DP World - Investor Presentation - Mar 2020 Final PDF

INVESTOR PRESENTATION
March 2020
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2
OUR JOURNEY FROM LOCAL PORT OPERATOR
TO GLOBAL TRADE ENABLER
Local Region Global

Global
Port al Port Port
1972 - 1998 1999 - 2004 2005 - 2017 Trade 2018 - Present
Operat Operat Operat
Enabler
or or or
Dubai Maritime City and Drydocks World acquisitions

(UAE)
2005/6. CSX World Terminals and The Peninsular Created investment platform with NIIF to invest up to US$
& Oriental Steam Navigation Company (P&O) 3bn in ports, logistics and related sectors in India
acquired. Global network and market position
increased
Acquisition of Cosmos Agencia Maritima, a fully integrated
logistics services provider (Peru)
2007. DP World lists on Nasdaq Dubai
Acquisition of Continental Warehousing Corporation
2013. Opening of London Gateway (UK) deep sea (India) an integrated multimodal logistics company.
port and logistics park
1999. Concession won to build and operate new logistics hub

2014. Opening of Jebel Ali Terminal 3 (UAE), one in Mali
1972. Dubai Ports International FZE (DPI) formed of the largest semi-automated facilities in the
Development of Port Rashid (UAE) world.
2000. Concession won to build Free Trade Warehousing Zone in
JNP Mumbai
1979. Concession won in Jeddah (KSA) and 2015. Economics Zones World FZE (EZW) acquired
Opening of Jebel Ali Port (UAE) Doraleh (Djibouti)
Acquisition of Unifeeder, an integrated logistics company
2016. Consolidated stake in Pusan Newport (South with the largest and best connected feeder and growing
1991. 2002 – 2004. Korea) with 66% ownership shortsea network in Northern Europe
Port Rashid and Jebel Ali combine Concessions won in Visakhpatnam (India),
creating Dubai ports Authority (DPA) Constanta (Romania) and Cochin (India) 2017. Consolidate DP World Santos (Brazil) with Acquisition of Topaz Energy and Marine Limited, a leading
100% ownership international marine logistics services and solutions
company to the global energy industry
DP World Overview ESG Container Industry Overview Business Development Throughput and Financials
INVESTOR PRESENTATION 3
S UP P LY CH AI N S O L UTION P RO VIDER –
P ART I CIPATING ACRO S S T H E S UP P LY CH AI N
Extending the core business to Connecting directly with cargo

play a wider role in the supply owners & aggregators of demand
chain
Seller/Exporte Pre- Terminal Sea Terminal On-Carriage Buyer/Importer

r Warehouse Carriage to Handling Leg Handling to Final Warehouse
Port of Destination
Loading
Providing technology led Improve quality of earnings and

solutions to remove inefficiencies drive returns
DP W O RL D P O RTS O V ERVIEW
DP World is the only listed

global container port operator Over 150 operations 9 new developments 55% of total revenue 9% market share
in over 50 countries and major generated by port
expansions. operations.
Approximately 75% Strong

DP World focuses on the of our volumes presence in
faster growing markets and generated from Diversified key East-
portfolio.
key trade routes emerging or frontier West trade
markets in 2019. route.
DP World focuses on origin Over 70% of our gross volumes

Shipping lines do
not dictate our
and destination cargo which were O&D in 2019 and have to go
volumes – imports
has pricing power through our ports.
and exports do.
DP World operates container Average life of port concessions is Very high barriers to
terminals through long term approximately 36 years. entry.
concession agreements
RE V ENUE DI V ERSIFICAT ION
2014
80%
2019
20%
Containerized
80%
20% 45%
Non-containerized
Containerized 45%
2017 55%
70% 55%
Containerized 30%
Non-containerized
70%
30%
Non-containerized
RE V ENUE AN D E B I T DA M I X
2019 REVENUE 2019 EBITDA

55% 70%
Ports & Terminals Ports & Terminals
10% 15%
Parks & Economic Zones Parks & Economic Zones
35% 15%
Logistics & Maritime Logistics & Maritime
15%
35%
55%
15%
70%
10%
* Rounded figures
CLIENT MIX CHANGE
Traditional Container Customers Logistics and Maritime Customers
OUR GLOBAL FOOTPRINTS
IMF World Economic Outlook

