Investor Presentation - DP World

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1 Global Ports Connecting Global Markets Investor Presentation March 2014

2 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

3 1. DP World - Introduction Investor Presentation March 2014

4 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices DP World DP World is the only listed global DP World operates container terminals container port operator through long term concession agreements Over 65 terminals across six continents Average life of concessions is approximately 8 new developments and major expansions 40 years in reality they are perpetual as 79% of total revenue comes from container historically concessions have always port operations been renewed Approximately 9% market share Very high barriers to entry (based on world container throughput)1 DP World is focused on origin and DP World is focused on the faster destination cargo which has pricing power growing emerging markets Over 70% of our volumes were O&D in 2013 Approximately 75% of our volumes came and have to go through our ports from emerging or frontier markets in 2013 Shipping lines do not dictate our volumes imports and exports do 1. Drewry Maritime Research 2013 Annual Report 4

5 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices DP World Portfolio 13% Gross capacity Gross capacity in 2013 of 71 million TEU; Gross volumes in 2013 of 55 million TEU 44% EMEA Asia Pacific/India Consolidated capacity in 2013 Australia/Americas of 35 million TEU; Consolidated 44% volumes in 2013 of 26 million TEU 13% 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

6 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Our Journey: From Local to Regional to Global Port Operator 1972 1998: 1999 2004: 2005 present: 2013 2014: Local port operator Regional port operator Global port operator Our Journey continues 1972. 1999. 2005. DP World London Gateway port Development of Port Rashid Dubai Ports International FZE CSX World Terminals acquired welcomed its first scheduled (Dubai, UAE) (DPI) formed vessel. 2006. 1979. 2000. The Peninsular & Oriental Steam 1 million TEU expansion at Opening of Jebel Ali Port Concessions won in Jeddah Navigation Company (P&O) T2 at Jebel Ali opened to bring (Dubai, UAE) (Saudi Arabia) and Doraleh acquired capacity at Jebel Ali Port to 15 (Djibouti) million TEU. 1991. 2006/7. Embraport (Brazil) became Port Rashid and Jebel Ali Port 2002. Global network and market operational operations combined to create Concession won in position increased in Asia, India, Dubai Ports Authority (DPA). Visakhapatnam (India) Australia, the Americas, Europe Construction of Caucedo Logistics centre began in the and Africa . 2003. Dominican Republic Concession won in Constanta 2007. Development of the Khorgos (Romania) DP World listed on NASDAQ Special Economic Zone and Dubai Inland Container Depot, 2004. Kazakhstan. Concession won in Cochin 2011. (India) DP Worlds global capacity DP World listed on the London reached 71 million TEU and Stock Exchange handled 55 million TEU 6

7 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

8 2. DP World - Key Highlights Investor Presentation March 2014 8

9 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices DP World Key Highlights Fast Growing Container volumes have historically Industry grown at a multiple to GDP. Emerging DP World has historically outperformed the container industry Market Focus as 75% volumes come from faster growing emerging markets Price Origin & Destination (O&D) cargo is price making; Making Cargo Over 70% of DP World volumes are O&D cargo High Utilisation DP World has a portfolio utilisation rate of 78% Significant Revenue grows faster than volume, EBITDA grows faster Operational Leverage than revenue and EBITDA margins continue to improve 9

10 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices DP World Key Highlights Strategic DP World has a pipeline of 8 major expansions Capacity and new developments which will increase Development capacity to approximately 100 million TEU by 2020 Cash Generative Cash generation over $1 billion per annum Strong Long-term debt profile to mirror long-term concession Balance Sheet agreements; leverage (net debt to EBITDA) of 1.7 times Significant ROCE has almost doubled since 2009 Return Improvement ROCE will continue to improve 10

11 3. Industry and Competitor Overview Investor Presentation March 2014

12 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

13 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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 1% 4% 8% 3% Long-term concessions 2% 4% 9% 4% Review of industry in 2013 6% 623 million TEU handled globally (39% 6% Far East) 931 million TEU capacity Utilisation rate of 66% 14% Industry Forecasts 2012-2017 Container volumes expected annual 39% average growth of 5.4% vs. expected capacity growth of 3.7% Volumes expected to reach 809 million North America 8% North Europe 9% South Europe 6% TEU by 2017 Far East 39% South East Asia 14% Middle East 6% Emerging markets will outperform industry Central America 4% South America 4% Australasia 2% as a whole South Asia 3% Africa 4% East Europe 1% All data supplied by Drewry Maritime Research 2013 Annual Report 13

14 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Positioned for Superior Growth CAGR 2012-2017 Drewry forecasts a CAGR of 5.4% p.a. Container Volume Growth by Region in global container activity 2012-2017 North Europe 2.0% Approximately 75% of DP World volume South Europe 3.4% comes from faster growing SouthAsia 3.5% emerging or frontier markets North America 3.7% DP World has high quality, efficient, Australiasia 3.9% well-equipped capacity to meet South America 5.2% customers needs both today and Global Total 5.4% in the future Midle East 5.6% DP World has the ability to roll out South East Asia 5.7% new capacity as utilisation increases Africa 5.8% in these faster growing markets Far East 6.4% C America / Carib 7.0% East Europe 7.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% All data supplied by Drewry Maritime Research 2013 Annual Report 14

