untitled

OO

2 2007-11-9 47.7% 21.5% 64.7% 31.1% 62.1% 14.7% 68.1% 51.1% % 77 6.7% 360 13 2572 100% 5386 70 322 9.2% 497 4 235 14.0% 754 7 715 21.3% 1150 13 101 12.8% 689 18 531 14.5% 780 4 591 21.5% 1157 11 %

1 2 3 3

4

5 2.65 3.85 5.35 5.85 6.35 6.85 7.66 7.86 8.11 8.61 9.05 0 1 2 3 4 5 6 7 8 9 10 1990 1992 1993 1996 1997 1998 1999 2000 2003 2005 2006 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 50.00% / %

6

2007-11-9 EPS06A EPS07E EPS08E EPS09E 07PE 08PE 09PE 12.85 0.297 0.396 0.472 0.464 32.4 27.2 27.7 22.08 0.34 0.462 0.642 0.711 47.8 34.4 31.1 9.17 0.1004 0.231 0.281 0.342 39.7 32.7 26.8 7

2003 2007 2004-05 2006-07 8

2004-05% 36.75 33.99 83.23 33.93 2.72 37.57 33.67-13.56 15.54 9.12 3.79 13.25 10.45-1.61 8.67 A 0.62-4.44-3.85 8.29-16.35-9.42 3.73-17.52-14.44-19.23-0.55-19.67 9

10 2007% 2006% 20062007

2007-11-12 2004-12-30 11

12 20-25 2004-06 2.36% 4.39% 8.58% 27.80% -18.01% 16.6% 16.8% 17.2% 5.6% 28.8% 17.3% 12.6% 3.8% -0.4% 38.1% -24.5% -13.1% 15.3% 0.1% -43.1% 21.2% 24.4% 30.9% 10.5% 33.0% 52.6% 38.3% 13.7% 63.0% 42.8% -11.8% 30.2% 183.9% -21.2% -1.3% 42.9% 27.7% 2.0% 7.0% 90.8% 46.2% 64.0% 106.6% 8.1% 97.6% 79.6% 72.8% 59.9% 60.9% 100.4% 2005-20032 % 2006-20033 % 2006 2005 2004

20-25 2003-2006 2004-05 13

14 20-25 308PE20-25 34.11% 22.73% 37.50% 42.92% 19.95% 7.55% 23.26% 30.18% 6.11% 8.66% 11.77% -1.62% 25.27% 22.87% 18.69% 34.81% 34.73% 42.10% 7.90% 59.49% 20.63% 12.83% 29.40% 20.22% 38.30% 13.48% 32.76% 75.57% 11.95% 10.76% 6.24% 19.24% 2006-09 2009E 2008E 2007E

20-25 DCF08PE20-25 DCF08PE20-25 DCF EPS 15

16 2007-09 16.5 20.3 27.9 39.8 0.54 0.44 0.32 0.22 8.92 14.2 15.2 18.8 24.5 0.570 0.530 0.430 0.33 8.08 14.4 15.6 17.5 17.2 0.540 0.497 0.445 0.45 7.76 13.0 15.9 18.9 25.5 0.550 0.448 0.377 0.28 7.14 16.3 23.2 25.0 39.8 0.626 0.441 0.408 0.26 10.2 18.5 20.8 26.9 32.4 0.469 0.415 0.321 0.27 8.65 14.7 16.7 22.2 39.0 1.852 1.632 1.229 0.70 27.3 16.4 18.2 19.3 23.0 0.996 0.899 0.847 0.71 16.33 9PE 08PE 07PE 06PE EPS09E EPS08E EPS07E EPS06A 3 30-50%

1 1200000 18.00% 16.00% 1000000 14.00% 800000 12.00% 10.00% 600000 8.00% 6.00% 400000 4.00% 2.00% 200000 0.00% -2.00% 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006-4.00% 17

2 2001-06/ 7848 8633 8461 9346 9673 9939 9992 11990 11512 12894 13938 15203 14312 15987 15237 17736 16388 15954 201030000/ 202056000/23.7 10 14.9% 18

