Global Ports Connecting Global Markets

Investor Presentation
January 2011
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Agenda

1. Company Highlights

2. Industry and Competitor Overview

3. Business Outlook and Strategy 4. Financial Overview

5. Concluding Remarks

DP World is Unique
DP World is the only listed global container port operator
DP World 2010 gross throughput of 49.6m TEU by Geography
Australia and Americas (5.8 TEU) 12% Middle East, Europe and Africa (21.7m TEU) 44%

Focus purely on container ports 49 terminals & 10 new developments and major
expansion projects across 31 countries Approximately 10% market share (1)

DP World operates container terminals through long term concession agreements

are perpetual as historically always renewed Very high barriers to entry

Average life of concessions is 43 years in reality they

DP World is focused on origin and destination cargo; gives pricing power

Asia Pacific and Indian Subcontinent (18.5m TEU) 43%

74% of our volumes were O&D in 2009 and have to

Gross Throughput (TEU m)

43.3 36.8 46.8

go through our ports Shipping lines do not dictate our volumes import and exports do

43.4

DP World is focused on the faster growing emerging markets

77% of our gross volumes came from emerging

markets in 2009
(1) Drewry Global Container Terminal Operators 2010

2006PF

2007

2008

2009

Our Global Portfolio

Agenda

1. Company Highlights

2. Industry and Competitor Overview

3. Business Outlook and Strategy 4. Financial Overview

5. Concluding Remarks

The Global Container Port Industry

Review of industry in 2009

Regional Split of 2009 Container Volumes

South Asia 3% Africa 4% Eastern Europe Latin Australia 1% 2% America 7%
Middle East 6%

473 million TEU handled globally Utilization 63% EBITDA margins largely maintained

North America 8%

West Europe 17%

Industry Forecasts 2009-2015

Container volumes expected to grow 7.2% vs. expected

capacity growth of 3%

Volumes expected to reach 718 million TEU by 2015 Utilization rates expected to reach 80% by 2015 Emerging markets will outperform industry as a whole

South East Asia 14%

Far East 38%

All data supplied by Drewry Annual Review of Global Container Terminal Operators 2010

DP World versus Competitors

Oceania 7% Americas 4% South Asia 13% Europe 11% Far East/SE Asia 19% Africa 6% Middle East 5% Africa 10% Europe 30% South Asia 6% Middle East 40% Americas 20%

2009
Throughput according to Drewry

2009 Market Share

2008 Market Share

Far East/SE Asia 29%

HPH AMPT

64.2 m TEU 56.9 m TEU

13.6% 12.0%

13% 12.3%

PSA
DPW

55.3 m TEU
45.2 m TEU

11.7%
9.5%

11.4%
8.9%

South Asia 2% Americas 11%

Middle East 2% Africa 1% Far East/SE Asia 56%

Europe 18% Americas 0%

South Asia 1%

Europe 28%

Far East/SE Asia 81%

Note/Source: Based on 2009 throughput according to Drewry Annual Review of Global Container Terminal Operators 2010

Container Traffic and GDP

Global Container Traffic has historically grown at 3-4x World GDP Growth
20.0%

15.0%

10.0% Forecast 5.0%

0.0% 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

-5.0%

-10.0% Container Growth -15.0% GDP Growth

World container traffic vs. World GDP(1)

(1) World GDP data from the IMF World Economic Outlook 2010 Container Handling Growth data reported from Drewry Annual Container Terminal (1) Historic data on World GDP Growth from IMF World Economic Outlook, April 2008 Operators

Agenda

1. Company Highlights

2. Industry and Competitor Overview

3. Business Outlook and Strategy 4. Financial Overview

5. Concluding Remarks

Positioned for Superior Growth

CAGR 2011-2015 Container Activity by Region
Global Total South Europe North America West Europe C America/Carib Australasia East Europe South Asia South America Far East Africa Middle East South East Asia

Drewry forecasts a CAGR of 7.3% p.a. in global container activity 2011-2015 77% of DP World throughput today comes from faster growing emerging or frontier markets (highlighted in green)

7.3%

DP World has high quality, efficient, wellequipped capacity to meet customers needs both today and in the future

DP World has the ability to roll out new capacity

as utilization increases in these faster growing markets

0%

2%

4%

6%

8%

10%
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All data provided by Drewry Container Forecaster Q310 Published 30 September 2010

New projects and Major Expansions

2010 Year End (FCST) Consolidated Capacity 35 Mn TEU 2011 (phase 1 capacity) Vallarpadam, India (800,000) New Developments and major expansions in Pipeline Dakar, Senegal Kulpi, India London Gateway, UK Sokhna, Egypt (Basin 2) Yarimca, Turkey 2015 FCST
(1)

2020 FCST
(1)

42 Mn TEU

48 Mn TEU

Gross Capacity (Consolidated plus JV capacity)

