O �� ! Message from the Editor

P �� !" NWS Chatroom

Q �� ! Cover Story

S �� ! Lunar New Year’s Greetings

U �� !" NWS Sports Fun Day 2003

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N M �� ! Volunteering Bulletin

N N �� ! NWS Scope

N O �� ! Achievements

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17/F, New World Tower 2, 18 Queen’s Road Central, H.K.Tel (852)2131 0600 Fax (852)2131 0611Email nwsnews@nws.com.hkWebsite www.nws.com.hk

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Year 2003 has come while Year of the Ram is approaching soon. The Editorial Board of New Voice wishes you a healthy and prosperous year

and hopes for a quick recovery from the sluggish economy.

New World Group has taken a great step forward. Through a reorganisation, the corporate structure has been streamlined and resources

optimised. The newly formed NWS Holdings Limited (formerly Pacific Ports Company Limited prior to the reorganisation) will serve as New

World Group’s flagship of service, traditional infrastructure and ports operations.

Looking ahead, New World Group is bound to reap the benefits brought about by the reorganisation which is expected to be completed by

Lunar New Year.

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A leap forward

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ew World Group, with its reorganisation proposal successfullywinning the approval of independent shareholders at the

extraordinary general meetings on 12 December 2002, will undergoan enormous structural change. The reorganisation aims atstreamlining our operations, resulting in a more efficient capitalstructure; and addressing investor concerns of transparency andgearing level. Last but not least, it will unlock the potential of NewWorld Group’s portfolio of services and infrastructure assets in HongKong, Macau and the mainland.

I am pleased to see that independent shareholders have cast theirfavourable vote to the reorganisation, which represents a transformingmilestone of New World Group heading for greater business prospectsand enhancing shareholder value.

Management believes that the reorganisation will create a win-winsituation for New World Group as well as for all its shareholders.Pacific Ports Company Limited (“PPC”, to be renamed NWS HoldingsLimited, “NWS Holdings”) will not only be able to expand its scopeof businesses, but also access the capital markets more effectively.The increased funding alternatives together with stable cash flowfrom its services operations can support the company in executingfuture growth strategies. As for New World Infrastructure Limited(“NWI”), the restructuring will significantly reduce its gearing, andat the same time enable its shareholders to own interests of theGroup’s two listed arms with high potential - NWI and NWS Holdings.

New World Group has turned a new page. Under the more rationalorganisation following better alignment of assets and liabilities,management will stay focused and strive to produce good financialreturns for stakeholders. The reorganisation is an important strategicmove of New World Group, and we are delighted with the supportof independent shareholders of New World Development CompanyLimited, NWI and PPC.

Finally, I would like to extend my heartfelt gratitude to those whohave worked hard to materialise the reorganisation. My thanks alsogo to every member of New World Group. It is their continual effortsthat have laid a solid foundation for New World Group. A new yearhas just begun. Management shall lead our team of all levels to bringto reality the business landscape outlined in the plan.

Wishing you all a very healthy and prosperous Year of the Ram.

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”...the reorganisation, which representsa transforming milestone of New World Group

heading for greater business prospects andenhancing shareholder value.”

Dr. Henry ChengChairmanNew World Services Limited

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Stride into a New World

The reorganisation sees the parent company, New World DevelopmentCompany Limited, inject New World Services Limited ("NWS") and thetraditional infrastructure assets of New World Infrastructure Limited ("NWI")into Pacific Ports Company Limited ("PPC"). The enlarged PPC will be renamedNWS Holdings Limited ("NWS Holdings").

In the wake of the reorganisation, NWS Holdings will embrace a wider diversityof businesses, incorporating facilities, contracting, transport, financial andenvironmental operations from its service arm; plus toll roads and bridges,energy, water and sewage treatment plants from its portfolio of infrastructureprojects; as well as container and cargo handling, logistics and warehousemanagement from its ports business. NWS Holdings endeavours to achieve aleading position in the above three chosen fields in Hong Kong, Macau and thePRC markets.

Dr. Henry Cheng, Chairman of NWS Holdings, believes that the Groupwill reach a new height. As he explains, the reorganisationwill broaden NWS Holdings’ operational andgeographic scope of businesses, which have laida solid foundation and can generate steady cashflows. The initiative will also unlock the valueof NWS in a way that NWS's strong recurringcash inflow can facilitate NWS Holdings’development of further growth prospects.