15 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Container Port Ownership Structure % Share of Throughput 100% 5.5% 5.3% 6.2% 90% 19.1% 17.5% 17.0% 22.1% 23.0% 15.6% 32.0% 30.7% 80% 13.0% 47.2% 11.7% 70% 25.4% 4.8% 24.5% 40.2% 65.8% 60% 68.9% 31.3% 50% 4.3% 40% 78.3% 69.4% 66.2% 64.4% 30% 55.5% 48.5% 52.4% 20% 42.8% 36.7% 28.7% 25.8% 10% 0% North West Far East South East Middle East Latin Australasia South Asia Africa Eastern World America Europe Asia America Europe Global/ International Private 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

16 4. Investment in our Portfolio Investor Presentation March 2014

17 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Continued investment in growth $1,063 million capital 2%7% expenditure invested in our portfolio during 2013 EMEA Asia Pacific/India Significant proportion of our Australia/Americas capital invested in Jebel Ali (UAE) expansion and 91% construction of London Gateway (UK) 17% $3.7 billion capital expenditure forecast for 2012 2014 inclusive of maintenance Expansion New Facilities capex remains unchanged 49% Expansion Existing Facilities Maintenance from earlier guidance. This 34% implies $1,950 million to be spent in 2014. 17

18 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Strong Pipeline of the Right Capacity in the Right Markets New Developments and major 2013 Year End expansions 2015 2020 Capacity (operational start date in brackets where announced) Forecast Forecast Consolidated Capacity 35.2 m Dubai (UAE) CT3 (2014) 43m Approx. 55m TEU NSCIT (India) TEU TEU Dakar (Senegal) Kulpi (India) Sokhna Basin 2 (Egypt) Yarimca (Turkey) Gross Capacity 70.7 m As above plus: 84m Approx. 100m (Consolidated plus equity- TEU Fos2XL (France) TEU TEU* accounted investees) Rotterdam (Netherlands) (2014) 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

19 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Update on new developments Opened September 2013 with 1.2m TEU capacity Embraport (Brazil) 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 London Gateway (UK) 8 unscheduled calls since new year as LGW was less impacted by bad weather due to its higher level of automation Opened 1m TEU new capacity in June 2013 Remains highly utilised at almost 90% post addition of capacity Jebel Ali (UAE) 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 Rotterdam (Netherland) Partnered with shipping lines for guaranteed volumes Due to open 2015 with 0.8m TEU capacity Nhava Sheva (India) Significant demand for origin & destination (O&D) cargo Preliminary construction has commenced Yarimca (Turkey) Greenfield site with 100% shareholding 19

20 5. Financial Overview Investor Presentation March 2014

21 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Overview of 2013 Financial Results % Change Like-for-like at $ million 2013(1) 2012 % Change constant currency(1) Consolidated Throughput 26.1 27.1 (3.8%) (0.5%) (million TEU)(2) Revenue 3,073 3,121 (1.5%) 3.6% Adjusted EBITDA(3) 1,414 1,404 0.7% 9.0% (including JVs and associates) Adjusted EBITDA Margin 46.0% 45.0% 47.6%(4) Profit for the year attributable to 604 545 10.9% 26.6% owners of the Company before SDI 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

22 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Revenue Breakdown $3,500 $3,000 Like-for-like at 566 710 650 constant currency 623 revenue growth of $2,500 541 3.6% $2,000 906 855 973 1045 1027 $1,500 $1,000 1425 1607 1383 1366 1397 $500 Container Stevedoring Container Other $0 Non-Container 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

23 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Further EBITDA Margin expansion % Change Like-for-like at $ million 2013 2012 % Change constant currency(1) Share of profit from equity- 84 134 (37.0%) 3.8% accounted investees Adjusted EBITDA (including share of profit from 1,414 1,404 0.7 9.0% equity-accounted investees) Adjusted EBITDA Margin 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

24 Financial Regional Introduction Review Overview Outlook Appendix Cost Analysis 100 9.1% 7.3% Fixed Cost mix remains broadly in 7.7% 6.3% line with 2012; 63% variable 37% and 37% fixed. 19.6% 23.0% Cost breakdown also remains similar with payroll and Variable concessions representing 16.5% 16.6% 50 63% almost 60% of total costs. 5.5% 5.6% 7.2% 5.8% 7.8% 8.5% Payroll Terminal Concessions Equipment Repair 26.6% 26.9% and Maintenance Gas and Oil 0 Other 2012 2013 024

