valueing lbo

2006 7 14 ()

Table of Contents.

. Investment Vehicle 1 : Buyout (&) 2 : () 3 : ( ) 3

.

. : : M&A

. .

. l l l l

PEF

M&A

Feeder M&A

4

. l l l l

10

10 2002 2004 2004 10 50% 1 2 3 4 5 6 7 8 9 10 HPH PSA APM Terminal P&O Ports COSCO Eurogate DP World Evergreen SSA Marine MSC 2004 (TEU) 47.8 33.1 31.9 21.9 13.3 11.5 11.4 8.1 6.7 5.7 191.4 (%) 13.3 9.2 8.9 6.1 3.7 3.2 3.2 2.3 1.9 1.6 53.4 (TEU) 41.5 29.7 21.4 16 7.4 10.8 9.6 6.7 5.4 4.1 152.6 2003 (%) 13.1 9.1 6.8 5.1 2.3 3.4 3.1 2.1 1.7 1.3 48 (TEU) 36.7 26.2 17.2 12.8 4.7 9.5 8 5.7 4.4 2.2 127.4 2002 (%) 13.3 9.5 6.2 4.6 1.7 3.4 2.9 2.1 1.6 0.8 46.1

1) DP World CSX World Terminal 2) 2004 3) DP World 06 P&O Port 2 () : Drewry, Annual Review of Global Container Terminal Operateors 2005, 2005.

9

6

, , , DP world ( 2.3% 9.3% ) (DPI) (DPA) CSXWT ('04. 12) P&O port ('06. 2) ('06. 4)

COSCO AP Moller-Maersk PSA

COSCO( ) COSCO Group (Leam Chaband) 2 51% P&O ('05. 7) P&O (HPH) 20%('06. 4) ABPH ('06. 6)

7

5 DP World CSXWT P&O Port 7 2

( TEU) 47.8 21.9 3.3 8.1 33.3 33.1 31.9 13.3

(%)

1(1)

HPH P&O Ports CSX WT

30 30 10 5 45 13 33 10

13.3 6.1 0.9 2.3 9.3 9.2 8.9 3.7

2(7)

DP World DPI

3(2) 4(3) 5(5)

PSA APM COSCO

1) 2004 2) 3) ( ) P&O Ports : JOC, 2005. 7. 11 KMI , KMI , 30, 2005. 12. 5

8

DP World DPA (Dubai Ports Authority) DPI (DP International)

TCO(The Corporate office):

DP World

( M&A)-SCT, , CSX (11 5,000) CSX 9 24

- - IT- ()

-

1,460 teu

- ()

-CSX

, ,

P&O Port

: ,

SCT: South Container Terminal RGCT:Rajiv Ghandi Container Terminal

: DP World, , 2006. 2

9

70.0%

63.6% 59.7%

59.6%60.0%

63.6%

World Bank

49.9%50.0%

2004 60%, 20% 2000

40.0%

20.2% 19.8% 21.7%

30.0%

20.0%

15.1%

16.4%

10.0%

0.0% 2000 2001 2002 2003 2004

(: TEU, %)2001 44,762 75,126 59.6 272,364 16.4 2002 55,717 87,541 63.6 275,850 20.2 2003 61,621 103,285 59.7 311,709 19.8 2004 77,026 121,254 63.6 355,612 21.7

2000 35,483 71,096 49.9 235,571 15.1

1) Drewy Shipping Consultants Ltd., Annual Container Market Review and Forecast , 2004.5. 2) Containerisation International , 2005. 3. 3) / KMI

10

. l l l l

10 20

2004 1 2 3 4 5 6 7 7 8 9 10 11 12 2003 1 2 3 4 6 5 8 16 7 9 12 11 10 HPH PSA APM Terminals P&O Ports Cosco Eurogate DPI(DPA) DPI(CSXWT) Evergreen SSA Marine MSC HHLA APL TEU 47.8 33.1 31.9 21.9 13.3 11.5 8.1 3.3 8.1 6.7 5.7 5.6 5.3 % 13.3 9.2 8.9 6.1 3.7 3.2 2.3 0.9 2.3 1.9 1.6 1.6 1.5 TEU 41.5 28.7 21.4 16 7.4 10.8 6.5 3.1 6.7 5.4 4.1 4.6 4.9 % 13.1 9.1 6.8 5.1 2.3 3.4 2 1 2.1 1.7 1.3 1.5 1.5 2004 13 13 15 15 17 18 19 20 21 22 23 23 2003 12 14 15 17 18 19 20 22 21 22 24 25 Hanjin NYK Line OOCL MOL Dragados K Line TCB P&ONL ICTSI Yang Ming Hyundai CMA CGM 2004 2003 TEU 4.4 4.4 3.6 3.6 3.1 2.6 2.4 2.1 1.9 1.7 1.2 1.2 234.5 % 1.2 1.2 1 1 0.9 0.7 0.7 0.6 0.5 0.4 0.3 0.3 65.1 TEU 4.1 4 3.4 2.9 2.5 2.1 2 1.4 1.6 1.4 1.2 0.6 188.2 % 1.3 1.3 1.1 0.9 0.8 0.7 0.6 0.4 0.5 0.4 0.4 0.2 59.2 2004 2003

: 2005. 12. 23, Vol 1206

12

1 2 3 581 4,445 768 16 17 18

USD of M

Deutsche Bahn/Stinnes/Schenker UPS Deutsche Post's express/logistics arm FedEx Nippon Express A.P. Moller-Maersk's shipping port arm TPG/TNT NYK Union Pacific Mitsui O.S.K. Lines BNSF Exel CSX Kuehne + Nagel K Line

, , , , , , , , , , , , , , , , , , ,

35,285 33,485 27,901

Bollore Investment/Delmas/SDV Norfolk Southern P&O

, , ,

6,740 6,468 5,551

194 1,064 77

4 5 6 7 8 9 10 11 12 13 14 15

24,710 15,771 15,089 14,833 13,229 11,551 9,435 9,413 8,905 7,793 7,638 6,856

1,440 437 930 959 870 2,133 872 1,665 216 626 225 667

19 20 21 22 23 24 25 26 27 28 29 30

Neptune Orient Lines/APL Panalpina CNF/Menlo group Hapage-Lloyd Ryder System Canadian National Geodis CMA CGM C.H Robinson ABX Logistics

, , , , , , , , , , ,

5,523 5,338 5,104 4,885 4,802 4,640 4,492 4,020 3,779 3,614 3,338 3,287

455 124 191 450 212 360 1,356 78 325 184 240

: American Shipper, October 2004 : : , : , : , : , : , : , : , :

13

2006 TEU P O NL 2 3 4 5 6 7 MSC CMA CGM (CSCL) APL NOL/APL NOL 8 9 322,326 3.5 328,794 3.6 20 331,437 3.6 20 10 (%) 10 NYK

2006 TEU 302,213 (%) 3.3

1,665,272 P&O Nedlloyd 784,248 507,954 477,911 412,344 346,493 8.6 5.6 5.2 4.5 3.8 18.2

11

MOL

241,282

2.6

1

12 13 14 15 16 17 18 19

OOCL CSAV K-Line ZIM (PIL)

234,141 234,002 227,872 201,432 188,206 184,438 147,989 134,362 114,346 5,478,992 7,387,062 9,135,749

2.6 2.6 2.5 2.2 2.1 2 1.6 1.5 1.3 60 80.9 100

: 1 : BRS Alphaliner

14

1 2 3 4 5 6 7 8 9 10 3,585 5,153 1,515 3,285 1,100 516 500 30 598 50 55,679 39,446 19,771 13,399 12,428 10,970 6,279 6,171 6,153 5,787 4,320 2,883 778 1,092 304 601 688 120 317 418 4,230 199 624 -1,566 164 556 445 191 115 570 2,952 -209 430 -1,722 38 391 313 137 77 403 52,030 42,674 8,527 15,779 15,559 13,011 10,648 1,168 8,355 2,419

/

/

: ,

2004. 11. (, ) 15

. l l l l

Dubai Dubai

2011

: Dubai Strategic Development Plan(1996~2000) Into The 21ST Century 2011 GDP 100% , : 4, "(Dubai), " , CEO Information, 2005. 5.4, 499

17

Dubai

4, "(Dubai), " , CEO Information, 2005. 5.4, 499

18

Dubai Dubai

UAE 1971

,

/

: (Jebel Ali Free Zone : JAFZ) : Internet City, Media City, Knowledge Village

90

(Burj Dubai)

/

: (Burj Al Arab) (dubai Land)

/

(Dubai International Airport) :

4, "(Dubai), " , CEO Information, 2005. 5.4, 499

19

DP World

2-3 DP World 2004 CSX World Terminal DP World (PNC) 25% 1 9 . PNC 2005 20042004 2004 2003 2003 2002 2002 2001 2000 2000 1999 1997 1996 1993 1991 1991 1985 1979 1978 1972

DPA DPI Terminals DP World DPI CSX World Terminals DPA 2003 25% 600teu DPA 10 DPI (Constantza) (Romania) DPA 500teu 2002 23% DPI Visakhapatnam DPA 19.7% DPA, JAFZA & Customs , , Free Zone DPA DPI, Djibouti DPI Jeddah Islamic Port DPA 10 DPA 200teu DPA 169teu , 15 5 Port Rashid Jebel Ali Port , DPA(Dubai Ports Authority) 11 100teu Jebel Ali Free Zone Jebel Ali Port- Port Rashid 35 Port Rashid

