1. 2008/9 HULL RENEWAL

2. 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. 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. 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 102 227 338 -6 101 111

5. 5 Business Result in 2007 ■2008 Guidance

6. 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 20062007

7. 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 2007-2012, 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. 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. 9 HMM fleet profile

10. 10 New Vessel Delivery in 2008

11. 11 Fleet Expansion Plan (Owned)

12. 12 Fleet Expansion Plan (Chartered)

13. 13 HMM Vessel List

14. 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. 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