Dr. Cheng adds that the reorganisation willprovide NWS Holdings with a more rationaland streamlined platform. With a robustcapital structure, the new company will bewell positioned for great opportunities in themainland following China's accession to theWorld Trade Organisation. In particular, itsinvestments in service, ports as well as watersupply and treatment will benefit from a bigboom.

NWS Holdings is determined to reduceits overall gearing significantly. That ithas received the bank commitment ofHK$7 billion and the investment grade

rating from Standard & Poor's signalsNWS Holdings’ f inancial

capability to de-leverage byHK$5 billion over thenext three years, whilemaintaining an acceptable return on equity, funding capexplans, and at the same time paying dividends in line with thecompany's target dividend policy.

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Late last year, New World Group announced its reorganisation and had it formally approved by independent

shareholders. A brand new entity, NWS Holdings Limited, will be officially established as the transaction is expected to be completed on

29 January 2003, and its shares will commence trading on 10 February 2003.

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�� !"#$%&'(Overview of NWS Holdings’ Projects

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In order to let the press and financial anaylsts have a better grasp of NWS businesses, bus tourswere arranged for these target audiences on 6 and 7 December 2002, respectively. The journeywas led by senior management of NWS, including Mr. Andrew Wong and Mr. Patrick Lam, ExecutiveDirectors; and Mr. Stewart Cheng, Director. Besides, a fabulous vegetarian lunch was served at ChiLin Nunnery, the winning project of "Quality Building Award 2002", which was built by Hip HingConstruction.

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�� !"#$%A photo call at NWFB's depot for Mr. Andrew Wong(right) and Mr. Patrick Lam, Executive Directors of NWS

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Facilities • 9 major operating companies in HongK o n g , i n c l u d i n g H o n g K o n gConvention and Exhibition Centre(Management) Limited and UrbanProperty Management Limited (UPML)

Contracting • 11 major operating construction companies in HongKong, including Hip Hing Construction CompanyLimited (Hip Hing Construction)

• 3 major operating E&M companies in Hong Kong

Roads & Bridges • 35 road projects in Guangdong, Guangxi, Shanxi,Tianjin, and Wuhan and 1 tunnel project in HongKong

• 3 bridge projects in Guangdong and Tianjin*

• 1,120 km roads and bridges

Water Treatment • 16 water projects in the PRC and 1 in Macau

• Of the 17 water projects, 16 are operational and 1 ispre-operational

• Altogether, the projects have water treatment capacityof about 2.8 million cubic meters per day

Cargo Handling • 10 projects in Hong Kong, Xiamen, Tianjin, Yantianand Suzhou

• Altogether, the projects have cargo handling capacityof 5.2 million TEUs per year

Power • 5 power plants in Zhujiang, Shunde, Sichuan andMacau

• Altogether, the plants generate electricity capacity ofapproximately 1,924 MW

Transport • 4 major operating companies in Hong Kong,including New World First Bus Services Limited(NWFB) and New World First Ferry Services Limited(NWFF)

Others • 2 major operating companies in financial services and5 investments in Hong Kong

• 7 major operating companies in the environmentaldivision, all in Hong Kong

* 4 bridges will be transferred from NWI with 3 operational

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Major awards presented to SBUs on the day were as follows:

Awards for the Game CountersBest Booth Outlook Design Award: Urban Property Management LtdMost Creative Game Booth Award: Hong Kong Convention and Exhibition Centre (Management) LtdMost Attractive Game Booth Award: Urban Property Management LtdMost Caring Game Booth Award: Urban Property Management LtdMost Business Related Game Booth Award: New World Services LimitedMost Creative Cheering Team: Urban Property Management Ltd

Awards for the Team Building GamesWinner of Game 1: NWS Engineering LtdWinner of Game 2: Kentfull Contracting Ltd /New Waly Interior Products LtdWinner of Game 3: Wai Hong Cleaning & Pest Control Co Ltd

Overall Champion: Urban Property Management LtdOverall 1st Runner - up: Hong Kong Convention and Exhibition Centre (Management) LtdOverall 2nd Runner - up: New World First Ferry Services Ltd