: DP World, , 2006. 2

20

DP World DPA (Dubai Ports Authority) DPI (DP International)

TCO(The Corporate office):

DP World

( M&A)-SCT, , CSX (11 5,000) CSX 9 24

- - IT- ()

-

1,460 teu

- ()

-CSX

, ,

P&O Port

: ,

SCT: South Container Terminal RGCT:Rajiv Ghandi Container Terminal

: DP World, , 2006. 2

21

() COSCO

() China Shipping

()

()

(SITC Maritime )

()

()

: 1, "- - ", , 2005. 12

22

COSCO COSCO

v (China Ocean Shipping Company, COSCO) 1961 1 v 1984 v 1993 ()(COSCO Group) v COSCO v ,

COSCO

v , , , , , . , , , , , , , , , ,

: 1, "- - ", , 2005. 12

23

COSCO COSCO 1993 COSCO Group (:COSCO) COSCO(China Ocean Shipping Company) 1961

COSCON(COSCO Container Lines) 1997

( )

5 , , ,

60.36%

3

56.16%

(COSCO Shipping)

(COSCO Development)

(China International Marine Containers Grroup Co. Ltd)

: 1, "- - ", , 2005. 12

24

COSCO

COSCO

COSCO

, , 8

: 1, "- - ", , 2005. 12

25

COSCO COSCO

20051 1 COSCO 51% , ,

20051231 24 COSCO 200431, Straits Times Index , 2004318, FTSE All-World Asia Pacific , 200561 MSC

20051 COSCO , COSCO Dalian, Nantong, Zhoushan, Guangzhou, Shanghai, Tianjin, Xiamen 7 , , , , COSCO

, COSCO

SUBSTANTIAL SHAREHOLDERS

Temasek 100%

DIRECT INTEREST No. 1. 2. 3. Name China Ocean Shipping (Group) Company Seletar Investments Pte Ltd Temasek Holdings (Pte) Ltd No. of shares held 1,194,565,488 110,400,000 26

DEEMED INTERESTS % No. of shares held 197,662,000 % 8.99

54.35 5.02 -

Temasek Holdings Temasek Holdings 1974

Temasek Holdings (Government Company) 1974 CEO , Temasek Holdings 65 PSA , , ,

Temasek , , 33 21 17 10 8 8 , ASEAN ( ) , , 27

2005331 , : %

49 18 9 6 5 8 1 2

Temasek Holdings I. (strategic development) (Building Successful Enterprises)

, , , , ,

II. ( Corporate development) : , , , , Temasek CEO Temasek ,

TLC(Temasek Linked Company) Best Practice ,TLC EVA , 28

Temasek Holdings ()

III. IV.(Capital Resources Management) Temasek , Wealth Management Institute (20039)

Temasek : , , , , 3

Private Equity Fund , Debt fund Buyout, Growth capital, Mezzanine, Debt,,

29

Temasek Total Shareholders Return(TSR)

TSR(Total Shareholders return) 1) , , ,

2) : TRS2 30% : 2 TSR 7% , 18% TSR : 3,5, 10 9~11% 1~2 TSR 12%, 14%

30

Temasek Temasek Holdings Initial Investment Date Mar 2006 Mar 2006 Feb 2006 Jan 2006 Jan 2006 Dec 2005 Nov 2005 Nov 2005 Oct 2005 Oct 2005 Sep 2005 Aug 2005 Jul 2005 Jun 2005 Jun 2005 Jun 2005 Jun 2005 Jun 2005 Company E.Sun Financial Holdings (Taiwan) i-Logistics (Japan) Bank of China (China) Shin Corp (Thailand) Bumrungrad Hospital Public Company Limited (Thailand) Dongfeng Motor Group (China) Russia New Growth Fund CTP Holdings Pte Ltd Southern Bank Berhad (Malaysia) The Medreich Group (India & UK) China Construction Bank (China) Hopson Development Holdings (China) Shringar Cinemas Ltd (India) Amtel Holland Holdings N.V. (Russia) Pharma commercialisation JV company China COSCO Holdings(China) SOMA Networks Inc. (USA) BioVeda China Fund (China) 31 Current Effective Shareholdings

Subscribed to approx. US$400million convertible bonds 9.95% 5% Temasek, Siam Commercial Bank and a group of Thai investors, through Kularb Kaew Pcl, acquired a 49.6% stake 6% < 5% Joint investor in this US$150 million fund Joint venture with Cargill, investing in palm plantations in Indonesia and Papua New Guinea < 5% One of the investors 6% 8% 15% One of the investors in US$70 million funding One of the investors in US$112 million fund, together with Interpharma and Quintiles < 5% One of the investors in US$50 million funding One of the investors in this US$30 million fund

Temasek ()Initial Investment Date May 2005 May 2005 May 2005 Apr 2005 Apr 2005 Apr 2005 Mar 2005 Mar 2005 Feb 2005 Jan 2005 Jan 2005 Nov 2004 Oct 2004 Oct 2004 Jul 2004 May 2004 Mar 2004 Mar 2004 Dec 2003 Dec 2003 Sep 2003 Jun 2003 Company New Horizon Fund (China) Apollo Healthstreet (India) Great Wall Airlines Company Limited (China) Welspun India Ltd (India) Brookstone Inc (USA) Rolls-Royce Fuel Cell Systems Ltd (UK) Mahindra & Mahindra Ltd (India) Malaysian Plantations Berhad (Malaysia) Punj Lloyd (India) China Minsheng Banking Corporation (China) NDLC-IFIC Bank Ltd (Pakistan) Gateway Distriparks (India) Neurovision Inc (USA) China Power (China) Apollo Hospitals Enterprise (India) Matrix Laboratories (India) Telekom Malaysia (Malaysia) Hana Financial Holdings (Korea) ICICI Bank (India) BII (Indonesia) Quintiles (USA) Bank Danamon (Indonesia) Current Effective Shareholdings

One of the investors in this US$100m fund, with 50% commitment One of the investors in US$7.5 million funding 24% 14% One of the investors to participate in US$458 million acquisition One of the investors in a consortium to invest US$100 million 5.5 million shares 15% One of the investors in US$50 million funding < 5% 73% 10% 15% 3% 8% 14% 5% 9% 9% 28% 15% 53%

32

PSA Temasek PSA 4,038 S$ million COSCO S$'m(200 5-03-31) $'m(2004 -03-31) (200503-31) 89,897 (200403-31) 91,822 TSR(%) 11

SECTOR

1-Year

2-Year

3-Year

Market Capitalisation(S$'m)

14,497 1.2 10.4

13,400 1.2 15.8

SINGAPORE AIRLINES TRANSPORTAT ION & LOGISTICS

Price/Book Price/Earnings Gross Dividend Yield(%) Market Capitalisation(S$'m)

19

-5

3.4

2.3

5,347 1.5

3,138 1.4

33,157

21,503 TSR(%) 73 90 52

NEPTUNE ORIENT LINE

Price/Book

Price/Earnings Gross Dividend Yield(%)

3.5 12.3 4,038

3.7 1.8 3,444 25,040 23,600 TSR(%) 28 24 21

PSA INTERNATIONAL

Shareholders' Equity(S$'m) Gross Dividend Yield(%)

9.2

23.2

33

PSA (2005 )Selected Profit & Loss Revenue Operating Expenses Profit from Operations Finance Costs Share of Profit of Associates Profit from Ordinary Activities Before Taxation Taxation Profit from Ordinary Activities After Taxation Minority Interests Net Profit for the year Selected Balance Sheet Total Assets Total Liabilities Shareholders' Equity Financial Ratios Operating Margin Return on Average Total Assets Return on Average Shareholders' Equity Debt/Capital Earnings per share 39.10% 11.60% 23.00% 42.10% 1.74% 10,210 5,274 4,936 ($million) 3,678 2,238 1,439 118 36 1,357 267 1,090 32 1,058 -

() 22,139 13,471 8,662 710 217 8,168 1,607 6,561 193 6,368

61,456 31,745 29,711

34

Temasek Holdings

2005 public market fund management unit 100% Fullerton Risk Management Unit

, ,

35

Temasek Holdings Risk ManagementSTRATEGIC RISK FINANCIAL RISK Market risk Aggregate risk profile of Temasek Interest rates Funding liquidity Equity prices Foreign exchange rates Credit risk Structure foreign exchange Country Issuer Counterparty Custodian Investment risk Asset allocation Concentration Business continuity Legal Process People

OPERATIONAL RISK

Political

Systems

Reputation

36

Temasek Holdings

2005 3 31 Asset Mix Singapore(49%) Telecommunications cluster(33%) 30% cluster

37

Temasek Holdings

2005 3 31 86% VaR (84% , 3 , ) 2005 3 31 VaR S$66 6%(12Month ) 2005 3 31 VaR RMU (Risk Management Unit) Fullerton VaR , , ,

38

Temasek Holdings

, Best practice , ,

39

Temasek

(1)

(2)

TEMASEK ADVISORY PANEL

TEMASEK INTERNATIONAL PANEL

Senior Management

Senior Management

40

Hutchison Whampoa Limited(HWL)

Corporate Profile

HWL 54 200,000 5 (property and hotels; retail; energy) (telecommunications)

