Annual Report 2005 HYUNDAI MERCHANT MARINE CO., LTD.

We Carry the Future! Annual Report 2005 2006.4

66 Jeokseon-Dong, Jongno-Gu, Seoul, Korea, 110-052 TEL : 82-2-3706-5114 FAX : 82-2-734-8496 www.hmm21.com Financial Highlights Contents

(Unit : Million KRW) 2006 Shipping Market Prospects 004 Hyundai Business Group For the year ended December 31, 2005, 2004, 2003 2005 2004 2003 Chairwoman’s Message 006 Operating Result CEO’s Message 008 Sales 4,845,594 5,118,612 3,944,676 Operating Income 466,411 554,824 302,726 Top 5 News Items in 2005 010 Net Income 386,402 427,869 -45,308 Business Overview 012

Financial Position HMM Service Features 014 Total assets 4,814,237 4,015,015 4,120,964 HMM Global Network 028 Total debt 3,389,815 3,170,996 3,758,624 Company Data 041 Shareholder’s equity 1,424,422 844,019 362,340

(Unit : Million KRW) (Unit : Million KRW) (Unit : %) Sales Operating Income Debt Ratio

1414.58 6,000,000 600,000 1,500 5,118,615 554,824 4,845,594 466,411 5,000,000 4,644,093 1037.32 3,944,676 4,000,000 400,000 1,000 302,726 3,000,000

2,000,000 200,000 500 375.7 107,776 1,000,000 237.98

0 0 0 2002 2003 2004 2005 2002 2003 2004 2005 2002 2003 2004 2005 “Building a solid foundation, Executing a superior service” 2006 Shipping Market Prospects

After 3 year booming, all the participants in the shipping market predict that the weakening supply and demand fundamentals mainly caused by rapid fleet growth and slower trade demand will drive the freight rates and ship values down for the coming years. By historical standards, however, rate levels will remain robust and most shipping companies will enjoy another profitable year even though operating costs increase and profitability margins narrow. For fleet developments, the near- term outlook remains worrisome for shipowners and operators based on the orderbook representing high portion of the existing fleet, though this is down from a peak in 2005. Looking forward we expect long-term outlook has brightened somewhat as ordering activity will moderate due to the falling freight rate and high shipbuilding price. Variables surrounding the shipping market such as oil price, port congestion, China and India effect will also affect the market trend, but it is estimated that the strength of them will be weaker than the past.

After the turning point in the latter part of 2005 in the container market, the pace of decline will moderate in 2006. But, still, the delivery of new vessels including mega vessels will cause over supply this year. However, lack of facilities and efficiencies in ports and infrastructure and emerging new markets like South America, India, East Mediterranean, and Africa could offset some of over supply.

Although it is expected that the over supply will cause a slower bulk market in 2006 than 2005, the slowed market could still be in favorable level comparing to ordinary years in history. China is still one of the big factors that will no doubt affect the dry bulk market.

The tanker market fell back from 2004 level in 2005 owing to the global tanker demand decrease mainly driven by high oil price, it was still in favorable level that the WS(MEG/FE) remained beyond 100. The increasing fleet growth may eventually depress the market, but the phase-out of Increasing single hull tankers and the increased ton-mile demand due to oil-producing countries' political unrest “world-wide” the Profitability in Prosperous will cushion the decline in tanker rates. Shipping Market - HMM Corporate Planning Office Hyundai Business Group Chairwoman’s Message 6 7 customers, staff members and investors alike. That is my guarantee to you all. We Maximizing Value of the Company

fully intend to be completely trustworthy, and will maintain the best possible relationship with A Message from Group Chairwoman, Hyun Jeong-eun

I express my gratitude for the warm support and encouragement of customers and shareholders.

This year Hyundai Merchant Marine reaches its 30th anniversary. In 1976, HMM started up in competition with the world’s shipping companies, fueled by a passionate dream, and 3 VLCCs that could not find owners in the aftermath of the oil-crisis of the day.

Thanks to the devoted efforts of all staff, HMM developed by leaps and bounds year by year, and finally, became a commercial force capable of competing at the highest levels. HMM is equipped with a vast global business network, the most advanced IT system, and over 100 diverse vessels.

HMM is now preparing for another advance with solid assets, and the experience to overcome difficulties. It has expertise, the confidence of clients from all over the world, and the loyal support of shareholders.

All staff of Hyundai Group including HMM, will make this year one of change and innovation, and will go all out in competitive terms to raise the company profile despite uncertain business circumstances.

Hyundai Group aims to achieve 20 trillion won of sales in 2010. It will establish a cutting edge business structure and a comprehensive business network. It will continue North and South economic cooperation - and will contribute significantly to national prosperity. Its aim is to establish a leading corporate culture and enhance its status. As the core affiliate company of Hyundai Group, HMM will be the vanguard in the drive to accomplish the group’s mid- and long-term vision.

Hyun Jeong-eun Hyundai Business Group Chairwoman

HYUNDAI MERCHANT MARINE CO., LTD. CEO’s Message 8 9 one of the world’s finest shipping firms. to take its place as I ask for your continuing interest and encouragement as HMM moves forward Preparing Further Advances A Message from President, Noh Jeong-ik

Dear Customers,

Last year was a meaningful year for HMM as we announced the revitalization of our drive for domestic and foreign success.

In the container area, we are preparing to strengthen our competitiveness by ordering diverse types of vessels. We are acquiring large modern vessels and ordering to 9,000TEU class container vessels. We retained our position in the world container market by developing new cooperative relationships with the world’s leading shipping companies.

In the bulk division, we deployed 2 VLCCs for 7 years, and stayed Korea’s No.1 LNG carrier with a successful bid for KOGAS business.

Dear Valued Customer,

The shipping business has been very profitable in recent years. However, from this year, a change of business circumstances may make times tougher factors to be considered are: increasing oil prices, increased vessel capacity through deployment of large-sized vessels, and subsequent increased competition for market leadership. Now is the time to prepare thoroughly for these difficulties.

All staff of HMM have made efforts to strengthen the company with the philosophy of preparing for a ‘rainy day’ and seeking to improve earnings by cost cutting. Therefore, we are convinced that we can ride out any problematic business circumstances. We also believe that the uncertain market will be an opportunity which HMM can take advantage of.

This 30th year is very meaningful for HMM, which started with 3 VLCCs and went on to lead the Korean economy, and to transport cargos to the world. We don’t ever forget that HMM’s 3 decade history is the result not only of HMM members efforts, but also of customer and shareholder support and encouragement. In future, all of HMM staff will continue to satisfy customers’ needs through constant business innovation. We will improve competitiveness even further, to become the finest, most profitable shipping firm possible.

We look for your constant support and encouragement to achieve our declared aim.

I wish you and your families a fulfilled and happy year! Noh Jeong-ik Thank you very much. HMM President & CEO

HYUNDAI MERCHANT MARINE CO., LTD. Top 5 News Items in 2005 10 11

3. HMM Ordered 9 Ships in Block HMM has ordered four 8,600 TEU containerships - the largest domestic vessels ever - and five 4,700 TEU ships, from Hyundai Heavy Industries and Hyundai Samho Heavy Industries. The contract signing ceremony took place on 16th February. The 8,600 TEU ships can carry a maximum of 9,000 TEU, making HMM the first domestic shipping company to have such a capacity. TOP 5 NEWS ITEMS IN 2005 Total construction costs will be about $910 million, and the ships are scheduled for delivery between January 2008 and September 2008. HMM will operate the 8,600 TEU ships on Asia - Europe routes, and the 4,700 TEU vessels will ply the Middle East route.

HYUNDAI MERCHANT MARINE CO.,LTD. 4. Expanded Co-operation with Leading Shipping Companies On September 9, HMM announced a five-year extension of The New world Alliance (TNWA), which is an alliance agreement with APL and MOL. The terms of their current alliance agreement will be extended to 31st December, 2012. 1. First Lady Names HMM’s Universal Queen Also, On October 6, TNWA announced a co-operation agreement on key trades with the Grand Alliance (GA). On November 9, HMM named its new VLCC, Universal Queen at Hyundai Heavy Industries. Approximately 600 people attended the ceremony. The agreement will significantly broaden alliance capabilities, network coverage and schedule frequencies. It will also improve service and increase choice It was the first ship naming ceremony for HMM in five years and it was particularly meaningful as Korean First Lady Kwon Yang - sook named the vessel. for both sets of customers. The Universal Queen launch is token of HMM’s overcoming of hard times and evidence of a company re-launching. It is also noteworthy that the Universal TNWA and GA will initially exchange slots in the Asia - Europe and Asia - Mediterranean trades and introduce a new joint-operated loop in the Asia - East Queen is the first ship acquired through the “Ship Investment Company scheme”. Coast of North America (via Panama) trade. The alliances may later expand co-operation through additional joint services, in connection with future tonnage plans. With the most modern fleet in the world and the largest number of Post-Panamax vessels, this collaboration is expected to yield positive results. It will

also enable both alliances to deliver more service options, particularly when new container ships join the fleet in 2006 and 2007. 2. Strengthens Overseas Business

During the year 2005, HMM rearranged and strengthened its overseas organization to increase profitability.

HMM appointed its first representative in Ho Chi Mihn city, Vietnam, on January 31st, and established an Indian Subsidiary on July 15th. (The Vietnamese 5. HMM Selected as Best Shipping Company

market has increased container volumes by over 30% recently, and India is a potential new market after China.) HMM also set up a new office in Ningbo, HMM has been categorized a 2005 Global partnership Carrier (GPC) by Japan’s SONY electronics company for two consecutive years. HMM was also

one of the most dynamic ports in China. selected ‘Carrier of the Year’ by Best Buy for four consecutive years. This is tangible recognition of HMM’s leading position, and fine reputation in world

To strengthen business competitiveness in tanker and bulk areas, HMM re-organized resident-staff in London and Singapore, which are the tanker-business transportation. Prior to this, on March 3, California United Terminals, Inc. (CUT) and Washington United Terminals, Inc. (WUT) were recognized by the Pacific Maritime centers. In the bulk area, HMM plans to seek out additional localized-business by appointing more resident-staff in the U.S.A, Belgium and China. Association (PMA) as being worthy of ‘Safest Terminal’ designation. President Noh also paid attention to international business by attending all of the regional business strategy meetings to check each region’s performance Also, on April 2, HMM was selected by the Korea Logistics Academy as the best company in the “Best Korea Logistics Award” sector. It’s also remarkable and to devise new business strategies. that the Hyundai Olympia, HMM’s ore/coal carrier, has been selected as a ‘Green Ship’ by the Korean Coast Guard. Business Overview 12 13

Iron Ore/Coal Carrier A contract has been made with POSCO to handle its steel products and materials and with Korea Electric Power Corporation, for 18 years, iron ore/coal carrier is now in operation. We will exploit the improvement in market conditions to increase profits through spot, and other forms of business.

