Global Ports Connecting Global Markets. Investor Presentation March 2014

Global Ports Connecting Global Markets Investor Presentation March 2014 Introduction Key Highlights Industry and Competitor Overview Investment i...
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Global Ports Connecting Global Markets Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Agenda 1)

DP WORLD - Introduction

2)

DP WORLD - Key Highlights

3)

Industry and Competitor Overview

4)

Investment in our Portfolio

5)

Financial Overview

6)

Concluding Comments

7)

Appendices

2

1. DP World - Introduction Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

DP World DP World is the only listed global container port operator

DP World operates container terminals through long term concession agreements

• Over 65 terminals across six continents • 8 new developments and major expansions • 79% of total revenue comes from container port operations • Approximately 9% market share (based on world container throughput)1

• Average life of concessions is approximately 40 years – in reality they are perpetual as historically concessions have always been renewed • Very high barriers to entry

DP World is focused on origin and destination cargo which has pricing power

DP World is focused on the faster growing emerging markets

• Over 70% of our volumes were O&D in 2013 and have to go through our ports • Shipping lines do not dictate our volumes – imports and exports do

• Approximately 75% of our volumes came from emerging or frontier markets in 2013

1. Drewry Maritime Research 2013 Annual Report 4

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

DP World Portfolio Gross capacity

13%

44%

EMEA Asia Pacific/India Australia/Americas

44%

13%

• Gross capacity in 2013 of 71 million TEU; Gross volumes in 2013 of 55 million TEU

• Consolidated capacity in 2013 of 35 million TEU; Consolidated volumes in 2013 of 26 million TEU

Gross Volumes UAE 25%

41%

EMEA Asia Pacific/India Australia/Americas

47%

Gross capacity and volumes are 100% of the capacity or volume of each of our terminals within our portfolio 5

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Our Journey: From Local to Regional to Global Port Operator 1972 – 1998: Local port operator

1999 – 2004: Regional port operator

2005 – present: Global port operator

2013 – 2014: Our Journey continues

1972.

1999.

2005.

Development of Port Rashid (Dubai, UAE)

Dubai Ports International FZE (DPI) formed

CSX World Terminals acquired

DP World London Gateway port welcomed its first scheduled vessel.

1979.

2000.

Opening of Jebel Ali Port (Dubai, UAE)

Concessions won in Jeddah (Saudi Arabia) and Doraleh (Djibouti)

The Peninsular & Oriental Steam Navigation Company (P&O) acquired

1991. Port Rashid and Jebel Ali Port operations combined to create Dubai Ports Authority (DPA).

2002. Concession won in Visakhapatnam (India)

2003. Concession won in Constanta (Romania)

2004. Concession won in Cochin (India)

2006.

2006/7. Global network and market position increased in Asia, India, Australia, the Americas, Europe and Africa .

2007. DP World listed on NASDAQ Dubai

2011. DP World listed on the London Stock Exchange

1 million TEU expansion at T2 at Jebel Ali opened to bring capacity at Jebel Ali Port to 15 million TEU. Embraport (Brazil) became operational Construction of Caucedo Logistics centre began in the Dominican Republic Development of the Khorgos Special Economic Zone and Inland Container Depot, Kazakhstan. DP World’s global capacity reached 71 million TEU and handled 55 million TEU

6

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

DP World Portfolio

We currently have a portfolio of more than 65 terminals across six continents, including container terminals, non-container terminals and new developments in India, Africa, Europe, and the Middle East.

7

2. DP World - Key Highlights Investor Presentation March 2014

8

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

DP World – Key Highlights Fast Growing Industry

Emerging Market Focus

Price Making Cargo

High Utilisation

Significant Operational Leverage

Container volumes have historically grown at a multiple to GDP.