&

v 7 5 v 20 247(berths) 42 v v 2005 51.8TEU

41

Hutchison Whampoa Limited(HWL) Financial Highlights() Profit and loss account highlights Total Revenue (1) Profit attributable to shareholders of the Company Balance sheet highlights Fixed assets, investment properties, leasehold land prepayments and telecommunications licences Total cash, liquid funds and other listed investments Bank and other interest bearing borrowings Net debt (2) Total assets Shareholders funds Key ratios and other information Net debt to net total capital ratio (2) EBITDA before telecommunications prepaid CACs net interest coverage ratio Earnings per share for profit attributable to shareholders of the Company (HK$) Dividends per share (HK$) 38% 6.5 times 3.36 1.73 279,833 110,386 264,911 154,525 597,039 243,554 365,574 144,208 346,080 201,871 779,972 318,179 241,862 14,343 315,969 18,738 2005 (HK$ millions) 2005 ()

(2004)

33% 11%

-11% -21% -6% 8% -8% -3%

4%

11%

HK$:won=1:130.64(2005.12.31) 42

Hutchison Whampoa Limited(HWL) EBIT

EBIT 4 2,000 1 3,000 Port and related service EBIT 31% E B I T (including share of associates and JCE)ESTABLISHED BUSINESSES Ports and related services Property and hotels Retail Cheung Kong Infrastructure Husky Energy Finance & investments and others Hutchison Telecommunications International Change in fair value of investment properties Profit on disposal of investments and others EBIT - established businesses TELECOMMUNICATIONS - 3 Group EBIT (LBIT) before depreciation, amortisation and telecommunications prepaid CACs Telecommunications prepaid CACs EBIT before depreciation and amortisation and after telecommunications prepaid CACs Depreciation Amortisation of licence fees and other rights Amortisation of telecommunications postpaid CACs Profit on elimination of minority interests EBIT . Telecommunications . 3 Group Total 1,825 -11,444 -9,619 -9,086 -6,060 -11,515 9,400 -26,880 32,576 2,384 -14,950 -12,566 -11,870 -7,917 -15,043 12,280 -35,116 42,557 30% 71% 123% -36% 41% -8% -0% -50% 10,219 3,939 3,261 6,675 6,140 5,491 2,789 38,514 5,225 15,717 59,456 13,350 5,146 4,260 8,720 8,021 7,173 3,644 50,315 6,826 20,533 77,673 14% 31% 2% 13% 120% -39% 1622% 17% -1% -18% 3% 2005 (HK$ millions) 2005 () (2004)

43

HWL(Hutchison Whampoa Limited)

1 8,000 5,000 Port and related service Profit attributable to Shareholders 27% Profit attributable to shareholders of the CompanyESTABLISHED BUSINESSES Ports and related services Property and hotels Retail Cheung Kong Infrastructure Husky Energy Finance & investments and others Hutchison Telecommunications International 3,932 5,776 18 3,357 3,503 7,710 -262 24,034 Profit on disposal of investments and others Subtotal established businesses TELECOMMUNICATIONS - 3 Group Profit on elimination of minority interests Subtotal - Telecommunications - 3 Group Total 15,466 39,500 -34,557 9,400 -25,157 14,343 5,137 7,546 24 4,386 4,576 10,072 -342 31,398 20,205 51,603 -45,145 12,280 -32,865 18,738 11% 11% 4% 8% 99% 24% 129% 17% 89% 10% 20% 4% 22% 2005(HK$ millions) 2005() (2004)

44

HWL(Hutchison Whampoa Limited) Port and Related Services

v 20 247(berths) 42 v

45

HWL(Hutchison Whampoa Limited) Port and Related Services

v HK$29,917 11% ( 8% 2005 51.8 TEU) v PPC(Panama ports container terminals) YICT(ports of Yantia), ECT(Europe Container Terminals), XICT(Xiamen International Container Terminals), KMT(Kelang Multi Terminal) v EBIT 14% HK$10,219

46

HWL(Hutchison Whampoa Limited)

, , , , ,

, , 2 14 (2005 12 31)

, , , , , () 4

47

HWL Remuneration Committee

Remuneration Committee

3

48

HWL(Hutchison Whampoa Limited) (2005 )Basic Salaries, Allowances and Benefits-inkind

Name of DirectorsLI Ka-shing LI Tzar Kuoi, Victor Paid by the Company Paid by Cheung Kong Infrastructure Holdings Limited (Cheung Kong Infrastructure) Paid to the Company

Directors Fees(HK$ M)

Bonuses

Provident Fund Contribution s

Inducement or Compensati on Fees

Total Emoluments

Total Emoluments ()

0.05

0.05

0.07

0.10 0.07 -0.07 0.10

4.44 4.44 9.83 7.34 7.32 4.88

26.00 8.00 34.00 119.00 26.00 25.88 11.00

2.03 1.47 0.64 0.85

30.54 8.07 -0.07 38.54 130.96 34.91 34.00 16.83

39.90 10.54 -0.09 50.35 171.09 45.61 44.42 21.99

FOK Kin-ning, Canning CHOW WOO Mo Fong, Susan Frank John SIXT LAI Kai Ming, Dominic KAM Hing Lam Paid by the Company Paid by Cheung Kong Infrastructure Paid to the Company

0.10 0.10 0.16 0.10

0.10 0.07 -0.07 0.10

2.25 4.20 -4.20 2.25 3.36 39.42

6.30 3.87 10.17 3.50 229.55

4.99

8.65 8.14 -4.27 12.52 6.98 0.20 0.10 0.24 0.10 0.10 0.24 275.77

11.30 10.63 -5.58 16.36 9.12 0.26 0.13 0.31 0.13 0.13

George Colin MAGNUS William SHURNIAK Michael David KADOORIE Holger KLUGE Simon MURRAY OR Ching Fai, Raymond Peter Alan Lee VINE WONG Chung Hin Total

0.12 0.20 0.10 0.24 0.10 0.10 0.24 1.81

0.31 360.27

49

. l Investment Vehicle l l 1 : Buyout ( & ) l 2 : () l 3 : ( ) l 3

Investment Vehicle

Investment vehicle PEF & PEF() CR-REITs() ABS() PFV( ) SIC() 51 51 2


1

Buyout

2

3

53


1 A: Buyout : Capital commitment Capital call

GP ( ,)

LP ( )

PEF (Buyout )

( )

PEF : ( ) (GP ) (GP) : () (LP) : ( ) (capital commitment) : (capital call) : 55

1 A: Buyout ( PEF )

PEF /

(PEF)

PEF

10%

(SPC)

(Buyout Fund)

56

1 A: Buyout ( PEF ) 1 2 3 4 5 6 7 8 9 10 11 1 1 1 1 KDB1 KTB - 1 MBK 3 04.12.27 04.12.27 05. 2.15 05. 3. 7 05. 3.29 05. 5. 9 05. 5.31 05. 9. 2 05. 9. 8. 05. 9. 8. 05. 9.26 , KTB PE MBK 12 05. 9.26 13 14 15 16 17 18 KTB2005 2 H&Q- FG10 - KTB-SB 05. 9.29 05. 9.29 05.11. 2. '05.12.27 06.3 .7 06. 4. 6 H&Q AP , 1,400 300 490 3,900 3,000 1,200 5,110 3,000 5,500 2,367 60 1530 1,548 240 801 () 1,400

05.10.4. ()

06. 3. 14()

1505

683

1,500 400 3,000 363 510 125 33,670

270 400

363 51

7,347

57

1 B: ( ) :

[]

()

, Mezzanine,

JOC

SPC [JOC ]

5 ( )

SPC 58

1 B: ( ) : ()

xx []

xx ()

(60%)

( 40%)

JOC

SPC [JOC ]

CB

CB

JOC option CB (: PEF CB 40%)

SPC 59


2:

GP

(Limited Partnership)

& LPs (, )

(Equity)

AMC

Local SPC ()

Bank

61

2: 403 9 2,984 (2006 4 )

11, 107, 92, 70 , 4 6,871, 1 7,860, 9,093, 8,452 (: , )700 100,000

92,98490,000

600

79,646 72,46080,000

500

61,252400

65,945 384 336 403

70,000

60,000

50,000

300

273

276

40,000

200

30,000

20,000 100 10,000

0

0

2005 12

2006 1

2006 2

2006 3

2006 4

: ,

62

2: () (offshore fund) - - - Limited Partnership

- / - - - , GP , GP -

63

2: () -

/

- , capital call - SPC

Risk Hedging - - GP - custody bank - SPC Risk Hedging - (ceiling) , , fund exposure - hedging

64

2: () ()

GP (General Partnership) ( )

LP (Limited Partnership) (/)

Advisor to GP ( )

Advisor to GP ( ) ,

1994 4 65

2: ( )

(Sino Korea Wireless Technology Ventures Limited) P.O.Box 309, George Town, Grand Cayman, Cayman Islands 2001 10 24/Final Closing 2002 9 IT , 5 8% : 3%(5 1%) : 20%over the huddled rate(8%)

/

The Bermuda Trust (Far East) Limited / KPMG

66

2: () ( ) v v IT v v v Matching

VC v Deal Sourcing v Marketing, ,

67

2: () ( )

( : ,(2001 10))

()

2002. 2. 28

500(65)

DragonTech Ventures

2002. 2. 28

500(65)

2002. 9. 13

500(65)

Xing(Hong kong) Company Limited

2002. 9. 16

500(65)

Capital Call

2,000(260)