BUSINESS OVERVIEW Tanker We are transporters of petroleum, petroleum products and petro-chemical products for domestic and overseas oil companies, and have long-term import contracts with Hyundai Oil Bank and S-Oil. Even though crude oil shipments to importing nations - such as China - reduced due to continually

HYUNDAI MERCHANT MARINE CO.,LTD. rising oil-prices, market conditions and tighter energy policies, we have invested steadily and achieved eye-opening results in sales and business profits. In the first half of 2005, we chartered three SUEZMAX (150,000 DWT), purchased one AFRAMAX (100,000 DWT), and then expanded the business in the high-profit SPOT market. In the second half of 2005, we added two VLCC (300,000 DWT) and chartered one product tanker. We also made efforts 1. Liner Division to develop stable profitability through additional long-term contracts with overseas refiners such as PETRON and PTT. In 2006, we will actively seek In 2005, the freight rate held steady with a downward tendency after the second half of the year when freight volumes reduced. There was an additional market share, and in the first half we will take delivery of one LPG carrier and two LR2 (100,000 DWT Product Tankers). increased customer tendency to cut back, and, in addition, larger vessels were deployed on each line. It seems likely that the imbalance between 2005 MONTHLY WORLD SCALE INDEX supply and demand will continue to reduce freight volumes through until 2007. JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBERDECEMBER 70.6 155.6 92.5 87.0 70.0 61.9 92.0 73.1 88.5 111.9 194.4 164.0 Monthly trend for 260,000 dwt VLCC WS between Ras Tanura and Ulsan In 2006, it is expected that cargo opportunities will increase somewhat with the steady growth of new-economically powerful nations - such as China and BRICs. More established economically-active nations - such as the U.S.A., EU and Japan - are also expected to exhibit stable growth. On the other Tramper & General Cargo Carrier hand, the competition will be intense among shipping companies because of non-alliance shipping companies. There may be mergers and acquisitions Due to the rising demand from China for raw materials, the market kept bullish until the first quarter of 2005. It then showed a falling tendency after the among larger players, and most shipping companies will deploy large-sized vessels which will decrease freight pressure in the market. To cope with Chinese government took some measures to cool its economy, and because of increased deliveries of newly-built vessels. We will maintain a business disadvantageous market conditions in liner business, and a change to a bear market, HMM will acquire stable cargos through long-term contracts with structure which can guarantee fixed profits even in adverse conditions, through long-term contracts and balanced fleet operations. At the same time, major customers in domestic and overseas markets; it will diversify its service, and decrease costs through additional cooperation with TNWA, and we seek a more stable business situation by developing profitable cargos and service routes. through space-chartering with Grand Alliance. There will also be an attempt to raise surcharges appropriately to counteract high oil-prices and the rising 2005 MONTHLY BDI INDEX cost of rail and truck transportation. The company will continue to seek to improve profitability, and concentrate on its sales force in the Middle East, JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBERDECEMBER China and India. 4,502 4,532 4,678 4,532 3,667 2,746 2,220 2,207 2,803 3,161 2,916 2,600

2. Bulk Division 3. e-Business LNG Carrier HMM, aiming to the world’s best integrated logistics company, has continuously improved its web-site (www.hmm21.com) and EDI (B2B direct service) Long-term contracts have been made with Korea Gas Corporation - for 20 plus years - to create steady profitable revenue flow. We agreed our first to create higher added-value, to provide convenient and precise service, and to maximize the efficiency of the business. Through these, HMM provides a contract with Korea Gas Corporation in 1994, and have expanded our fleet to 9 vessels (including 2 owner participation) since then. Also, HMM is the high-standard e-Service for the whole transportation process from service inquiry to cargo arrival notice. HMM also joined a shipping portal site (GT first domestic No. 1 LNG carrier to acquire additional operating rights from Korea Gas Corporation (October, 2005). HMM will create additional profits Nexus) with 20 world’s major shipping companies, and has this service to offer customers. HMM conducted 30% of total B/Ls work by use of the internet through business diversification, and by participating in new LNG projects and domestic business, as it applies its knowledge of LNG carrier operation. network “e-Business” instead of FAX by the end of 2005. HMM plans to expand the use of “e-Business” to 45% in 2006, and to 60% in 2007. HMM’s diverse range of services include a truly worldwide fleet made up of container vessels, LNG carriers, tankers, “We connect you to the action” trampers and general cargo carriers, supported by logistics centers and offices situated at strategic sites around the world. HMM Service Features Container Service 16 17

Confident of our Vision of becoming the leading shipping and logistics company Container in the world by 2010. Service Since 1976, HMM has sought to establish a position as a premier global shipping and logistics company with a versatile range of ships plying the Trans-Pacific, Asia-Europe and the Intra Asia trades. In November 2003, HMM was the first Korean shipping company to set up a China headquarters to establish a strong foothold in this key market. HMM, with its existing alliance members, APL and MOL, has agreed to extend its TNWA (The New World Alliance) agreement until 2012. The extension of the alliance agreement is strategically important, allowing the partner lines to focus on long-term planning of resources to deliver the broadest range of service options and best value for shippers. Furthermore, HMM and its TNWA members agreed to cooperate with the member lines of the Grand Alliance (GA) on key trades from early 2006. This co-operation will significantly broaden the respective alliances’ capabilities, network coverage and schedule frequency, with improved service efficiency and wider choice for customers. The member lines of the Grand Alliance [Hapag-Lloyd Container Line (HLCL), MISC Berhad (MISC), Nippon Yusen Kaisha (NYK), and Orient Overseas Container Line (OOCL)], and the New World Alliance [APL, Hyundai Merchant Marine and Mitsui O.S.K Lines Ltd.], will initially exchange slots on the Asia-Europe and Asia-

Container handling volume Mediterranean trades. The aim is to introduce a new loop on the Asia-East Coast of North America, via the

(unit : Thousands of TEU) Panama trade. At a later stage, the two alliances may further expand the scope of their co-operation through 2,137 2,500 additional joint services. 2,091 2,000 1,864 1,781 1,756 1,754 HMM will deploy 5 new-build container vessels (6,800 TEU) to AEX (Asia-Europe Express) in the 1,500 Asia-Europe Trade, and replace the 5 of the previous 5,500 TEU 5 vessels out of total of 8. This will provide an 1,000 improved service to customers with increased capability and schedule reliability. HMM is proactive in meeting

500 customer demands, and dedicated to customer satisfaction. It also has a management team which is customer-oriented and committed to the highest business ethics, along with a constant drive for innovation, 0 2000 2001 2002 2003 2004 2005 expansion and customer benefits. We are confident of achieving our vision of becoming the leading shipping and logistics company in the world by 2010.

HYUNDAI MERCHANT MARINE CO., LTD. Container Service HMM Service Features LNG Service 18 19

In the LNG transport industry, HMM is the largest owner and operator in Korea LNG Service and the worldwide market leader. HMM has continuously sought to expand its service by making the most of experience in the LNG shipping field.

Safe, Reliable and Efficient

HMM’s LNG carrier service was launched as Korea’s first LNG transportation service in 1994. This was established on the basis of a 20 year long-term contract with Korea Gas Corporation (KOGAS), and the first Korean flagged LNG vessel, “Hyundai Utopia”, imported LNG cargoes from Indonesia. Now, HMM operates a total of nine LNG vessels (one on charter) transporting KOGAS cargoes on diversified service routes between Korea, Indonesia, Malaysia, Qatar, and Oman. Since HMM began LNG transportation in 1994, it has been the largest LNG carrier operator in Korea. In 2005, HMM transported 6.5 million tons of LNG, which accounted for approximately 30% of a total 22 million tons of domestic imports. In 2005, HMM also successfully bid for KOGAS’s Joint Venture Company Project. This will transport 3.5 million tons of LNG annually from Sakhalin and Yemen - starting in 2008. As a result, HMM secured 18% of ownership of four new LNG vessels and a 20 year-contract to operate one of the vessels. These developments will create stable long-term profits.

Given continued strong demand for clean and efficient energy, in Korea as well as in the world, the LNG market continues to grow faster than any other segment of the shipping industry. In this expanding market, HMM will have a major role as it participates in new LNG projects, which are being developed internationally. In this sector, HMM will develop and improve service capability, whilst cooperating closely with both domestic and overseas customers.

HYUNDAI MERCHANT MARINE CO., LTD. LNG Service HMM Service Features Tramper Service 20 21

HMM’s Tramper promises to provide a highly efficient and safe service to meet a Tramper variety of customer needs. Service

international customers. They provide an exemplary particular cargoes, and focused on specific areas allows professional services to customers along with the us to meet the ever-changing and growing needs of our benefits and insights of their wide experience. customers, and effectively cope with the volatile dry- bulk shipping market. Handymax Team (Introduction) A handymax fleet offers a high quality Dedicated Team service transporting bulk cargoes such as fertilizer, iron (Introduction) A dedicated fleet is also engaged in ore, coal, cement, grain, sugar, scrap, petcoke and the transportation of iron ore, coal and steel products Panamax/Cape Team sulphur, etc. Approximately 60 owned and chartered exclusively for “POSCO”, “Korea South-East Power (Introduction) Panamax and Cape-size team provides vessels ranging from 20,000 MT to 60,000 MT DWT are Co., Ltd.” and “Korea East-West Power Co., Ltd.” on 18 a dry bulk transportation service all over the world for engaged in this trade. year contract terms. The fleet consists of 10 ore/coal coal, iron ore and coke, using company owned and (Future Plan) Since pioneering bulk cargo transportation carriers, 1 steel product carrier and 1 woodchip carrier. chartered vessels ranging from 60,000 MT to 200,000 in the shipping industry, the handymax team has (Future plan) The dedicated team plans to expand MT DWT. established valuable relationships with a world wide the transportation of iron ore, coal and steel products to (Future Plan) The Panamax and Cape size team will clients. Maintaining relationships with these clients is overseas steel mills and power plants, and to enlarge strengthen business links with current customers and one of our most important goals, and we will endeavor the chip-carrier fleet for the transportation of woodchip / develop new business partners. Also, they will increase to develop further businesses with them. We will also biomass. their share of long term cargo contracts to ensure maintain our fleets at a profitable level by utilizing our (Strong point) The dedicated team has a variety of stability and a more efficient service. Plans are afoot to own tonnages, and by the timely acquisition of long and know-how accumulated over 20 years for the satisfaction expand the business area into the Atlantic, and to further short-term chartered vessels. We will also extend our of customer’s needs, from ship finance to the safe develop the Pacific business. effort to develop front-haul cargoes, and will focus on transportation of cargo. (Strong Point) The Panamax and Cape-size team has the development of C.O.A. cargoes as well as spot HMM’s Tramper Service offers a flexible, reliable, coped with the changing business environment cargoes in the Atlantic/Indian/U.S. West Coast area. professional service that efficiently accommodates a effectively, and has maintained good relationships with (Strong Point) Working through teams specialized in wide range of customer needs.

HYUNDAI MERCHANT MARINE CO., LTD. Tramper Service HMM Service Features Tanker Service 22 23

In line with its clear vision of becoming one of the world’s top five tanker operators, Tanker HMM will proceed full-ahead despite any rough-trading waters to acquire a fleet Service that can offer a second-to-none quality service to customers around the world.

HMM’s Tanker Service has made great progress throughout 2005. It took the opportunity to purchase and charter - several vessels, and this contributed to it reaching its sales revenue objectives. During 2005, the tanker service has successfully secured 10 vessels, including 2 VLCCs, 3 Suezmaxes, 1 Aframax, 2 MRs, 1 VLGC, and 1 Chemical Tanker. In addition, 6 other vessels will be delivered in 2006.

HMM’s Tanker Service is mainly focused on the VLCC sector, and operates 18 VLCCs. But other sectors such as Suezmax, Aframax and Product tankers also take up a great part of the business. About one third of VLCCs are now operated on long-term contracts with domestic oil companies; the rest are operated in the spot market, which is more competitive but offers good profit opportunities. HMM will balance these two marketing strategies to minimize the uncertainty of the spot market.

