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NTIALS

STATEMENT OF CREDENTIALSJANUARY 2013

Creative People, Practical Solutions.™

ABOUT US

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ABOUT USClients can expect thoroughly integrated projects, completed under exacting quality control standards, with the innovation and creativity for which our company is known worldwide

4 | About Us

Ports, Harbours &

Transp

ortati

on

Waterfronts & Marinas

Marine Terminals

Wat

er R

esources

Coasta

l &

Other

Liquid Bulks

Dry B

ulkGen

eral

Car

go

Ro-ro

Ferry

Gas

Oil

Minor

Produ

ctsMaj

orPr

oduc

ts

Brea

k Bu

lks

Con

tain

ers

M&ADue Diligence

Securitisation

Lenders ReportsConcessions

Masterplans

Intermodal

Logistics

Fuel Costing

Rail

Truck

WarehousingStorage Cost

StrategyO

ptions

Emissions

Protection

Air Quality

Green Ports

Environment

Benchmarking

Design

Facil

ities

Impact

CORE

OFFICE LOCATIONS

REPEAT BUSINESS

90%+

Long

Beac

h hea

dqua

rters

UK of

fice

PROJECTS COMPLETED

7,000+EMPLOYEES WORLDWIDE

500+OFFICES

28PROJECT COUNTRIES

50+

YEAR ESTABLISHED

1945

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ABOUT USMoffatt & Nichol is a an engineering consulting, planning and design company specialising in ports and terminals, marinas and urban waterfronts, business planning and forecasting on a global basis. With our unrivalled portfolio of more than 7,000 projects in over 50 countries, we are able to advise on projects and transactions for a wide variety of clients in the infrastructure sector including port authorities, terminal operators, shipping lines, governments, investment banks, and the wider financial community.

Since 1945, Moffatt & Nichol’s exceptional level of innovation has developed into the most comprehensive range of specialised port disciplines in the industry, and the company is able to integrate its unique capabilities and skills to meet specific project demands, from economics and financial analysis to planning, to design and construction document preparation, and on to post-construction award services and programme management.

WORLDWIDE PRESENCEMoffatt & Nichol has extensive international ports experience serving private and public clients and is currently involved in a variety of port planning, design, coastal protection and waterfront infrastructure projects worldwide. With a total of 28 offices at key locations in Europe, North America, Latin America, the Middle East and the Pacific Rim, staffed with over 500 highly experienced port and transport professionals, Moffatt & Nichol is able to provide a comprehensive service profile tailored to the needs of infrastructure and port markets.

THE DIFFERENTIATINg FACTORMoffatt & Nichol offers a unique client service approach by providing both commercial and technical services in-house, which thereby ensures full understanding of project development and management. The single-supplier approach offered by Moffatt & Nichol ensures a clear line of communication for the client via one project manager cutting management time, whilst offering better continuity to the client throughout the entire project.

The integration of commercial, operational and technical review ensures that all issues are thoroughly covered. Moffatt & Nichol’s wide range of in-house capabilities, together with the extensive network of specialist industry contacts maintained by its staff, delivers an ability to address and deal with all pertinent issues quickly and efficiently. Thus the focus always remains on ensuring that the client receives the highest level of support, with the process driven by the demands of the project.

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PERSONNEL

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PERSONNELMoffatt & Nichol promotes a collaborative approach to project planning, working closely with its clients to develop a scope of services to best meet client needs

8 | Personnel

MARk SIMMONSVice President

Mark Simmons has a unique skill set with regard to the ports and shipping industry. After qualifying as a Chartered Engineer, and subsequently as a Chartered Accountant, he worked initially for KPMG and then within the investment banking division of Merrill Lynch. In 1999 he joined Hutchison Port Holdings (HPH), where he successfully undertook a number of key roles during a six-year stay, including the developing and monitoring of financial and operational performance standards, the coordination of investment projects and the incorporation of operational and engineering requirements (in relation to both civil and mechanical activities) into these projects. He subsequently took a front line role in the corporate finance unit responsible for HPH projects in 24 different countries throughout Europe, North, Central and South America, Africa and the Mid-East which helped to define the company’s future plans and strategy.

Mark joined Moffatt & Nichol as Vice President and established the company’s permanent presence in the UK and Europe. He retains responsibility for initiating and developing the company’s international business in the areas of financial and economic analysis, port planning, container terminal development, freight transportation, goods movement and distribution facilities. He also plays an active role in project management of key assignments on a global basis.

TIM DENTONTechnical Director

Tim Denton has over 30 years experience in maritime engineering, ranging from port and heavy marine structures to recreational marinas and waterfront regeneration projects, both in consultancy and contracting. At Buro Happold, he was an Associate Director within their Water Group, with particular responsibility for projects featuring maritime and coastal structures. Most recently, Tim has been working on the Thames Cable Car project. He was Design Coordinator for marine elements for the cable car development, focusing on ship impact structures at the north and south towers, and scour protection at the south tower in the River Thames. Tim joined Moffatt & Nichol as Technical Director in September 2012.

