CSX WORLD TERMINALS INCREASES POSITION IN ASIA CONTAINER TERMINALS

CSX WORLD TERMINALS INCREASES POSITION IN ASIA CONTAINER TERMINALS

   CSX World Terminals LLC announced today that it has effectively increased its equity position in Asia Container Terminals Limited (ACT). Upon conversion, this would effectively increase CSXWTHK’s equity position in ACT from 10 percent to 29.5 percent. Asia Container Terminals Limited is a large investor in the new Kwai Chung Hong Kong CT9. The transaction was completed Nov. 16, 2001.

   “This is a very positive move for our company,” said William McHugh, vice president, China Investments for CSX World Terminals. “This transaction allows CSX World Terminals to have greater equity in an exciting business venture and demonstrates our commitment to Hong Kong and the Asia theatre in general.”

   ACT, along with its development partners, is leading the direction of the construction of Kwai Chung’s newest and largest container terminal facility, CT9, expected to be fully operational by 2004. Upon completion of CT9 berths 3 and 4 in the later part of 2003, ACT will swap its interest in CT9 for two existing berths at CT9 for two existing berths at CT8 (West). As operator of CT8, ACT will be offering a state-of-the-art facility within the tradition of the highest productivity standards available.

   “Asia is a significant and growing opportunity for us,” said Bob Grassi, chief executive officer of CSX World Terminals. “Our interest and investment in ACT and PNC is only part of our ongoing expansion strategy.”

   CSX World Terminals LLC, a wholly owned subsidiary of CSX Corp., is based in Charlotte, N.C., and is a leading provider of terminal solutions operating businesses in Asia, Australia, Europe, Latin America, and the United States. Its products and services include terminal development, operations and management, terminal consulting, warehouse and depot management, equipment consulting, maintenance and repair, and terminal technology systems.