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Memorandum of Understanding Between The Port of Seattle, USA and the Shanghai International Port (Group) Co., Ltd., CHINA

To further strengthen the long-term friendship and to develop and expand the business ties between the Port of Seattle (the Port) and the Shanghai International Port (Group) Co., Ltd. (SIPG), the two parties agree to seek and to execute mutually-beneficial business exchanges in the area of cruise business development.

The Port agrees to lend its expertise in cruise business development to SIPG, and in exchange, SIPG agrees to assist the Port with its business development activities in China. Specific terms of the exchange based on good faith and on a mutually agreed-upon timeframe and work plan will be crafted by the end of July 2006.

This memorandum of understanding is signed in Shanghai and dated on May 12th, 2006.

Mr. M.R. Dinsmore
Chief Executive Officer
Port of Seattle
USA
  Mr. Lu Haihu
Chairman of the Board of Directors
Shanghai International Port (Group) Co., Ltd.
The People’s Republic of China