DP World has historically outperformed the container industry as 75% volumes come from faster growing emerging markets

Origin & Destination (O&D) cargo is price making; Over 70% of DP World volumes are O&D cargo

DP World has a portfolio utilisation rate of 78%

Revenue grows faster than volume, EBITDA grows faster than revenue and EBITDA margins continue to improve

9

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

DP World – Key Highlights Strategic Capacity Development

Cash Generative

Strong Balance Sheet

Significant Return Improvement

DP World has a pipeline of 8 major expansions and new developments which will increase capacity to approximately 100 million TEU by 2020

Cash generation over $1 billion per annum

Long-term debt profile to mirror long-term concession agreements; leverage (net debt to EBITDA) of 1.7 times

ROCE has almost doubled since 2009 ROCE will continue to improve

10

3. Industry and Competitor Overview Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Container Volumes at Multiplier to GDP World container traffic vs. World GDP vs. Emerging & Developing Economies1 15.0% 10.0%

5.0% 0.0% -5.0% -10.0%

Container Volume Growth

Global GDP Growth

Emerging and Developing Economies

Why does a multiplier exist? • Container volumes are counted whether the boxes are full or empty • Transhipment to a final destination means a single box may be counted more than once

1 World GDP data from the IMF World Economic Outlook Update October 2013. Container Handling Growth data reported from Drewry Maritime Research 2013 Annual Report 12

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

The Global Container Port Industry Unique Industry • • •

Regional Split of 2013 Industry Container Volumes

Grows at a multiplier to GDP growth High barriers to entry Long-term concessions

3% 2% 4%

4%

1%

8% 9%

4%

Review of industry in 2013 • • •

623 million TEU handled globally (39% Far East) 931 million TEU capacity Utilisation rate of 66%

6%

6%

14%

Industry Forecasts 2012-2017 •

• •

Container volumes expected annual average growth of 5.4% vs. expected capacity growth of 3.7% Volumes expected to reach 809 million TEU by 2017 Emerging markets will outperform industry as a whole

39%

North America 8% Far East 39% Central America 4% South Asia 3%

North Europe 9% South East Asia 14% South America 4% Africa 4%

South Europe 6% Middle East 6% Australasia 2% East Europe 1%

All data supplied by Drewry Maritime Research 2013 Annual Report 13

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Positioned for Superior Growth • Drewry forecasts a CAGR of 5.4% p.a.

CAGR 2012-2017 Container Volume Growth by Region North Europe

• Approximately 75% of DP World volume

2.0%

South Europe

3.4%

SouthAsia

3.5%

North America

comes from faster growing emerging or frontier markets

• DP World has high quality, efficient,

3.7%

Australiasia

well-equipped capacity to meet customers’ needs both today and in the future

3.9%

South America

5.2%

Global Total

5.4%

Midle East

5.6%

South East Asia

5.7%

Africa

5.8%

Far East

• DP World has the ability to roll out new capacity as utilisation increases in these faster growing markets

6.4%

C America / Carib

7.0%

East Europe 0.0%

in global container activity 2012-2017

7.8% 2.0%

4.0%

6.0%

8.0%

10.0%

All data supplied by Drewry Maritime Research 2013 Annual Report 14

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Container Port Ownership Structure % Share of Throughput 100% 90%

17.5% 15.6%

80% 70%

22.1%

17.0%

23.0%

30.7%

32.0% 13.0%

25.4%

47.2% 11.7% 40.2%

60%

4.8%

24.5%

65.8%

68.9%

31.3%

50% 40% 30%

5.3%

5.5%

6.2% 19.1%

4.3%

78.3% 69.4%

66.2%

64.4%

55.5%

20%

36.7%

10%

52.4%

48.5%

42.8% 28.7%

25.8%

0% North America

West Europe

Far East South East Middle East Latin Australasia South Asia Asia America

Africa

Global/ International

Eastern Europe

Private

World

State

• State ownership is highest in Africa, South Asia and Far East • Private ownership is highest in Australasia, Eastern Europe and Latin America • An estimated 30% of global throughput is handled at ports and terminals that are state owned and run All data supplied by Drewry Maritime Research 2013 Annual Report 15

4. Investment in our Portfolio Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Continued investment in growth • $1,063 million capital

2%7%

expenditure invested in our portfolio during 2013 EMEA Asia Pacific/India Australia/Americas

91%

capital invested in Jebel Ali (UAE) expansion and construction of London Gateway (UK)

• $3.7 billion capital expenditure

17%

49% 34%

• Significant proportion of our

Expansion New Facilities Expansion Existing Facilities Maintenance

forecast for 2012 – 2014 inclusive of maintenance capex remains unchanged from earlier guidance. This implies $1,950 million to be spent in 2014.