In 2006, the tanker service will focus on expanding its fleet - including both VLGCs and Chemical Tankers. HMM believes that it is feasible that HMM will become one of world’s top 5 tanker companies in the near future. Discerning customers worldwide know that we are always ready to offer the best service.

HYUNDAI MERCHANT MARINE CO., LTD. Tanker Service HMM Service Features General Cargo Service 24 25

HMM General Cargo Service guarantees punctuality and a high General Cargo quality service, and we intend to honor these commitments. Service

Since launching the first bulk service to be carried from Indonesia to the Far East with on a Middle Eastern Asia in 1978, HMM has expanded and C.O.A basis through this year. diversified its list of scheduled destinations. HMM offers general cargo services on four main routes, i.e., Project cargo movement to the Persian Gulf from America Services, Europe Services, the Persian Gulf the Far East has been very active since 2004 when the Services and Intra-Asia Services - and all of them link situation in Iraq eased. This cargo has been combined up with Southeast Asia and the Far East. We also with our steel products. launched new services, i.e., Black Sea and West Europe Services, India Services, China Services and In 2005, HMM carried out 227 voyages, and Pulp Services at the beginning of 2004, and opened shifted 2,908 thousand tons of steel products (about local offices for marketing and sales in Antwerp, 106 voyages) and 1,552 thousand CBMs of wooden Mumbai and Shanghai in 2005. products (about 121 voyages) on all service routes. These figures include all minor cargoes such as The major shipments are steel, wooden products machinery, glass, and other project cargoes being and project cargoes. Steel products are transported carried by vessels ranging in size from 6,000 to 55,000 from the Far East to USA/Canada, the Great Lakes, the DWT. Persian Gulf, Southeast Asia and Europe, and from the Black Sea to the Far East. Also, some cargoes are To react effectively to vessel market fluctuation, transported from India to the Far East and S.E. Asia. we have hired vessels on a long-period basis instead of time charter. We also bought some second-hand Wooden cargo products are shipped from vessels and will continuously expand the fleet to Southeast Asia to the USA/Canada, the Mediterranean, maximize the service we have to offer. HMM General Europe and Persian Gulf areas. So far, the major Cargo Service guarantees punctuality and a high quality wooden product has been plywood. Pulp cargoes will service, and we intend to honor these commitments.

HYUNDAI MERCHANTGeneral MARINE CO., LTD. Cargo Service HMM Service Features Terminal & Logistics Service 26 27 Terminal & Logistics Service

CUT (California United Terminals) timely berth renovation and yard expansion to 2 large berths which provide trouble free vessel California United Terminals (CUT), a wholly owned accommodate the next generation HMM vessels. maneuvering at all times. Also, WUT has 4 Post subsidiary of Hyundai Merchant Marine (HMM), is Panamax gantry cranes capable of 18 row outreach, located in the Port of Long Beach in Southern California. Once completed, CUT will be the most reliable and along with new operational supporting equipment. CUT is renowned for its efficient service and superior efficient terminal in the Port of Long Beach with Combined with the innovative and integral I&T system HII (Hyundai Intermodal, Inc.) harbor location, and has played an important role in the plentiful berth space, additional container acreage, and (internally developed), WUT provides the most efficient Hyundai Intermodal, Inc. (HII) provides valuable PSW area as HMM’s main gateway to/from Asia. state-of-the-art facilities. and reliable stevedoring service in the industry. intermodal and logistics services to HMM in the United States. HII utilizes major railroad hubs located To meet all environmental concerns and the needs WUT (Washington United Terminals) WUT serves PNW and PCX services on a weekly across the States, and also Canadian rail networks. Its of the community, CUT is continuing to pursue new Washington United Terminals (WUT) is a wholly basis. It has designated a further 35 acres of on-dock rail list of clients includes intermodal marketing environmentally efficient technologies to reach our goal owned HMM incorporated terminal located in Tacoma facilities, which can provide non-stop connections companies, domestic manufacturers, and freight of becoming a ‘green’ terminal. In addition, CUT Washington, USA. WUT officially opened in April, 1999. directly between vessel and rail for inland cargo if the consolidators in the domestic business. continues to focus on the safety of its employees. This Since its inception, WUT has played an important role in container is properly segregated with block stowage. commitment to safety has earned CUT the West Coast the PNW area as HMM’s main gateway to and from Additionally, WUT facilitates quick dispatch and receipt HII Central Operations Center (COC) is located in Safety Award from the Pacific Maritime Association. Asia. of cargo by adopting a wheeled in-yard operation. lrving, Texas, and its regional offices are situated in Chicago and New Jersey. CUT is currently undergoing a major expansion and To meet HMM’s growth and strong potential for WUT’s success is the result of its employee and renovation project. The improvements will take place in the future, WUT is in the process of a 20 acres yard- owner commitment, and devotion and loyalty to the HII can be divided into four distinct groups : HII phases, commencing with the opening of a new state expansion. Once this is complete next year, WUT will terminal. The future remains bright and WUT is proud of Operations, Rail Marketing, Truck Marketing and HII of the art gate system in March 2006. have a capacity of 100 acres. its accomplishments since its inception in 1999. It looks Domestics. It strives to provide the highest level of forward to a future with Hyundai, and continued mutual service to all customers through direct links between sales, operations, and marketing staff. Additionally, CUT will make every effort to ensure a WUT has 15.5 meters of water depth alongside its growth.

HYUNDAI MERCHANT MARINE CO., LTD. Terminal & Logistics “With HMM, HMM has an overseas global network consisting of the ocean belongs to you” 4 regional headquarters, 23 subsidiaries, 70 branch offices and 6 overseas offices. HMM Global Network America Network 30 31 America Network

Seward

Detroit Toronto Minneapolis Vancouver Cleveland Seattle Kansas City Chicago Tacoma St. Louis Thinking globally, acting locally Portland Cincinnati Boston Memphis Denver New Jersey San Francisco Los Angeles Charlotte Phoenix Headquarters Long Beach Atlanta Dallas Subsidiary Irving Branch Office Houston

2005 was year of mixed results for our industry. Hyundai Merchant Marine America confronted a variety of challenges in North America, including trucker shortages, rail congestion and aggressive competition. HMMA and our associates are meeting these demands by working harder than ever to provide our customers with consistently high levels of service and value. While some aspects of the past year were difficult, our company made solid advances on several fronts and laid the foundations for future growth. This is an exciting time at HMMA, as we continue to make excellent progress establishing and communicating the advantages of our service over that of our competitors. We enter 2006 with the intention to increase our sales and further improve our HMMA consists of a winning team that includes our Regional Customer Service Centers, Sales, Logistics, Operations and winning team; we are also considering the possibility of diversifying our service coverage. We will be introducing a new US East Coast service, and will increase vessel capacity on two of our current services to cope with market growth in the coming years. Business departments. Our members take pride in enhancing customer satisfaction and we invest in our team by providing

relevant training for better job performance and functionality. This focus on training is needed to sustain our competitive Accessing information online has become more a part of our everyday lives than ever. In response, we have updated online booking procedures and advantage in a challenging business environment. Based on our positive trends, we are convinced that HMMA is headed in made online documentation more user friendly. Our most popular on-line features include the ability to verify vessels schedules and transit times, handle bookings, rate requests. Real time tracing of container movement and on-line bill of lading services are additional popular developments. HMMA is a winning the right direction for future growth. team that includes our Regional Customer Service Centers, Sales, Logistics, and Operations and Business departments. Our members take pride in customer satisfaction and investing in on the job training. This focus on training is needed to sustain our competitive advantage in a challenging business environment. Based on our positive contribution to date, we are convinced that HMMA is headed in the right direction for future growth.

HYUNDAI MERCHANT MARINE CO., LTD. HMM Global Network Europe Network 32 33

With the help of the whole HMM family, Europe Network our mutual goals are achievable.

Oslo Helsinki Coatbridge Gothenberg Headquarters Manchester Copenhagen Subsidiary Birmingham Bremen Hamburg Moscow Branch Office Rotterdam Warsaw Southampton Antwerp Overseas Office London Dunkirk Duesselodorf Prague Paris Frankfurt Le Havre Strasbourg Lyon

HMM Europe Ltd. started its business with the introduction of the and The New World Alliance (TNWA) announced a cooperation agreement Asia/Europe (AEX) Liner Service in 1992 with a high speed 3,000 TEU vessel on key trades from early 2006. The agreement will extensively broaden fleet. This has since been upgraded to 8 x 5,500 TEU mega vessels since HMM’s capabilities, network coverage and schedule frequencies, while July 1996. These vessels have enabled us to offer customers very improving services and choices for customers. This service expansion competitive transit times. program has particular significance on our Europe - Asia routes, as the launch of 3 brand new GA/TNWA loops in April. 2006 will coincide with the enlarging Since November 1995 HMME has been operating the Transatlantic of our existing AEX fleet (taking delivery of 5 x 6,800 TEU new-builds), the Service (TAS). This three fixed-day weekly service links the US East Coast new service profile will boast a competitive port range, and frequency and and Gulf by direct call, and the US West Coast, Mexico and Canada via transit times with significantly enhanced direct port call coverage - most feeder connections. HMME also introduced the Asia Mediterranean/Middle notably to / from China. East Europe Service (AME) in 1996. This is currently known as AMS (Asia - Mediterranean Service), and provides a direct calling service to the main In order to provide our customers with in-depth information on our ports in Asia and the Mediterranean, together with ports in the Middle East. services, we established a worldwide web-site in 1995. This is constantly 2006 is a landmark 10th anniversary for Hyundai Merchant Marine Europe Ltd. (HMME) since relocating to London in 1996. When HMME was initially established in 1992, upgraded to provide more information about our global services. We have the company comprised 4 HMM main offices and 14 agents. Since then, HMME has grown rapidly into one of the Europe’s most renowned multimodal shipping companies, with 7 In 1998 HMM joined “The New World Alliance” with APL and MOL, to been improving our service quality in harmony with a concern for the global HMM main offices, 17 branch offices and 11 agents (12 sub-agents) in Europe. The global transportation network is supported by well-qualified and experienced staff of provide competitive market coverage, sailing frequencies and transit times in environment. As a result, we have developed a company environment and approximately 3,775 in worldwide offices/agents. There are 250 HMM employed staff in 47 offices/agents in Europe alone. all of the major East-West container trades throughout the world. On 6th safety policy - and quality management system - in compliance with the October 2005, leading container lines representing the Grand Alliance (GA) Environment Management System (ISO 14001), ISM CODE and ISO 9002.

