistics

100% 51%

49%

53.57%

51%

H H

ShareholdersShareholders

AA

ShareholdersShareholders

COSCO Pacific COSCO Pacific COSCO Logistics COSCO Logistics

COSCO GroupCOSCO Group Other Businesses

• Oil tankers

• Special purpose vessel

• Shipping-related

businesses

• Other businesses

Freight forwarding

Shipping

agency

COSCO Bulk COSCO Qingdao COSCO HK Shipping COSCO Shenzhen

COSCO Bulk COSCO Qingdao COSCO HK Shipping COSCO Shenzhen

Dry Bulk shipping

100%

25.26%21.17%

Note: The total number of issued shares of China COSCO is 10,216,274,357.

32

1st

5th

1st

2nd

Dry bulk shipping: world #1

Terminals: world #5

Container leasing: world #2

Logistics: China #1

6th Container shipping: China #1 & world #6

Market Leadership in Every SegmentMarket Leadership in Every Segment

33

Door to DoorDoor to Door

Freight Forwarding Freight Forwarding

COSCON, COSCO Logistics

Retailers Ship Terminals Inland

TransportWarehouse Factory

COSCO Pacific COSCON

China COSCO Bulk

Inland Transport Warehouse Terminals

Integrated Business ModelIntegrated Business Model

Shipping Agency

“One-stop” and “door-to-door” service to maximize

value to our clients, thus enhancing customer loyalty

In

teg

rate

d S

hip

pin

g V

alu

e C

hain

COSCON, COSCO Logistics COSCON, COSCO Logistics

COSCON, COSCO Logistics COSCO Pacific COSCON, COSCO Logistics

Tangible synergies

between segments

Container shipping and dry bulk shipping have different cycles, and the other 3

segments have steady growth pattern. Our risk-mitigating business mix helps

to smooth earning volatilities, thus enabling us to provide stable returns.

China factor

The robust growth of China’s economy and foreign trade volume is the key driver of shipping IndustryChina as world factory – container shipping serves China’s export (finished products)China’s Industrialization and urbanization – dry bulk shipping serves China’s imports (raw material commodities like iron ore)

Our unique position

Listed flagship & integrating platform of COSCO GroupExperienced management teamSuperior industry expertise and management capabilitiesOver 40 years experience in world shipping

Reliable and differentiated services are widely recognized by market participants and supported by IT infrastructure and e-commerce Longstanding business and cooperative relationships with various major clients around the world

Quality services & stable customer base

Other Competitive AdvantagesOther Competitive Advantages

Extensive coverage Unrivalled PRC networkExtensive international network

Corporate governanceThe Board of Directors of China COSCO was awarded the Directors of the Year Award 2006 by the Hong Kong Institute of Directors .

COSCO dedicates itself to environmental protection and cherishes global resources, supports and participates in ecology-protected activities acting as "a social responsibility undertaker", voluntarily improves the enterprise's environmental protection system. COSCON 2006 Environmental Report is available at http://safe.coscon.com/zy2/default.asp

34

35

Company StrategyCompany Strategy

StrategyStrategy

The strategy of China COSCO is to become the global leading shipping and

logistics services provider by providing a wide range of businesses across the

shipping value chain and high quality services to global clients.

As the listed flagship and integrating platform of COSCO Group, China

COSCO will leverage the large and rapid growing market in China, strengthen and

further develop its container shipping, dry bulk shipping, logistics, terminals and

container leasing businesses, expand businesses in other shipping sectors,

strengthen its integrated shipping services capability, improve the shipping value

chain and become the global leading shipping conglomerate.

36

Company StrategyCompany Strategy (Continued)(Continued)

Enhance profitability of container shipping and dry bulk shipping,

further strengthen market position and competitive advantages

Expand fleet capacity, modify fleet structure and improve global network

establishment

Strengthen logistics business, extend and improve business value chain

Strengthen terminal business, develop into an integrated terminal

operator

Increase synergies between different business units

Become an integrated shipping conglomerate

ImplementationImplementation

7%14%

32%28%

87%

66%

58%

62%

-

5,000

10,000

15,000

20,000

25,000

2004 2005 2006 2007

11,492

24,477

21％％％％

Historical Segment Results* 2004-2007

37

113％％％％

-28％％％％

13,136**

15,914

Others (Logistics, Terminals & Container Leasing)Dry Bulk ShippingContainer Shipping

(RMB mn)

CAGR=23%

*Operating profit before finance costs and unallocated income and expenses (not including share of profits less losses of jointly controlled entities and associates)

**Not including logistics (2004)

Operating Profit Margin 2004 2005 2006 2007 Average

Container Shipping 12% 13% 4% 4% 8%

Dry Bulk Shipping 27% 29% 28% 43% 32%

Others 57%** 15% 18% 11% 25%

Total 21% 20% 14% 22% 19%

Historical Segment Results Breakdown 2004-2007

38

Others (Logistics, Terminals & Container Leasing)

Dry Bulk ShippingContainer Shipping

20%12%

68%

Operating Profit Breakdown

(2004-2007 Average)Revenue Breakdown

(2004-2007 Average)

47%

12%

41%

39

45,776

40,03337,920

30,962

1,073

1,142

1,0221,126

2004 2005 2006 2007

Annual Average CCFI*

Historical Segment Results 2004-2007 —— Container Shipping

3,705

5,045

1,632 1,653

4%

12% 13%

4%

2004 2005 2006 2007

Operating Profit Margin

(RMB mn) (RMB mn)

Revenue Operating Profit

CCFI - China Container Freight Index

40

49,294

27,536

31,26529,731

7,070

3,371 3,180

4,510

2004 2005 2006 2007

Annual Average BDI*

21,231

7,587

9,2028,135

43%

29%27% 28%

2004 2005 2006 2007

Operating Profit Margin

(RMB mn) (RMB mn)

Revenue Operating Profit

Historical Segment Results 2004-2007 —— Dry Bulk Shipping

*BDI - Baltic Dry Index