, (1 6), (4)

68


3: Private Equity Fund of Funds

Private Equity Fund of Funds Private Equity (sub-asset class) venture capital fund, buyout fund, mezzanine fund, turnaround fund, secondary fund

1

2

XX

Private Equity Fund of Funds Manager

Sub-PE Fund Manager A

Sub-PE Fund Manager B

Sub-PE Fund Manager B

Sub-PE Fund Manager Z

70

3: ()

(FUND OF FUNDS) () () , ()

()

Buyout ,

(, )

Target / Target

71

3: Private Equity Fund of Funds Fund of Funds (General Benefits) (Diversification)

(track record) GP Fund of Fund GP (due diligence) , Fund of Funds

(GP) Fund of Funds Access to additional source of cheaper capital (track record) GP Fund of Funds

Fundraising (Economics of Scale) Fund of Funds (minimum requirement)

Fund of Funds (reporting) 72

3: Private Equity Fund of Funds (LP) Fund of Funds

(track record) GP (proven top tier manager) Fund of Funds LP GP , GP (long-lasting cohesive relationships with prior investors) GP (minimum requirement) (Mega fund continue to raise larger funds)

Private Equity (, , , , ) Fund of Funds

GP Fund of Funds (management fee) Fund of Funds (management fee) (management fee) (carried interest) 73

3: Private Equity Fund of Funds Scaling Up and Down via Fund of FundsScaling Up Method( )

Scaling Down Method( )

$5 Million Buyout Allocation

$25 Million Investment

$100 Million $20-$30 Million

Small Change Univ.$200 Million Endowment

$250 Million Fund-of funds

Massive Buyout Partners $1 Billion Fund-of-Funds

DeepPockets Pension Fund $10 Billion Fund

$500 Million Fund-of funds

VC Fund

$2 Million Minimum

$10 Million Minimum

Buyout Fund (minimum requirement) Fund of Funds

PE VC Fund FoF Manager . Fund of Fund LP Reporting VC Firms Fund of Fund Manager .

74

3: Fund of Funds Fund of Funds (motivation)

Fund of Funds (Specialized Expertise), 11%

, 5% Track Record (A cess to High-Demand GP Funds), 34%

(Administrative Efficiency), 24%

(Divesif ication), 26%

Source : Asset Alternatives

75

3: Fund of Funds

Blind pool fund of funds

GP

Targeted fund of funds

LP (sector : biotech) (area)

Customized fund of funds

LP

76

3: 1)

(revolving) 2) VC (early stage venture) seed money (risk capital) - VC (Global Standard) 77

3:

3) (04.7.7) (04.12.24) : 1 (04.12.31 , 05.4.1 ) (05. 6.20) 4) 6,500 500 3,000 1

78


1

Buyout

PEF Buyout - Blind Fund , /

80

144 7 1 1 PEF Buyout 2 1 3 ()

. M&A Feeder M&A 3

,

81

() GP PEF : (M&A) + + SOC= 10

/ M&A

1. PEF LP 2. 3. 4.

, Task Force Team PEF

82

2

( PEF )

83

2 ( )

M&A 2 (Global Star Korea Fund HIC Private Equity Fund) 2 2

84

2 ( ) GP

: ,

/

1. 2. 3. /

85

3

Capital call M&A , 2005 M&A

86

3

3 - (1)

.

, 1 . .SOC

87

3 TF Team

, , , , , , TF Team , , Benchmark TF Team

/

1 2

88

3 1 : Buyout

2 :

3 :

M&A

LP GP

-

() /

()

()

( )

89

. l l PEF l l PEF l Fund of Funds l

Macquarie Airport

Carlyle/Riverstone Energy I~III, Carlyle/Riverstone Renewable Energy I

Carlyle Group Buyout

(Private Equity)

, ,

Sector Buyout PEF

Macquarie Airport

PEF . 4

Exit

Buyout Energy

Stapled Securities ( )

91

FundCarlyle US InFrastructure Fund Goldman Sachs Global Infrastructure Fund European Infrastructure Fund European Clean Energy Fund EMP Africa Fund II Dutch Infrastructure Fund Abu Dhabi Infrastructure Fund IDFC Private Equity Fund II Macquarie Korea Opportunities Fund Carlyle Riverstone Renewable Energy Infrastructure Reliance Energy India Power Fund KB Asset Management Infrastructure Fund AMP Infrastructure Fund of India Latin Power III AMP India Infrastructure Fund II PPP Italia Fund Mountain Plains Equity Fund I Macquarie Globel Infrastructure Fund II LS Power Equity Partners Sao Paolo IMI Macquarie;ADCB Carlyle Goldman Sachs ABN Amro TWC/SOGEN

GP

StatusBeing raised Being raised Being raised initial Closing Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed Closed

Date ClosedUS$1 Billion target US$3 Billion target

Sample Investors

May-06 05-May-06 12-May-06 26-Apr-06 06-Apr-06 10-May-06 01-May-06 01-May-06 01-May-06 31-Jan-06 31-Jan-06 05-Dec-05 21-Oct-05 01-Dec-05 01-Oct-05 09-Aug-05

Swiss Re; Socgen LD Pensions, CDC Group, Danl International Investment funds European Investment Bank ADIA; AbuDhabi Commercia Bank Asian Development Bank

Wells Fargo Bank, AP-Fonden2 Teemasek Holding

Westscheme Superannuation F Overseas Private Investment Corporation, FMO AMP Life, Asian Development Bank European Investment Bank, Sac IMI;

Unisuper, Westscheme Superannuation Fund, Military Superannuation Pension Fund

Macquarie European Infrastructure Fund

Closed

06-Jul-05

HVB Group, Assicurazioni gene ABP Investment, Northwestern Life Insurance Company, CDP Private Equity Group

SB Asia Investment Fund II

Closed

30-Jun-05

Commonfund Capital, JP Morga partners, Princeton University Investment Company(Princo),L Capital Partners, Horsley Bridge Partners Standard Bank; Gulf Intl Bank 3i, Barclays Private Equity, SGA Private Equity EIB; Allied Irish Bank SERI Infrastructure Finance, ICI Bank LTD

GCC Energy fund I2 Fund First lrish Mezzanine Infrastructure Fund India Global Competitive Fund

Standard Bank

Closed Closed

May-05 21-Jun-05 2005 15-Jun-05

Allied Irish Bank

Closed First Close

92

Macquaries Infrastructure Funds

Macquarie Listed infrastructure funds Macquarie Infrastructure Group Macquarie Airports Macquarie Communications Infrastructure Group Macquarie Power Income Trust Diversified Utility and Energy Trusts Macquarie Infrastructure Company Macquarie Capital Alliance Group Macquarie International Infrastructure Fund one of the largest developers of toll roads in the world a specialist international airport investment vehicle a specialist communications infrastructure fund invests in proven energy businesses in North America an investment fund principally investing in Australian and New Zealand utility and energy assets owns, operates and invests in a diversified group of infrastructure businesses in the US and other developed countries a broad global investment mandate with the ability to invest in any industry sector (except property) own, operate and invest in a diversified group of infrastructure businesses around the world Unlisted infrastructure funds Macquarie Airports Group Limited (MAG) Global Infrastructure Fund (GIF) Korean Road Infrastructure Fund (KRIF) Macquarie Essential Assets Partnership (MEAP) African Infrastructure Funds Macquarie European Infrastructure Fund a global private equity fund which has invested in airports and associated infrastructure a 10-year closed end fund focusing on infrastructure investments in OECD countries a 10-year closed end fund providing Korean institutional investors with diversified exposure to local infrastructure assets Canada's first fund focusing on essential infrastructure assets Macquarie currently has two closed end infrastructure funds investing predominantly in South African infrastructure projects MEIF is a wholesale fund focusing on investments in infrastructure and related assets located in European OECD countries

93

Macquarie Airport Map Overview

v MAp 6 (, , , , ) v (ASX) MAp 42,000 . A$5.0billion (ASX) 50 v MAp v , 110 MAp

Map Operational Value Drivers Pax Growth Commercial Yields EBITDA Growth Improve Operational Efficiency Financial Value Drivers Cost Effective & Timely Capex Efficient Cap. Structure

Increased Distributions

Increased Returns to Security Holders 94

Map Corporate Structure Map Corporate StructureSECURITY HOLDERS

MAL

MAT1

MAT2

Stapled Securities

Stapled Securities

Non-Australian Airports

Australian and New Zealand Airports

Australian and New Zealand Airports

MAp 3 MAL Macquarie Airports Trust 1 (MAT1) Macquarie Airports Trust 2 (MAT2) MAL MAT1 1 MAT2 1 MAL 1 Stapled Securities Stapled Securities 95

Map Investment in Financial Asset

2005 12 31 MAp 4 5,492 Investments in Financial Assets (contd)Sydney AirportInterests in unlisted securities in companies and trusts Investment in Southern Cross Airports Corporation Holdings Limited

Consolidated 31 Dec 2005

Investments in Financial Assets (contd)Copenhagen AirportsInterests in listed securities in companies and trusts

Consolidated 31 Dec 2005

3,074,011

21,572

Investment in Kobenhavns Lufthavne ApS Investment in Inversiones y Technicas Aeroportuarias S.A. de C.V. Investment in Hainan Meilan Airport Company Limited

Rome AirportsInterests in unlisted securities in companies and trusts Investment in Aeroporti di Roma S.p.A

130,078 68,594 224,392 712 423,776

913 481 1,575 5 2,974

1,082,132

7,594

Investment in Newcastle International Airport Limited Other investments

Brussels AirportInterests in unlisted securities in companies and trusts Investment in Macquarie Airports (Brussels) S.A.