Real GDP Growth
2020 Projections
<0
0-2%
2-4%
+4%
EM & Frontier 4.6%
Advanced Economies 1.7%
World 3.4%
China 5.8%
India 7.0%
Ports & Terminals Parks, Logistics & Maritime Services
IMF World Economic Outlook | October 2019 Economic Zones
KE Y E N VIRONMENTAL & S US T AINAB ILIT Y I N IT IAT IVES
In 2017, DP World joined the United DP World is rated ‘Low’ ESG Risk by First international marine and inland In 2019, DP World scored 54 points in
Nations IMPACT 2030 initiative and Sustainalytics with a score of 14.8 as of trade services provider to join the the DJSI Index, which qualified us for
became Regional Voice Lead for the September 2019. renowned CDP. the Emerging Markets Index. The
UAE. industry average is 36 and the industry
ESG Risk Rating improvement: Achieved overall score of Leadership/ best score is 85.
DP World continues to play an active • Ranking improved from 4th to 1st in A- in 2019, placing DP World in the top
part in the Transport Taskforce, which the ‘Marine Ports’ sub-industry group, 24% in our activity group DP World is the only company in the
brings together 40 of the world’s • Ranking improved from 35th to 21st in region which is in the DJSI Index.
leading wildlife organizations and the ‘Transportation Infrastructure’ In 2019, achieved 10% reduction in
transport businesses to tackle illegal industry group. emission intensity (kgCO2e/ModTEU)
wildlife trade. against 2013 baseline.
KE Y E N VIRONMENTAL & S US T AINAB ILIT Y I N IT IAT IVES
Green
Loan
DP World has satisfied the The DP World Solar Power Programme In 2018, DP World repriced and DP World is committed to ensuring that
requirements to become a constituent phases 1 and 2 include the installation of extended its $2bn conventional and there is no modern slavery or human
of the FTSE4Good Index Series 154,000 solar panels on the roofs of DP Murabaha revolving credit facilities by trafficking in any part of our business
following the December 2019 index World and JAFZA buildings, parking lots, two years to July 2023. The loan and to seeking to ensure our supply
review. warehouses and at Port Rashid. pricing is linked to DP World’s carbon chains globally are also free of these
emission intensity. issue.
Created by FTSE Russell, the In 2018, the company launched the
FTSE4Good Index Series measures the UAE’s first green storage, passenger The first green loan in the region with Issue modern slavery and human
performance of companies terminal and warehouse facilities. an Islamic format that links pricing to trafficking statement on an annual
demonstrating strong ESG practices. environmental performance. basis, pursuant to section 54(1) of the
UK Modern Slavery Act 2015.
GL O B AL ISATION AN D T H E GRO WT H O F T H E CO N T AI NER
15%
10%
More than 90% of
cargo is transported
5% ❑ Variable costs increased to 66.2% in on
2018Sea
from
63.3% in 2017.
❑ Cost breakdown remains the same as 2018 with
0% payroll and concessions representing about 60%
of total costs.
World container traffic
-5% vs. World GDP
Source:
1 World GDP data from the IMF World Economic Outlook Update January 2020.
2 Global Container Throughput Growth data reported from Drewry Maritime Research July 2019 Report.
-10%
Why does a multiplier exist? Container Ports Characteristics
❑ Distance between manufacturing and consumption location ❑ Resilient volumes, high cash generation, and limited operators.
requires transhipment which leads to containers being handled
❑ Light regulation – cost of container handling is less than 10%
more than once.
of total transport logistics.
❑ Trade imbalance leads to empty repositioning.
❑ High entry barriers – capital expenditure heavy, strategic
❑ Low container penetration rates in emerging markets. assets.
CO N T AINERISATION P E N ET RAT ION RAT E S RE M AI N L O W
Container / Thousand Capita

2018 Port Throughput Estimated Population in 2018
Region / Country in 2018
(mn TEU) (mn People)
(TEU /’000 people)
China 244 1,397 175
UK 10 66 158
North America 68 490 138
Europe 136 1,016 133
WORLD 784 7,447 105
Latin America 48 556 86
Brazil 10 209 49
Russia 5 144 35
Africa 28 1,136 24
India 17 1,327 13
Notes:
• Port throughput figures include gateway and transshipment volumes
• Significant volumes of unitized traffic also moved in ro-ro mode in some countries e.g. UK
Source: Drewry Maritime Research 2018 Anniual Report
MAINTAINING DIFFERENTIATION FROM PEERS
2018 2018
2018
Operator Market Equity TEU* Capacity Key Focus
Throughput
Share Market Share
• Around 75% of activity generated by emerging markets
China Cosco • Mainly focused on China although rapid expansion internationally
105.8 13.5% 5.9% 130.0
Shipping • Primarily gateway, limited exposure to transhipment
• Large investment in the One Belt and Road initiative
• Significant exposure to transhipment in Hong Kong
Hutchinson
82.6 10.5% 6.0% 112.0 • High volumes in China, limited in North America & Africa
Port Holdings¹
• Exposed to slow growth in Hong Kong cargo
• Significant exposure to transhipment especially in Singapore
• Mix of mature & emerging markets, strong home base in Singapore
PSA
80.1 10.2% 7.7% 112.6 • Limited presence in Africa and North America, limited presence in Latin America
International
• Increasing portfolio expansion plans (greenfield) and development of capacity at existing
locations e.g. Singapore
• Exposed to one shipping line – more than 50% of revenue

APM Terminals 78.6 10.0% 5.5% 99.7 • Primarily gateway (some transhipment exposure)
• Significant presence in mature markets (Europe & North America), no presence in Oceania.
• Primarily origin and destination cargo (70%) with pricing power

• Emerging market focus and strong presence in Europe, Australia and North America
• High global presence, limited in North America
DP World 70.0 8.9% 5.6%² 89.7
• Expansion in emerging and mature markets
• Only operator with activities in all 12 world regions and remains the leading player in the Middle
East by a large margin.
Source: Drewry Maritime Research 2019 Annual Report.
*Equity TEU adjusts figures to match the % ownership of terminals, (1) Hutchison figure include HPH Trust volumes (2) DP World equity league ranking: #4 in 2018.
TIS Container Terminal (Ukraine)
DP World agrees to acquire a 51% stake in TIS
Container Terminal in the Port of Yuzhny, Ukraine.
The port is a deepwater multipurpose terminal ideally
located to serve the strong domestic market, Belarus DP World Australia (Australia)
and Eastern Europe.
DP World raised its holding in DP World Australia
The acquisition is expected to close in H1 2020. (DPWA).
Australia remains a stable market with an opportunity

to grow in logistics
Fraser Surrey Docks (Canada)
Posorja (Ecuador) FSD is a multipurpose terminal which handles containers

