2008/9 HULL RENEWAL

2 Overview of HMM ■Hyundai Merchant Marine Co., Ltd. (“HMM”) was established in 1976 and is one of the leading global logistics company ■“HMM” has a highly diversified and stable revenue ; Container, Tanker, LNG carrier and Ore/Coal carrier ■HMM is a member of The New World Alliance (TNWA) with APL&MOL, and Grand Alliance(GA) with OOCL, NYK, MISC and HLC ■2007 Revenue Breakdown USD 5,480 Mil.

3 Revenue ■2007 USD revenue rose by 11% YoY to USD 5,480 Mil. from USD 4,955 Mil. ■Reasons for change in revenue ① Addition of container capacity (mainly in Asia-Europe) ② Increase in container freight rates (Asia-Europe & Intra Asia) ③ Strong Baltic Dry Index (BDI) ■Revenue QuarterlyAccumulative 1,251 1,444 1,527 4,955 3,938 5,480

4 Operating Profit ■Operating Profit Quarterly Accumulative ■2007 Operating Profit grew by 231% to USD 338 Mil. from USD 102 Mil. in the same period of 2006 ■What caused the strong OP? ① Better than expected Asia-Europe and Intra-Asia market, resulting in multiple GRIs ② Super cycle in dry bulk market caused BDI to record all time high

5 Business Result in 2007 ■2008 Guidance

6 Container – volume continues to rise ■Thanks to increasing new container ships to the fleet, 2007 volume increased by 9.8% YoY to 2.37 Mil. Teu; Transpacific, Asia-Europe and Intra-Asia volume increased by 8.1%, 10.2% and 12.9% YoY respectively ■2008 expected container capacity increase 29.6% YoY, and expected volume increase to 2.94 Mil. TEU (24% ↑) ■Container volume breakdown

7 Tanker – drastic index movement continues ■The market WS averaged 82 in 2007 vs. 99 of same period 2006 ■175 new VLCCs are to be delivered between , this is about 36% of existing VLCCs operating in the market ■Psychological factors pushed up the WS, however, due to relatively mild winter season and lack of spot activity resulted in a sharp decline of WS. ■VLCC deliveries

8 Dry bulk – slowing down but still high ■BDI averaged 7,106 in 2007 vs. 2,951 of 2006 ■BDI is recovering - Iron-ore negotiation closed by Korean, Japanese and Chinese steel producers - Australian coal exports resume - Queue increases due to port congestion in New Castle, Australia - Delays in deliveries of bulk vessels by Chinese ship yards ■Baltic Dry Index (BDI)

9 HMM fleet profile

10 New Vessel Delivery in 2008

11 Fleet Expansion Plan (Owned)

12 Fleet Expansion Plan (Chartered)

13 HMM Vessel List

14 HMM Legal Affairs & Insurance Team. General Manager D B Park Legal Part Manager S C Hwang Cargo Claim Manager Y S Roh Chris Paik Jason Lee Seti Min Kevin Kang Rachel Hong Justin Roh Joanna Kim Yulia Hwang AHQ (Denver) Manager S H Park EHQ (London) Manager Shane Kweon - C/P Disputes - Litigation - Casualties - Contract / Legal Matters - CNTR Cargo Claim - Bulk Cargo Claim - CNTR Box Claim - Recovery Claim - Hull Insurance - P&I Insurance - TT Club - Terminal Insurance

15 What would shipping companies want its lawyers? ■Little information on Chinese Maritime Law and Practice ■Little information on Chinese Law Firm’s evaluation & Costs ■Still depend on P&I Club’s recommendation ■Shipping companies’ concerns - Difficulties to prepare evidences, when filed in court. - Huge (Overestimated) deposit or guarantee without presentation of claim breakdown - MSA (government authorities) involvement and slow progression - Quick response from the lawyers