Birmingham Airport 1,352,296 9,490Interests in unlisted securities in companies and trusts Investment in Birmingham Airports Holdings Limited Macquarie Airports Feeder Trust (MAFT) Interests in unlisted securities in companies and trusts

Bristol AirportInterests in unlisted securities in companies and trusts Investment in Tidefast Limited Investment in South West Airports Limited

303,550

2,130

246,814

1,732

Investment in MAFT

Total investments 96

6,482,579

45,492

Carlyle Buyout Carlyle 4 39 Individual Funds Buyout Buyout

4 5 8,000 (1: 2,200 2:1 1,000 3: 3 8,000 4: 6,800 )Carlyle Funds

Buyout

Venture & Growth Capitial

Real Estate

Leveraged Finance

Asia Buyout

Europe Buyout

Global Energy & Power

Japan Buyout

U.S. Buyout

Carlyle/Riverstone Energy I 2000 222 ( 2,200)

Carlyle/Riverstone Energy II 2002 11 (1 1,000)

Carlyle/Riverstone Energy III

Carlyle/Riverstone Renewable Energy I 2005 685 ( 6,800) Renewable energy infrastructure

2005 38 (3 8,000)

97

Carlyle Global Energy and Power Buyout Investment Approach

Energy &Power Buyouts, Leveraged Build ups, Growth capital opportunities, Strategic joint venture , ,

Energy

98

CDIF(Chosun Development and Investment Fund) (Chosun Development and Investment Fund) Anglo-Sino Capital Partners+ : CDIF Anglo-Sino Capital Partners 1 5,000( 500) 2006 5 (FSA): 1( 1,000) (Private Equity) 15%~20% 1. 2. 3. 4. () ( 9 16)

CDIF

99

CDIF

() ()10 2,285 8,658

(CDIF)

() (16)

(5,000 )

CDIF

100


1 2 3 4 5 6 7 8 9 10 11 12 3 05. 9.26 13 KTB2005 2 H&Q- FG10 - KTB-SB 05. 9.29 14 15 16 17 18 05. 9.29 05.11. 2. '05.12.27 06.3 .7 06. 4. 6 H&Q AP , 400.1 3,000 363 510 125 33,670.76 7,347.98 363 51 400 1,500 270 1 1 1 1 KDB1 KTB - 1 MBK 05. 9.26 1505 683.56 04.12.27 04.12.27 05. 2.15 05. 3. 7 05. 3.29 05. 5. 9 05. 5.31 KTB 05. 9. 2 05. 9. 8. 05. 9. 8. PE MBK 2,367.56 1530.5 5,110 3,000 5,500 60.82 801.1 , 1,200 240 1,400 300 490 3,900.10 3,000 1,548.00 1,400 ()

05.10.4. ()

06. 3. 14()

102

PEF 1 1 , 30

144 3

20, 50

144 4

10% 144 7

10% , , 103

144 8

() PEF

GP(General Partner)

LP(Limited Partner)

Fund ,

Fund , PEF

, PEF , GP PEF (, )

, , , , , LP

( 20, 50)

104

PEF

PEF

()

()

()

GP : , , , ,

()

GP : ,

, , / LP :

. PEF 10%

105

PEF () PEF 10% 10%

() ,

() ,

,

106


:

1 3PL UPS 82 M&A 1 5 20%~30% : (1)+(1)+3PL(1)+ ( ) = 9 (: 1.5, : 3, 3PL: 4 ) 9 COSCO 3PL UPS FEDEX HPH / PSA () 1.8 1.3 4.4 33.4 1.6 2.6 82.2 31.3 36.8 3.0 0.3

()

DP world

'04. 12

CSXWT

11 5000

11,046

'05. 7

P&O

23 (29 6,000)

28,170

DP world

'06. 2

P&O port

57

54,749

PSA

'06. 4

20%

44

42,262

: bloomberg(PSA ) 108

() 9 ()1

: , , : , 2 3,000 12,000

(Strategic Investtor) : ,

9 Buyout Fund 3 1 5,000

6

109

: : Structure of a typical LBO association LBO Equity 5% 95%

(3) (6) 1/3 :2/3 LBO

LBO Firm: Professional Partnership 1% Limited Partnership: The Fund

Fund Investors: Pension Funds, Endowments, etc. 99%

Buyout-specific Limited Partnership

Bank Debt 40%


Bank Debt 40%


Bank Debt 40%

Senior Debt 30%

Senior Debt 30%

Senior Debt 30%

Sub. Debt 25%

Sub. Debt 25%

Sub. Debt 25%

Equity 5% 110

Equity 5%

Equity 5%

:

2005 17 3,935 1,245 32% MVP 2005 1 NeW Wave 1 MVP 10 3 HTIC-Neowiz LG 11 IT (9) LLC 2005 2 CRC CT 5 5 (8) 2005 (17) 7 5 5 200 100 100 1,200 3,935 60 30 30 500 1,245 30% 30% 30% 42% 32% 12 7 7 100 100 50 30 50% 30% - 7 7 7 () 5 5 5 5 7 7 5 7 5 100 150 120 250 50 300 295 280 1,190 2,735 400 100 100 30 45 30 45 25 150 60 60 300 745 200 50 50 30% 30% 25% 18% 50% 50% 20% 21% 25% 27% 50% 50% 50%

111

:

2006 1 1,025 3,040 34% Start-up LLC Turn-around () () (13) CG 350 3,040 100 1,025 29% 34% START UP1 17 KB06-1 3 1 2006 4 100 500 300 500 200 100 100 100 50 200 400 50 150 120 150 50 30 30 30 25 100 120 50% 30% 40% 30% 25% 30% 30% 30% 50% 50% 30% K-TAC11(START-UP) 140 70 50%

() 2005 32%, 2006 34%(1 ) 10%( ) . 3 10% 3,000 112

Anchor investor Risk-Return Profile - Track-Record - up and down - : 1 - 32% 68% (2005 ) 6,500 500 3,000 1

DP World, COSCO

16 (8) + ( 1.6 6.4 )

Signal 113

3 10% 3,000

()

1) 3,000 100% , 2) 3,000 + 2,000 5,000

3,000

2,000

(5,000)Equity Equity Equity

(A) (Equity) SI (17%) (33%) (50%) (Debt)

(n-1) (Equity) SI (17%) (33%) (50%) (Debt)

(n) (Equity) SI (17%) (33%) (50%) (Debt)

5,000

10,000

SI 15,000

60,000

90,000

114


2, 2, 2, 2, 2( 10)

()

2 7

116

,

() ( ) 1 5,000 (1 XXX )

1 XX

5 2

, , , 15%~18%

, 10

117

: ,

(1) (Preferred Return), 10.00% (LP)

(2) , (LP)

(3) 25% (GP) Catch-Up

(4) (LP) (GP) 80 20

(5) (3) (4) (Carried Interest)

(GP) (Clawback) (GP) (LP) (a) (b) 10.00% 118

15%~18% , ,3PL ( , , )

20%

, , , , , , , 13%~20%

6~12 , 8%~12% , 12%~17% , , ,

119

, Private Equity, ,

,

,

(Preliminary Investment Proposal Memorandum:PIPM)

(due Diligence)

(Investment Proposal Memorandum:IPM)

:

120

7 CEO 2

(Term Sheets)

121

6

122

,

100

, ,

,

, ,

, , , ,

, ,

, ,

, ,

( )

123

: :

(drag-along) : (tag-along) : 1 2, 3 1 Buyout , ,

,

, ,

124


2, 2, 2, 2, 2( 10) () - - 2 7 ()

126

: , , , , CEO ,

()

(GP : IMC)

(IMC)

/

127

Fund of Funds

Blind pool fund of funds

GP

Targeted fund of funds

LP () (area)

Customized fund of funds

LP

Targeted Fund of Funds

128

1)

: (revolving)

2) (risk capital)

129

1)

: :

130

1) (1) (2) : PEF (Buyout), Secondary Fund

2) (1) M&A(, , 3PL ) (2) (3)

3) (1) : XX%

131

1) (1) : Capital Call, , Multiple Closing (2)

20% 50% , (3) XX X (4) () 5 57

132

(Investment Management Process)

(Check & Balance)

/

/

- -

()

() Monitoring

133

( )

Timing ()

(Countercyclical Investment Pattern) ,

() (Asset Allocation)

Risk Capital ( )

() (Manager Selection)

( )

,

()

Global Standard 134

10 , Advisory Group , FOF : : 23 56 : 56 1012 : 1 23 FOF

, ,

/ /compliance

135

1)

, , , (co-investment)

2) .