(400k TEU capacity), steel and agri-bulk.
Opened in August 2019 with
0.75m TEU capacity. The acquisition gives DP World the ability to further
diversify cargo mix with a focus on non-container cargo. Berbera (Somaliland)
Only deep-water port in the
fast growing container market Strategically located to serve east Africa
of Ecuador including Ethiopia. Expanding capacity
from 0.15 million TEU to 0.55 million TEU.
Puertos y Logistica (Chile)
Puertos y Logistica S.A. (“Pulogsa”),

a leading port operator in Chile with
two terminals; Puerto Central
(“PCE”) and Puerto Lirquen (“PLQ”).
Key Port
Developments
P&O Ferries (UK) Unifeeder Group (Denmark)
P&O Ferries is a pan-European integrated logistics Unifeeder operates the largest and most densely connected common
business consisting of a market leading roll-on-roll-off user container feeder and an important and growing shortsea network
(Ro-Ro) ferries operation and a European in Europe.
transportation and logistics solutions provider (P&O
Ferrymasters).
P&O Ferries handles over 2.5 million freight units per Topaz (Caspian, MENA & Africa)
year which accounts for approx. 75% of group
revenues. Topaz is a leading international provider
of critical marine logistics and solutions
to the global energy industry. The
Company operates a modern and
Feedertech (Singapore)
versatile fleet of 117 vessels,
predominantly in the Caspian Sea,
MENA, and West Africa regions. Unifeeder, acquired a 77% stake
in Feedertech Group. Feedertech
operates two businesses,
Feedertech, an independent
feedering service and Perma, a
regional short-sea network.
KRIBHCO Infrastructure Limited (INDIA) Continental Warehousing Corporation (India)

KRIL operates three major Inland Container Depots/Private
Freight Terminals at Pali, Haryana; Modinagar, Uttar DP World and NIIF joint venture acquired 90% of
Pradesh and Hazira, Gujarat and has container train Continental Warehousing Corporation (CWC) in India.
operations with a pan India outreach. KRIL has a strong
presence in the National Capital Region (NCR), which is CWC is a leading integrated multimodal logistics provider
India’s largest Import/Export market with a population of
Key Logistics & over 46 million, including a terminal located on a notified
double stack route.
of Warehousing, Container Freight Stations (CFS), Inland
Container Depots (ICD), Private Freight Terminals (PFT)
and integrated logistics solutions.
Maritime
Developments
F E E DERTECH ACQ UI SIT ION – T RAN S ACT ION O V E RVIEW
• Acquired 77% stake in

Feedertech Group.
• Established in 2003 and based

in Singapore, Feedertech
operates two businesses:
Feedertech (an independent
feedering service) and Perma
(regional short-sea network).
• Feedertech Group will broaden

DP World’s Group feedering
and short-sea product offering
to multiple geographies.
Feedertech Perma
• Further enhance DP World’s
logistics capability to offer an Port-to-port operations through VSAs/consortium with Pier-to-pier operation through customized services which
end-to-end solution to both Main-Line Operators (MLO). primarily relies on Feedertech.
the shipping lines and cargo • No owned vessel.
owners. • The company has 5 service routes in Indian Utilizes 11 services (ISC – Middle East drives c.52% of
Subcontinent and Far East regions. volumes; Far East & Southeast Asia drives 32%; Africa
drives 4%; remaining is reefer or special services).
TOPAZ ACQUISITION – TRANSACTION OVERVIEW
DP World acquires Topaz at an attractive valuation, with the

business expected to meet DP World’s returns criteria
• 100% of Topaz acquired for an enterprise value of US$1,079m1

representing an attractive multiple for DP World.
• Topaz Energy and Marine Limited (Topaz) is a leading international marine

logistics services and solutions company to the global energy industry,
enabling trade for the oil and gas market.
• The company operates in four key operating segments; Caspian (64

vessels), MENA/Subsea (20 vessels), Africa (13 vessels) and Solutions (20
vessels).
• The strong contract backlog provides strong forward revenue visibility and
stability, with increased IOC/NOC tender activity signalling growing
confidence in the E&P sector.
• The acquisition is expected to meet DP World’s returns criteria and will be

earnings and margins accretive from the first full year.
1 Enterprise value shown on an adjusted economic basis. The consideration for the JV stake increase is not included in the enterprise value.
TOPAZ ACQUISITION – STRENGTHENING DP WORLD’S
MARINE SERVICES OFFERING
117 281
Fleet Number of ships
(primarily OSVs) (primarily tugs/barges and other small vessels)
US$349m US$230m
Revenue Revenue
Revenue and
FY18 financials
EBITDA
US$190m US$80m
EBITDA EBITDA
Africa S. America
10% 14%
MENA
13%
FY18 revenue split Caspian
Geographic 45% EMEA
by operational
exposure 50%
location
Australasia &
PNG
Solutions
36%
32%
#8
Dubai Trading Across Borders
Serves a Wide Region Midway between Asia & Europe 2019 (World Bank) -
Trade gateway for GCC, ISC & Africa with MENA region
population access of over 2bn
• Jebel Ali Port is 11th largest port worldwide
• 19.3 million TEU capacity (2018) Logistics hub for Arabian Gulf #16
• Sea connectivity: 180+ shipping lines, 80+ Globally in Ease of Doing Business
Host to the World Expo 2020
weekly services, 140+ direct ports of call Report 2020 (World Bank) and
ranked #1 in Arab countries for
7th consecutive year
• World's busiest international airport
• 89.1 million passengers in 2018 DUBAI
• Handled 2.6m tons air freight in 2018.
• DWC: Dubai’s emerging cargo airport AED 1.3trn non-oil foreign trade (2018)
• Customs bonded corridor connects sea-air
box within 45mins of discharge Largest domestic market in the region
Jebel Ali Free Zone non-oil trade worth $93 bn
• Rail network in GCC by 2020
• Etihad Rail (UAE) will span 1,200 kms (2018)
75 Kms of Metro
•
• Tramway of 14 kms
#5
• Etihad Rail will have a depot within Jebel Ali Global Connectedness
facility, connecting UAE to GCC Pro-business government Index 2018 (DHL)
Rapidly growing trade and services sectors
• Connected to the main UAE/GCC road
network – 2 to 3 days road transit to Cosmopolitan city with high standard of living
anywhere in the GCC. Excellent healthcare & educational services #9
2019 Economic Freedom Index –
Diverse living environment, over 200 nationalities
Global ranking and Rank #1 in the
Secure environment Region
Jebel Ali Port & Free Zone (JAFZ)
Integrated One Stop Shop for Business Solution
Over 7,900 Over 130,000 Facilitates trade