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AY 2003�� !"#$%&'()"*+,-./012Dr. Henry Cheng, Chairman of NWS, sends all staff his warmestregards for Year of the Ram

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�� !"#$%&'(A joyful Dr. Henry Cheng poses for a photo with a mascot

��� !"#$%&'()*"Hurrah! We are from Kiu Lok Service Management Co Ltd"

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�� !Mr. Andrew Wong, Executive Directorof NWS, honours NWS corporate teamfor winning the championship of theMost Business Related Game BoothAward

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�� !"#$%&'()*Dato' Dr. Cheng Yu-tung, Chairman of New WorldDevelopment Co Ltd, presents the Overall ChampionCup to UPML

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�� !"#$Mr. William Doo, Vice Chairman of NWS,presents the Overall 2nd Runner-up Cup toNWFF

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Official Launch of Life Rejuvenation SchemeLife Rejuvenation Scheme, a 1-year plan of volunteer services for the psychiatric patients of Pamela Youde Nethersole Eastern Hospital (PYNEH), was officially launched inNovember 2002. Some 40 warm-hearted volunteers accompanied the patients to tour the Golden Bauhinia Square on a double-decker bus of NWFB. After that, they hada barbeque lunch together with collective games wrapping up the event.

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Walkalong for LightNearly 40 volunteers from NWS VolunteerAlliance and New World China EnterprisesProjects Ltd joined the charity walk titled “BOC(HK) Walkalong for Light” organised by theLifeline Express, a hospital train providing freeeye operations for cataracts patients living in theremote area of Mainland China. NWS was aGold Sponsor of the event.

14/12/2002

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Elderly Fun DayA total of 10 volunteers of NWS Volunteer Alliance joined the Elderly FunDay co-organised by Fong Tam Yuen Leung Social Centre for the Elderly andPo Leung Kuk. Various game booths, a free medical consultation service anda lucky draw were provided that day.

15/12/2002

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ACCA Rickshaw RaceW i t h N W S b e i n g acorporate sponsor of theCharity Fun Day organisedby the ACCA Hong Kong,NWS Volunteer Allianceparticipated in the RickshawRace and scored the FastPuller Award by making arecord of 1’04".

22/12/2002

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No Drug Christmas GalaAbout 20 volunteers joined theNo Drug Christmas Gala co-organised by the Narcot icDivision and the RTHK. Targetingthe youngsters, a soccer fungame, a football match (corporatemixing team vs. consular team)and a concert were held topromote anti-drug message.

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Mr. Patrick Lam, Executive Director of NWS, was delighted that the psychiatricpatients of PYNEH having long stayed in the hospital enjoyed a wonderful bustour with NWS Volunteer Alliance on 2 November 2002. He appreciated theattending volunteers for taking their spare time for the special trainingbeforehand, and was greatly impressed that our professional knowledge andskills could do the needy much good. Therefore, Mr. Lam called for participationof any interested fellow staff in NWS Volunteer Alliance. (Enquiry to Ms. MariaCheung, Manager - Corporate Communication, at 2131 6251.)

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Life Rejuvenation Scheme -New Year PartySubsequent to the launching of the LifeRejuvenation Scheme, an arts & craftsclass and a New Year party weresuccessfully held by NWS VolunteerAlliance. Having seen the patients'happy faces, the volunteers realised thatwhat they had done meant so much tothe patients.

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New World Grouppresented Hong KongWinterFestNew World Group together with itssubsidiaries and associates were infull support of the Hong KongTourism Board’s “Hong KongWinterFest”, a unique festivecelebration held from 1 December2002 to 5 January 2003.

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General Security entered 25th AnniversaryIn celebrating its 25th Anniversary, General Security (HK) Ltd (General Security)organised a commendation dinner for its customers, business associates, theawardees, senior and office staff. The Guests of Honour were Mr. John Yuen,Assistant Commissioner of Police; and Mr. William Doo, Vice Chairman of NWS.

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UPML presented 2002 Christmas

Lighting Switch-on CeremonyUPML lighted up the busy shopping area of TsimSha Tsui through its “Park Lane...Your Paradisefor Shopping” 2002 Christmas Lighting Switch-on Ceremony for Park Lane Shopper ’sBoulevard on 28 November 2002.

