2005 Interim Results Announcement mruszczy: NEED LOGOS!! 2005 Interim Results Announcement Sinotrans Limited August 26, 2005

Forward-Looking Statement Disclaimer This Presentation and subsequent discussions may contain forward-looking statements that involve risks and uncertainties. These statements are generally indicated by the use of forward-looking terminology such as believe, expect, anticipate, estimate, plan, project, target, may, will or may be expressed to be results of actions that may or are expected to occur in the future. You should not place undue reliance on these forward-looking statements, which reflect our belief only as of the date of this presentation. These forward-looking statements are based on our own information and on information from other sources we believe to be reliable. Our actual results may be materially less favourable than those expressed or implied by these forward-looking statements which could depress the market price of our shares.

Outlook and Strategic Focus Table of Contents 2005 Interim Highlights Outlook and Strategic Focus Conclusion 3 – 14 15 – 16 17 –18 Thank you once again to dial in and attend the teleconference today. I’d like to go through with you the interim results of Sinotrans for year 2005. First of all, we’ll look at 1. 2005 Interim performance highlights; then, 2. The industry outlook and our strategic focus

1. 2005 Interim Highlights

Interim Summary Highlights Steady IH revenue growth of 33.7% and Profit attributable to equity holders of the Company growth of 32.5% Freight forwarding remained as the core business of the Group Freight forwarding, storage and terminal service and the marine transport businesses continued to bring significant growth The increase in the price of international marine transportation stimulated our revenue growth Continuous efforts in restructuring business resources and developing new products Rapid development of NVOOC business Better customer structure Development of extended value-added services Improving marine transportation business Better management and operational efficiency and cost control The market remains competitive in 2005. But the management is happy to report a strong growth in the first half. Profit attributable to equity holders of the Company grew 32.5 per cent to RMB498.7 million in the first half this year, while turnover surge a comparative 33.7 per cent to RMB13.25 billion. During the period, Sinotrans made significant efforts in optimizing our business resources. As a result, the NVOOC business handled by our overseas network grew considerably compared to a year earlier. Besides, we also saw better customer structure, meaning a better revenue stream for our freight forwarding business. The project-based and exhibition transportation business segment also developed in the first half and we saw it as an extended service to cater the needs for our customers. Our company reform – meaning better management and operational efficiency also yielded results.

Strong Financial Performance Turnover from Continuing Operations Operating Profit from Continuing Operations (RMB mm) (RMB mm) 14000.0 700.0 12000.0 600.0 654.3 13,074.0 10000.0 500.0 533.2 8000.0 400.0 9,754.4 300.0 6000.0 200.0 4000.0 100.0 2000.0 1H 2004 1H 2005 1H 2004 1H 2005 Profit Attributable to Equity Holders of the Company EPS: RMB0.12 (RMB mm) 700.0 600.0 500.0 400.0 498.7 Dividend: RMB 0.038 per share 300.0 During the period, turnover grew 33.7 per cent year on year to RMB13.25 billion. Turnover from continuing operations rose 34 per cent year on year to RMB13.07 billion. Operating profit of continuing operations jumped 21.7 per cent year on year to RMB497 million. Discontinued operations – which is the UPS express service, generated a turnover of RMB178 million in the first half, whereas operating profit reached RMB104 million, up 150 per cent year on year. Total operating profit rose 22.7 per cent to RMB654.3 million. Profit attributable to equity holders of the Company was RMB498.7million, which represents a jump of 32.5 per cent compared to RMB376.3 million in the same period of 2004. We can see a better growth in business and profitability in our business compared to 2004. 376.3 200.0 100.0 1H 2004 1H 2005 Effective enhancing operational efficiency resulted in stable growth in financial performance Stronger growth in our 2005 interim financial performance