HYUNDAI MERCHANT MARINE CO., LTD. HMM Global Network South-East/West Asia Network 34 35 South-East/West

Dubai New Delhi Mumbai Lat Krabang Bangkok Network Laem Chabang Asia Chennai Ho Chi Minh Songkla Penang Klang Johor Bahru Singapore

Headquarters Jakarta Subsidiary Branch Office Overseas Office

Sydney Melbourne

The functions of the headquarters are tremendously important, and each regulations for improvement. In addition, it also verifies the sales offices’ segment of the shipping business will be taken care of by specialized invoices for correct payment. department. There are 5 major departments as follows: Information Technology Marketing & Pricing Like any other organization, it is vital to have strong back-up and This is akin to trade management, and in terms of trade lanes, it can be information management which uses advanced hardware and software for classified into Trans-Pacific, Europe and Intra Asia. This allows the full control seamless communication. over India and Australia services. This department is also responsible for the development and revenue performance of its controlled offices. Each of the departments function independently, but liaise closely to Logistics ensure continued business growth with maximum profits and minimum It plays a supporting role in connection with terminal contracts, feeder costs. Since 2003, SHQ (Singapore Regional Headquarters) has been established to provide effective control over the business activities in South East / West Asia. This region networks, schedule management, operational issues, etc. includes more than 10 over countries with great diversities in political, economic and social aspects. It is therefore desirable to develop expertise locally to maximize efficient Equipment Ever since inception, SHQ has played an active role in this region and expansion. The major responsibility is to ensure that an optimal level of equipment is this is reflected in its policy of increasing its overseas presence. For example, available within our region. In addition, it is also important to increase the in 2005, a branch office was established in Mumbai, and Vietnam will be The headquarters is strategically located in Singapore, and as it is a trans-shipment hub in the region, it handles about 20% of the world’s total container trans-shipments. On a utilization ratio of equipment and to avoid costly long idling times. another target in 2006. This strategy takes advantage of the opportunities yearly basis, it has achieved more than 20 million TEUs, and is still growing. Singapore also has an open market economic policy which facilitates international trade, so it is also a Documentation & Auditing offered in fast-growing areas. Together with 3 other regional headquarters in global business and logistics center. This department is to ensure the smooth flow of traffic with proper USA, Europe and China, SHQ will contribute significantly to achieving the documentation. From time to time, it will introduce new rules and HMM goal of “carrying the future.”

HYUNDAI MERCHANT MARINE CO., LTD. HMM Global Network China Network 36 37 China Network

After 10-year’s rapid development, Hyundai Merchant Marine (China) Co., Ltd. officially established China Headquarters in Shanghai by the end of 2003 thanks to its outstanding progress in China. Headquarters Branch Office Dalian Tianjin Qingdao Nanjing Shanghai Ningbo

Due to the excellent management of Headquarters, HMM China has In 2006, HMM China plans a series of service reshuffling or vessel continued to expand in China over the past two years. In 2005, HMM China’s upsizing programs. On TPS trade, both PCX & PNW would be upsized in the total export volume on TPS, Europe, Intra Asia reached 3,620 TEU, 1,075 3rd quarter. On Europe trade, the cooperation with Grand Alliance on Loop 3 / TEU, and 1,190 TEU per week, with growth ratios of 19.9%, 16.8%, and Loop 4 / Loop M begins from March. After that, the East China / North China 5.7% compared to those of 2004. Due to the fast growth and potential of the to Europe service will be much improved. On Intra Asia trade, a new China - Ningbo market, HMM China upgraded Ningbo representative office to branch India service will be launched in April. With all these major developments, it is office level in 2005. certain that China business will be improved and expanded step by step.

By the end of 2005, HMM completed its preparation on joint venture Furthermore, HMM China would like to further enhance and enlarge its company establishment, so that HMM China could expand its business into network in China. In the 1st half of 2006, Nanjing representative office was shipping agency areas from 2006. It is expected that HMM China’s service upgraded to branch office, and the possibilities for a West China network is quality will be highly enhanced as a result. thought out.

HYUNDAI MERCHANT MARINE CO., LTD. HMM Global Network Japan/Hong Kong Network 38 39

HMM Japan has three owned offices in Tokyo, Yokohama and Osaka, and three agent offices in Nagoya, Shimizu and JapanHakata. The Tokyo office covers all matters related to sales and administration in Japan, as the main office of HMM Japan. The Osaka Hong Kong office pays particular attention to sales in west Japan, and three agent offices cover sales at major local ports. The Yokohama office is the center for documentation work for all Japan.

We have six services (PS3, GCX, PNW, APX, NUE, PSW) in TPS and two services (AEX, JEX) in Europe, and six services (JTP, JTD, SCV, JCV , KMS, SMS) in Asia as well as our recently highlighted Inter Port Services. With the rapid economic growth of the South China market, Hong In 2006, HMM Japan will focus on the following three targets in line with the company’s long-term strategy plan. Kong handled over 23 million TEUs in 2005 as the second busiest port of the world, and Shenzhen handled over 16.5 million TEUs. HMM Hong Kong, handled First, it will develop sales that can create high profits and cut costs. approximately 500,000 TEUs and around 100 calls per month at Hong Kong Second, it will maximize savings by cutting down on costs incurred in the depots and terminals and by balancing exports and import, so International Terminals (the largest terminal operator in Hong Kong). that positioning expenses like THC, Lift on/off charge and trucking costs for supplying or removing containers can be reduced. Third, it will maximize the job performance of staff in all offices, especially by changing documentation procedures to a computerized With the rationale of “Service is ours, Satisfaction is yours,” HMM Hong system. To achieve this, we will develop a new program to speed the current manual-documentation process. Kong and South China offer a varied range of services from Hong Kong and South China to North America, Europe and the Mediterranean, Asia, Middle East and Australia to meet customer needs.

e-Business Promotion: To ensure HMM is most up-to-date in the shipping industry, HMM Hong Kong has promoted the HMM EDI linkage, HMM homepage www.hmm21.com, it has

HYUNDAI MERCHANT MARINE CO., LTD. also coordinated well with the partner global-shipping logistics portal - GT Nexus. The e-ratio of HMM Hong Kong steadily improved in 2005.

Multimodal - Railway Service: In 2005, with the aim of offering a top service to our customers, HMM Hong Kong worked closely with Shenzhen Pingyan Railway Company Limited (a member of the Hutchison Port Holdings Group) to provide a multimodal, railway service, for customers in South China.

In 2006, HMM Hong Kong will keep on delivering and upgrading convenient transport and value-added services to our customers.

Tok yo Subsidiary Branch Office Shenzhen Subsidiary Hong Kong Branch Office

Yo kohama Osaka Hyundai Ocean Pioneer Shipping Agency Co., Ltd., which is located in Taipei was established in 1999 as a joint venture with a local agency and became a 100% HMM subsidiary Taiwan in 2000. With 70 staff and a branch office in Kaohsiung, it provides HMM customers with quality transportation services in major trade lanes covering the USA, Europe, and the Middle East as well as Intra Asia.

In 2006, we will focus on maximizing customer satisfaction by providing a high quality service. We will also improve internal efficiency and cost cutting by introducing a new generation IT Company Data system. To overcome forthcoming market conditions we will concentrate our efforts on transporting high value-added freight, and on strengthening relationships with customers. All HDOP staff Financial Statements will do their best, while keeping in mind that in any problematic HMM’s Development situations there are always solutions and opportunities. Managing Staff The Kaohsiung Hyundai Terminal (KHT), which has been an Management Organization exclusive terminal for HMM Taiwan since 1996, is located at Pier Fleet List 75 of No.5 Container Terminal Center at Kaohsiung Port. It has a land area of 111,636 sq. meters and is equipped with 3 gantry Headquarters & Global Network HYUNDAI MERCHANT MARINE CO., LTD. cranes, 8 transfer cranes, 2 reach stackers, 18 yard tractors, and 30 chassis units. KHT also provides CFS, and a container M and R service besides container handling. KHT has been awarded a best contribution recognition by Kaoshiung Port Authority (KPA) for its volume increase for three consecutive years since 2003. To cope with increasing container handling volumes, KHT will enlarge storage capacity by purchasing one top-handler which is capable of stacking empty containers up to 6 tiers. Transtainer lifting height will increase from the current 4 tiers to 5 tiers.

Taipei KHT’s long term plan is - in connection with the development Kaohsiung Subsidiary of KPA No.6 Container Center Project - to extend KHT yard size, berth length and gantry crane boom length in order to facilitate mega-size vessel operation capacity. This will safeguard KHT’s position as HMM’s hub port for Southeast Asia. Company Data Financial Statements 42 43

Financial Statements

BALANCE SHEET (Unit : Million KRW) STATEMENTS OF CASH FLOWS (Unit : Million KRW) Account 2005 2004 Account 2005 2004 Current assets 1,026,305 680,870 1. Cash flows from operating activities 455,206 915,235 1. Quick assets 944,077 627,447 2. Inventories 82,228 53,423 2. Cash flows from investing activities 315,658 84,208 Non-current assets 3,787,932 3,334,145 3. Cash flows from financing activities 32,960 769,713 1. Investments 548,063 435,475 2. Property, vessels and equipments 3,230,906 2,889,341 4. Net increase (1+2+3) 106,589 61,313 3. Intangible assets 8,963 9,329 5. Cash and cash equivalents at the beginning of the year 69,938 8,624 Total assets 4,814,237 4,015,015 Current liabilities 939,185 1,014,061 6. Cash and cash equivalents at the end of the year 176,526 69,938 Non-current liabilities 2,450,629 2,156,935 Total liabilities 3,389,814 3,170,996 Capital stock 515,366 515,366 Capital surplus 382,627 858,235 Retained earnings 386,402 288,479 Capital adjustments 140,028 241,103 Total shareholders’ equity 1,424,423 844,019 Total liabilities and stockholders’ equity 4,814,237 4,015,015

STATEMENTS OF INCOME (Unit : Million KRW) Account 2005 2004 Sales 4,845,594 5,118,612 STATEMENTS OF APPROPRIATION OF RETAINED EARNINGS (Unit : Million KRW) Cost of sales 4,287,934 4,475,242 Gross profit 557,660 643,370 Account 2005 2004 Administrative expenses 91,249 88,546 1. Retained earnings before appropriation 386,402 376,357 Operating profit 466,411 554,824 Net Income 386,402 427,869 Non-operating income 179,221 353,054 Non-operating expenses 220,922 287,052 2. Transfer from voluntary reserves - 5,460 Ordinary income 424,710 620,826 3. Disposition of accumulated deficit - 370,897 Extraordinary gain -- 4. Appropriations of retained earnings 122,639 - Extraordinary loss -- Net income before taxes 424,710 620,826 Cash dividend (KRW 500/Share) 51,537 - Net income 386,402 427,869 5. Earning surplus carried forward to the following term 263,763 -

HYUNDAI MERCHANT MARINE CO., LTD. Company Data The Board of Directors/Major Shareholders 44 45

The Board of Directors Major Shareholders

(As of March 10, 2006) (For the year end December 31, 2005, 2004) 2005 2004 NAME STATUS DUTIES Number of Percentage of Number of Percentage of shares ownership (%) shares ownership (%) Hyun Jeong-Eun Chairwoman of the Board of Directors Chairwoman of Hyundai Group Hyundai Elevator 17,690,000 17.16% 17,690,000 17.16%

Noh Jeong-Ik Representative Director President & CEO Geveran Trading 16,284,300 15.80% 8,117,650 7.88%

Cape Fortune 10,305,040 10.00% 10,305,040 10.00% Jeon In-Baik Standing Director President of Hyundai Group Development and Planning Office Hyundai Engineering & Construction 8,961,577 8.69% 8,961,577 8.69% Lee Dong-Yeol Standing Director Head of Bulk Division Stavanger Fondsforvalting 7,664,950 7.44% 6,748,530 6.55%

Yang Bong-Jin Outside Director Dean, College of Business Administration, Sejong University Kumgang Korea Chemical et al. 6,452,000 6.26% 6,452,000 6.26% Hyun Jeong-Eun et al. 3,472,793 3.37% 3,472,793 3.37% Kim Dong-Gun Outside Director Managing Partner & Attorney at Law, “Barun” Law Firm Hyundai Department Store 2,379,423 2.31% 2,379,423 2.31%

Kang Bo-Hyun Outside Director Managing Partner & Attorney at Law, “Yoon and Yang” Law Firm Hyundai Development 2,003,000 1.94% 0 0.00%

