.

 

TPMMarch 2010

Transaction Multiples for Major Container Terminal Operations

Acq. Date Target Target Business Acquirer 100% EV

Est. Acq. Yr EV/EBITDA

May 07 MTCIndependent US container and cargo stevedoring company operating in 32 locations

AIG Global Investment Group

c.US$930mil 11.6x

Mar 07 Maher Terminals

Port Elizabeth terminal in new Jersey and the Prince Rupert container terminal project in Vancouver

RREEF US$2bln 32.1x

Feb 07 Montreal Gateway Terminal (TUI)

Operates the Racine and Cast container terminals on the St Lawrence River in Montreal

Morgan Stanley US$460mil 17.1x

Dec 06 Dubai Ports World (P&O USA)

6 US Terminals acquired as part of the P&O transaction

AIG Global Investment Group

US$980mil 22.0x

Nov 06 Orient Overseas (international) Ltd

Container Terminal Portfolio in Vancouver, NJ, NYC

Ontario Teachers Pension Plan

US$2.4bil 20.4x

Mar 06 P&O PortsGlobal terminal operator, stevedore and ferry operations

Dubai Ports World US$7.7bil 14.0x

Jan 05 CSXWT Global ports operator Dubai Ports World US$1.bln 14.8x

Transaction Multiples for Major Container Terminal Operations

14.8x 14.0x

20.4x22.0x

17.1x

32.1x

11.6x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

1-2005 1-2006 2-2006 3-2006 1-2007 2-2007 3-2007

EV /

EBI

TDA

Review the change in North American Ports Volume Potential

The outlook for North American Ports’ container throughput levels has changed dramatically since the end of 2007

42.3 44.9 45.748.7

52.055.5

59.363.3

67.672.1

77.082.2

87.7

93.6100.0

106.7

42.344.9 45.7 43.6

37.5 38.7 39.9 41.2 42.5 43.8 45.2 46.7 48.1 49.7 51.2 52.8

0.0

20.0

40.0

60.0

80.0

100.0

120.0

2005 2006 2007 2008 2009E 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Nor

th P

orts

Thr

ough

put

(TEU

-MIL

)

N. America (1997 to 2007 CAGR 6.7%) N. America (1999 to 2009 CAGR 3.2% )

Source: AAPA for historic volume levels