CKI Forms Consortium to Bid for Bus Tender

13 March, 1998 - Hong Kong

Cheung Kong Infrastructure Holdings Limited ("CKI") announced that it has formed a consortium under the name of Hongkong United Bus Limited ("United Bus") to bid for the franchise operation of 88 bus routes put up for tender by the Hong Kong SAR Government. In addition to CKI, other shareholders in United Bus are Citybus Group Limited ("Citybus"), China Travel International Investment Hong Kong Limited ("CTII") and CNT Group Limited ("CNT").

The shareholding of United Bus is as follows:

Company	Percentage
CKI	35%
Citybus	35%
CTII	25%
CNT	5%

The shareholders feel that the strengths of United Bus are as follows:

1. United Bus has the necessary professionalism and experience to become one of Hong Kong's bus franchise operators. United Bus is a joint effort of an existing, experienced local operator (Citybus); a diversified, financially resourceful group with a focus in the transportation business (CKI), a travel service-related group with a firm commitment to expanding its transportation business in Hong Kong and Mainland China (CTII), and an investor with prior experience in a public bus operation investment (CNT).

2. United Bus is confident that it has the resources and capability to commence operations in full by September, and earlier if so called upon. With the resources available at United Bus' disposal, it is fully prepared to assume its role as a bus franchise operator - it will have the fleet, the staff and the service facilities to make for a smooth transition and ongoing operations.

3. Citybus will bring its extensive professional experience in Hong Kong's public transport industry to United Bus. These skills and experience will help United Bus to become a high quality and reliable provider of efficient public bus services and ensure a smooth transition.

4. CKI will inject its expertise in the areas of general management, financial management, public relations and environmental management to United Bus.

5. Most importantly, United Bus has a deep understanding of the needs of Hong Kong consumers. Since 1977, Citybus has served Hong Kong citizens by providing its customers with reliable, safe and comfortable public bus services, which will assist with United Bus' operations. In addition, CKI, CTII and CNT, through their participation in the construction, housing, electricity and transportation industries, have helped to build Hong Kong - growing with the needs of the public. All members of the consortium look forward to serving Hong Kong's citizens for many years to come.

In United Bus' hiring policy, priority will be given to all those currently employed by China Motor Bus ("CMB"). The pay to existing CMB staff will not be less than what they are currently receiving.

United Bus is committed to providing Hong Kong citizens with the best bus transportation in the world, offering reliable and efficient service delivered with care and comfort. The company will work closely and cooperate with other public transportation companies to ensure that Hong Kong citizens will enjoy ease of transfer between United Bus and other public transportation systems.

United Bus is a customer driven company which will continuously monitor the needs of customers and adopt new technology and systems in anticipation of their needs. The company pledges to improve the quality of life of Hong Kong citizens by constantly reviewing its service to match the requirements of the times, growing together with Hong Kong into the 21st century and beyond.

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