67 Mn TEU

As above plus: Embraport, Brazil Fos2XL, France Qingdao, China Rotterdam, Netherlands

79 Mn TEU

92 Mn TEU

Flexibility to roll out new capacity from our 10 new developments and major expansion projects inline with
market demand

Many of our existing portfolio of 49 terminals have the ability to increase capacity as utilization rates and
customer demand increases

36% of our consolidated capacity today is less than 3 years old (as at year end 2009)
(1) The 2015 and 2020 capacity numbers do not include the potential for smaller capacity additions from existing terminals

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Capital Expenditure 2010 2012

Capital Expenditure by Geography
EMEA 41%
Australia / Americas 25%
Existing Facilities 27% Maintenance 12% New Facilities 61%

Capital Expenditure by Type

Asia Pac / India 34%

US$ 2.5Bn capital expenditure expected for 2010 to 2012

Significant proportion of our capital expenditure is invested in new facilities opening in 2010 (Peru, Vallarpadam, Karachi) and terminals recently joining our portfolio

Flexibility to change capital expenditure in line with market demand

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Agenda

1. Company Highlights

2. Industry and Competitor Overview

3. Business Outlook and Strategy 4. Financial Overview

5. Concluding Remarks

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Financial Performance 20082010 H1

2007 Before separately disc losable items (Pro Forma) 2008 Before separately disclosable items 2009 Before separately disclosable items 1H 2010 Before separately disclosable items

Consolidated Throughput (TEU) Revenue (US$) Share of JVs and Associates (US$) Adjusted EBITDA (US$) (including JVs and Associates) Adjusted EBITDA Margin (US$) (including JVs and Associates)

24.0 Mn $2,613 Mn $87 Mn $1,063 Mn 40.7 %

27.8 Mn 3,283 Mn 116.1 Mn 1,340 Mn 40.8%

25.6 Mn 2,821 Mn 71.3 Mn 1,072 Mn 38.0%

13.2 Mn 1,455 Mn 61.9 Mn 580 Mn 39.9%

Our financial results in 2009 have proven that DP World has a superior business model which is both resilient to downturns in global trade and has the flexibility to mitigate negative impact on profits In 2010 container volumes return, and the benefit of cost measures taken in 2009 have returned our margins to almost 40%
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Revenue Breakdown
$3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0

796
627 706 1,280 2007 Container 'Stevedoring' 1,614 540 873 855 1,425

2008 Container 'Other'

2009 Non-Container

80% of our revenue is from container related activities; separated into stevedoring which is the tariff for box moves over the quay wall and container other which includes storage Our focus on O&D cargo gives pricing power Contracts with our customers are typically between 1-3 years in duration
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All financial results are reported before separately disclosed items

Debt Position
US$ Millions Total debt Cash balance Net debt Net Debt/Adjusted EBITDA (1) 30 June 2010 8,043 2,676 5,365
4.0 4.0

31 December 2009 7,969 2,910 5,059

4.7 3.8

Interest Cover (2)

Balance sheet remains strong and stable with a focus on long term debt to match long term concession profile Gross cash generation from operations of US$ 525Mn (H1 2010) and US$ 992Mn (FY 2009) and US$ 2.7Bn cash on balance sheet Next major refinancing is Q4 2012
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(1) Net debt to Adjusted EBITDA for 30 June is calculated using 12 months EBITDA from 1 July 2009 (2) Interest cover is calculated using Adjusted EBITDA and net interest expense

Debt Maturity Profile (30 June 2010)

3500 3000 2500 2000 1500 1000 500 0 2010 2011 2012 2013 2014 2017 2037

First Half

Second Half

2010 H2 P&OSNCo and Australia cash-backed facilities 2012 US$ 3Bn Syndicated Loan Facility 2017 US$ 1.5Bn Sukuk

2037 US$ 1.75Bn conventional bond

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Agenda

1. Company Highlights

2. Industry and Competitor Overview

3. Business Outlook and Strategy 4. Financial Overview

5. Concluding Remarks

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Investment Highlights
International Listed Company
International standards of listing rules, regulations and obligations Higher standard of Corporate Governance

Emerging Market Focus

Faster Growth - at multiples of GDP growth

Higher EBITDA Margins

Origin & Destination Cargo

Pricing Power

Stable Cargo Flows

Strong Balance Sheet

Long-term debt profile

US$2.7Bn cash on balance sheet

Stable Financial Policy

Disciplined investment criteria

Flexible Capital Expenditure

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Agenda

1. Company Highlights

2. Industry and Competitor Overview

3. Business Outlook and Strategy 4. Financial Overview

5. Concluding Remarks

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Appendix

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Volumes for the fourth quarter and full year 2010

