Hutchison Port Trust : Annual Report 2021 - HPH Trust

CONTENTS

• 2 Trust Profile

• 3 Corporate Structure

• 4 Portfolio Overview

• 10 Letter to Unitholders

• 12 Key Events

• 14 Corporate Milestones

• 21 Operational Review

• 23 Financial Review

• 26 Board of Directors

• 31 Senior Management

• 36 Sustainability Report

• 75 Investor Relations

• 76 Corporate Information

• 77 Corporate Governance Report

• 101 Financial Contents

• 169 Statistics of Unitholdings

• 171 Notice of Annual General Meeting

• 177 Proxy Form

• 179 Glossary

TRUST PROFILE

HPH

HUTCHISON PORT HOLDINGS TRUST

TRUST

HPH TRUST

Hutchison Port Holdings Trust ("HPH Trust" or "the Trust") is the first publicly traded container port business trust in the world. It was listed on the Mainboard of the Singapore Exchange ("SGX") in March 2011, and in early 2012 became the first entity to launch dual-currency trading for its units on the SGX.

The mandate of the Trust is principally to invest in, develop, operate and manage deep-water container ports in Guangdong Province, Hong Kong and Macau in China.

HPH Trust operates Hongkong International Terminals ("HIT"), COSCO-HIT Terminals ("COSCO-HIT") and Asia Container Terminals ("ACT") in Hong Kong, and Yantian International Container Terminals ("YANTIAN") and Huizhou International Container Terminals ("HICT") in mainland China. HPH Trust operates 381 berths across 6471 hectares of land. In 2021, the Trust delivered a combined throughput of approximately 24.5 million twenty-foot equivalent units ("TEU").

The core port operations of the Trust are complemented by river port facilities and ancillary services, which aim to provide customers with seamless logistics supply chain solutions for imports and exports. HPH Trust holds economic benefits in two river ports in mainland China ("River Ports Economic Benefits"2): Jiangmen International Container Terminals ("Jiangmen Terminal") and Nanhai International Container Terminals ("Nanhai Terminal"). Collectively, they are known as the "River Ports". HPH Trust also operates ancillary services including container depots, trucking, feeder and shipping agencies via Asia Port Services Limited ("APS"); HPH E.Commerce Limited ("Hutchison Logistics"), a provider of supply chain solutions across rail, sea and land networks; and Shenzhen Hutchison Inland Container Depots Co., Limited ("SHICD"), operator of an inland container depot and warehouse in Shenzhen.

THETRUSTE

THETRUSTEE-

MANAG

MANAGER

The Trust is managed by Hutchison Port Holdings Management Pte. Limited

(the "Trustee-Manager"), an indirect wholly owned subsidiary of CK Hutchison Holdings Limited ("CKHH"). The Trustee-Manager has dual responsibilities in safeguarding the interests of unitholders and managing HPH Trust's businesses. The Board of Directors of the Trustee-Manager consists of individuals with a broad range of commercial experience and expertise in the port industry.

1

Excludes East Port Phase I which is under development.

2 The River Ports Economic Benefits represent the economic interest and benefits of the River

Ports - including all dividends and any other distributions or other monies payable to Hutchison Port Holdings Limited ("HPH") or any of its subsidiaries in its capacity as a shareholder of the relevant holding company of the River Ports arising from the profits attributable to the business of the River Ports, and all sale or disposal proceeds derived from such businesses, assets, rights and/or liabilities constituting any part of the business of the River Ports as agreed with HPH and any of its subsidiaries.

2

ANNUAL REPORT 2021

Holding of unitsActing on behalf of unitholders and providing management services

DistributionsFees

CORPORATE STRUCTURE

E ER

ACT

(Terminal 8 West)

Nanhai Terminal

HICT

1

HPH Trust holds River Ports Economic Benefits, but not the shares of the River Ports' holdings companies.

SHICD

2 Under development which was established pursuant to the joint venture agreement signed with Shenzhen Yantian Port Group Company Limited in June 2021.

3