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New extention of Riviera Elderly CentreRiviera Elderly Centre, operating under Care & Services Co Ltd, opened its “Wardof Special Care” which is tailor-made for the elderly suffering from senile dementiaon 31 October 2002.

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Removal notice of Urban Parking LtdUrban Parking Ltd has moved to the followingaddress as a result of business expansion.

Unit 1907, Futura Plaza, 111-113 How Ming Street, Kwun Tong, Kowloon

Tel : 2131 0393 Fax : 2131 0200

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1st Anniversary Celebration of NWS Volunteer AllianceThe 1st Anniversary Celebration of NWS Volunteer Alliance with more than 50volunteers participating was successfully held on board the Grand Cru on 16November 2002. Recognitions were given to ten dedicated Task Force Members, aswell as ten outstanding volunteers with the highest service hours. (See table)

Thanks to the endeavours made by all fellow volunteers, NWS Volunteer Alliancehas now evolved into a team with over 360 volunteers and accumulated servicehours exceeding 3,000.

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NWS IT ConferenceThe first “NWS IT Conference”was successfully held on 23November 2002 at Hong KongConvention and Exhibition Centre.Over 40 IT managers andexecutives from NWS and its SBUsattended the conference.

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PPS received “Enlightened EmployersAward “Pollution and Protection Services Ltd (PPS) wasp r e s e n t e d b y t h e L a b o u rDepartment “The EnlightenedEmploye r s Award” fo r thecompany’s persistent support ine m p l o y i n g p e o p l e w i t h adisability. Two PPS staff, werea l s o s h o r t - l i s t e d f o r t h e“ O u t s t a n d i n g D i s a b l e dEmployees Award”.

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If you are able to finish the crossword puzzle, please send your answer together with your personalinformation to the below contact by 28 February 2003, then you may become one of the 10 winnerswho will be awarded a set of NWS souvenirs.

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Adolf Hsu bestowed multiple honoursMr. Adolf Hsu, Non-executive Director of NWS and Managing Director of NWFB, was honoured with “The 100 Distinguished Reformersin the New Century of China Awards” by the Adjudication Committee of The China Distinguished Reformers Awards. Mr. Hsu was alsopresented the “Executive Award” in the DHL/ SCMP “Hong Kong Business Awards – Executive Award”, as well as the “Directors of the YearAwards 2002 - Private Company Executive Directors Category” by the Hong Kong Institute of Directors.

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NWFB won Best Practice Awards2002 - Environmental ManagementNWFB was awarded the “Best Practice Awards 2002 -Environmental Management” organised by Best PracticeManagement, signifying the outstanding performance of NWFBin environmental initiatives.

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Hip Hing Construction won “Hong Kong Awards for Industry”Hip Hing Construction received the “2002 Trade and Industry Department Quality

Award” and the “2002 HKPC ProductivityAward” in the “2002 Hong Kong Awards forIndustry” held by Hong Kong ProductivityCouncil. Its subsidiary Architectural PrecastGRC Ltd was awarded “2002 Trade andIndustry Department Certificate of Merit inQuality” and “2002 BEC Certificate of Meritin Environmental Performance”.

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NWS and 5 SBUswon CaringCompany AwardsNWS together with fiveSBUs, namely Hip HingCons t ruc t ion, UPML,N W F B , U n i f o r m i t ySecur i t y Co L td andMillennium Engineering Ltd were granted “CaringCompany Awards” by the Hong Kong Council ofSocial Service.

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UPML won 139 awards in 2002UPML won 139 awards in total in 2002,which is the most among its counterparts.Recent achievements include:

• 46 “Web Care Awards” presented bythe Internet Professional Associationthrough i-Urban Ltd

• Two “Most Environmental FriendlyProperty Management Agent Awards”and two “Quality EnvironmentalProtection Public Estate Award”presented by the Hong Kong HousingAuthority

• “Cer t i f i ca t e o f Mer i t f o r t heOutstanding Good HousekeepingPlan” presented by the OccupationalSafety and Health Council

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Wai Hong held two championshipsWai Hong Cleaning & Pest Control Co Ltd (Wai Hong)was the champions in “Clean Hong Kong Competition”organised by Sai Kung District Office and Southern DistrictOffice, respectively.