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Sailing with Agility and Resilience

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Sailing with Agility and Resilience HUTCHISON PORT HOLDINGS TRUST ANNUAL REPORT 2020 SAILING WITH AGILITY AND RESILIENCE CONTENTS 2 Trust Profile 31 Senior Management 3 Corporate Structure 36 Sustainability Report 4 Portfolio Overview 61 Investor Relations 10 Letter to Unitholders 62 Corporate Information 12 Key Events 63 Corporate Governance Report 14 Corporate Milestones 85 Financial Contents 20 Operational Review 150 Statistics of Unitholdings 23 Financial Review 152 Notice of Annual General Meeting 26 Board of Directors 157 Proxy Form 159 Glossary TRUST PROFILE HPH TRUST THE TRUSTEE-MANAGER Hutchison Port Holdings Trust (“HPH Trust” or “Trust”) The Trust is managed by Hutchison Port Holdings is the first publicly traded container port business trust Management Pte. Limited (“Trustee-Manager”), an in the world. It was listed on the Main Board of the indirect wholly-owned subsidiary of CK Hutchison Singapore Exchange (“SGX”) in March 2011, and in early Holdings Limited (“CKHH”). The Trustee-Manager 2012 became the first entity to launch dual-currency has dual responsibilities in safeguarding the interests of trading for its units on the SGX. unitholders and managing HPH Trust’s businesses. The Board of Directors of the Trustee-Manager consists of The mandate of the Trust is principally to invest in, individuals with a broad range of commercial experience develop, operate and manage deep-water container ports and expertise in the port industry. in Guangdong Province, Hong Kong and Macau in China (collectively known as the “Pearl River Delta” (“PRD”)). HPH Trust operates Hongkong International Terminals (“HIT”), COSCO-HIT Terminals (“COSCO-HIT”) and Asia Container Terminals (“ACT”) in Hong Kong, and Yantian International Container Terminals (“YANTIAN”) and Huizhou International Container Terminals (“HICT”) in Mainland China. HPH Trust operates 38 berths across 647 hectares of land. In 2020, the Trust delivered a combined throughput of approximately 23.7 million twenty-foot equivalent units (“TEU”). The core port operations of the Trust are complemented by river port facilities and ancillary services, which aim to provide customers with seamless logistics supply chain solutions for imports and exports. HPH Trust holds economic benefits (“River Ports Economic Benefits1”) in two river ports in Mainland China: Jiangmen International Container Terminals (“Jiangmen Terminal”) and Nanhai International Container Terminals (“Nanhai Terminal”). Collectively, they are known as the “River Ports”. HPH Trust also operates ancillary services including container depots, trucking, feeder and shipping agency via Asia Port Services Limited (“APS”); HPH E.Commerce Limited (“Hutchison Logistics”), a provider of supply chain solutions across rail, sea and land networks; and Shenzhen Hutchison Inland Container Depots Co., Limited (“SHICD”), operator of an inland container depot and warehouse in Shenzhen. 1 The River Ports Economic Benefits represent the economic interest and benefits of the River Ports – including all dividends and any other distributions or other monies payable to Hutchison Port Holdings Limited (“HPH”) or any of its subsidiaries in its capacity as a shareholder of the relevant holding company of the River Ports arising from the profits attributable to the business of the River Ports and all sale or disposal proceeds derived from such businesses, assets, rights and/or liabilities constituting any part of the business of the River Ports as agreed with HPH and any of its subsidiaries. 2 HUTCHISON PORT HOLDINGS TRUST CORPORATE STRUCTURE UNITHOLDERS Holding of units Distributions Acting on behalf of unitholders/Provision of management services TRUSTEE- HPH MANAGER TRUST Fees Dividends/interest income, net of Ownership and applicable taxes and expenses, and shareholder loans principal repayment of shareholder loans HIT, Portfolio YANTIAN River COSCO-HIT Ancillary and HICT Ports1 and ACT Services 100.0% 56.4% 50.0% 100.0% Jiangmen HIT (Terminals 4, YANTIAN APS Terminal 6, 7 and 9 North) Phases I and II 50.0% 51.6% 50.0% 100.0% COSCO-HIT YANTIAN Phase III Nanhai Hutchison Logistics (Terminal 8 East) and YANTIAN Terminal Phase III Expansion 40.0% 51.6% 86.5%2 ACT West Port SHICD (Terminal 8 West) Phases I and II 41.3% HICT 1 HPH Trust holds River Ports Economic Benefits, but not the shares of the River Ports' holdings companies. 