customers from Jobs sustained (2018) worth
140 countries $93 Bn
Main Logistics Spans 57 sq km One of the largest

& Business
Trade Hub for Communities
the region in the region
Operate in an Multimodal Connectivity

Integrated Jebel Ali Port, Al Maktoum Intl. Airport,
One-Stop- Etihad Railway, Regional Highways
Shop
Access to 3 Bn+ Over 350 logistics companies. 6 out of

people in the the 10 largest logistics companies in
MEASA region the world have their Regional base in
JAFZA
Over 100 Dubai Logistics Corridor Sea – air

Fortune 500 customs bonded corridor
companies
UPDATE ON FREE ZONE
Occupancy Rates %
100% 99%
100%
94% 95% 94% 95% 95%
92%
90% 89% 90% 90% 89%
90% 87% 87% 88%
84% 85% 84% 84%
83% 83%
80% 80%
80% 77% 77% 82%
73%
70%
66% 67%
60%
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Land Warehouse Office On-Site Residential
Note: Warehouses include showrooms
Over 550 new companies registered during 2019

Trading remains in line with expectations
and total number of companies exceeds 7,900.
DP World is one of the largest solution providers in South
DP World India Overview Asia.
DP World has created a wide network of logistics assets in India including

CFSs, ICD PFTs, Cold chain facilities, road and rail transportation networks.
Port Terminal
ICD/PFT Facility
India Transportation Growth Forecasts
CFS Facility
Cold Chain Facility ❑ India Container Terminal CAGR 8-10%
FTWZ Facility Under development
❑ Container Freight Station (CFS) and Inland Container Depot (ICD) CAGR
Panipat
10-12%
Modinagar ❑ Private Freight terminal CAGR 30-35%
Sahibabad,
Delhi NCR Rewari
Hinduan
6 2 Free Trade
Ahmedabad
Port
Mundra
Terminals Warehousing Zones
Surat
Hazira
Mumbai
Container
Hyderabad
Visakhapatna
m 5 Freight
Stations 6 Cold Chain Facilities
(Winter Logistics)
Bangalore
Inland Container
3
Inland Container
Vallarpadam
Chennai Depots/ Private
Freight Stations
4 Depots (Kribhco
Infrastructure Ltd)
Tuticorin
P&O Ferries & Ferrymasters
Port / Terminal / Hub

Oslo
Hanko
Helsinki
St. Petersburg
Core Asset Areas
Stockholm Talinn Ferry Routes
Gothenburg Chartering Train Services
Larne / Belfast Cairnryan
Riga
Shuttle Services
Teesport
Dublin Malmö
Klaipeda
Road Shunts
Cork
Liverpool
Hull
New Services 2019
Lübeck
Rostock
Harwich
Tilbury
Europoort
Dover
Poznan
Zeebrugge
Calais
Calais
M Dourges
Duisburg
Lovosice
Ostrava
Budapest
Oradea
Trieste
Bilbao Segrate
Novara
Piacenza
Ploiesti
Toulon Constanta
Perpignan
Barcelona
Madrid
Pomezia
Pendik (Istanbul)
EUROPEAN
Nola Bari
NETWORK
Patras
Mersin
UNIFEEDER AND P&O FERRIES
• Operates the largest common user container feeder network and also an important and growing shortsea
network in Europe.
• Unifeeder does approximately 12,500 port calls at 100 ports while maintaining a utilization rate of 90%.
Unifeeder is the largest and most
• Operates on an asset light model i.e. all transportation assets are leased on short term charters upon
integrated network in Europe – demand.
with opportunity to expand • Unifeeder serves two distinct markets: Feeder Services transport containers from the large European hubs to
regional ports, thereby providing major international deep-sea container shipping lines easy access to ports
and regions beyond their reach. Shortsea Services provide fully multimodal door-to-door transport of full-load
containerized cargo for customers across Europe, combining seaborne transportation with third party road
and/or rail logistical services.
• DP World aims to be the world-leading multimodal “trade enabler”; offering clients full “beyond the port”
services
• Recent acquisitions of Unifeeder, Continental Warehousing and DryDocks World demonstrate a commitment
P&O Ferries consists of a market to this strategy
leading Roll-on Roll-off (Ro-Ro) • P&O Ferries adds a market-leading Ro-Ro business to DP World’s existing European Lo-Lo assets, operating
ferries operation and a European across 11 European ports
transportation and logistics • P&O Ferrymasters adds a complementary European supply chain solutions provider, with a presence in 19
solutions provider locations
• P&O Ferries handles over 2.5m freight units p.a., and generated GBP1.1bn of revenue & GBP100m of
EBITDA in 2017
DP World Australia
Overview
◼ DP World Australia (“DPWA”) is a privately-