3)

136

: ( ) , ( ) : , , (PEF) , ,

: 30 (PEF) , ,

137

, , , International Best Practice

. (asset class) (, , )

138

(Portfolio Company Assistance : Value-Add)

: , IPO : , : , , , , , ,

, , , , , , DB

139

Capital Call

Commitment (Management fee(0.75%)) Distribution (+ carried interest 80%)

Investment into Fund of Funds

Fund of Funds (Manager)Contribution, Management fee

Investment into General Partnership Funds

GP Fund

GP Fund

GP Fund

GP Fund

GP Fund

Investment into Portfolio Companies

PC PC PC PC

PC PC PC

PC PC PC

PC PC PC

PC PC

140


M&A M&A 3PL M&A

(SWOT) ( )

TF : , , ( ), ,

(SI) (FI)

() , , , , , ( )

(, ) () (, ), T/F , , , () () () 143

()

. l v v v v v v -World -

l M&A

PSA :International Ports Italy Voltri Terminal Europa, Genoa(60%)-1998 Belgium Antwerp-2001 Belgium Zeebrugge -2001 Portugal Sines Container Terminal 100% -2002 Italy Venice Container Terminal(31.8%)-1998

Ports under operation Plans to operate Transactions announced

China Dalian Container Terminal (34.6%)-1996 Dalian Dagang China Shipping Container Terminal(20.1%)1999 South Korea Incheon Container Terminal JV with Samsung (60%) -2003 Japan Hibiki Container Terminal Kitakyushu, Preferred Bidder China Fuzhou Qingzhou & Aofeng CT(41.7% each ) -1998 Jiangyin International Container Terminal(40% ) -2002 China

Yemen Aden Container Terminal(60%) -1999

India Pipavav Container Terminal(25.2%)-98% India Tuticorin Container Terminal(57.5%)1999 Brunei Muara Container Terminal (80% ) -1999

Guangzhou Container Terminal (49%)-2001

145

COSCO : , 2004Terminal Name1. Shakou International Container Terminal 2.Hong Kong COSCO-International 3.Zhangjiagang Youngjia Container Terminal 4. Shanghai International Container Terminal 5. Ynatian International Container Terminal 6. Qingdao Yuangang Intl Container Terminal 7. Yingkou COSCO Intl Container Terminal 8. Bangkok DBS Container Terminal 9. Taicang Yuantai Container Terminal 10. COSCO Long Beach Port 11. Naples, Italy 12. Shanghai Pudong Intl Container Terminal 13. Qingdao Qianwan Intl Container Terminal 14. Singapore COSCO-PSA Container Terminal Company 15. Dalian Auto Shipping Terminal 16. Yangzhou Yuanyang Terminal 17. Tianjin Wuzhou Container Terminal 18. Dalian Dayaowan Phase 2 Container Terminal 19. Antwerp, Belgium 146

COSCOs Stake(%)17.5 50 51 10 5 50 50 40 45.87 51 50 20 20 49 30 51 12 20 25

Date EstablishmentAugust1991 October 1991 October1992 August 1993 November 1993 January 1996 October 1996, March2004 reorganization Sep. 1997 May 1998, December 2003 reorganization June 2001 October 2002 March 2003 July 2003 November 2003 January 2004 March 2004 June 2004 May 2004 signing November 2004 signing

Source: Company document

90 : : HPH (Hutchison Ports Holdings) HDD (Huchison Delta Ports) HPL(U.K.) (Hutchison Port Ltd U.K.)

HPH 1994 . Hutchison Whampoa HDD 1994 . HPH HPL 1998 , -1999 -(2006) Dubai Port World 1996 5

Hutchison Whampoa

Dubai Port Authority

Dubai Port International

PSA Corp.

IBD (International Busin- ess Division)

10 1,000TEU 1/3 KMI(2000)

147

:

1986 , 1991 , 1992 , 1994 2001 2002 375acre

1 2 3 4 5

Seattle, WA, USA Long Beach, CA, USA Oakland, CA. USA Pusan Gamcheon, Korea Pusan Gamman, Korea

6 7 8 9

Gwangyang, Korea Kaohsiung, Taiwan Tokyo, Japan Osaka, Japan 9

148


l M&A

(1990~2004), World Bank

Hutchison Whampoa Ltd P&O Ports Number of Projects Total Investment (US$ millions) Average Individual Investment (US $millions)

Region

1 2 3 4 5

East Asia and Pacific Latin America and the Caribbean South Asia Middle East and North Africa Europe and Central AsiaTotal Seaports

61 95 17 14 17223

10,264 6,313 2,185 1,460 74321,481

168 66 128 104 4396

150

(1990~2004), World Bank WorldRegion

(:US$ millions, ) 1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004 888.73

Total

East Asia and Pacific

0

82.8

263.6

120

684.2

1,077.1

1,195.8

1,714.7

383.4

1,228.7

1,732.3

25.6

822.1

45

10,264

2

1

3 71.9 3

3

5 0 3

8 0 2

6 20 1

7

5 140.7 4

6 275 2

4 114.8 1

2

4

2 121 1

,61 743.4 17

Europe and Central Asia

Latin America and the Caribbean

40

505.6

432.8

806.3

434.7

1,397.4

725.1

377.1

317.1

886.2

108

218

65

6,313.3

3

8

8

9

10

13

15

6

9

6

3

2

3

95

371.3

25

660.9

150

250

3

1,460.2

Middle East and North Africa

4

2

4

1

1

2

14

South Asia Total 2 1 9 12 18 0 82.8 375.5 0 1 0 2

319.6

267.7

527

127

517.4

100

62.4

43.6

220.7

2,185.4

3

1 42.6 2

3 47 2

1 179.5 4

4 211.1 5

1

1

2 52.1 4

1 532.3 20

17

Sub-Saharan Africa

625.6

1,117

2,203

1,960.8

4,057.4

1,555.7

2,423.2

3,036.2

1,161.8

1,242.5

479.7

1,709.7

20,966. 3 204

22

20

29

29

20

23

10

9

11

29

,

151

(1990~2004), World Bank World

90 90 2000 (:US$ millions)40 50

40 00

Sub -Sahara A n frica

30 50South A sia

30 00M d East and North A id le frica

20 50

20 00

Latin A erica and the C m arib ean b

10 50Europ and C e entral A sia

10 00East A and Pacific sia

50 0

0

19 90

19 91

19 92

19 93

19 94

19 95

19 96

19 97

19 98

19 99

20 00

20 01

20 02

20 03

20 04

152

(1990~2004), World Bank World

BOT (Build own and Transfer)29% BOO( Build own and operate) 20% (:%)

Rehabilitate, operate, and transfer 27%

Build, lease, and own 1% Build, own, and operate 20%

Rehabilitate, lease or rent, and transfer 2% Partial 2% Merchant 2% Build, own, and transfer 29%

Full 1%

Build, rehabilitate, operate, and transfer 16%

153

(1990~2004), World Bank 10

(:US$ millions, )Country 1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

1 2 3 4 5 6 7 8 9 10

ChinaIndonesia

83 1

0 1

120 1

114 3

70 2271 3

1,114 4

26 1700 1

356 4

90 21,028 2

1,727 3

205 2587 1 0 1

889 3

4,794 272,586 8 2,258 33 1,939 7

216 1 3 1 540 1

BrazilMalaysia

189 2 736 2

331 5

823 7 447 3

546 12

79 4

223 1

64 1

268 1 8 1 0 2 123 2 395 5 100 1 291 2 30 1

378 2 145 1

127 1

277 3 328 2 71 2 40 1

100 1 312 2

62 1

44 2 18 1

221 1 25 1

1,477 12 907 10 865 14 634 3

IndiaChile

170 1 343 1 472 1 78 1

7 1

Argentina

Panama 5 1 11 1 30 1 596 5 468 4 225 9 1,423 27 622 10 2,423 20 1,082 11 3,005 22 516 5 1,162 10 288 2 1,243 9 577 8 639 12 95 8 1,230 13 4,976 101 21,499 224

Philippines 320 3 0 2 0 2 0 0 83 1 160 5 376 9 375 8 626 12 64 6 1,117 16 226 7 2,203 22 176 9 1,918 20 149 1 571 11 4,053 29

Pakistan total

154

(1990~2004), World Bank World :

(: )

Main Sponsors1 2 Hutchison Whampoa Ltd P&O Ports International Container Terminal Services Inc. (ICTSI) AP Moller - Maersk Group Sudamericana Agencias Aereas y Maritimas (SAAM) Companhia Vale do Rio Doce SA (CVRD) Dubai Port Authority PSA Corp Stevedoring Services of America (SSA) Inc. Companhia Siderurgica Nacional SA

1990

1991

1992 1

1993 1

1994 2 2

1995

1996 4

1997 3 2

1998

1999 1 3

2000 1 1

2001

2002 1

2003

2004 2

16 16

1

2

2

1

1

1

3

1

1

4

1

2

2

1

1

13

4 5 6 7 8 9 10

2 1 1 1 2 1 1 1 1 5 5 1 2 14 15 14 15 17 23 33 37 20 27 39 51 1 37 43 21 31 27 38 1 2 2 1 1 15 17 2 2

1

1 1

3 1

7 5 4

1

4 4 4 3

6 11

15 19

12 18

276 352

155


l M&A

1990 : 1978 8,000TEU, 2005 1,809TEU 1990 ~ 2003 FDI : 84 220

. 2005 86% ( : 1,809 TEU, : 973 TEU) 10m

. . 4

1995 8 /2001 /2002 6

/2005 12 1 3 , ,

: ,," ", , 2005. 12

157

()

1 ( , )

1

(Shanghai Port Authority), (Shanghai International Port Group : SIPG),

1 (Shanghai Shendong International Container Terminal Co.:SSICT)

SIPG , , SSICT : RMB 5 billion( 5,955.5). 1 : $850million( 8,112.4) 2002 6 /2005 12 1 (220 TEU )2005 5 25 : /2005 9 22 : /2005 11 15 : /2005 12 10 :