3 20072010 4 1997% 2004% GDP 48.2 49.3 37,457 37.3 45.6 30,354 3.5 4.2 994 1.3 1.6 953 0.2 0.8 558 0.2 1 1,518 19

4000 3500 3000 2500 2000 1500 1000 500 0 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 1200 1000 800 600 400 200 0 924.64 1067.18 702.82 764.39826.34 733.22 802.58 501.77 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% -40.0% 20

(ITS)1 25%50% 70% 21

22

23

24 7.1% 2.5% 2.6% 2.9% 3.4% 5.8% 13.7% 61.9% 87.3 6 31.0 2.30 13.49 31.5 1.17 26.90 A 35.5 2.26 15.67 42.0 5.38 7.80 71.5 4.06 17.60 167.9 7.23 23.21 756.9 79.92 9.47 2007-11-9

25 14.63 16.82 14.37 9.58 9.38 20.54 15.4 18.0 17.2 170.6 5586 22.35 16.51 14.96 13.70 4.62 4.73 5.36 28.2 33.4 39.7 49.1 85461 53.75 10.22 9.64 9.11 2.12 2.15 2.38 18.2 19.5 22.4 28.1 5916 2.89 12.74 11.71 16.40 3.16 3.21 3.61 21.0 25.0 29.1 28.2 12592 6.77 9.69 7.94 13.74 3.68 3.77 4.08 29.8 37.0 50.0 34.3 3592 6.85 ROE08E ROE07E ROE06A PB08E PB07E PB06A PE09E PE08E PE07E PE06A 200827 2007-11-9 9.10 7.32 1.66 1.77 17.2 19.1 28.1 25.7 280 2.42 LYTTELTONPORTCOMPANY 9.70 8.90 2.43 2.65 25.5 27.0 29.4 31.2 66 2.65 SOUTHPORTNEWZEALAND 8.33 7.46 1.36 1.44 19.7 21.6 24.1 25.4 1129 7.2 PORTOFTAURANGALIMITED 0.79 0.84 11.1 11.8 12.0 12.2 657 3.02 NCBHOLDINGSBHD 16.00 15.00 2.73 3.14 18.8 19.9 21.0 22.7 1390 7.05 BINTULUPORTHOLDINGSBHD 6.47 6.21 1.05 1.12 15.9 16.6 17.9 19.4 280485 922 KAMIGUMICOLTD 200819 2007-11-9

26 A200835 2007-11-9 31.7 39.3 54.6 31.7 0.310 0.250 0.180 0.31 9.83 40.4 40.4 67.4 81.4 0.300 0.300 0.180 0.149 12.13 38.4 38.4 48.1 77.9 0.203 0.203 0.162 0.1001 7.8 85.6 100.7 124.5 108.5 0.160 0.136 0.110 0.1263 13.7 26.3 27.1 31.0 27.1 0.330 0.320 0.280 0.32 8.68-37.7-0.396 14.91 39.2 45.8 52.6 45.3 0.323 0.277 0.241 0.28 12.67 37.3 42.1 52.6 67.1 0.254 0.225 0.180 0.1412 9.47 36.2 35.8 38.4 50.0 0.373 0.377 0.351 0.27 13.49 32.0 35.0 38.3 31.0 0.550 0.503 0.460 0.567 17.6 31.3 34.8 24.5 25.0 0.500 0.450 0.640 0.6265 15.67 23.7 27.6 36.5 64.5 0.978 0.841 0.636 0.36 23.21 24.4 24.9 25.6 28.3 1.104 1.080 1.050 0.952 26.9 9PE 08PE 07PE 06PE EPS09E EPS08E EPS07E EPS06A

1991-2006 20071-10 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 1991 1993 % 1995 1997 1999 % 2001 2003 2005 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 27

10 101991-2006 1991-2006 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 1991 10% 1993 1995 1997 1999 2001 10 2003 2005 90% 85% 80% 75% 70% 65% 60% 10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 % % 1991 1993 1995 1997 1999 2001 2003 2005 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 28

29 8 0 50000 100000 150000 200000 250000 300000 350000 400000 1980 1990 1996 1998 2000 2002 2004 2006 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 8 8% 1996-2006 1996-2006 0 50000 100000 150000 200000 250000 300000 350000 400000 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 0% 5% 10% 15% 20% 25% 30% 35% % %