owned, leading Australian container port
operator, providing container stevedoring Sea Sea Port
Sea Port Rail Freight Warehousing Land Port Road
services across Australia Freight Stevedore Operation Freight
“Landlord” Freight Forwarding
◼ DPWA operates a national network of four
Operation
container terminals located at each of
Australia’s major ports (“4-Ports”), namely:
- DP World Brisbane, Terminals and Stevedoring DPWA Logistics (established in 2017)
- DP World Sydney,
◼ National network of four DPWA Logistics was Facility Summary
- DP World Melbourne; and ◼
container terminals established in 2017 to
- DP World Fremantle State NSW
◼ 4-Ports market share of provide enhanced
◼ In addition to its core terminals and stevedoring Park Park
~50% solutions to its Facility
1 2
business, DPWA has a strategy to grow the ◼ Discussions with other customers Capacity
Brisbane
business ‘beyond-the-gate’ where it ‘protects parties ongoing to add to ◼ DPWA Logistics (TEU)
9,000 3,000
and feeds’ its core stevedoring offering Fremantle national footprint comprises of two Lease expiry 2024 2024
Sydney
◼ DPWA has started to execute its growth ◼ Forms part of global DPW facilities in NSW that are Terminal
Melbourne 81,000 30,000
strategy and expanded its operations network strategically located size (sqm)
Existing sites adjacent to DPWA’s
to include: NSW
Sydney terminal Landlord DPWL
Ports
- DP World Logistics Australia (“DPWA
DPWA’s Core Business
Logistics”) which operates two
intermodal terminals in NSW; and
- Joint ventures with Patrick Terminals &
Logistics (“Patrick”) (1-Stop 1-Stop Connections – 50/50 JV with Patrick AWH – 50/50 JV with Landmark
Connections (“1-Stop”) and Landmark
◼ AWH is a leading Australian logistics and warehousing specialist
(AWH)) ◼ 1-Stop is a technology provider to 13 terminals across Australia, providing storage, handling, freight forwarding and inventory
◼ DPWA forms part of the DP World global New Zealand and South East Asia management services for import, export and domestic distribution
network and is able to leverage off the ◼ Services provided include the vehicle booking service, provision of ◼ AWH operates a national footprint covering >700,000sqm of
experience and expertise. real-time container movement information and reporting systems warehousing across 14 sites
to meet customs regulatory requirements
◼ Top 3 national warehouse footprint
Existing Business Focus areas for complementary growth to protect core business
INVESTOR PRESENTATION
Puertos y Logística S.A. (“Pulogsa”) Reasons for DP World to invest
Both PCE & PLQ handle gateway cargo, and would

allow DP World to serve cargo owners and
Pulogsa holds two wholly owned shipping lines at five key gateways on the west
multipurpose seaport assets; A. Puerto coast of South America in Posorja (Ecuador),
Central (PCE) concession in San Antonio, V Callao and Paita (Peru) and San Antonio and
Region, and B. Lirquen port (PLQ) which Lirquen (Chile).
serves mainly forestry product exports in
the VIII Region. Chile is an investment grade (A1/ Stable) country
with strong GDP growth.
Pulogsa concession in the San Antonio bay is for a 20 PCE is the most modern terminal in the Santiago
year period with the option to extend it until 2041. region (>50% national cargo demand) and
- Pulogsa is one of the largest and the most modern expected to maintain a favorable supply/demand
container ports in Chile. balance. PLQ is a freehold asset.
- PCE’s total capacity of 1.15m TEUs and the port
facility counts with direct connectivity to Santiago
through modern highways and railway.
A
Transaction Summary
B
Puerto Lirquen is located near the main productive EV for 100% of Pulogsa is USD 728m, DP World
center of Southern Chile, serving blue-chip forestry paid an equity value of USD 502m.
and pulp clients who ensure stable export demand
- PLQ is amongst the largest private public-access Projected to be earnings accretive from first year
ports in Chile, benefiting from the largest storage in of consolidation.
the VIII Region
THROUGHPUT OVERVIEW
1H 2018 1H 2019 2H 2018 2H 2019 4Q 2018 4Q 2019 FY 2018 FY 2019
Gross Volumes 4Q 2019 FY 2019
Growth Growth Growth Growth Growth Growth Growth Growth
‘000 TEU Volume Volume
(YoY) (YoY) (YoY) (YoY) (YoY) (YoY) (YoY) (YoY)
Asia Pacific & India +4.5% +4.0% +1.8% -3.5% +3.0% -2.3% 7,813 +3.1% +0.2% 31,763
Europe, Middle East and Africa* +5.0% -2.9% -3.9% -1.3% -3.5% -1.9% 7,326 +0.4% -2.1% 30,039
❑ Variable costs increased to 66.2% in 2018 from
Americas & Australia +5.2% +0.4% +0.5% +8.4% +0.0% 2,566
+10.8% 63.3% in 2017. +2.8% +4.5% 9,446
Total Group +4.8% +0.5% -0.8% -1.0% -0.1% ❑ Cost17,705