50%

40% 1

52% 8%

: ,," ", , 2005. 12

158

()

2 16%

2

2006 (1,600m, 4 , 180TEU) 2005 12 19 2 5 40( 4,764.4)

(SIPG) (SPCCO) : 2 ()

: 2 , , , , , , LCL, , , CFS

(%)

APM 32

HPH 32

COSCO 10

CSCL 10

SIPG 16

: ,," ", , 2005. 12

159


l M&A

(2005. 8)

17 60,611 25.4% 15,397 , 45,103 60,611 100.00% 15,397 25.40% (: , %) 45,103 74.60%

50.9% 12,800 100.00% 6,515 50.90% 2,943 22.90% 686 5.35% 1,628 12.80% (: , %) 1,028 8.00%

1 32,303 100.00% 32,303 100.00% 0 0.00% 161 0 0.00% 0 0.00% (: , %) 0 0.00%

1 O 843 473 370 431 1,013 44% 5020(90%) 2000.12.09

(: , %) O 16,480 11,488 4,992 6,087 23,886 30% 50 2000.12.14 2003.05.22 2004.10.27

1 - O 1,268 933 335 422 1,636 26% 5020(80%) 2001.08.21 2001.08.21

1 O 1,893 1,627 267 344 2,578 14% 5015(90-8580%) 2004.03.22

O 2,465 1,445 1,020 1,348 3,316 41% 5014(90-8580%) 2004.06.10

1 O 2,246 1,363 883 1,131 3,091 39% 5014(90-8070%) 2004.06.24

(3 ) O 1,136 831 307 360 1,412 27% 5015(85-7565%) 2005.07.07

O 1,367 1,064 303 350 1,685 22% 3015(85-7565%) 2005.06.08

* X 597 425 172 212 764 29% 345(70%)5(70%)

3-3 * X 5,847 3,697 2,150 2,816 8,004 37% 5015(80-7060%)15(80-70-60%)

(A) (B) (B/A) 1 2 ()

9.62

9.5

8.9

8.87

8.57

8.45

8.17 (9.55 )

8.3 (9.46 )

7.98( 9.24) 13.38( 7.98)

8.85( 9.69) 14.29( 15.17)

:

Macquarie International Infrastructure Fund Limited : 8.6% Changshu Xinghua port 5 (Cash Yield) 13% 162


l M&A

Risks (Project Financing )

Completion Risk- sponsor - Sponsor - Turn-key Contract

Feedstock Supply Risk- -

Operation Risk- Operator - Operation/Management Support Agreement -

Market Risk- Offtake Agreement -

Financial Risk- - Sponsor Cash deficient Support -

Political Risk- Comfort Letter - - Political Risk (PRI)

Infrastructure Risk- Infrastructure (, )

Sponsors Risk- Sponsor

Environmental Risk- - 3

164

, , , , - (Technology) - (Cost) - (Management) / , , , , , , (Throughput Commitments) , , , , , , /

, ,

165


l M&A

Retail Project Whole Project

BTL + 7% ( 8%-9%)

167

. l l M&Av v v M&A PEF M&A

M&A M&A 1897 6 M&A

1(1897~1904) 3(1965~1969) , , 4(1981~1989) , , M&A 5(1993~2000) M&A M&A M&A (cross-border M&A)2000 (), (), BP(), Amoco()

6(2003~ ) M&A 2004 M&A 1/3 , M&A 1~3 (19C ~ 1960) 4 (1981~1989) M&A 169 5 (1993~2000) M&A() 6 (2003~ ) M&A()

: 5, "2006 M&A " , CEO Information, 2006. 4.12, 548

M&A M&A

M&A 2000 3.4 2003 1.3 2004 2 M&A (Private Equity Fund) M&A (Buyout) PWC 7,000 , BCG(Boston Cosulting Group) 5,000 640 (PWC ) (: 10, )2001 / 1,744.60 28,828 528.7 11.6 481.6 136.7 48.8 1,207.20 2002 9,391 307 9,458 5,528 1,587 26,271 635.9 23.6 504.9 1238.7 76.4 1,379.50 2003 9,488 452 9,954 6,968 1,790 28,652 942 21.9 693.8 182.3 108.5 1,949.00 2004 10,457 457 9,379 8,043 2,090 30,426

: " M&A " 2005. 9. 7, / Thomson Financial

170

M&A M&A

M&A M&A 0.1% 6 M&A 13.3% (10 )

Cingular Wireless Sprint Symantec Oracle Zeus Holdings Juniper Networks

AT&T Wireless Services Nextel Veritas Software PeopleSoft Intelsat General NetScreen Technologies

41.0 35.0 13.5 10.3 5.0 4.2

: " M&A " 2005. 9. 7, : Monitor Analysis

171

M&A M&A

M&A M&A , , , , M&A .

, , , , , , 10

(2004 1 ) . 1 TATA Tetley 2 () , Natsteel : " M&A " 2005. 9. 7

172

M&A : , P&O M&A M&A M&A

1999 3 Sealand 104 TEU 2 Evergreen 2

: , : Containerisation International KMI

173

M&A : , P&O

125 35 22,000 387 , 103 TEU

2 3

P&O Nedlloyd

3 /162 13,000 / 46TEU 99 219 M&A

, P&O Nedlloyd , 174

M&A : , P&O , P&O (2005.07) 23 , 57 549 , 150 TEU 19% (Mega Carrier)

,

( 20% MS) : KMI (, " , P&O ", , 2005. 5. 12)

175

M&A : , P&O

, 2000 12 4 35.4%, 45.6% , 5.4%, 7.6%

() () (TEU) ()

()

(TEU)

2000. 12

41

325

1,123,132

5

53

221,975

2004. 12

73

503

2,066,558

8

56

240,309

(%)

43.8%

35.4%

45.6%

37.5%

5.4%

7.6%

: Ocean Commerce, (, " , P&O ", , 2005. 5. 12)

176

M&A : , P&O ()

549, 150 TEU (Mega Carrier) 19% ( 2 MSC 2.3 ) 2008 687, 223 TEU , 20%

() (TEU)

(~08)

2008

()

(TEU)

()

(TEU)

387

1,036,582

96

509,658

483

1,546,240

P&O

162

460,203

42

220,500

204

680,703

549

1,496,785

138

730,158

687

2,226,943

(%)

14%

19%

19%

21%

15%

20%

BRS-Alphaliner, 2005 Cellular Fleet & Forecast, 2005. 5

177

45000 50000 55000 60000 65000 7000020 -04 05 -01 20 -04 05 -06 20 -04 05 -11 20 -04 05 -14 20 -04 05 -19 20 -04 05 -25 20 -04 05 -28 20 -05 05 -03 20 -05 05 -09 20 -05 05 -12 20 -05 05 -18 20 -05 05 -23 20 -05 05 -26 20 -05 05 -31 20 -06 05 -03 20 -06 05 -08 20 -06 05 -13 20 -06 05 -16 20 -06 05 -21 20 -06 05 -24 20 -06 05 -29 20 -07 05 -04 20 -07 05 -07 20 -07 05 -12 20 -07 05 -15 20 -07 05 -20 20 -07 05 -25 20 -07 05 -28 20 -08 05 -02 20 -08 05 -05 20 -08 05 -10 20 -08 05 -15 20 -08 05 -18 20 -08 05 -23 20 -08 05 -26 20 -08 05 -31 20 -09 05 -05 20 -09 05 -08 20 -09 05 -13 20 -09 05 -16 20 -09 05 -21 20 -09 05 -26 20 -09 05 -29

M&A

: 2005.4.1~2005.9.30/, bloomberg

M aersk

KFX

M&A : , P&O

95.6%

P&O (05.5.12)

178P&O 95.6% (05.8.4)250 270

KFX()

290

310

330

350

370

390

M&A : , P&O

M&A -, - , 14% 21.2%, 11.6% 15.2% P&O P&O : P&O Grand Alliance : Ocean Commerce, (, " , P&O ", , 2005. 5. 12)

() 4 5 9 34.60% 8 5 13 17.80%

() 29 17 46 20.10% 56 16 72 14.30%

(TEU) 180,455 92,350 272,805 21.20% 240,309 72,790 313,099 15.20%

179

M&A : , P&O ,

M&A 36

,

, , ( )

: , " , P&O ", , 2005. 5. 12)

180

M&A : , P&O , () M&A 6 36

P&O P&O Ports( DPW ) P&O Ports 31

/

6 14 9 1 2 32

P&O 2 2 4

P&O Ports 6 8 11 1 5 31

14 24 20 2 7 67

: 1) APM Terminal 2) P&O Ports : (, " , P&O ", , 2005. 5. 12)

181

M&A : , P&O

M&A ,

272 5%

INTTRA

Volume Incentive

, " , P&O ", , 2005. 5. 12

182

M&A : , P&O P& O

1.