1996-2007 () () 40 35 30 25 20 15 10 5 0 (%) (%) 30% 25% 20% 15% 10% 5% 0% 2002 2003 2004 2005 2006 20079 30

31 1990 29%13% 20%12% 22.1 10.8 2008E 23.3 11.4 2007E 20.6 11.1 2006 22.4 10.4 2005 35.5 10.1 2004 37.2 10.0 2003 21.8 9.1 2002 7.4 8.3 2001 31.4 8.4 2000 % GDP %

32

TEU10/ 45% 60% 60% 80% 2010 50% 10-15 33

34 2.1 1.1 1 189 42.2 31.8 23.9 2551 7.6 5.3 3.7 587 17.5 13.9 10.2 1197 15 11.5 9 578 6642 7473 12585 338.79 402 830 680.88 660 840 1493.72 1847 3120 697.53 707 1440 1934.74 2171 3335 700.87 770 1100 522.49 595 1080 273.17 321 840 2010 41 19.521.5 1.2 TEU 1 2 3

35 106.79 70.3 46.3 67 30.9 44.7 126.7 84.5 73.9 105.6 42.7 70.4 0 0 276.16 276.16 184.11 184.11 270.44 180.29 270.44 270.44 180.29 180.29 /TEU

36 3000TEU

37 0.997 0.860 0.636 0.356 EPS() 38.50 38.21 34.84 47.27 % 15.97 35.31 106.58-28.36 YoY% 167,021.14 144,023.45 106,440.00 51,526.00 () 12.25 20.58 270.38-5.28 YoY% 1,125,178.80 1,002,367.09 831,310.53 224,451.00 () 2009E 2008E 2007E 2006A / 19.74% 25.21% 26.53% 25.85% 23.93% 28.07%28.13% 24.61% 21.05% 0 200 400 600 800 1000 1200 1400 0% 5% 10% 15% 20% 25% 30% 90%50% 100

38 000088 0.50 0.46 0.55 0.55 0.54 1.32 10.00-24.76 1.04-4.50-15.12 44.36 46387 42170 56049 55474 58090 68439 32.77 32.77 50.47 57.11 71.93 97.13 352 320 440 433 450 511 12TEU 1074 976 872 758 626 526 TEU 2008E 2007E 2006E 2005 2004 2003 0.54 0.55 0.55 0.46 0.90 0.99 0.5 0.0 0.2 0.4 0.6 0.8 1.0 1.2 2004 2005 2006E 2007E 2008E 16.5 17.0 17.5 18.0 18.5 19.0 19.5 20.0 20.5 EPS( EPS ROE ROE 3

39 1.0% 12 1.04 11.57 SST 1.3% 15 2.11 7.29 2.1% 25 2.48 10.02 4.2% 48 3.24 14.93 4.4% 51 4.86 10.43 5.7% 66 3.69 17.91 8.8% 102 3.27 31.34 9.0% 104 8.55 12.16 12.2% 142 4.52 31.40 50.9% 591 12.49 47.35 2007-11-9

CapesizePanamaxHandysizeVLOC 12-14%8-10% 07FFA 09 VLCCSUEZMAXAFRAMAX 092010 40

20082009 0809 % BDI07 08 FFABDI 2000-05 4.8 5.6 2005-10 3.9 4.9 2010-15 3.9 4.6 7.6 4.6 4.1 5.9 6 5.7 1 2.5 2.8 BDI0809 09BDI 41

BDICapesizePanamax 1BCIBDI VLOC Capesize Capesize 2BPI Panamax Capesize 31-2 1-2 4 BDI 42

20082009 0809 123 123 20092010 43

44 30.2 38.9 43.9 0.45 0.35 0.31 0.24 13.6 20.6 25.0 34.4 17.9 25.4 49.6 1.08 0.76 0.39 0.35 19.34 17.5 18.6 29.1 2.7 2.55 1.63 0.20 47.38 19.0 21.0 23.5 1.75 1.58 1.41 0.83 33.2 18.2 20.9 25.8 1.87 1.63 1.32 0.94 34.01 9PE 08PE 07PE EPS09E EPS08E EPS07E EPS06A

10 200520062007 2005 45

46