Hyundai Marine & Fire Insurance 1,930,000 1.87% 2,200,000 2.13% Jon Joon-Soo Outside Director Dean, College of Business Administration, Sogang University Hyundai Motor Company 562,121 0.55% 562,121 0.55%

Eric Sing Chi Ip Outside Director Managing Director, Hong Kong International Terminals Others 25,368,025 24.61% 36,184,095 35.11%

HYUNDAI MERCHANT MARINE CO., LTD. Company Data HMM’s Development 46 47

HMM’s Development

1970 1976 Company established as Asia Merchant Marine on 1984 Vessels owned by Halla Merchant Marine Purchased. 1990 1990 Hyundai Intermodal, Inc. (HII) established as a 1996 Three of the world’s largest car carriers (6,000 March 25, with a capital of 200 million. Operation on behalf of Dong Hae Merchant Marine and subsidiary to provide a full-service Intermodal vehicle capacity) acquired. Transportation service opened with a fleet of three Shin Han Shipping fleets established. transport service within the US. Exclusive container terminal opened in Kaohsiung, VLCCs. Subsidiary called Sun Eel Shipping founded. Taiwan. 1991 Direct Korea-Russia route between Busan and Seven of the world’s largest and fastest container 1977 Bulk cargo tramp service and deep-sea tug service 1985 Operation of Koryo Merchant Marine vessels Vostochny opened. ships (5,551 TEU) deployed. began. commenced. Presidential citation (Best Performance Tower) given Full container service opened between the Far East and 1992 Five 4,411 TEU full container ships deployed in the at the first Ocean Day in May: Captain Shin Yong - ho 1978 Conventional liner service opened between the Far the Western US. Far East-US route. awarded Suktop (Stone Tower) decoration. East and the Middle East. Acquisition of Dong Hae Merchant Marine and Shin Han Subsidiary incorporated in Europe and Hong Kong. Sales reached US$ 2.5 billion. Shipping completed on August 31 and December 31, ISO 14001 certification acquired, the first among the 1993 Branch office opened in North China. 1979 Bulk service introduced between Korea and Latin respectively. world’s multimodal transportation companies. US subsidiaries Hyundai America Shipping Agency, America. Inc. (HASA) and Hyundai Merchant Marine America 1986 Semi-container service linking Europe, the South Pacific 1997 Inland container depot opened at Euiwang, Korea. (HMMA) established. 1980 Specialized car carrier service established. and Australia opened. HMM Bangkok office upgraded to subsidiary status 1980 Both ISO 9002 certification and ISM code received. and renamed Hyundai Merchant Marine Thailand. Specialized ore and coal transportation service Paid-in Capital increased to 109.5 billion. Off - dock container yard acquired in Tianjin. 1981 1987 1994 Feeder service network developed in Southeast began. Asia. Lease agreement signed with the port of Tacoma. 1988 Double stack train (DST) rail freight service established Asia-Pacific Northwest (PNW) exclusive service route Global container service provided with APL and 1982 US subsidiary, Hyundai Merchant Marine America between Long Beach, Chicago and the Eastern US. started. MOL. (HMMA) founded. Asia Merchant Marine, a separate division and general Korea first LNG transport service began in June with Sales reached US$ 3.25 billion. Conventional liner service introduced among the Far The view of the christening of the Atlantic sales agency for domestic business, founded. the launching of the Hyundai Utopia. The christening of a new ore and coal East, the Western and Eastern US and the Gulf of Baroness. The ship’s name was changed to Acquisition of Koryo Merchant Marine completed on carrier, the Hyundai Pacific, in 1981, at Mexico. the Korea Sun. It was the company’s first January 4. 1995 Hyundai Logistics Co., Ltd. container service which Kim Hyo-sun (wife of Moon Byung- ship. rin, the Minister of Korea Maritime and Port Hyundai Business Group former, Chung Ju- business HQ incorporated into the Seoul branch Administration) officially named the vessel. 1983 Company name changed to Hyundai Merchant yung making a technical cooperation 1989 Japanese subsidiary incorporated. office. Laying the keel of the Hyundai Utopia in 1992. Marine Co., Ltd. on August 9. agreement with A&P Appleddore of DST service for Gulf of Mexico region of the US First video conferencing system (Seoul-Los Angeles) HMM chairman Hyun Yung-won shaking England. hands with representatives from various Conventional liner service between Southeast Asia introduced. for a Korean shipping company opened. The ceremony inaugurating the Korea Sun. nations participating in the World Agency and the Eastern US, and container service between Paid-in Capital increased to 150 billion. Inland depot in Hong Kong secured with the Meeting in 1987. A 4,411-TEU container vessel in Ulsan. the Western US and Australia opened. establishment of a joint venture. Container service began between Europe and the South Pacific with England’s container ship.

HYUNDAI MERCHANT MARINE CO., LTD. Company Data HMM’s Development 48 49

HMM’s Development

1998 The New World Alliance service began with APL and 2000 2000 The new management vision for the 21st century, 2004 Chinese market strengthened to open new serivces MOL. HMM 21 proclaimed. - PCX(Pacific China Express), KSX(Korea China Five 6,500 TEU container vessels to the Asia - North America service route deployed in 2001. Hyundai Fleet Management System, covering such President & CEO, Choong-Shik Kim awarded Gold Express), SCX(South China Express). A ‘Cyber Customer Service Center’ in the HMM internet homepage built in 2001. information as weather conditions, vessel locations Tower industrial medal his contribution to Korea’s All of HMM’s vessels and port facilities approved Naming ceremony of the ‘Hyundai Glory’ a new 4,700 TEU container vessel, was held in 2003. and ocean current changes, established. shipping industry. ISPS(International Ship and Port Facility Security) Hyundai Business Group Vision 2010 proclaimed in 2004. President Noh promoted IR in 2004. Korea’s first Korea-Middle East container service Three 135,000 CBM LNG carriers, Hyundai Code. On July 15th, 2005 Indian subsidiary established. commenced. Cosmopia, Hyundai Aquapia and Hyundai Oceanpia Hyundai Group Vision 2010 proclaimed. Naming ceremony of the ‘Universal Queen’, a new VLCC, was held sponsored by Korean First Lady Kwon Yang- The Carrier Service Partnership Award received from delivered. Overseas staff were invited to Seoul HQ to sook, 2005. Payless Shoesources, Inc. Hyundai Merchant Marine (France) S.A. opened. understand HQ’s cultural background. The Asian Captain, a 6,000-vehicle PCTC, delivered. Sales revenue reached US$ 4.5 billion. President & CEO, Noh Jeong-Ik promoted active IR(Investment Relations) in domestic and overseas. 1999 100% management rights for California United 2001 ’Cyber Customer Service Center’ opened. Increased vessel Investment HMM purchased and Terminal in Long Beach acquired. GT Nexus, a shipping portal site with 12 world’s ordered to construct 11 container ships, 9 tankers The official international Y2K Statement obtained the leading ocean carriers established. and 2 bulk carriers. exclusive container terminal at the port of Tacoma, 6,500 TEU container vessels on the PSW (Pacific- USA opened. Southwest service) route deployed. 2005 Appointed its first representative in Ho Chi Minh city, Hyundai Busan Container Terminal, the largest public ’iloveshipping.com’ a shipping information site Vietnam, and established an Indian Subsidiary on container terminal in Korea opened. established. July 15th. LNG carrier, Hyundai Technopia delivered. Naming ceremony of the ‘Universal Queen’, a new HMM Container Terminals acquired ISO 9002/ISO 2002 Car Carrier Business sold to Wallenius/ Wilhelmsen. VLCC, was held sponsored by Korean First Lady 14001 Certification at the same time. A new service route between East Asia and Australia Kwon Yang-sook.

HMM has committed six 5,551-TEU Sales revenue reached US$ 4.0 billion. / New Zealand opened. Ordered to construct four 8,600 TEU containerships - container vessels to transpacific routes. Permanent non - dispute declared between labor and the largest domestic vessels ever - and five 4,700 The company initiated operation of trains management. TEU ships. transporting reefer container cargoes between the ports of Euiwang and Busan. Extended the terms of alliance agreement with The In 1999, HMM acquired 100% management 2003 South-East / West Asia Headquarters established. New world Alliance (TNWA) to 31st December, rights for California United Terminal at Long Global Integration System (GIS) established. 2012. Also TNWA announced a co-operation Beach, U.S.A.. Naming ceremony of the ‘Hyundai Glory’, a new agreement on key trades with the Grand Alliance 4,700 TEU container vessel, was held. (GA). China Headquarters established. Selected as Best Shipping Company - ‘2005 Global On April 1999, the exclusive container partnership Carrier (GPC)’ by Japan’s SONY, ‘Carrier terminal(WUT) opened at the port of of the Year’ by Best Buy. Tacoma, U.S.A..

HYUNDAI MERCHANT MARINE CO., LTD. Company Data Management Organization 50 51

Management Organization

Trans-Pacific Liner Dept. Seoul Branch Busan Branch Overseas Hyundai Merchant Marine (America), Inc. Washington United Terminals, Inc. President Liner Division HMM America Europe Liner Dept. Trans-Pacific Export Sales Dept. Traffic & Operation Dept. Organization Hyundai America Shipping Agency, Inc. California United Terminals, Inc. Asia & Oceania Liner Dept. Europe Export Sales Dept. Business Dept. Hyundai Intermodal, Inc. Seward Terminal, Inc. Liner Operation Dept. Asia Export Sales Dept. Documentation Dept. Harbor & Logistics Dept. Import Sales Dept. Yong Dang CY Service Coordination Dept. Customer Service Dept. Hyundai Merchant Marine (Europe) Ltd. Hyundai Merchant Marine (Belgium) N.V. Equipment Control Dept. Gangnam Office HMM Europe Liner Strategy & Planning Dept. Hyundai Merchant Marine (Deutschland) GmbH Hyundai Merchant Marine (France) S.A. Container Depot und Reparatur Hamburg GmbH Hyundai Merchant Marine (Scandinavia) AB Hyundai Merchant Marine (Netherlands) B.V. Bulk Division LNG Carriers Dept. Local Office Tanker Dept. Incheon Office Tramper Dept. Pohang Office South-East/ South-East/West Asia Headquarters Hyundai Merchant Marine (Mumbai) Sdn. Bhd. General Cargo Dept. Gwangyang Office West Asia Hyundai Merchant Marine (Singapore) Pte. Ltd. Jakarta Office Cargo Stowage & Safety Management Dept. Hyundai Merchant Marine (Thailand) Co., Ltd. Ho Chi Minh Office Hyundai Merchant Marine (Malaysia) Sdn. Bhd. Administration General Administration Dept. Global Network Service Office Division Accounting Dept. Procurement Dept. Revenue & Expense Auditing Dept. Emergency Training Dept. HMM China China Headquarters Hyundai Merchant Marine (China) Dalian Co., Ltd. Financing Dept. Hyundai Merchant Marine (China) Shanghai Co., Ltd. Hyundai Merchant Marine (China) Shenzhen Co., Ltd. Hyundai Merchant Marine (China) Tianjin Co., Ltd. Hyundai Merchant Marine (China) Ningbo Co., Ltd. Hyundai Merchant Marine (China) Qingdao Co., Ltd. Hyundai Merchant Marine (China) Nanjing Co., Ltd.