17

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Strong Pipeline of the Right Capacity in the Right Markets New Developments and major 2013 Year End expansions Capacity (operational start date in brackets where announced)

Consolidated Capacity

35.2 m TEU

• • • • • •

Gross Capacity

70.7 m TEU

As above plus: • Fos2XL (France) • Rotterdam (Netherlands) (2014)

(Consolidated plus equityaccounted investees)

Dubai (UAE) CT3 (2014) NSCIT (India) Dakar (Senegal) Kulpi (India) Sokhna Basin 2 (Egypt) Yarimca (Turkey)

2015 Forecast

2020 Forecast

43m TEU

Approx. 55m TEU

84m TEU

Approx. 100m TEU*

• Flexibility to roll out new capacity from our 8 new developments and major expansion projects inline with market demand • Many of our existing portfolio of terminals have the ability to increase capacity as utilization rates and customer

• •

demand increases 2013 opened capacity: Jebel Ali Dubai CT2 1m TEU, London Gateway 1.6m TEU, Embraport 1.2m TEU 2014 new capacity: Jebel Ali Dubai CT3 4m TEU, Rotterdam 2.3m TEU

18

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Update on new developments Embraport (Brazil)

London Gateway (UK)

• Opened September 2013 with 1.2m TEU capacity • Encouraging start to operations with pent up demand in the region

• Opened November 2013 with 1.6m TEU capacity • 6 major lines will be calling from May 2014 onwards • 8 unscheduled calls since new year as LGW was less impacted by bad weather due to its higher level of automation

Jebel Ali (UAE)

Rotterdam (Netherland)

Nhava Sheva (India)

Yarimca (Turkey)

• • • •

Opened 1m TEU new capacity in June 2013 Remains highly utilised at almost 90% post addition of capacity Further 4m TEU at T3 due to open in 2014 Encouraging start to the year

• Due to open in 2014 with 2.3m TEU capacity • Partnered with shipping lines for guaranteed volumes

• Due to open 2015 with 0.8m TEU capacity • Significant demand for origin & destination (O&D) cargo

• Preliminary construction has commenced • Greenfield site with 100% shareholding

19

5. Financial Overview Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Overview of 2013 Financial Results 2013(1)

2012

% Change

% Change Like-for-like at constant currency(1)

26.1

27.1

(3.8%)

(0.5%)

Revenue

3,073

3,121

(1.5%)

3.6%

Adjusted EBITDA(3) (including JVs and associates)

1,414

1,404

0.7%

9.0%

46.0%

45.0%

604

545

$ million Consolidated Throughput (million TEU)(2)

Adjusted EBITDA Margin Profit for the year attributable to owners of the Company before SDI

47.6%(4) 10.9%

26.6%

Financial results before separately disclosed items are as reported in the Consolidated Income Statement. 1. Like-for-like normalises for monetisations and new developments as well as currency impact 2. Consolidated throughput is throughput from all terminals where we have control as defined under IFRS. 3 Adjusted EBITDA is Earnings Before Interest, Tax, Depreciation & Amortisation before separately disclosed items including share of profit from equity-accounted investees 4 Displays adjusted EBITDA margin on like-for-like basis rather than % change

021

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Revenue Breakdown $3,500 $3,000

566 $2,500 $2,000

541

623

710

650

Like-for-like at constant currency revenue growth of

3.6% 906 855

973

1045

1027

1383

1366

1397

$1,500 $1,000

1425

1607

$500

Container ‘Stevedoring’ Container ‘Other’ Non-Container

$0 2009

2010

2011

2012

2013

• On a like-for-like at constant currency basis revenue grew ahead of throughput at 3.6% with container revenue per TEU increasing 4.6% to $93.00. • Non-container grew 1.7% on a like-for-like at constant currency basis

022

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Further EBITDA Margin expansion $ million Share of profit from equityaccounted investees Adjusted EBITDA (including share of profit from equity-accounted investees) Adjusted EBITDA Margin

2013

2012

% Change

% Change Like-for-like at constant currency(1)