JOHN FOSSEYConsultant

John Fossey has spent over 30 years analysing and reporting on the container shipping, logistics and ports industries, including serving as Deputy Editor and then Editorial Director of the leading liner shipping magazine Containerisation International. John also has significant experience in the consultancy sector having spent five years at Drewry Shipping Consultants Ltd. He specialises in ocean carriers’ network planning and investment strategies, trade-lane and market analyses, port/terminal operating and financial performances, and freight logistics solutions.

JILL HENNESSYConsultant

Jill Hennessy has more than 20 years experience in shipping market research and analysis. Prior to joining Moffatt & Nichol in 2006, Jill worked for Drewry Shipping Consultants Ltd. During her time with the company she developed a special interest in the bulk shipping markets, providing research and data analysis for a range of maritime publications and consultancy assignments. Jill has a dual-role at Moffatt & Nichol’s London office as she is responsible for the on-going development of the company’s various freight, shipping and GIS databases, plus she utilises her in-depth knowledge of ports and shipping to contribute to, and project manage, key assignments on a global basis. She is also the company’s leading bulk cargo specialist.

EvA-MARIE BUSCHConsultant

Eva Busch joined H.Schuldt in Hamburg as an apprentice in 1989. After qualifying as a Certified Shipbroker in 1992 she moved initially to Contemaris/Eurolines, and then to Rheintainer-Linie, a division of Seawheel Ltd. As Deputy Manager of the Marketing and Operations Department in Hamburg, she managed the daily operation of the liner service to/from Bilbao. In 1998 Eva joined Drewry Shipping Consultants Ltd. as a Senior Consultant. She specialised in the container shipping, reefer and multi-purpose sectors, writing regular industry reports and providing client consultancy services. Eva specialises in trade-lane and ship-size forecasting and liner strategy analysis. Her extensive network of shipping line contacts, together with her commercial experience in the feeder market, adds significant value to services offered by the company.

MATTHEW BARNES-SMITHConsultant

Matthew Barnes-Smith joined Moffatt & Nichol in 2011 after completing the finance graduate programme at BT’s daughter company CSD. Graduating with his bachelor’s degree in Economics with Finance in 2007 and his Master’s degree in Economics in 2009, Matt quickly made an impression at CSD managing a multi-faceted international team to successfully design, build and implement Business Intelligence for BT’s flagship local government joint venture. While at Moffatt & Nichol, Matt has managed and collaborated on a multitude of commercial projects, specialising in the areas of financial and economic analysis. Matt is also currently working towards his CFA.

JAMES CALDWELLConsultant

James Caldwell has over 15 years of experience in the container shipping industry. James worked for 10 years at APL, in a variety of roles in commercial/trade and general management, covering a wide breadth of global market remits. He relocated to Portugal for 3 years to establish and lead APL’s offices as Country Manager. Prior to joining Moffatt & Nichol he managed the growth and development of APL’s reefer business unit in the northern Europe and Mediterranean regions. James’ areas of expertise include liner network strategic planning, yield management, commercial strategy, budget formulation, trade lane, and market analysis. He is fluent in Spanish and Portuguese.

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EXPERIENCE

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EXPERIENCEWith over 7,000 port-related projects completed globally, Moffatt & Nichol has significant relevant capabilities to meet the needs of the sector

12 | Experience

LONDON gATEWAY MARkET STUDYClient: DP WorldMoffatt & Nichol was commissioned by the developer of London Gateway, DP World, to research and generate a detailed market study assessing the competitive position of the new port being developed in the Thames Gateway region. The 1,500 acre project includes a 600 acre, 9 million ft2 logistics park which is on-site behind the container terminals. Moffatt & Nichol leveraged its strong understanding of the UK container port market and supporting logistics service networks to deliver detailed analysis of the current and future container shipping market serving the UK and North Europe, together with a review of the competing regional ports and future container volumes. A thorough assessment of the value offered by port-centric distribution facilities was also outlined. Upon delivery of the final report, Moffatt & Nichol has continued to support both DP World and potential lenders through the lenders’ wider due diligence process.

DUE DILIgENCE FOR SPANISH CONTAINER AND BULk ASSETSClient: Confidential Infrastructure FundMoffatt & Nichol provided specialised commercial and technical due diligence in relation to both Spanish container and bulk assets. The study assessed the commercial operating environment, critically analysing volume, revenue and operating cost projections as well as key customer contacts. The core deliverables were a full lenders’ report and the development of a financial model to establish the profitability of each asset. Moffatt & Nichol also provided full technical due diligence and assessed the current Opex and Capex plans at each facility. Moffatt & Nichol’s findings and recommendations have fed directly into the individual assets’ future business plans.