Maritime Safety Management Dept. Bulk Carrier Maintenance & Engineering Dept. Division Marine Affairs Dept. Container Fleet Maintenance & Engineering Dept. Hyundai Merchant Marine (Japan) Co., Ltd. Hyundai Ocean Pioneer Shipping Agency Co., Ltd. Tanker Management Dept. New Building & Technical Dept. Hyundai Merchant Marine (Hong Kong) Co., Ltd. Hyundai Merchant Marine (Taiwan) Co., Ltd. (Changwan Container Service Ltd.) (Kaohsiung Terminal) Corporate Planning Office Public Relations Office Insurance & Legal Dept. Dubai Office Melbourne Office Information & Technology Team Sydney Office Moscow Office

HYUNDAI MERCHANT MARINE CO., LTD. Company Data Managing Staff 52 53

Managing Staff

President & CEO Vice President Vice President Vice President Vice President Noh Jeong-Ik Nam Myeng-Jin Na Sung-Hwa Lee Taeg-Gyu Hong Jee-Heon Cargo Stowage & Safety LNG Carriers Dept. Director in charge of Head of California United Management Dept. Marine Affairs Dept. Terminals, Inc.

Senior Executive Vice Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President President Shin Yong-Ho Park Jae-Yung Park Nam-Seung Choi Hyeong-Gyu Kim Duck-Man Chung Han-Goo Kim Soo-Ho Ahn Hong-Hwan Head of Maritime Division Head of HMM America, Inc. Head of HMM South- Jakarta Office Global Network Service Office Head of HMM Japan Co., Ltd. Director in charge of Head of Administration East/West Asia H.Q. Liner Operation Dept./ Division Equipment Control Dept./ Harbor & Logistics Dept.

Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Lee Jae-Hyun Yoo Chang-Keun Lee Dong-Yeol Kim Jong-Hun Song Yo-Ick Kang Sun-Koo Hwang Jung-Soo Lee Seok-Dong Head of Liner Division Head of HMM Europe Ltd. Head of Bulk Division HMM Europe Ltd. Trans-Pacific Liner Dept. Director in charge of Bulk Carrier Maintenance & Head of HMM Deutschland Financing Dept. Engineering Dept. GMBH

Senior Vice President Senior Vice President Senior Vice President Senior Vice President Vice President Vice President Vice President Vice President Kim Yoon-Ky Shin Jae-Hee Kwon Joo-Suk Kim Chang-Woo Choi Jung-Ki Son Young-Il Lim Jae-Hoon Oh Dong-Soo Director in charge of Director in charge of Director in charge of Head of HMM China H.Q. Procurement Dept. Europe Liner Dept. Head of HMM Singapore Pte, Public Relations Office Corporate Planning Office/ Container Fleet Maintenance & Asia & Oceania Liner Dept./ Engineering Dept./Bulk Carrier Ltd. Service Coordination Dept./ Public Relations Office/ Maintenance & Engineering Dept./ Liner Strategy & Planning Dept. Insurance & Legal Dept./ Tanker Management Dept./ Information & Technology Team New Building & Technical Dept. Senior Vice President Senior Vice President Senior Vice President Vice President Vice President Vice President Vice President Kim Jae-Seon Han Woong-Sup Kim Jong-Kwon Bang Han-Dong Kim Ji-Taek Lee Joo-Sun Park Young-Kan Head of HMM Hong Kong Director in charge of Director in charge of Seoul Tanker Dept. Head of HMM Taipei Ltd. Melbourne Office Safety Management Dept. Ltd. Busan Branch Branch

Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Ryu Ho-Yeon Choi Kyung-Ho Kim Hong-Ki Lee Young-Joon Shin Hyun-Jong Lim Jong-Ki Kang Ho-Kyung Jung Han-Ki HMM America, Inc. Director in charge of Hyundai America Shipping Tramper Dept. Head of HMM Shanghai Ltd. HMM Europe Ltd. Asia & Oceania Liner Dept. Head of HII Ltd. Accounting Dept./ Agency, Inc. Revenue & Expense Auditing Dept.

HYUNDAI MERCHANT MARINE CO., LTD. Company Data Fleet List 54 55

Fleet List (As of March 2006)

NO. VESSEL NAME YEAR BUILT DWT G/T CAPACITY NO. VESSEL NAME YEAR BUILT DWT G/T CAPACITY NO. VESSEL NAME YEAR BUILT DWT G/T CAPACITY NO. VESSEL NAME YEAR BUILT DWT G/T CAPACITY

CONTAINER 1 Hyundai Freedom 1996 68,519 64,054 5,551 TEU 21 Hyundai Independence 1996 68,519 64,054 5,551 TEU BULK 1 Global Winner 1997 161,121 81,152 8 Equinox Dawn 2002 52,015 30,049 SHIP 2 Hyundai Fortune 1996 68,519 64,054 5,551 TEU 22 Hyundai Liberty 1996 68,519 64,054 5,551 TEU CARRIER 2 Global Victory 1996 149,155 76,068 9 Curia 2001 51,029 28,691 3 Hyundai Confidence 2003 68,048 64,845 5,500 TEU 23 Hyundai Discovery 1996 68,519 64,054 5,551 TEU 3 Pacific Champ 1996 43,229 25,503 10 Tai Harmony 2001 51,008 28,615 4 Hyundai Glory 2004 63,404 53,352 4,648 TEU 24 Hyundai Admiral 1992 61,153 51,836 4,411 TEU 4 Pacific Royal 1996 43,210 25,503 11 Genco Wisdom 1997 47,180 26,094 5 Hyundai Future 1997 24,799 21,611 2,200 TEU 25 Hyundai Baron 1992 61,153 51,836 4,411 TEU 5 Ina 2003 175,600 88,800 12 Hawk 1994 45,111 26,122 6 Hyundai Stride 1997 24,777 21,611 2,200 TEU 26 Hyundai Commodore 1992 61,153 51,836 4,411 TEU 6 Nordweser 2001 75,323 40,605 13 C. Laurel 2005 151,380 77,304 7 Nicolaos A 2003 53,806 31,167 14 Frontier Angel 2001 52,200 29,885 7 Hyundai Progress(WH2) 1998 24,777 21,611 2,200 TEU 27 Hyundai Duke 1992 61,153 51,836 4,411 TEU 8 Hyundai Bridge 1998 24,777 21,611 2,200 TEU 28 Hyundai Emperor 1992 61,153 51,836 4,411 TEU LNG 1 Hyundai Cosmopia 2000 77,591 113,998 135,000 CBM 6 Hyundai Technopia 1999 69,157 113,998 135,000 CBM 9 Hyundai Vladivostok 1997 24,766 21,611 2,200 TEU 29 Hyundai Federal 1994 61,153 51,841 4,411 TEU CARRIER 2 Hyundai Aquapia 2000 77,565 113,998 135,000 CBM 7 YK -Sovereign 1995 71,909 103,764 125,000 CBM 10 Hyundai Advance(WH1) 1997 24,767 21,611 2,200 TEU 30 Hyundai Explorer 1986 43,567 39,892 2,984 TEU 3 Hyundai Oceanpia 2000 77,513 113,998 135,000 CBM 8 Hanjin Pyeong Taek 1995 71,041 90,004 125,000 CBM 11 Hyundai Highway 1998 24,767 21,611 2,200 TEU 31 Hyundai Innovator 1986 43,567 39,892 2,984 TEU 4 Hyundai Utopia 1994 71,910 103,764 125,000 CBM 9 LNG Aquarius 1977 65,000 95,084 126,000 CBM 12 Hyundai Sprinter 1997 24,766 21,611 2,200 TEU 32 Hyundai Frontier 1986 43,567 39,892 2,984 TEU 5 Hyundai Greenpia 1996 71,910 103,764 125,000 CBM 13 Hyundai General 1996 68,519 64,054 5,551 TEU 33 Hyundai Pioneer 1986 43,567 39,892 2,984 TEU 14 Hyundai Highness 1996 68,519 64,054 5,551 TEU 34 Hyundai Challenger 1989 37,915 39,678 2,633 TEU ORE / COAL 1 Hyundai Continental 1988 200,269 101,466 7 Hyundai Oceania 1983 139,887 76,068 15 Hyundai Primorskiy 1987 10,832 8,689 918 TEU 35 Mamitsa 1985 25,088 18,145 1,442 TEU CARRIER 2 Hyundai Universal 1990 200,100 101,604 8 Hyundai Island 1986 127,853 67,897 16 Hyundai Kingdom 2001 80,550 74,373 6,500 TEU 36 Hyundia Opal 1989 19,710 18,342 1,171 TEU 3 Hyundai Olympia 1987 186,330 93,005 9 Hyundai Spirit 1993 126,000 68,093 17 Hyundai Republic 2001 80,550 74,373 6,500 TEU 37 Hyundai Harmony 2002 17,700 13,267 1,032 TEU 4 Hyundai Cosmos 1986 163,256 85,678 10 Pacific Success 1989 37,450 24,790 18 Hyundai National 2001 80,550 74,373 6,500 TEU 38 Hyundai Concord 2002 17,700 13,267 1,032 TEU 5 Hyundai Prosperity 1990 151,258 77,307 11 Hyundai Power 1998 149,221 76,068 19 Hyundai Donimion 2001 80,550 74,373 6,500 TEU 39 Fesco Voyager 1998 13,896 12,471 840 TEU 6 Hyundai Atlas 1995 149,310 76,068 20 Hyundai Patriot 2001 80,550 74,373 6,500 TEU 40 Hyundai Shanghai 2006 80,480 74,651 6,800 TEU P.TANKER 1 Oriental Emerald (DH) 2005 49,700 30,971 6 Admiral L (SH) 1990 41,000 23,967 1 Hyundai Sun (DH) 1998 299,984 156,692 13 Millennium (DH) 1998 299,984 156,692 2 Oriental Ruby (DH) 2005 49,700 30,971 7 ARGOSY (SH) 1991 41,000 23,967 VLCC 2 Universal Hope (DH) 1993 299,700 158,475 14 LA ESPERANZA (DH) 1993 299,700 158,475 3 Oriental Green (DH) 1998 99,992 56,955 8 Vijayanti (DH) 1997 31,259 23,386 3 Universal Peace (DH) 1995 299,700 158,475 15 LA PAZ (DH) 1995 299,700 158,475 4 DL Iris (DH) 1998 108,227 57,450 9 Dewi Sawitri (DH) 1999 17,961 13,468 4 Asian Jade (DH) 2005 105,000 57,154 16 Sacramento (DH) 1998 157,411 81,565 5 Pacific Serenity (DH) 2003 48,000 28,850 5 Pacific Superior (SH) 1994 269,605 146,849 17 Faultless (DH) 1992 154,970 79,718 6 Pacific Courage (SH) 1992 269,101 145,403 18 Potomac (DH) 2000 159,999 81,093 PULP CARRIER 1 Kiani Satu 1997 16,500 16,660 7 Hyundai Star (SH) 1995 281,199 151,592 19 Nordasia (DH) 1998 105,994 57,009 8 Universal Brave (DH) 1997 299,997 156,692 20 SYLT (SH) 1993 279,995 153,332 WOODCHIP CARRIER 1 Forest Pioneer 1998 48,800 39,548 3.8M CFT 9 Universal Prime (DH) 1997 299,985 156,692 21 SALA (SH) 1993 279,995 153,332 10 Hyundai Banner (SH) 1996 281,074 151,977 22 EL JUNIOR (SH) 1995 266,072 149,896 CHEMICAL CARRIER 1 Golden Top(DH) 2004 12,750 7,240 11 Universal Queen 2003 309,000 163,465 23 VL MALIBU (SH) 1989 248,976 137,024 12 Universal Crown 2003 309,000 163,465 VLGC 1 Gaz Energy(DH) 1990 50,743 44,680