-0.4% breakdown +1.9%
remains the -0.2%
same as 2018 with
71,248
payroll and concessions representing about 60%
1H 2018 1H 2019 2H 2018 2H 2019 4Q 2018 4Q 2019 FY 2018 FY 2019
Consolidated Volumes of total costs.
4Q 2019 FY 2019
Growth Growth Growth Growth Growth Growth Growth Growth
‘000 TEU Volume Volume
(YoY) (YoY) (YoY) (YoY) (YoY) (YoY) (YoY) (YoY)
Asia Pacific & India +1.0% +5.9% -1.0% +5.6% +0.8% +6.0% 2,341 +0.0% +5.7% 9,316
Europe, Middle East and Africa* +3.1% -4.1% -5.6% -0.4% -4.9% -1.4% 5,703 -1.3% -2.3% 23,246
Americas & Australia +18.2% +57.9% +15.0% +95.1% +12.6% +96.6% 2,135 +16.5% +77.3% 7,368
Total Group +4.0% +4.9% -2.3% +12.4% -1.6% +12.1% 10,179 +0.8% +8.6% 39,930
*Jebel Ali volumes included in

Middle East, Africa and Europe +0.2% -7.5% -5.6% -3.6% -4.6% -6.2% 3,392 -2.7% -5.6% 14,111
region
KEY CAPACITY ADDITIONS
2019 2020
Year End New Developments and major expansions Year End
Capacity Forecast
54.0m TEU • Karachi (Pakistan) Approx.

Consolidated Capacity Sokhna (Egypt) 57.5m
• ❑ Variable costs increased toTEU
66.2% in 2018 from
• Yarimca (Turkey) 63.3% in 2017.
• Fraser Surrey Docks (Canada)
❑ Cost breakdown remains the same as 2018 with
• Posorja (Ecuador)
payroll and concessions representing about 60%
of total costs.
Gross Capacity
92.0m TEU As above Approx.
(Consolidated plus equity-accounted investees) 95.0m TEU
❑ Many of our existing portfolio of terminals have the ability to increase capacity as utilization rates and customer demand increases.
❑ 2020 expected new capacity: Sokhna (Egypt) 0.7m TEU; Karachi (Pakistan) 0.4m TEU; Yarimca (Turkey) 0.4mn TEU
OVERVIEW OF 2019 FINANCIAL RESULTS
% change
Results before separately disclosed items(1) unless otherwise stated As reported Like-for-like at
2019 2018 constant
USD million % change
currency(2)
Gross throughput(3) (TEU ‘000) 71,248 71,419 (0.2%) 1.0%
Consolidated throughput(4) (TEU ‘000) 39,930 36,760 8.6% (0.5%)
Revenue 7,686 5,646 36.1% 2.3%
Share of profit from equity-accounted investees 153 165 (7.1%) (2.2%)
Adjusted EBITDA(5) 3,306 2,808 17.7% 0.5%
Adjusted EBITDA margin(6) 43.0% 49.7% - 49.6%(7)
Profit for the period 1,341 1,333 0.6% 5.0%
Profit for the period attributable to owners of the Company 1,328 1,270 4.6% 5.4%
Profit for the period attributable to owners of the Company after separately disclosed items 1,189 1,297 (8.3%) -
Basic earnings per share attributable to owners of the Company (US cents) 160.0 153.0 4.6% -
Ordinary dividend per share (US Cents) 40.0 43.0 - -
(1) Before separately disclosed items (BSDI) primarily excludes non-recurring items. DP World reported separately disclosed items loss of $146.9 million in 2019.
(2) Like-for-like at constant currency is without the new additions at Puerto Central and Puerto Lirquen (Chile), P&O Ferries and Ferrymasters (UK), Topaz Marine & Energy (UAE) and Posorja (Ecuador). For the
acquisitions made during the year 2018, i.e., Continental Warehousing (India), Cosmos Agencia Marítima (Peru) and Unifeeder (Denmark), and Discontinuation of Surabaya (Indonesia), Doraleh (Djibouti) and Tianjin
(China), a similar period is compared in 2019. The consolidation results of DP World Australia in 2019 is compared with similar period in 2018. The impact of IFRS 16 is given effect from 1st Jan 2018 for like-for-like.
(3) Gross throughput is throughput from all consolidated terminals plus equity-accounted investees.
(4) Consolidated throughput is throughput from all terminals where the Group has control as per IFRS.
(5) Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amortisation and including share of profit from equity-accounted investees before separately disclosed items.
(6) The adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue.
(7) Like-for-like adjusted EBITDA margin.
REVENUE BREAKDOWN
$9,000
$8,000
401
$7,000 579
❑ Revenue growth as
$6,000
132 reported is 36.1%.
$5,000 598 3154
586 ❑ Like-for-like revenue
1479
$4,000
419 554 822
growth of 2.3%.
742 802 760
$3,000
623 710 650 1450 1450 1419 ❑ Lease Revenue
$2,000 1166 1240 1315 includes income from
973 1045 1027
Jebel Ali Free Zone and
$1,000 1857 1991 2133 Dubai Maritime City.
1382 1366 1397 1503 1507 1535
$0
2011 2012 2013 2014 2015 2016 2017 2018 2019
Container 'Stevedoring' Container 'Other' Non-Container (excl. Lease Revenue) Lease Revenue & related services Sale of plots
❑ Revenue growth of 36.1% driven by acquisitions including P&O Ferries (UK), Topaz Energy & Marine Group (UAE) and the two terminals in Chile (Puerto
Central and Puerto Lirquen) as well as the full year impact from Continental Warehousing Corporation (India), Cosmos Agencia Maritima (Peru) and
Unifeeder (Denmark) and the consolidation of Australia region.
❑ Like-for-like revenue increased by 2.3% driven by 16.0% growth in non-container revenue.
* Like-for-like at constant currency
DP WORLD KEY FINANCIAL METRICS
$ million 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Gross Throughput (TEU mn) 43.4 49.6 54.7 56.1 55.0 59.9 61.7 63.7 70.1 71.4 71.2
Consolidated Throughput (TEU mn) 25.6 27.8 27.5 27.1 26.1 28.3 29.1 29.2 36.4 36.8 39.9
Revenue 2,821 3,078 2,978 3,121 3,073 3,411 3,968 4,163 4,715 5,646 7,686
EBITDA 1,072 1,240 1,307 1,404 1,414 1,588 1,928 2,263 2,469 2,808 3,306
EBITDA margin 38.0% 40.3% 43.9% 45.0% 46.0% 46.6% 63.3% in 2017.
48.6% 54.4% 52.4% 49.7% 43.0%
Leverage (Net Debt / EBITDA) 4.7 4.2 2.7 2.0 1.7 1.3
❑ Cost breakdown
3.2 remains the
2.8 2.5same as2.8
2018 with3.9*
PAT 332.7 450.1 531.7 624.8 674.2 756.7
payroll and concessions
969.9 1,259.5
representing
1,362.5
about 60%
1,332.8 1,341.4
of total costs.
EPS (USD cents) 35.6 45.0 55.3 65.7 72.8 81.4 106.3 135.7 145.6 153.0 160.0
ROCE % 3.8% 4.4% 6.0% 6.8% 6.7% 7.1% 7.9% 9.5% 8.8% 8.4% 7.5%
Interest cover x 3.8 4.4 4.5 4.7 5.0 5.6 5.0 6.7 7.5 6.5 4.6
Capex 967 1,129 481 685 1,063 807 1,389 1,298 1,090 908 1,146
Acquisition & Monetisation 142 0 (1,504) (374) (637) 83 4,100 174 300 2,500 3,100
Consolidated Terminal Capacity (TEU mn) 34.4 35.1 33.6 34.7 35.2 37.9 40.1 42.4 49.7 49.7 54.2
Gross Capacity (TEU mn) 59.7 64.1 69.4 69.7 70.7 76.1 79.6 84.6 88.2 90.5 91.8
Gross Capacity Utilisation 72.7% 77.3% 78.8% 80.4% 77.8% 78.7% 77.5% 75.2% 79.5% 78.9% 77.6%
* Post IFRS16
CONTINUED GROWTH IN 2019
Continued revenue and EBITDA growth

