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Summary of Major Transactions
When Target Acquirer EV(mil US$)
Est. EV/EBITDA
Dec 09 Seagirt Development (Baltimore) Ports America 100-140 n/a
May 09 Port of Oakland – Outer Harbor Ports America/AIG Highstar 60 n/a
Jul 07 Carrix/SSA Marine Goldman Sachs n/a n/a
Apr 07 Amport AIG Highstar n/a n/a
May 07 MTC AIG Global Investment Group 1,200 12x
Mar 07 Maher Terminals RREEF 2,000 25x
Feb 07 Montreal Gateway (TUI) Morgan Stanley 450 22x
Dec 06 Dubai Ports World (P&O USA) AIG Global Investment Group 1,00 23x
Nov 06 Halterm Macquarie Fund 158 23x
Nov 06 Orient Overseas Intl Ltd Ontario Teachers 2,400 23x
Sep 06 Hanjin Terminals Macquarie Fund 850 16x
Jun 06 ABP Goldman-led Consortium 2,500 20x
Apr 06 HPH PSA 4,400 17x
Mar 06 P&O Ports Dubai Ports World 7,700 14x
Dec 05 PD Ports Group Badcock and Brown 260 13x
Jan 05 CSXWT Dubai Ports World 1,000 15x
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Existing Industry Groups
Financial Institutions
Industry Groups Owned byFinancial
Institutions
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Lowering of Trade Barriers Increases in Consumer Spending
Growth in Offshore Sourcing of Goods
Rapid Expansion of Container Volume
Historical and Projected Improvements in Container
Terminals’ Unit Margins
Widespread Belief that Container Volume Would Experience Strong and
Uninterrupted growth
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Summary of USA and Canadian Ports Historical ThroughputSource: AAPA
Note: Volumes in HI, AK, and PR are note included
4.5%
5.1%3.9%
11.1%
7.4%
4.3%
8.7%
6.6%8.5%
8.3%
‐0.2%
8.9% 9.9% 9.2%8.7%
6.1%
1.8%
‐4.4%
‐13.8%
‐20.0%
‐15.0%
‐10.0%
‐5.0%
0.0%
5.0%
10.0%
15.0%
0.00
5000.00
10000.00
15000.00
20000.00
25000.00
30000.00
35000.00
40000.00
45000.00
50000.00
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Growth Rate
TEU (0
00)
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High Investment
Costs
No, or Limited, Volume Track
Record
Significant Reliance on Rail Service
• All of these projects will require a significant capital investment to build the required facilities
• During the construction phase, no revenues will be generated
• There are always a number of risks associated with construction
• Except for the expansion of Prince Rupert’s terminal all of these project will be new to the market
• The risk associated with gaining sustainable volume levels will be magnified by the need to service debt payments
• Rail costs are normally significantly more than the terminal handling fees
• Terminal operators have little influence on rail carriers pricing and service levels
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