HYUNDAI MERCHANT MARINE CO., LTD. Company Data Headquarters & Global Network 56 57

Headquarters & Global Network

HYUNDAI MERCHANT MARINE CO., LTD. Busan Branch (Traffic & Operation Dept.) HYUNDAI AMERICA SHIPPING AGENCY, INC. Detroit New Jersey CHICAGO RCSC HYUNDAI MERCHNT MARINE (EUROPE) LTD. Frankfurt 3rd Fl., 206-5, Yongdang-Dong, Nam-Gu, 26261 Evergreen Road, Suite 273 300 Sylvan Avenue 333 Pierce Road, Suite 250 Borisigallee 37 Head Office (Seoul) Dallas (AHQ) London (EHQ) Busan, Korea Southfield, MI 48076, U.S.A. Englewood Cliffs, NJ 07632, U.S.A. Itasca, IL 60143, U.S.A. D-60388 Frankfurt, Germany Hyundai Merchant Marine Co., Ltd. 1750 Valley View Lane, Suite 300 4th Fl., City Reach, 5 Greenwich View Place Tel:(051)607-7800 Fax:(051)624-8457 Tel: 248-799-9955 Fax: 248-799-9718 Tel: 201-816-4000 Fax: 201-816-4061 Tel: 800-222-6764 Fax: 877-329-4362 London E14 9NN, U.K. Tel: 49-6109-32077 Fax: 49-6109-31315 66 Jeokseon-Dong, Jongno-Gu, Seoul, Korea Dallas, TX 75234, U.S.A. Tel: 972-677-2500 Fax: 972-677-2509 Houston Tel: 44-20-7477-7200 Fax: 44-20-7477-7174 Tel:(02)3706-5114 Fax:(02)734-8496 Busan Branch (Business Dept.) 1235 North Loop West, Suite 900 Portland CHARLOTTE RCSC Praha (Czech) 15th Fl., Hyundai M&F Insurance Bldg., 1193-5 121 S.W. Salmon St., Suite 1050 Atlanta Houston, TX 77008, U.S.A. 11440 Carmel Commons Blvd., Suite 206 Birmingham Ulice 1. Pluku 8-10 CZ-18630 Choryang-3Dong, Dong-Gu, Busan, Korea Portland, OR 97204, U.S.A. Marine Affairs Dept. (Busan) 100 Galleria Parkway, Suite 1360 Tel: 713-861-0123 Fax: 713-861-3668 Charlotte, NC 28226, U.S.A. 2nd Fl., Suite 2D St. Georges Court Praha, Czech Tel:(051)463-0710 Fax:(051)469-1553 Tel: 503-224-1112 Fax: 503-224-3434 16th Fl., Hyundai M & F Insurance Bldg., 1193-5 Atlanta, GA 30339, U.S.A. Tel: 704-972-3100 Fax: 704-972-3175 1 Albion Street Hockley, Birmingham B1 3AH, U.K. Tel: 420-224-891-310~1 Fax: 420-224-891-312 Tel: 44-121-200-2633 Fax: 44-121-200-29071 Choryang-3Dong, Dong-Gu, Busan, Korea Tel: 770-980-2043 Fax: 770-952-2083 Houston (Bulk) Busan Branch (Documentation Dept.) San Francisco Tel:(051)461-7000 Fax:(051)462-9844 2180 North Loop West, Suite 215 HYUNDAI INTERMODAL, INC. Warsaw (Poland) 3rd Fl., 206-5, Yongdang-Dong, Nam-Gu, 455 Market St., Suite 1600 Manchester Boston Houston, TX 77024, U.S.A. Dallas 125/127 Aleje Jerozolimiskie Avenue Busan, Korea 100 Cummings Center, Suite 427A San Francisco, CA 94105, U.S.A. 4th Fl., Trafford House, Chester Road 02-017 Warsaw, Poland Bulk Carrier Maintenance & Engineering Tel: 713-263-1990 Fax: 713-263-1870 1750 Valley View Lane, Suite 300 Manchester M32 0RS, U.K. Tel:(051)625-7155 Fax:(051)607-7801 Beverly, MA 01915, U.S.A. Tel: 415-536-2700 Fax: 415-536-2711 Tel: 48-22-621-64-15 Fax: 48-22-621-97-40 Dept. (Busan) Dallas, TX 75234, U.S.A. Tel: 44-161-877-1243 Fax: 44-161-876-7969 Tel: 978-922-5050 Fax: 978-922-4774 15th Fl., Hyundai M & F Insurance Bldg., 1193-5 Busan Branch (Yong Dang CY) Irving (COC) Seattle Tel: 972-677-2500 Fax: 972-677-2599 1425 Greenway Drive, Suite 600 Southampton CONTAINER DEPOT UND REPARATUR HAMBURG GMBH Choryang-3Dong, Dong-Gu, Busan, Korea 2nd Fl., 206-5, Yongdang-Dong, Nam-Gu, Charlotte 6840 Fort Dent Way, Suite 300 Irving (Dallas Operation Center) 204/207 Berths, Western Docks, Southampton Hamburg Tel:(051)462-0353 Fax:(051)462-0354 Busan, Korea 11440 Carmel Commons Blvd., Suite 206 Irving, TX 75038, U.S.A. Seattle, WA 98188, U.S.A. 1425 Greenway Drive, Suite 600 Hampshire SO15 1DA, U.K. Am Radeland 5 Tel:(051)607-7700 Fax:(051)607-7719 Charlotte, NC 28226, U.S.A. Tel: 972-550-2600 Fax: 972-550-2695 Tel: 206-988-5481 Fax: 206-343-1212 Irving, TX 75038, U.S.A. Tel: 44-23-8078-7700 Fax: 44-23-8078-7233 D-21079, Hamburg, Germany Container Fleet Maintenance & Tel: 704-972-3100 Fax: 704-972-3175 Incheon Office St. Louis Tel: 972-550-2600 Fax: 972-550-2695 Tel: 49-40-792-4561 Fax: 49-40-792-7843 Engineering Dept. (Busan) Kansas City 104-1, 7 ga, Hang-Dong, Jung-Gu 11132 South Town Square, Suite 203 Scotland (Coatbridge) 16th Fl., Hyundai M & F Insurance Bldg., 1193-5 Chicago 1420 N.W. Vivion Road, Suite 104 Incheon, Korea St. Louis, MO 63123, U.S.A. WASHINGTON UNITED TERMINALS, INC. 8-10 Hornock Road, Gartsherrie Industrial Estate HYUNDAI MERCHANT MARINE (NETHERLANDS) B.V. Choryang-3Dong, Dong-Gu, Busan, Korea 333 Pierce Road, Suite 250 Kansas City, MO 64118, U.S.A. Coatbridge ML5 2DX, U.K. Tel:(032)884-3071 Fax:(032)884-3073 Tel: 314-416-4488 Fax: 314-416-4499 Tacoma Rotterdam Tel:(051)461-6917 Fax:(051)462-9855 Itasca, IL 60143, U.S.A. Tel: 816-746-6964 Fax: 816-746-8457 Tel: 44-1236-431-711 Fax: 44-1236-433-921 Tel: 800-222-6764 Fax: 877-329-4362 1815 Port of Tacoma Road Westblaak 180 Pohang Office Vancouver Los Angeles Tacoma, WA 98421, U.S.A. 3012 KN Rotterdam, Netherlands Tanker Management Dept. (Busan) 810-1, Goe-Dong, Nam-Gu, Pohang 543 Granville Street, Suite 1400 HYUNDAI MERCHANT MARINE (DEUTSCHLAND) GMBH Cincinnati 10 Point Drive, Suite 460 Tel: 253-396-4900 Fax: 253-396-4921 Tel: 31-10-280-2555 Fax: 31-10-280-0325 16th Fl., Hyundai M&F Insurance Bldg., 1193-5 Gyeongsangbuk-Do, Korea Vancouver, B.C. V6C 1X8, Canada Hamburg 5495 North Bend Road, Suite 105 Brea, CA 92821, U.S.A. Herrengraben 3 Choryang-3Dong, Dong-Gu, Busan, Korea Tel:(054)285-4322/3 Fax:(054)285-4324 Tel: 604-601-2900 Fax: 604-687-2396 Burlington, KY 41005, U.S.A. Tel: 714-255-2000 Fax: 714-255-2090 CALIFORNIA UNITED TERMINALS, INC. D-20459 Hamburg, Germany HYUNDAI MERCHANT MARINE (BELGIUM) N.V. Tel:(051)461-7000 Fax:(051)462-7844 Tel: 859-586-7003 Fax: 859-586-2553 Gwangyang Office Toronto Long Beach Tel: 49-40-369-540 Fax: 49-40-363-443/439 Antwerp 775, Doe-Dong, Kwangyang Memphis 2800 Skymark Avenue,Suite 500 1200 Pier E. Street Antwerp Tower, De Keyserlei 5, BUS 5 New Building & Technical Dept. (Busan) Cleveland Bremen Jeollanam-Do, Korea 5050 Poplar Avenue, Suite 1625 Mississauga, Ontario L4W 5A6, Canada Long Beach, CA 90802, U.S.A. 2018 Antwerpen, Belgium 24500 Center Ridge Road, Suite 265 Birkenstrasse 15, World Trade Center 1, Cheonha-dong, Don-Gu, Ulsan, Korea Tel:(061)791-5140 Fax:(061)791-8212 Memphis, TN 38157, U.S.A. Tel: 905-625-1663 Fax: 905-625-1415 Tel: 562-435-8235 Fax: 562-432-6430 Tel: 32-3-206-0300 Fax: 32-3-227-3087 Westlake, OH 44145, U.S.A. D-28195 Bremen, Germany Tel:(052)230-5671 Fax:(052)252-7146 Tel: 901-681-4380 Fax: 901-681-4383 Tel: 440-835-0930 Fax: 440-835-5522 Tel: 49-421-173-520 Fax: 49-421-173-5299 HYUNDAI MERCHANT MARINE (AMERICA), INC. REGIONAL CUSTOMER SERVICE CENTERS SEWARD TERMINAL INC. HYUNDAI MERCHANT MARINE (FRANCE) S.A. Seoul Branch Denver Dallas Minneapolis PHOENIX RCSC Alaska Duesseldorf Le Havre Hyundai Merchant Marine Co., Ltd. 7807 East Peakview Ave., Suite 200 2505 North Hwy. 360, Suite 480 8009 34th Ave., Suite 1460 9977 North 90th St. Suite 270 Seward Coal Terminal, 903 Port Avenue Graf-Adolf Strasse 72-74 3rd & 4th Fl., Oceane Bldg., 2 Avenue Foch 66 Jeokseon-Dong, Jongno-Gu, Seoul, Korea Englewood, CO 80111, U. S. A. Grand Prairie, TX 75050, U.S.A. South Bloomington, MN 55425, U.S.A. Scottsdale, AZ 95858, U.S.A. Seward, AK 99664, U.S.A. Duesseldorf, Germany 76600 Le Havre, France Tel:(02)3706-5114 Fax:(02)734-8496 Tel: 720-488-2500 Fax: 720-488-2509 Tel: 817-649-2000 Fax: 817-649-2005 Tel: 952-893-1345 Fax: 952-893-1718 Tel: 480-627-1500 Fax: 480-627-1575 Tel: 907-224-3120 Fax: 907-224-3931 Tel: 44-211-935-7100 Fax: 44-211-935-7101 Tel: 33-2-3519-7050 Fax: 33-2-3519-7090