❑ Reported revenue growth of 36.1 % supported by acquisitions and growth in non-containerized revenue.
❑ Like-for-like revenue increased by 2.3% driven by 16.0% growth in non-container revenue.
❑ Adjusted EBITDA grew 17.7% and achieved an EBITDA margin for the full year of 43.0%.
❑ Like-for-like adjusted EBITDA margin was at 49.6%.
Strong balance sheet and cash generation

❑ Free cash flow (post cash tax maintenance capital expenditure and pre-dividends) amounted to $2,058 million.
❑ Raised $2.3 billion through issuance of long-term bonds at record low rates to remove refinancing risk.
❑ Net leverage stands at 3.9 times post IFRS 16 and is 3.37 times on a pre-IFRS 16 basis.
❑ Committed to Strong investment Grade rating in the medium term
Continued investment in high quality long-term assets

❑ Capital expenditure in 2019 was $1,146 million (below our guidance of $1.4 billion) as we maintain a disciplined approach to deploying
capital.
❑ In 2019, gross global capacity was at 92 million TEU. Consolidated capacity was at 54 million TEU
❑ We expect capital expenditure in 2020 to be up to $1.4 billion with investment planned mainly into UAE, Prince Rupert (Canada), London
Gateway (UK), Jeddah (Saudi Arabia), Callao (Peru), Sokhna (Egypt), Berbera (Somaliland) and Maritime Logistics.
Solid earnings growth

❑ Strong adjusted EBITDA growth resulted in a 4.6% increase in profit attributable to owners of the Company before separately disclosed
items on a reported basis and 5.4% growth on a like-for-like basis at constant currency.
❑ Ordinary dividend at 40 US cents.
HISTORICAL OPERATING PERFORMANCE
9,000 80
8,000 70
7,000 REVENUE 60
6,000
50
5,000
USD m
TEU m
40
4,000
EBITDA
30
3,000
20
2,000 PAT
1,000 10
0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Gross Volumes
2019 RETURN ON CAPITAL EMPLOYED
˃ 15% ROCE : 27% 5 - 15% ROCE : 37% ˂ 5% ROCE : 36%
100.0%
Capital Employed
80.0%
60.0%
63.3% in 2017.
40.0%
ROCE*
❑ Cost breakdown remains theTerm

Medium same as 2018
Target with
of 15%
20.0% payroll and concessions representing about 60%
of total costs.
0.0%
DP World Terminals
-20.0%
-40.0%
❑ ROCE was at 7.5% in 2019 from 8.4% in 2018.