84

134

(37.0%)

3.8%

1,414

1,404

0.7

9.0%

46.0%

45.0%



47.6%(2)

• Adjusted EBITDA margin continued to expand reaching 47.6% on a like-for-like at constant currency basis as the benefit of price increases, improved efficiencies and cost management are reflected in the results

1. Like-for-like normalises for monetisations and new developments as well as currency impact 2. Displays Adjusted EBITDA on like-for-like basis rather than % change

23

Introduction

Financial Review

Regional Overview

Outlook

Appendix

Cost Analysis

100

50

9.1% 7.7%

7.3% 6.3%

19.6%

23.0%

16.5%

16.6%

5.5% 7.2% 7.8%

5.6% 5.8% 8.5%

26.6%

26.9%

2012

2013

0

Fixed

37%

• Cost mix remains broadly in line with 2012; 63% variable and 37% fixed.

• Cost breakdown also remains Variable

63%

similar with payroll and concessions representing almost 60% of total costs.

Payroll Terminal Concessions Equipment Repair and Maintenance Gas and Oil Other

024

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Profit After Tax before separately disclosed items 2013 Before SDI

2012 Before SDI

% Change

% Change like-for-like at constant currency(1)

Depreciation & Amortisation

(396)

(411)

3.7%

(0.2%)

Net finance costs

(285)

(296)

3.7%

3.2%

Profit before tax

734

698

5.2%

19.6%

Tax

(60)

(73)

18.4%

14.5%

Profit for the year

674

625

7.9%

23.9%

70

80

(12.3%)

3.3%

Profit for the year attributable to owners of the Company

604

545

10.9%

26.6%

Earnings Per Share (cents)

72.8

65.7

10.9%

26.6%

$ million

Non-controlling interests (minorities)

• Profit for the year attributable to owners of the Company delivered a 26.6% increase on a like-for-like at constant currency basis predominately due to strong adjusted EBITDA growth as well as lower tax and finance costs.

1. Like-for-like normalises for monetisations and new developments as well as currency impact

25

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Debt Position $ million

31 Dec 2013

31 Dec 2012

Total debt

5,035

4,752

Cash balance

2,571

1,882

Net debt

2,464

2,871

Net Debt/Adjusted EBITDA

1.7 times

2.0 times

Interest Cover

5.0 times

4.7 times

• Well matched debt profile with long-term debt to meet long-term nature of our business • Highly cash generative business; generating over $1 billion in cash per annum • Low leverage of 1.7 times (net debt to EBITDA)

26

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Debt Maturity Profile Next major maturity in July 2017 2000 1800 1600

$ Millions

1400 1200 1000 800 600 400 200 0 2014

2015

2016

2017

2018

2019

2037

First Half Second Half

• Next major debt maturity in 2017 $1.5 billion Sukuk and 2037 $1.75 billion conventional bond

27

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Further improvement in Return on Capital Employed • Return on Capital Employed of 6.7%

Return on Capital Employed 8.0%

• Making progress toward our 15% target by 2020

7.0%

• Return on Capital Employed is

6.0%

impacted by the very low age profile of our portfolio and the up front capital investment required

5.0% 4.0% 3.0%

2.0%

6.8%

6.7%

2012

2013

6.0% 3.8%

4.4%

1.0% 0.0% 2009

2010

2011

‒ The average life of our concessions is approximately 40 years ‒ Invested more than $6 billion to add over 20 million TEU capacity since 2007 ‒ Approximately 20% of our capacity is less than five years old ‒ We have two major projects at preoperational stage adding over 6 million TEU

28

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

2013 Return on Capital Employed 50% 40% 30%

20%

15%

10% 0% -10%

2013

-20%

• 32% of our global capacity delivers returns in excess of 15% • Newer capacity or investment in pre-operational capacity reduces group ROCE • Includes all DP World consolidated terminals and our equity-accounted investees 29

6. Concluding Comments Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Resilient Business Model 2007

Consolidated Throughput (‘000 TEU)



2008

2009

2010

2011

2012

2013

% Change

LFL at constant currency Change 1

24.0

27.8

25.6

27.8

27.5

27.1

26.1

(3.8%)

(0.5%)