2010 Throughput
Consolidated Volumes Asia Pacific and Indian Subcontinent (note ATI Manila moved to JV portfolio in 2009) Europe, Africa, Middle East* Americas and Australia Total TEU 2010 Full Year 5.5 million 17.5 million 4.8 million 27.8 million 2009 Full Year 5.5 million 16.5 million 3.5 million 25.6 million

Gross Volumes Asia Pacific and Indian Subcontinent Europe, Africa, Middle East* Americas and Australia Total TEU

2010 Full Year 22.0 million 21.7 million 5.8 million 49.6 million

2009 Full Year 18.5 million 20.3 million 4.6 million 43.4 million

*UAE volumes incorporated in the Middle East 11.6 million volumes

11.1 million

Financial Results to 30 June 2010

2010 H1 Consolidated Throughput (TEU) 13.2 million Revenue Share of profit from JVs and Associates

2009 H1 12.3 million 7%

$1,455 million
$61.9 million

$1,384 million
$33.4 million

5%
85%

Container revenue per TEU increased to $90 per TEU

Share of profit from joint ventures and associates benefitted from new terminal contribution excluding new terminals growth was 58% driven by volumes returning in Asia

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All financial results are reported before separately disclosed items

EBITDA and EBITDA Margins

2010 H1
Adjusted EBITDA (including JVs and Associates) Adjusted EBITDA Margin (including JVs and Associates) $580 million 39.9%

2009 H1
$535 million 38.7% 8%

All financial results are reported before separately disclosed items

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Profit After Tax & Net Income

2010 H1 Pre-tax profit from continuing businesses Tax Expense Adjusted net profit after tax from continuing operations Profitable attributable to non-controlling interests Profitable attributable to owners of the company (Net Income after minorities) $219 million $12 million $206 million $43 million $164 million

2009 H1 $216 million 1%

$29 million ($17 m) $188 million 10%

$12 million $31 m $175 million -7%

Lower tax expense of $12 million due to an adjustment in deferred tax liability in India
2009 H1 reported minority interests lower due to the inclusion of a tax liability in Argentina

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All financial results are reported before separately disclosed items

Regional Breakdown
Asia Pacific and Indian Subcontinent
Revenue EBITDA (inc share of profit from Joint Ventures) EBITDA Margins

2008
$517 $272 53%

2009
$477 $248 52%

2010 H1
$212 $111 52.1%

2009 Revenue

17% 21%

62%

America and Australia

2008

2009

2010 H1

Asia Pac & Indian Subc

Revenue EBITDA (inc share of profit from Joint Ventures) EBITDA Margins $757 $241 32% $596 $138 23% $389 $107

Americas & Australia

EMEA
27.6%

2009 EBITDA
Europe, Middle East and Africa Revenue EBITDA (inc share of profit from Joint Ventures) EBITDA Margins 2008 $2,009 $922 46% 2009 $1,748 $765 44% 2010 H1 853 400 46.9%

22% 12% 66%

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Jebel Ali, UAE A Flagship Facility

Jebel Ali is the largest container port between Rotterdam and Singapore Jebel Ali can accommodate any vessel size in existence or on order 14 million TEU Capacity; Worlds 6th largest container port in 2009 50% origin and destination cargo Jebel Ali Free zone is home to 6500 companies involved in logistics distribution, manufacturing 50% transhipment cargo as Jebel Ali is the Gateway for cargo to Middle East India and Africa

99 year concession in place from 2006

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2009 Breakdown of Dubai Containers

Containers handled by Geography
Mediterran ean 4% North America 6% South East Asia 7% Africa 7% Other 4% Middle East 29%

Containers handled by Geography

Vehicles 6% Food Stuff 45%

Plastic 25% Textiles 2%

Electronics 7% Other metals 2% Iron & Steel 5% Paper 4% Timber & plywood 4%

Western Europe 8%

Indian Sub Con 14%

Far East 21%

(1) About 50% of cargo in containers is classified as Other general cargo and is therefore excluded from the breakdown of the Known Container Content pie chart (2) Total containers handled at DP World Dubai including transshipment containers

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Shipping Services to/from Dubai

North Europe = 18 days

9 services

USA (East) = 21 days

4 services

Mediterranean = 13 days
6 services

Far East = 20 days

23 services

Red Sea = 12 days

5 services 31 services

India = 4 days S E Asia = 7 days

West Africa = 16 days

11 services

2 services

East Africa = 8 days

2 services

S. America = 25 days
2 services

South Africa = 12 days

4 services

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Ownership Structure
Government of Dubai

Port & Free Zone World

(80.45% ownership of DPW)

Other Dubai World Companies

DP World Shareholders
Via Nasdaq Dubai Listing (19.55%)

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Please Contact: DP World Investor Relations Fiona Piper fiona.piper@dpworld.com www.dpworld.com/investorcentre

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