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CHINA COSCO HOLDINGS COMPANY LIMITED (中远控股)

EAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8098 Facsimile: 3608 6132

HONG KONG RESEARCH Analyst: Kelvin Li 29th August, 2007

This report has been prepared solely for information purposes and we are not soliciting any action based upon it. Neither this document nor its contents shall be construed as an offer, invitation, advertisement, inducement or representation of any kind or form whatsoever. The information is based upon information which we consider reliable, but accuracy or completeness is not guaranteed. Opinions expressed herein are subject to change without notice. At time of this report, East Asia Securities Company Limited has no position in securities of the company or companies mentioned herein, while its group companies may from time to time have interests in securities of the company or companies mentioned herein.

CHINA COSCO HOLDINGS COMPANY LIMITED (中遠控股)

Sector : Transportation Chairman & CEO

: Wei Jiafu HKSE code : 1919

Market price : HK$16.04 (28/08/2007)

HSI : 23,363.76 (28/08/2007)

H shares issued : 2,580.6 million

H-share market cap. : 41,393 million

52 weeks High / Low : HK$16.060 / HK$2.922

SUMMARY OF THE INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2007

Interim Results Highlights

1H20071H2006 (restated)

y-o-y RMB million RMB million

Change • Turnover 26,815.222,918.6

+17.0%• Fair value gain on put options in connection to CIMC

share reform net of related expenses 82.0(511.3)

N/A • Operating profit before finance costs 1,270.71,917.0

-33.7%• Share of results of jointly-controlled entities 311.9294.9

+5.8%• Share of results of associates 466.5373.0

+25.1%• Profit attributable to shareholders 968.71,057.1 -8.4%

• EPS – basic RMB0.135RMB0.150

-10.0%• Interim DPS --

N/A • China COSCO Holdings reported an 8.4% drop in net profit to RMB968.7 million for the six months ended 30th June 2007. The drop in earnings was mainly due to lower contribution from container leasing after it disposed of 600,082 TEUs of container in June 2006.

• Turnover surged 17.0% y-o-y to RMB26.8 billion in 1H07, mainly driven by the container shipping segment amid higher shipping volume and a rise in overall freight rates. Cost of services rose 19.0% y-o-y to RMB24.7 billion on a surge in operating volume and higher bunker, fuel costs and port charges as well as rising inland cargo transhipment fee in the US. In fact, the rise in cost of bunkers and fuel consumed was well contained at 3.5% y-o-y during the first half. It accounted for 14.0% of the Group’s total cost of services in 1H07, down from 16.1% in 1H06.

• Share of profits from jointly controlled entities and associates grew 5.8% and 25.1% y-o-y, respectively, thanks to stronger profit from container terminals that China COSCO held interests amid rising throughput, as well as a higher contribution from Shanghai Pudong Terminal after the Group raised its interest in the associate.

• EPS was RMB0.135 in 1H07, compared with RMB0.150 a year earlier. No interim dividend was declared (
1H06: Nil).

• EPS was RMB0.135 in 1H07, compared with RMB0.150 a year earlier. No interim dividend was declared (1H06: Nil).

As of 30/06/2007, China COSCO has total debts of RMB16.96 billion (31/12/2006: RMB15.11 billion). With cash on hand of RMB22.35 billion, China COSCO was in a net cash position of RMB5.4 billion at the end of 1H07, compared with net debts of RMB7.31 billion by the end of FY06, thanks to the proceeds received from it’s A-share listing in June 2007.

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