Revenue ($ million)

2,613

3,283

2,821

3,078

2,978

3,121

3,073

(1.5%)

3.6%

Adjusted EBITDA ($ million) (including JVs and associates)

1,063

1,340

1,072

1,240

1,307

1,407

1,414

0.7%

9.0%

Adjusted EBITDA Margin (%)

40.7%

40.8%

38.0%

40.3%

43.9%

45.1%

46.0%



47.6%

DP World has a superior business model which is both resilient to downturns in global trade and has the flexibility to manage the return of growth, driving cash generation and EBITDA margins higher

1 Like for like at constant currency takes into account divestments, new capacity and currency

31

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

2013 Outlook •

The addition of new capacity in 2014 combined with a projected pick-up in global trade should allow us to return to a more normalised volume growth rate.



Well positioned to capitalise on the significant medium to long-term growth potential of this industry due to our focus on faster growing emerging markets and stable origin & destination cargo.



Continue to make progress towards achieving 2020 targets of 15% ROCE and 50% adjusted EBITDA margins with our current portfolio.

32

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

DP World – A Unique Company • DP World is focused on faster growing emerging markets handling price making cargo in an industry with high barriers to entry • Significant operational leverage from price improvements, cost management and high utilisation • EBITDA margins will continue to improve, reaching 50% in the medium term • DP World has a strong balance sheet, well positioned to finance expansion of the portfolio to approximately 100 million TEU by around 2020 • DP World has invested over $6 billion since 2007 in assets that have an average life of approximately 40 years • Return on capital employed has doubled since 2009 and will continue to improve as the portfolio matures

33

7. Appendices Investor Presentation March 2014

7A. Regional Review Investor Presentation March 2014

Key Highlights

Introduction

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Middle East, Europe and Africa $ million before separately disclosed items

2013

2012

% Change

Like for like % change at constant currency (1)

Consolidated throughput (TEU ‘000)

18,993

19,202

(1.1%)

0.4%

2,124

2,112

0.6%

4.4%

8

24

(65.2%)

2.6%

1,095

1,021

7.3%

10.1%

51.6%

48.3%



52.7%(2)

858

783

9.6%

12.5%

Revenue Share of profit from equity-accounted investees Adjusted EBITDA

Adjusted EBITDA Margin Profit After Tax

• Container revenue per TEU increased 5.4%; non-container revenue declined 11.4% to $436 million due to divestments, growing 0.5% on a like-for-like basis • Revenue driven by a favourable cargo mix and good pricing. This translated into strong adjusted EBITDA growth of 10.1%.

1. Like-for-like normalises for monetisations and new developments as well as currency impact 2. Displays Adjusted EBITDA on like-for-like basis rather than % change

36

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Asia Pacific and Indian Subcontinent $ million before separately disclosed items

2013

2012

% Change

Like for like % change at constant currency (1)

Consolidated throughput (TEU ‘000)

4,604

5,401

(14.8%)

(3.9%)

355

457

(22.2%)

(7.6%)

90

111

(18.7%)

(4.5%)

220

299

(26.6%)

(13.4%)

61.8%

65.6%



59.8%(2)

141

209

(32.5%)

(18.4%)

Revenue Share of profit from equity-accounted investees Adjusted EBITDA

Adjusted EBITDA Margin Profit After Tax

• Container revenue per TEU down 10% due to deconsolidation of CT3 (Hong Kong) from June 2013 and currency impact in Indian Subcontinent. On a like-for-like basis revenue per TEU declined 5.1% • Non-container revenue declined 14% to $54 million. On a like-for like at constant currency basis, growth was relatively flat on the prior year.