25 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Profit After Tax before separately disclosed items 2013 2012 % Change like-for-like at $ million % Change constant currency(1) Before SDI Before SDI 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% Non-controlling interests (minorities) 70 80 (12.3%) 3.3% Profit for the year attributable 604 545 10.9% 26.6% to owners of the Company Earnings Per Share (cents) 72.8 65.7 10.9% 26.6% 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

26 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

27 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Debt Maturity Profile Next major maturity in July 2017 2000 1800 1600 1400 $ Millions 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

28 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Further improvement in Return on Capital Employed Return on Capital Employed Return on Capital Employed of 6.7% 8.0% Making progress toward our 15% 7.0% target by 2020 6.0% Return on Capital Employed is impacted by the very low age profile 5.0% of our portfolio and the up front capital investment required 4.0% The average life of our concessions 6.8% 6.7% is approximately 40 years 3.0% 6.0% Invested more than $6 billion to add 4.4% over 20 million TEU capacity since 2007 2.0% 3.8% Approximately 20% of our capacity is 1.0% less than five years old We have two major projects at pre- 0.0% operational stage adding over 2009 2010 2011 2012 2013 6 million TEU 28

29 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

30 6. Concluding Comments Investor Presentation March 2014

31 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Resilient Business Model 2007 2008 2009 2010 2011 2012 2013 % LFL at Change constant currency Change 1 Consolidated 24.0 27.8 25.6 27.8 27.5 27.1 26.1 (3.8%) (0.5%) Throughput (000 TEU) Revenue ($ million) 2,613 3,283 2,821 3,078 2,978 3,121 3,073 (1.5%) 3.6% Adjusted EBITDA ($ million) 1,063 1,340 1,072 1,240 1,307 1,407 1,414 0.7% 9.0% (including JVs and associates) Adjusted EBITDA 40.7% 40.8% 38.0% 40.3% 43.9% 45.1% 46.0% 47.6% Margin (%) 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

32 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

33 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

34 7. Appendices Investor Presentation March 2014

35 7A. Regional Review Investor Presentation March 2014

36 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Middle East, Europe and Africa $ million 2013 2012 % Change Like for like % change at before separately disclosed items constant currency (1) Consolidated throughput (TEU 000) 18,993 19,202 (1.1%) 0.4% Revenue 2,124 2,112 0.6% 4.4% Share of profit from equity-accounted 8 24 (65.2%) 2.6% investees Adjusted EBITDA 1,095 1,021 7.3% 10.1% Adjusted EBITDA Margin 51.6% 48.3% 52.7%(2) Profit After Tax 858 783 9.6% 12.5% 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

37 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Asia Pacific and Indian Subcontinent $ million 2013 2012 % Change Like for like % change at before separately disclosed items constant currency (1) Consolidated throughput (TEU 000) 4,604 5,401 (14.8%) (3.9%) Revenue 355 457 (22.2%) (7.6%) Share of profit from equity-accounted 90 111 (18.7%) (4.5%) investees Adjusted EBITDA 220 299 (26.6%) (13.4%) Adjusted EBITDA Margin 61.8% 65.6% 59.8%(2) Profit After Tax 141 209 (32.5%) (18.4%) 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

38 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Australia and Americas $ million 2013 2012 % Change Like for like % change at before separately disclosed items 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 (14) (1) 115.3% investees Adjusted EBITDA 195 166 17.7% 31.7% Adjusted EBITDA Margin 32.9% 30.0% 34.7%(2) Profit After Tax 120 86 36.0% 62.5% 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

39 7B. Regional Review Jebel Ali Investor Presentation March 2014

40 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices Jebel Ali, UAE A Flagship Facility Jebel Ali is the largest container port between Rotterdam and Singapore with 15m TEU Worlds 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

41 Industry and Investment 2013 Breakdown of Dubai Containers Introduction Key Highlights Competitor Overview in our Portfolio Financial Overview Concluding Comments Appendices Jebel Ali Breakdown of cargo in 2013 REGION COMMODITY 0% 1% 1% 3% 3% 3% 13% 25% 8% 34% 14% 12% 6% 16% 12% 9% 25% 15% Far East 25% Europe/Med 16% Construction related 34% Consumables 25% Indian Sub Con 15% South East Asia 9% Auto 12% Manufacturing 12% North America 6% Middle East 14% Apparels & Textiles 8% Animal feed 3% Africa 13% South America 1% Bitumen 3% Glass 3% Australia 1% Healthcare 0% 41

42 7C. Regional Review London Gateway Investor Presentation March 2014

43 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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

44 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview Comments Appendices London Gateway Value Proposition Surrounded by Europes 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 UKs 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 countrys 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 44

45 7D. Calendar and Contacts Investor Presentation March 2014

46 Industry and Investment Key Competitor in our Financial Concluding Introduction Highlights Overview Portfolio Overview 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 46

47 Investor Relations Contacts Redwan Ahmed Email: [email protected] Jasmine Lindsay Email: [email protected] Maria Hunt Email: [email protected] Investor Relations Email: [email protected]

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