HYUNDAI MERCHANT MARINE CO., LTD. Company Data Headquarters & Global Network 58 59

Headquarters & Global Network

Dunkirk Helsinki Dalian Nanjing Hong Kong (Terminal Office) HYUNDAI MERCHANT MARINE (SINGAPORE) PTE. LTD. Johor Bahru HYUNDAI MERCHANT MARINE (TAIWAN) CO., LTD. 2nd Fl., 104 Rue De L’ecole Maternelle Teknobulevardi 3-5, Suite B1, 15th Fl., Golden Eagle Int’l Executive Units 307-308A, Hong Kong Int’l Distribution Center 20th FL., Unit 20D, Metropolis Tower, Jalan Tebrau Room 1603~1604, Gold Name Tower South-East/West Asia Headquarters Kaohsiung 59140 Dunkirk, France 01530 Vantaa, Helsinki Office B/D. 3rd Fl., Office Tower, 18 Container Port Road South 80300 Johor Bahru, Malaysia No. 68 Renmin Road, Zhongshan District 7, Temasek Boulevard, #41-1, Suntec City Tower One 2-3, Tung-Ya South Road, Hsiao Gang District Tel: 33-3-2865-8145 Fax: 33-3-2865-8149 Tel: 358-9-825-4020 Fax: 358-9-825-40250 No. 89 Hanzhong Road Kwai Chung, New territories, Hong Kong Tel: 60-7-334-2000 Fax: 60-7-334-5200 Dalian 116001, China Singapore 038987, Republic of Singapore Kaohsiung 812, Taiwan Nanjing 210029, China Tel: 852-2419-0118 Fax: 852-2419-0100/0627 Tel: 86-411-273-3988 Fax: 86-411-273-4202 Tel: 65-6339-9844 Fax: 65-6336-9422 Tel: 886-7-823-7130 Fax: 886-7-822-2906 Lyon HYUNDAI MERCHANT MARINE (JAPAN) CO., LTD. Tel: 86-25-84700405~8 Fax:86-25-84700409 Penang Shenzhen 3rd Fl., Immeuble Le Galaxie 89 Rue De La Villette Tokyo 18th FL., MWE Plaza Unit 2~4, No. 8, Lebuh Farquhar OVERSEAS OFFICES Qingdao Units 701-3, Tower 1, World Finance Center HYUNDAI MERCHANT MARINE (THAILAND) CO., LTD. Ningbo 10200 Penang, Malaysia Jakarta 69003 Lyon, France 31st Fl., World Trade Center 4003 Shen Nan Dong Lu, Lo, Wu Bangkok Room 301, B/D. C FullHope Plaza Room 1703-1704, The Bund B/D Tel: 60-4-264-3866 Fax: 60-4-264-3853 Wisma BSG, 6th FL., JI Abdul Muis No 40 Tel: 33-4-3756-1110 Fax: 33-4-3756-1119 2-4-1 Hamamatsu-cho, Minato-ku Shenzhen 518008, China 2nd FL., Vibulthani Tower 1, 3195/7 Rama Iv Road 12 Hong Kong Central Road No. 132 Ren MIn Road Jakarta 10160, Indonesia Tokyo 105-6104, Japan Tel: 86-755-2598-0066 Fax: 86-755-2598-0488 Qingdao 266071, China Klongtan Klongtoey HYUNDAI MERCHANT MARINE INDIA PVT. LTD. Tel: 62-21-385-5372 Fax: 62-21-344-0865/0674 Paris Tel: 81-3-5425-4711 Fax: 81-3-5425-4774 Ningbo 315000, China Bangkok 10110, Thailand Mumbai 4, Place Immeuble Les Saisons Tel: 86-532-502-7160 Fax: 86-532-502-7235/7272 Tel: 86-574-8765-8888 Fax: 86-574-8765-8860 Fuzhou Tel:66-2-661-4488 Fax: 66-2-661-4442 194 Earnest House, 4th Floor, NCPA, MARG, Nariman point Dubai 92400 Courbevoie-La Defense 1 Osaka Unit 1907, Worldwide Plaza, 158 Wusi Road Mumbai 400 021, India Flat No. 701/702, New Rais Hassan Saadi B/D. Paris, France Higobashi Nittai B/D. Tianjin Shijiazhuang Gu Lou District, Fuzhou 350003, China Room 909, Sino Chem B/D. Laem Chabang Tel: 91-22-4000-1111 Fax: 91-22-2287-4772~3 Khalid Bin Al Waleed Road Tel: 33-1-55-91-90-45 Fax: 33-1-55-91-90-54 1-10-2 Edobori 1-Chome, Nishi-ku Room 2901, The Exchange Office Tower Tel: 86-591-87401677 Fax: 86-591-87401177 30116 Dubai, U.A.E. Lian Meng Road 707 Room 208, 2nd Fl., Laem Chabang Int’l Co., Ltd B/d. Osaka 550-0002, Japan 189 Nanjing Road, Heping District Tel: 971-4-393-5511 Fax: 971-4-393-3055 Shijiazhuang 050061, China P.O. Box 11, Laem Chabang Terminal, Toong Sukla, Sriracha New Delhi Strasbourg Tel: 81-6-6449-0888 Fax: 81-6-6449-0889 TIANJIN 300051,China Guangzhou Tel: 86-311-778-9988 Fax: 86-311-776-1334 Room 2701, Guangzhou Goldlion Tower Chonburi 20230, Thailand 2nd Floor, Chintel House, A-11, Kailash Colony Valparc-Immeuble Tourmaline, 3 Rue Du Parc Tel: 86-22-2330-7368 Fax: 86-22-2339-4031 Sydney No. 138 Tiyu Road East Tel:66-38-491-232, 491-237/9 Fax: 66-38-490-171 New Delhi 110-048, India 67205 Oberhausbergen, France Yokohama Tel: 011-5163-3371 Fax: 011-5163-3376 Unit 6, Level 1, “The Hub” 89-97 Jones Street Wuhan Guangzhou 510620, China Tel: 33-3-90-20-55-70 Fax: 33-3-90-20-55-79 7th Fl., Kannai ST B/D. Ultimo, NSW 2007, Australia Beijing Room 2804, Merchants Bank B/D. Tel: 86-20-38780825 Fax: 86-20-38780835 Lat Krabang 1-4-1, Onoe-cho, Naka-ku Chennai Tel: 61-2-9281-4499 Fax: 61-2-9281-2116 Room 506, Hyundai Millennium Tower No. 66-5 Youth Road 33/4 Chaokhun Tahan Road HYUNDAI MERCHANT MARINE (SCANDINAVIA) AB Yokohama 231-0015, Japan 2nd Floor, 165, Thambu Chetty Street, NO. 38 Xiaoyun Road, Chaoyang District Wuhan 430022, China Xiamen Klong 3 Sub-District, Lat Krabang District Melbourne Tel: 81-45-662-0850 Fax: 81-45-662-0851 Chennai 600 001, India Gothenburg Beijing 100027, China Tel: 86-27-85743265 / 85743735 Unit 1515, The Bank Center Bangkok 10520, Thailand Level 5, 20-22 Albert Road, No. 189 Xia He Road Tel: 044-2534-0090 Fax: 044-2534-0144 Forsta Langgatan 21 Tel : 86-10-8453-8071 Fax : 86-10-8453-8040 Fax: 86-27-85743850 Tel:66-2-737-9460/2 Fax: 66-2-737-9459 South Melbourne, VIC 3205, Australia 413 27 Gothenburg, Sweden HYUNDAI MERCHNT MARINE (CHINA) CO., LTD. Xiamen 361003, China Tel : 61-3-9682-7778 Fax : 61-3-9682-7885 Tel: 86-592-2680298 Fax: 86-592-2680258 Nhava Sheva Tel: 46-31-704-81-00 Fax: 46-31-704-81-90 China Headquarters (Shanghai) Songkhla Chongqing Yantai Seabird Marine Services Pvt. Ltd., CFS 33,34th floor Harbour Ring Plaza Room 809, Qili Mansion Room 5D, 5th Fl., Chaiyong B/D., 7-15 Jootee-Uthit, 1 Road Moscow Room 1802A, Metropolitan Tower Yantian 1st Floor, Plot No. 70/81, Sector-1 Hadyai Songkhla 90110, Thailand Office No. 726, “Mezhdunarodnaya-2” B/D. Copenhagen No 18 Xi Zhang Middle Road No. 80 Chaoyang Street Dronagiri Node, Taluka Uran, Dist. Raigad No. 68 Zourong Road Room 603-605, Hougong B/D, YICT Ltd. Sha Tou Jiao, 12, Krasnopresnenskaya Nab., World Trade Center Strandlodsvej 48 Shanghai 200001, P.R.China Yantai 264001, China Tel:66-74-346-456/8 Fax: 66-74-346-459 Navi Mumbai 400 707, India Chongqing 400010, China Shenzhen 518081, China Moscow, 123610 Russia DK-2300 Copenhagen S, Denmark Tel: 86-21-6122-7222 Fax: 86-21-6122-7292 Tel: 86-535-6228292 Fax:86-535-6228291 Tel: 91-22-2724-0086 Fax: 91-22-2724-0029 Tel: 86-755-2529-0652 Fax: 86-755-2529-0654 Tel : 7-095-258-1190/2 Fax : 7-095-258-1193 Tel: 45-32-87-25-25 Fax: 45-32-97-25-21 Tel: 86-23-63817682/3 Fax:86-23-63817681 HYUNDAI MERCHANT MARINE (MALAYSIA) SDN., BHD. HYUNDAI MERCHANT MARINE (HONG KONG) LTD. Documentation Center (Shanghai) CHANGWAN CONTAINER SERVICE LTD. Klang HYUNDAI OCEAN PIONEER SHIPPING AGENCY CO., LTD. Ho Chi Minh Hangzhou Oslo 19th Fl., Phase 2 East Ocean Center Hong Kong Hong Kong (Depot) Suite 8.01, Level 8, Menara Trend, Intan Millennium Square Taipei Room 505-506, Saigon Riverside Office B/D Gjerdrumsvei 12 618 Yan An (E) Road Room 1705, Tower A, Zhongda Plaza Suite 1601-6 & 14, Tower 6, The Gateway, 9 Canton Road DD 125, Lot 1812, Ping Ha Road Lau Fau Shan No 68, Jalan Batai Laut 4, Taman Intan 37 Chi-nan Road, Section 2 2A-4A Ton Duc Thang St., District 1 0484 Oslo, Norway Shanghai 200001, China Hangzhou 310003, China Ttsim Sha Tsui, Kowloon, Hong Kong New Territories, Hong Kong 41300 Klang, Selangor Darul Ehsan, Malaysia Taipei 100, Taiwan Ho Chi Minh City, Vietnam Tel: 47-22-02-17-00 Fax: 47-22-02-17-01 Tel: 86-21-5385-4198 Fax: 86-21-5385-4231 Tel: 86-571-8577-7670 Fax: 86-571-8577-7676 Tel: 852-2514-4100 Fax: 852-2537-9396/9366 Tel: 852-2472-4398 Fax: 852-2472-0387 Tel: 60-3-3051-9711/9731 Fax: 60-3-3005-7277/7377/7388 Tel: 886-2-2355-1000 Fax: 886-2-2393-1654 Tel : 84-8-824-7198 Fax : 84-8-823-3791

HYUNDAI MERCHANT MARINE CO., LTD.