Growing Turnover of Continuing Operations Turnover Trend Operating Turnover by Segment (RMB mm) 34.0% (RMB mm) 14,000.0 1H 04–1H 05 growth 14,000.0 13,000.0 9537.2 269.6 1083.4 1878.3 434.2 152.1 13,074.0 12,000.0 42.5% 12,000.0 26.8% 11,000.0 10,000.0 7158.5 231.6 818.9 1380.9 304.6 66.6 36.0% 10,000.0 9,000.0 9,754.4 8,000.0 8,000.0 32.3% 7,000.0 6,000.0 6,000.0 16.4% 5,000.0 4,000.0 4,000.0 33.2% 3,000.0 2,000.0 2,000.0 1,000.0 128% 1H 2004 1H 2005 1H 2004 1H 2005 Freight Forwarding Express Services Storage Revenue Growth Shipping Agency Marine Transportation Other Key drivers of revenue growth Continued momentum in freight forwarding and marine transportation services; strong growth in storage and terminal services Adopted aggressive marketing strategy and enhancement in operational efficiency As said, our interim turnover of continuing operations grew 34 per cent in the first half this year – which is a stronger growth compared to the growth rate of 26.8 per cent last year. All major business of the company saw strong revenue growth, especially freight forwarding, storage and terminal services and marine transportation. The Group continued to restructure business resources this year. We developed new products, integrated marketing activities and enhanced service network to achieve economies of scale. 2005 Interim Turnover Contribution (RMB mm) 1H 2004 1H 2005 Freight Forwarding 7,158.5 9,537.2 231.6 269.6 Shipping Agency Express Services 818.9 1,083.4 Marine Transportation 1,380.9 1,878.3 Storage and Terminal Services 304.6 434.2 Other 66.6 152.1

Improving Operating Profit Performance of Continuing Operations Operating Profit Trend Operating Profit by Segment (RMB mm) 22.7% (RMB mm) 1H 04–1H 05 growth 700.0 4.0 600.0 654.3 204.9 124.6 172.8 97.8 64.6% 600.0 533.2 500.0 155.3 110.9 166.6 87.5 59.4 42.4% 500.0 400.0 3.7% 400.0 300.0 300.0 12.4% 200.0 200.0 31.9% 100.0 100.0 NA 1H 2004 1H 2005 1H 2004 1H 2005 Freight Forwarding Express Services Storage Revenue Growth Shipping Agency Marine Transportation Other Note: After unallocated costs Our 2004 interim operating profit of continuing operations grew to RMB654.28 million, up 22.7 per cent year on year. Operating profit contributed by different businesses also saw significant growth. Note: Before unallocated costs Operating Profit Contribution (RMB mm) 1H 2004 1H 2005 Freight Forwarding 155.3 204.9 Growth in operating profit from freight forwarding, marine transportation business and storage and terminal business Shipping Agency 110.9 124.6 Express Services 166.6 172.8 Marine Transportation 87.5 124.6 Storage and Terminal Services 59.4 97.8 Other (0.7) 4.0 Note: Before unallocated costs

Key Business Lines Sinotrans Limited Core Services Support Services Express Services Freight Forwarding Shipping Agency Storage & Terminal Services Trucking Marine Transportation Integrated Logistics Turnover Contribution (1) Operating Profit Contribution (2) Let’s take a look closely to our business segments. Our core services, including express services, freight forwarding and shipping agency, contributed to about 81.5 per cent to our turnover and 69 per cent to our operating profit. Freight forwarding is still our largest business segment, representing approximately 71.4 per cent of our turnover and 28.2 per cent of our operating profit. Total Revenue: RMB13.074bn Total Operating Profit: RMB728.7mn (1) Percentage contribution is before inter-segment eliminations (2) Percentage contribution is before unallocated costs and exclude the negative operating profit from others Freight Forwarding Express Services Shipping Agency Marine Transportation Storage & Terminal Services Other