❑ Approximately 30% of our capital employed delivers returns in excess of 15%.
❑ Newer operations or investment in pre-operational businesses reduces Group ROCE.
❑ Includes all DP World consolidated operations and our equity-accounted investees.
* Medium term target
DEBT POSITION
$ Million 31 Dec 2019 31 Dec 2018
(+) Interest Bearing Debt 13,281 10,397

(+) IFRS 16 Lease Liability 2,513 N/A
(=) Total Debt 15,794 10,397
(-) Cash Balance 2,943 2,615
(=) Net Debt 12,851 7,782
Net Debt / Adjusted EBITDA pre IFRS 16 3.4x 2.8x

Net Debt / Adjusted EBITDA post IFRS 16 3.9x N/A
Interest Cover pre IFRS 16 5.3x 6.5x

Interest Cover post IFRS 16 4.6x N/A
❑ Well matched debt profile with long-term debt to meet long-term nature of our business.
❑ Successfully executed multi-tranche bond transaction to raise $2.3bn of long term finance
❑ Highly cash generative business - generating cash from operations of $2,462 million and a cash balance of $2,943 million.
❑ Leverage of 3.37 times (adjusted net debt to adjusted EBITDA) Pre IFRS 16.
IFRS 16 IMPACT
$ Million 2019
Income Statement
EBITDA 236.0
Net finance costs (136.5)
Amortisation Expense (146.2)
Profit after tax (46.7)
Balance Sheet
Right of use assets 2,081

Gross debt 2,513
❑ Net profit after tax reduction of $46.7 million

❑ Gross debt increases by $2.5 billion
DEBT MATURITY PROFILE
2000
1800 1,750
1600
1400
❑ Variable costs increased to 66.2% 1,300
in 2018 from
1,200
63.3% in 2017.
US $ Millions
1200
1,000 1,000 ❑ Cost breakdown remains the same as 2018 with
1000
842 payroll and concessions representing about 60%
800 of total costs.
697
609
600 500 538 500
474 421 462
400 254
254
175 161 170 143 194
200 118
68 76 72 68 51 26 17
0
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2037 2039 2048 2049
Sukuk MTN Convertible Convertible (put in 2021) Bank Loans and Others
DP WORLD DEBT
❑ On 17 February 2020, Moody’s has placed DP World’s Baa1 rating on review following the announcement that Port and Free Zone World FZE has made an offer to DP World’s minority shareholders to
acquire the outstanding shares and delist.
❑ On 17 February 2020, Fitch has placed DP World’s BBB+ rating on review following the announcement that Port and Free Zone World FZE has made an offer to DP World’s minority shareholders to acquire
the outstanding shares and delist.
DP WORLD IR APP
https://www.myirapp.com/dpworld/
Introduction Financial Review Regional Overview Outlook Appendix
2019 PRELIMINARY RESULTS PRESENTATION 40

INVESTOR RELATIONS CONTACT
Redwan Ahmed
Email: Redwan.Ahmed@dpworld.com
Amin Fikree
Email: Amin.Fikree@dpworld.com
Investor Relations
Email: Investor.Relations@dpworld.com
THANK YOU

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INVESTOR PRESENTATION

Local Region Global

Dubai Maritime City and Drydocks World acquisitions

1999. Concession won to build and operate new logistics hub

Extending the core business to Connecting directly with cargo

Seller/Exporte Pre- Terminal Sea Terminal On-Carriage Buyer/Importer

Providing technology led Improve quality of earnings and

DP World is the only listed

Approximately 75% Strong

DP World focuses on origin Over 70% of our gross volumes

2019 REVENUE 2019 EBITDA

Traditional Container Customers Logistics and Maritime Customers

IMF World Economic Outlook

EM & Frontier 4.6%

Advanced Economies 1.7%

Container / Thousand Capita

North America 68 490 138

Europe 136 1,016 133

WORLD 784 7,447 105

Latin America 48 556 86

• Exposed to one shipping line – more than 50% of revenue

• Primarily origin and destination cargo (70%) with pricing power

Australia remains a stable market with an opportunity

Posorja (Ecuador) FSD is a multipurpose terminal which handles containers

Puertos y Logistica (Chile)

Puertos y Logistica S.A. (“Pulogsa”),

KRIBHCO Infrastructure Limited (INDIA) Continental Warehousing Corporation (India)

• Acquired 77% stake in

• Established in 2003 and based

• Feedertech Group will broaden

DP World acquires Topaz at an attractive valuation, with the

• 100% of Topaz acquired for an enterprise value of US$1,079m1

• Topaz Energy and Marine Limited (Topaz) is a leading international marine

• The company operates in four key operating segments; Caspian (64

• The acquisition is expected to meet DP World’s returns criteria and will be

Over 7,900 Over 130,000 Facilitates trade

Main Logistics Spans 57 sq km One of the largest

Operate in an Multimodal Connectivity

Access to 3 Bn+ Over 350 logistics companies. 6 out of

Over 100 Dubai Logistics Corridor Sea – air

Land Warehouse Office On-Site Residential

Note: Warehouses include showrooms

Over 550 new companies registered during 2019

DP World has created a wide network of logistics assets in India including

Port / Terminal / Hub

◼ DP World Australia (“DPWA”) is a privately-

Both PCE & PLQ handle gateway cargo, and would

Total Group +4.8% +0.5% -0.8% -1.0% -0.1% ❑ Cost17,705

*Jebel Ali volumes included in

54.0m TEU • Karachi (Pakistan) Approx.

* Like-for-like at constant currency

Continued revenue and EBITDA growth

Strong balance sheet and cash generation

Continued investment in high quality long-term assets

Solid earnings growth

❑ Cost breakdown remains theTerm

❑ ROCE was at 7.5% in 2019 from 8.4% in 2018.

$ Million 31 Dec 2019 31 Dec 2018

(+) Interest Bearing Debt 13,281 10,397

Net Debt / Adjusted EBITDA pre IFRS 16 3.4x 2.8x

Interest Cover pre IFRS 16 5.3x 6.5x

Net finance costs (136.5)

Amortisation Expense (146.2)