2 The effective shareholding was increased from 81.7% to 86.5%, with effect from 17 July 2020. ANNUAL REPORT 2020 3 PORTFOLIO OVERVIEW HONG KONG A HIT • 12 container berths across Terminals 4, 6, 7 and 9 North with a combined land area of 111 hectares B • 100% ownership Kwai Chung TERMINAL 8 EAST B COSCO-HIT TERMINAL 1 TERMINAL 2 TERMINAL 3 TERMINAL 4 TERMINAL 6 TERMINAL 7 • 2 container berths at Terminal 8 East with a combined TERMINAL 8 5 WEST L land area of 30 hectares A N I M R E • 50/50 joint venture with COSCO SHIPPING Ports T A A A C Limited (“COSCO SHIPPING Ports”) A C ACT TERMINAL 9 TERMINAL 9 NORTH SOUTH • 2 container berths at Terminal 8 West with a combined land area of 29 hectares Tsing Yi Island • Strategic partnership between HPH Trust and COSCO SHIPPING Ports, with stakes of 40% and 60% respectively SHENZHEN AND HUIZHOU To Huizhou & Dongguan A YANTIAN Phases I and II To Shenzhen • Effective interests: 56.4% Bonded Logistics Park • 5 container berths with a combined land area of YANTIAN PHASES I AND II WEST PORT To Dameisha 130 hectares PHASES I AND II & Xiaomeisha B YANTIAN Phase III and YANTIAN YANTIAN PHASE III A Phase III Expansion B C YANTIAN • Effective interests: 51.6% PHASE III EXPANSION • 11 container berths with a combined land area of 226 hectares EAST PORT C West Port Phases I and II • Effective interests: 51.6% • 4 container berths with a combined land area of 61 hectares D HICT • Effective interests: 41.3% • 2 container berths with a combined land area of 60 hectares D 4 HUTCHISON PORT HOLDINGS TRUST PORTFOLIO OVERVIEW HONG KONG SHENZHEN HUIZHOU • HIT • YANTIAN Phases I and II • HICT • COSCO-HIT • YANTIAN Phase III and • ACT YANTIAN Phase III Expansion • West Port Phases I and II NANHAI HUIZHOU JIANGMEN SHENZHEN HONG KONG ANNUAL REPORT 2020 5 PORTFOLIO OVERVIEW HONG KONG HIT, COSCO-HIT and ACT Strategically located on the south-east coast of China, Hong Kong is regarded as the gateway to the PRD and its vast mainland hinterland. Its deep-water port and modern, well- equipped facilities — augmented by a free, open and multi-lateral trading system — allow Hong Kong to remain one of the busiest container terminals in the world and a major transshipment hub in the region. On 8 January 2019, Hongkong International Terminals Limited, COSCO-HIT Terminals (Hong Kong) Limited, Asia Container Terminals Limited and Modern Terminals Limited (“MTL”) established the Hong Kong Seaport Alliance (“HKSPA”), on which they collaborate to ensure the efficient management and operation of the 23 berths in Kwai Tsing. 170 AROUND CONTAINER16 HECTARES 1,700 BERTHS OF LAND EMPLOYEES 62 10.11 AROUND QUAY MILLION TEU 2,700 EXTERNAL CRANES HANDLED CONTRACTOR IN 2020 WORKERS ON-SITE DAILY Figures as at 31 December 2020 1 Represents the allocated throughput from HKSPA. 6 HUTCHISON PORT HOLDINGS TRUST PORTFOLIO OVERVIEW SHENZHEN AND HUIZHOU YANTIAN YANTIAN is one of the busiest container terminals in China. South China has developed into a prosperous and dynamic economy, which boosts the position of the port as the premier gateway for foreign trade. As the sole terminal operator in eastern Shenzhen, YANTIAN is regularly visited by mega-vessels. Its natural deep-water berths and excellent mega-vessel handling capabilities secure its reputation as a key trading hub. HICT The port of Huizhou is a natural coastal port in Guangdong. It is located near the manufacturing hinterland in eastern Guangdong, immediately east of Hong Kong and Shenzhen, and the Trust aims to develop it as a key player in the PRD shipping hub. Situated in the Quanwan Port Zone of the Daya Bay Economic and Technological Development Zone, HICT is one of the dedicated container terminals in Huizhou. It comprises two container berths with a combined land area of 60 hectares, a total quay length of 800 metres and a depth of 15.7 metres. 477 AROUND CONTAINER22 HECTARES 2,300 BERTHS OF LAND EMPLOYEES 13.6 AROUND 91QUAY MILLION TEU 4,500 CRANES HANDLED EXTERNAL IN 2020 CONTRACTOR WORKERS ON-SITE DAILY Figures as at 31 December 2020 ANNUAL REPORT 2020 7 ADAPTING TO A CHALLENGING BUSINESS ENVIRONMENT The global economic downturn and continuing uncertainty caused by the COVID-19 pandemic have placed immense pressure on businesses. To weather the challenging market conditions, HPH Trust has adapted its business operations and is exploring initiatives to improve performance, build operational efficiency, streamline processes and tighten cost management. The Trust will continue to explore new business opportunities to adapt to new economic realities. LETTER TO UNITHOLDERS The unprecedented challenges brought by the COVID-19 The Trust’s resilience was tested when a COVID-19 cluster was pandemic made 2020 a very tough year for businesses around the identified at Hong Kong Port in August 2020. Prioritising the globe. Governments imposed lockdowns and border controls, and health and safety of staff members, and being determined to production was halted in many factories, heavily disrupting global bring the outbreak swiftly under control, the Trust implemented supply chains and business operations. The crisis was a critical test of a host of measures to minimise infection risks in the workplace, strength and resilience for businesses. including regular distribution of face masks, periodic COVID-19 tests for staff members and external contractor workers, especially HPH Trust has extensive container port operations in China’s front-line workers, and operational solutions such as work-from- Pearl River Delta. This meant it had to intelligently respond to the home arrangements, electronic data interchange to reduce the time economic impact of both the pandemic and the prolonged trade personnel spent on board vessels, and point-to-point transport for tensions between the United States and China.
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