NEW CONTAINER AND ETHANOL FACILITY IN SANTOS, BRAzILClient: Inter-American Development Bank Moffatt & Nichol was engaged to act as Integrated Engineering and Market Consultant for the Embraport project by IADB. When fully developed, Embraport, located in the Port of Santos, Brazil, will include a 1,100m container quay, 250m mooring pier for liquid bulk cargo, a container storage site of 600,000m2, a 100,000m3 tanking park, a pipeline system, administrative buildings and a bonded warehouse. The assignment included the review of existing studies provided by the developer, followed by a site visit and management meetings to gain a greater depth of understanding of the project. Moffatt & Nichol then produced commercial and technical reports. The loan for the project closed in December 2011 and construction is now over 35% complete. Moffatt & Nichol is continuing its involvement in this US$800 million project, acting as the independent monitoring engineer for construction, commissioning, payment certification and operational phases.

PORT OF gOTHENBURg DUE DILIgENCEClient: Confidential Moffatt & Nichol was selected as commercial and technical due diligence advisor to the project sponsors in support of their bid to acquire a 25-year commission for the Port of Gothenburg’s container terminal. The terminal was established in its present location in the mid-1960s and represents a vital component and natural hub for trade flows to/from Scandinavia. Commercially, Moffatt & Nichol compiled a comprehensive market study and lenders’ report which was supported by a fully functional interactive volume and revenue model. The lenders’ report evaluated numerous economic conditions including the Swedish container market and market share, hinterland cost analysis, competitive opportunities and risk analysis, and liner strategies. Assessing the sponsor’s business case, Moffatt & Nichol completed a validation and critical analysis of its technical achievability, providing a terminal yard optimisation simulation, Capex and Opex reviews and provisions in overcoming structural challenges through a geo-technical review.

POTENTIAL FOR TERMINAL AUTOMATION STUDYClient: Cargotec Leading Finnish-based container crane and specialist port services company, Cargotec, commissioned Moffatt & Nichol to provide a detailed assessment of current and future terminals that could potentially use automated equipment. This detailed assignment involved development of a global terminal database that provided confirmation of where terminal automation is currently in use and where it is planned, along with a number of additional facilities that could, in the future, look to benefit from the use of automated equipment. Moffatt & Nichol provided specific information relating to current and future port infrastructure on a global basis, while also identifying key market trends impacting the port industry, both currently and in the future. These included growth of container ship sizes, supply and demand balance of key trade lanes and regional container port growth, with particular emphasis also placed on supply of port capacity moving forward to meet likely demand.

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ITALIAN BULk PORT ADvISORY SERvICESClient: Project Finance Lenders Moffatt & Nichol was appointed as technical/market advisor to a group of lending banks for the restructuring of a €94m loan provided to Terminal Rinfuse Italia S.p.A. (TRI), the largest dry bulk terminal operator in Italy. TRI provides port-related services at three terminals in the ports of Marghera, Savona and Genova. Moffatt & Nichol critically reviewed the company business plan and advised lenders on how the business could be restructured on a sustainable basis; identified the funding requirement to stablise the business and fund capex; led negotiations with the company on sustainable business including recommendation of disposal of poorly performing asset. Each of TRI’s terminals presented unique challenges, which Moffatt & Nichol was able to interpret at a business level for lending banks. With a slumping Italian economy and unexpectedly low throughput thus far in 2012, lenders have been evermore reliant upon Moffatt & Nichol to re-assess the business plan and provide expert analysis and opinion throughout the restructuring process.

IBERIAN COMMERCIAL AND TECHNICAL DUE DILIgENCEClient: Noatum PortsNoatum Ports (JP Morgan) requested Moffatt & Nichol to act as the technical and commercial advisor for this project, which included the acquisition of the controlling interest in a diversified portfolio of terminals across the Iberian region. Following site visits and management meetings at each of the terminals in the portfolio, Moffatt & Nichol assessed all the separate terminals and the portfolio as a whole, creating an independent business plan, with a specific focus on projected revenues, costs and capital expenditure. There was also a requirement for an independent throughput forecast for bulk commodities and containers, which included a Base Case and Low Case till the end of the concessionary periods. In addition, Moffatt & Nichol provided support in the investment decision making process and valuation of the portfolio, attending meetings and participating in discussions around the acquisition process.

ISkENDERUN LENDERS’ TRAFFIC AND TECHNICAL ADvISORY SERvICESClient: Limak Investments, UniCredit Bank AG After initially completing a port master planning study for Limak Investments, a Turkish infrastructure investment company, Moffatt & Nichol was retained by UniCredit Bank AG to act as Lenders’ Traffic and Technical Advisor with regards to raising capital for the construction works. The scope of work included a full commercial analysis and market forecast, technical due diligence and assistance to the Lenders’ advisors with regards to the engineering procurement and construction contract, the operations and maintenance contract, and the required insurance amounts. The market forecast was based on Moffatt & Nichol’s proprietary hinterland growth and least cost market analysis methodology, used to accurately assess the extent of the port’s hinterland, its growth prospects and the anticipated market share capture from competing ports. Moffatt & Nichol worked closely and collaboratively with the bank, the sponsor, and key port personnel throughout the project.

CREDEMoffatt & Nichol, LondonFifth Floor35 Great St. Helen’sLondon EC3A 6HBUnited KingdomT +44 (0) 203 206 1062F +44 (0) 203 206 1061 www.moffattnichol.com