Freight Forwarding Operating Performance Cargo Volume Growth Turnover and Growth (million TEUS) (Kilogram in million) (RMB mm) 30.4% 150.0 10,000.0 33.2% 34.4% 9,000.0 16.0 23.5% 53.4% 154.4 8,000.0 14.0 30.1% 7,000.0 12.0 9,537.2 7,158.5 118.4 100.0 6,000.0 10.0 2.19 5,000.0 1.63 5,502.8 8.0 1.32 77.2 4,000.0 6.0 50.0 3,000.0 4.0 2,000.0 2.0 1,000.0 1H 2003 1H 2004 1H 2005 1H 2003 1H 2004 1H 2005 1H 2003 1H 2004 1H 2005 Number of TEU Amount of cargo Growth Growth Note: Before elimination adjustments Operating Profit and Growth A relatively fast business development pace with better customer structure (RMB mm) 200.0 13.4% 31.9% 160.0 Turnover from our freight forwarding business grew 33.2 per cent year on year to RMB9.54 billion. Operating profit from this segment also rose 31.9 per cent to RMB204.9 million in the first half. In operating terms, we handled 2.19 million teu of container in the first half, which was an increase of 34.4 per cent. The amount of cargo handled in our air freight forwarding services increased 30.4 per cent to 154,400 tonnes. The growth in freight forwarding is a results of our ability to maintain a relatively fast business pace with better customer structure. 204.9 120.0 179.3 155.3 80.0 40.0 1H 2003 1H 2004 1H 2005 Note: Before unallocated costs

Express Services – the Performance of Continuing Operations Packages Growth Turnover and Growth (Packages in millions) (RMB mm) 7.0 1200.0 21.0% 32.3% 6.0 1000.0 1083.4 5.0 800.0 4.0 4.43 5.36 600.0 3.0 818.9 400.0 2.0 1.0 200.0 1H 2004 1H 2005 1H 2004 1H 2005 Growth Growth Note: Before elimination adjustments Operating Profit and Growth (RMB mm) 250.0 Enhanced marketing efforts resulted in rapid business growth 3.7% 200.0 The turnover from our continue operations of express services reached RMB 1.08 billion, representing an increase of 32.3 per cent. Total package handled rose 21 per cent to 5.36million. 150.0 172.8 166.6 100.0 50.0 1H 2004 1H 2005 Note: Before unallocated costs

Shipping Agency Operating Performance Net Registered Vessel Tonnage Turnover and Growth (NRT in millions) 160.0 17.8% (RMB mm) 16.4% 140.0 250.0 35.8% 120.0 200.0 4.04% 100.0 153.8 130.6 130.6 269.6 80.0 150.0 96.2 231.6 60.0 222.6 100.0 40.0 20.0 50.0 1H 2003 1H 2004 1H 2005 1H 2003 1H 2004 1H 2005 Growth Growth Note: Before elimination adjustments Turnover and volume growth due to enhanced customer service and marketing efforts Operating Profit and Growth (RMB mm) 12.4% 140.0 10.8% 120.0 Turnover from our shipping agency services reached RMB 269.6 million, representing an increase of 16.4 per cent from RMB 231.6 million in the same period of last year. In the first half this year, the number of containers handled was 4.33 million TEUs, an increase of 25.5 per cent. Net registered tonnage of vessels handled by our shipping agency services recorded 153.8 million tonnes, a 17.8 per cent increase. The number of vessel calls we managed increased by 2.6 per cent to 31,331. 100.0 80.0 124.6 124.3 110.9 60.0 40.0 20.0 1H 2003 1H 2004 1H 2005 Growth Note: Before unallocated costs

Storage and Terminal Services Operating Performance Turnover and Growth Operating Profit and Growth (RMB mm) (RMB mm) 500.0 105.0 400.0 42.5% 90.0 64.6% 75.0 300.0 17.7% 434.2 304.6 60.0 16.9% 97.8 200.0 258.8 45.0 30.0 100.0 59.4 50.8 15.0 1H 2003 1H 2004 1H 2005 Growth 1H 2004 1H 2005 1H 2003 Note: Before elimination adjustments Note: Before unallocated costs Growth Turnover from our storage and terminal services reached RMB 434.2 million, representing an increase of 42.5 per cent from RMB 304.6 million in the same period of last year. In the first half this year, the warehouse operated by Sinotrans handled 3.8 million tonnes of bulk cargo, up 2.7 per cent compared to 3.7 million tonnes for the same period of 2004. The number of containers handled rose 23.5 per cent to 2.1 million TEUs. The number of containers handled in terminals reached 652,000 TEUs, up 31.5 per cent.