1. Like-for-like normalises for monetisations and new developments as well as currency impact 2. Displays Adjusted EBITDA on like-for-like basis rather than % change

37

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Australia and Americas $ million before separately disclosed items

2013

2012

% Change

Like for like % change at constant currency (1)

Consolidated throughput (TEU ‘000)

2,480

2,494

(0.6%)

(0.6%)

Revenue

594

553

7.5%

8.9%

Share of profit from equity-accounted investees

(14)

(1)



115.3%

Adjusted EBITDA

195

166

17.7%

31.7%

32.9%

30.0%



34.7%(2)

120

86

36.0%

62.5%

Adjusted EBITDA Margin Profit After Tax

• Container revenue per TEU increased 9.7% and non-container revenue increased 3.3% • Pre-operational expenses in relation to Embraport and exclusion of profit from Adelaide led to a decline in share of profit from equity-accounted investees • EBITDA Margin improved due to positive pricing environment, improved efficiencies and good cost control 1. Like-for-like normalises for monetisations and new developments as well as currency impact 2. Displays Adjusted EBITDA on like-for-like basis rather than % change

38

7B. Regional Review – Jebel Ali Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Jebel Ali, UAE – A Flagship Facility • Jebel Ali is the largest container port between Rotterdam and Singapore with 15m TEU

• World’s 9th largest container port in 2012. Following the addition of new capacity it will become the 6th largest with 19m TEU capacity.

• Jebel Ali can accommodate any vessel size in existence or on order

• 99 year concession in place from 2006 • Jebel Ali Free zone is home to over 6,800 companies involved in logistics distribution & manufacturing Handling one of the largest container ships in the world, the Emma Maersk, 397 metres long, capacity of 15,000 TEUs

• The gateway for cargo to Middle East India and Africa

• Over 90% utilisation rate at the end of 2012 • 4 million TEU being added in 2014 taking it to 19m TEU and the 6th largest port in the world

40

Industry and Competitor Overview

Investment in our Portfolio

2013 Breakdown of Dubai Containers

Introduction

Key Highlights

Financial Overview

Concluding Comments

Appendices

Jebel Ali – Breakdown of cargo in 2013 REGION

COMMODITY 0%

1% 1%

3%

13%

3% 3%

8%

25%

34%

14%

12%

6%

16%

12%

9% 25%

15%

Far East 25% Indian Sub Con 15% North America 6% Africa 13% Australia 1%

Europe/Med 16% South East Asia 9% Middle East 14% South America 1%

Construction related 34% Auto 12% Apparels & Textiles 8% Bitumen 3% Healthcare 0%

Consumables 25% Manufacturing 12% Animal feed 3% Glass 3%

41

7C. Regional Review – London Gateway Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

London Gateway and Park – Full Build At full build, London Gateway will provide 2,700 metres of quay, six deep-water berths with depth alongside of 17 metres, 24 giant quay cranes and an annual capacity of 3.5 million TEU. It will make London a hub for international trade once again.

43

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

London Gateway – Value Proposition •

• •







Surrounded by Europe’s largest logistics park (9 million sq ft) with excellent road accessibility and direct rail connectivity. Approximately 30% of port traffic is expected to go by rail. ULCS handling capabilities (at full build can take 6 ULCS at one time) Best in class productivity and efficiency; the UK’s best tidal access, high level of automation, minimum weather disruption Offers a hub that is closer to 78% of the UK market compared with the country’s current largest port – including the Midlands and the North West, where 30% of UK deepsea containers are destined. Average saving of $306 per box for London and South East and $96 per box to Manchester and the North West due to proximity Premium pricing and EBITDA margins ahead of average for UK ports

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7D. Calendar and Contacts Investor Presentation March 2014

Introduction

Key Highlights

Industry and Competitor Overview

Investment in our Portfolio

Financial Overview

Concluding Comments

Appendices

Forthcoming Events Roadshows and Conferences Date

Conferences & Events

Location

24 Mar to 9 April

Post-results Roadshow

UAE, UK, Asia, Australia

28 April

1Q Throughput Announcement and AGM

Dubai

29 April

DFM Investor Conference

London

28 to 30 May

BofAML MENA Fixed Income Conference

Miami

2 to 5 June

DP World Capital Markets Event

Callao, Sao Paulo

24 July

1H Throughput Announcement

Dubai

28 Aug

1H14 Result Announcement

London

1 Sep to 2 Sep

Post-results Roadshow

UAE, UK, US

28 October

3Q Throughput Announcement

Dubai

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Investor Relations Contacts Redwan Ahmed Jasmine Lindsay Maria Hunt Investor Relations

Email: [email protected] Email: [email protected] Email: [email protected] Email: [email protected]