Marine Transportation Operating Performance Turnover and Growth Operating Profit and Growth (RMB mm) (RMB mm) 2500.0 105.0 42.4% 200.0 90.0 36% 75.0 1500.0 1,878.3 119.3% 17.5% 60.0 124.6 1000.0 45.0 1,175.5 1,380.9 30.0 500.0 87.5 39.9 15.0 1H 2003 1H 2004 1H 2005 Growth 1H 2004 1H 2005 1H 2003 Note: Before elimination adjustments Note: Before unallocated costs Growth Turnover from our marine transportation reached RMB 1.88 billion, representing an increase of 36 per cent from RMB 1.38 billion in the same period of last year.

Income Statement 1H 2005(1) 1H 2004(2) RMB mm Turnover 13,074.0 9,754.4 Other revenues 46.9 29.3 Total revenues 13,120.9 9,783.7 Operating costs (excl. Depreciation and amortization) (9,969.1) (7,356.4) Depreciation and amortization (129.0) (107.7) Operating profit 654.3 533.2 Net financial income 12.6 22.6 Share of results of associates 6.6 6.5 Profit before taxation 673.5 562.3 Profit for the period from continuing operations Profit for the period from discountinued operations 497.4 104.3 408.6 41.7 The next slide is our income statement. Profit for the period 601.7 450.4 Profit attributable to shareholders 498.7 376.3 Note: (1) 2005 interim profit and loss statement is un-audited. (2) 2004 interim profit and loss statement is re-stated.

Balance Sheet Statement RMB mm 1H 20051 20042 Cash and cash equivalents 4,962.5 4,722.7 Term deposits with initial term of over three months 1,013.6 924.9 Trade and other receivables 5,005.4 4,073.6 Others 628.1 497.1 Total current assets 11,609.6 10,218.3 Property, plant and equipment 2,198.0 1,896.7 Other non-current assets 1,016.4 959.3 Total non-current assets Non-current assets classified as held for sale 3,214.4 9.0 2,856.0 Total assets 14,833.0 13,083.3 Borrowings 136.9 194.5 Trade payables 3,896.1 3,074.6 Other current liabilities 2,102.0 1,926.0 Total current liabilities 6,135.0 5,195.1 4.4 13.8 Deferred tax liabilities 6.7 1.5 449.8 69.3 Total non-current liabilities 460.9 84.6 Owner’s equity 7,122.7 6,768.5 Minority interests 1,114.4 1,035.1 Total equity and liabilities Following slide is our balance sheet. You may go through it yourself later…. Note: 1. 2005 interim balance sheet statement is un-audited 2. 2004 interim profit and loss statement is re-stated.

Cash Flow Statement 1H 20051 1H 20042 RMB mm Net cash inflow from operating activities 367.3 243.0 Net cash (used in)/ provided from investing activities (488.1) 119.7 Net cash used in from financing activities (165.0) (34.8) Net (decrease) / increase in cash and cash equivalents (285.8) 327.9 Next is our cash flow statement… Note: 1. 2005 interim cash flow statement is un-audited. 2. 2004 interim profit and loss statement is re-stated.

2. Outlook and Strategic Focus Now, let’s look at the market outlook and our strategic focus going forward.

Company Strategies Strengthen business integration and enhance operational quality to improve business efficiency 1 Improve the service network and to expand NVOCC business 2 Open up new revenue resources by developing new services and new products 3 Optimize marketing and customer management to enhance management level and cost control 4 Enjoy ongoing business growth in the ever-changing logistics and transportation market to cope with external trade and seasonal change in the industry in the second half of 2005 To retain our market leadership, we will continue to work on our 4 core strategies. Strengthen business integration and enhance operational quality to improve business efficiency Improve service network and expand NVOOC business Open up new revenue resources by developing news services and new products Optimize marketing and customer management to enhance management level and cost control

3. Conclusion To conclude…

Conclusion Extensive Network Full Service Capabilities Market Leadership Strong Brand Recognition Valuable Strategic Relationships We expect the market will remain competitive in the second half of 2005. But Sinotrans is well prepared to face the challenges. We are confident to achieve strong business growth riding on the rapid economic development in China. With our competitive strength – our nationwide network, experienced management and brand recognition, we believe we will continue to be the winner in the market. Superior Financial Performance Experienced Management Team Strong Sector Growth in China

- Thank You - Thank you for your kind attention… We should now proceed to the Q&A session….