2. M&A M&A

3. , 36

4. M&A

, " , P&O ", , 2005. 5. 12

183

M&A : , P&O New WorldAlliance APL MOL Grand Alliance Hapag-Lloyd NYK OOCL P&O Mearsk Sealand Mearsk Sealand CKYH Group COSCO K-Line Yang Ming Evergreen/Hatsu/Lloyd Evergreen (TEU) 315,879 203,774 148,681 668,334 213,830 281,722 237,318 460,203 1,193,073 1,036,582 1,036,582 298,173 289,800 207,300 182,492 977,765 439,538 439,538 (%) 47.3 30.5 22.2 100 17.9 23.6 19.9 38.6 100 100 100 30.5 29.6 21.2 18.7 100 100 100 () 99 66 39 204 56 105 67 162 390 387 387 80 118 72 63 333 153 153

(%) 48.5 32.4 19.1 100 14.4 26.9 17.2 41.5 100 100 100 24 35.4 21.6 18.9 100 100 100

: KMI (, " , P&O ", , 2005. 5. 12)

184

M&A : , P&O (95-97)Global AllianceAPL MISC MOL Nedlloyd OOCL Hapag-Lioyd Hapag-Lioyd MISC NYK OOCL P&O Nedlloyd

(98~00)Global AllianceAPL(NOL) MOL

1 (01~03)Global AllianceAPL(NOL) MOL

2 (03~)Global AllianceAPL(NOL) MOL

Grand Alliance

Grand Alliance

Grand AllianceHapag-Lioyd MISC NYK OOCL P&O Nedlloyd

Grand AllianceHapag-Lioyd NOL NYK P&OCL

MISC NYK OOCL P&O Nedlloyd

M-S AllianceMearsk Sea-land

Mearsk Sealand CKYH Group(Senator) COSCO K-Line Yang Ming

Mearsk Sealand CKYH Group(Senator) COSCO K-Line Yang Ming

M-S AllianceMaersk Sea-land

United Alliance Senator UASC

Evergreen

Evergreen/Hatsu/Lloyd

C-K-Y AllianceCOSCO K-Line Yang Ming : KMI (, " , P&O ", , 2005. 5. 12)

185

M&A : DHL DHL / DHL Intl() Denkhaus () Danzas () MIT() Postbank() Nedloyd() Deutsche Post World Net( ) ASG() AEI() Vindo Logistik() German Parcel Citipost() DPD () Lufthansa Cargo() D S L () Herald Intl Mailings() Exel() 186 / , 3PL

1998.9 1998.12 1998.12 1999.1 1999.1 1999.3 1999.4 1999.11 1999.11 1999 1999.12 2000.8 2000.4 2001 2003.3 2005.9

M&A : CJ GLS M&A

: (Accord Express) (2006.03)

CJ GLS 2006 37 3 (Accord Express) (3000) CJ GLS 12 37 100 3 : :

, , , ,

: HTH ( 2006.03.06)

2006 36 HTH : 3 CJ GLS( 350), HTH( 300 ) 650 . 2490 187


(SI) (FI) M&A

Syndication

Buy-and Build

(SI) (FI) :

:

1. 2.

Target 3. Target

1. :

:

1. 2. Target A

1. 2.

F B, C, D

A

F A

B C , IPO

B, C, D

189

(SI) (FI) M&A ()

Syndication (MGM )

Buy & Build (K-III Communications Corporation ) Buy-and Build KKR & Limited Partners Reilly, McCurdy & Chell K-

Syndicate (SI) (FI)

Sony Corporation of America/Comcast( )

III Communications Corporation , , IPO

MGM DLJ Merchant MGM Sony Corporation of America/Comcast( )

Banking Partners, Providence Equity Partners Inc., Texas Pacific Group 3

3

190

1: Syndicate PEF MGM M&A: MGM(Metro-Goldwyn-Mayer) (2004 9)MGM M&A

:4 MGM $12 :1.6 billion USD Sony Corporation of America/Comcast DLJ Merchant Banking Partners Providence Equity Partners Inc. Texas Pacific Group

38% Entertainment

7% 19 PE , leveraged buyout

33% 1991 , ,

22% ,

M&A Sony Corporation of America : Sony Pictures Comcast : Sony MGM

191

2 : Buy-and Build (K-III Communications Corporation)

K-III Communications Corporations , , 1988 Kohlberg Kravis Roberts & Co.* Macmillan Group** , Macmillan Management . , KKR Macmillan , Macmillan Charles McCurdy, Bill Reilly, Beverly Chell 1989 2, K-III Communications Corporation K-III , , K-III 1997 IPO , PRIMEDIA 2003, PRIMEDIA $1.3 billion

192

2 : Buy-and Build (K-III Communications Corporation) -(1989)

KKR & Limited General Partners Partners

Reilly, McCurdy, & Chell

75%

25%

Limited Partnership I

Limited Partnership I: Newbridge, Intertec, directory business

Bank Debt

Bank Debt

3% Mgt.

Equity

Equity

3% Mgt.

Newbridge193

Intertec

2 : Buy-and Build (K-III Communications Corporation) -Henry Kravis KKR Michael Tokarz - KKR Outside Directors George Roberts KKR Perry Golkin - KKR

William Reilly Curtis Thompson VP - Controller Douglas Smith Treasurer Chairman of the Board, Director, and CEO Charles McCurdy President, Director and Treasurer

Beverly Chell Vice Chairman, Director, General Counsel, Secretary Michaelanne Discepelo VP Human Resources Funk & Wagnalls George Philips President Funk & Wagnalls Katherine Gibbs Schools

Education Group Peter Quandt President Newbridge Weekly Reader Krames Newfield

Magazine Group Harry McQuillen President K-III Magazines Intertec

Information Group Jack Farnsworth President Daily Racing Form K-III Directory Nelson

194

2 : Buy-and Build (K-III Communications Corporation) -

K-III Management Macmillan Reilly 55% K-III K-III , 100 Executive Compensation Plan Super Star Special Awards

195


Buyout Buyout Buyout

197

100

150

200

250

300

350

400

50

02000-02-14 2000-04-14 2000-06-14 2000-08-14 2000-10-14 2000-12-14 2001-02-14 2001-04-14 2001-06-14 2001-08-14 2001-10-14 2001-12-14 2002-02-14 2002-04-14 2002-06-14 2002-08-14 2002-10-14 2002-12-14 2003-02-14 2003-04-14 2003-06-14 2003-08-14 2003-10-14 2003-12-14 2004-02-14 2004-04-14 2004-06-14 2004-08-14 2004-10-14 2004-12-14 2005-02-14

0.43

2000. 2. 14 ~ 2006.5.19 0.17 0.432005-04-14 2005-06-14 2005-08-14 2005-10-14 2005-12-14 2006-02-14 2006-04-14

17%

198

10

12

14

16

18

20

01995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03

2

4

6

8

COSCO

1995.1.3 ~ 2006.5.22 0.16

199

P/E

Beta vs HSI

ROA ROE

1yr Total Return

operating margin

Asset Turnover Debt to Asset

0.53

1.25

COSCO

7.38%

13.38

51.44%

13.14%

19.96% 0.12

29.27%

10000

20000

30000

40000

50000

60000

70000

80000

0

Maersk

1995.1.3 ~ 2006.5.22 0.13

1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03

200

P/E

Beta vs KFX

ROA ROE

1yr Total Return

operating margin


0.34

1.36

9.99

Maersk

15.44%

8.61%

17.81% 0.89

32.15%

-8.52%

10000

15000

20000

25000

30000

35000

40000

5000

0

1995.1.3 ~ 2006.5.22 0.04

1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03

201

P/E

ROA ROE

Beta vs KOSPI

1yr Total Return

operating margin


0.62 1.13 3.15 9.82% 9.21% 27.70% 1.30

-11.95%

45.96%

10000

15000

20000

25000

30000

5000

01995-10-05 1996-02-05 1996-06-05 1996-10-05 1997-02-05 1997-06-05 1997-10-05 1998-02-05 1998-06-05 1998-10-05 1999-02-05 1999-06-05 1999-10-05 2000-02-05 2000-06-05 2000-10-05 2001-02-05 2001-06-05 2001-10-05 2002-02-05 2002-06-05 2002-10-05 2003-02-05 2003-06-05 2003-10-05 2004-02-05 2004-06-05 2004-10-05 2005-02-05 2005-06-05 2005-10-05 2006-02-05

1995.10.5 ~ 2006.5.22 0.07

202

P/E

ROA ROE

Beta vs KOSPI

1yr Total Return

operating margin


0.70 1.16 5.83 8.60% 48.57% 8.02% 34.09% 1.20 23.31%

-

0.18 FedEx 0.16 0.14 Maersk 0.12 0.10 HPH 0.08 UPS 0.06 0.04 KOSPI 0.02 0.00 0.00 COSCO

0.10

0.20

0.30

0.40203

0.50

0.60

0.70

0.80

Sub- Sector -

- 3PL 0 .1 4 0 .1 2

3 P L0 .1 0

0 .0 8 0 .0 6 0 .0 4 0 .0 2 0 .0 0 0 .0 0 0 .1 0 0 .2 0 0 .3 0 0 .4 0 0 .5 0 0 .6 0

Returns Volatility 0.10 0.55 Maersk, COSCO, , 204 3PL 0.12 0.30 FedEx, UPS 0.09 0.35 HPH

.

Buyout ,

M&A

,

, M&A PEF (, PEF) 1

anchor investor

- PEF M&A, , (M&A) - 100 ( 5 1)

( : )

,

206

, , , - , , 9 , , 3PL, , 1:1:4 : 1.5, : 1.5 , : 6 M&A,

anchor investor , -

207

()

: , BPA : , , , : , , (1) (2), BPA 5 300 (BPA ) , BPA , (3) , , , , BPA

208

: : 2, 2, 2, 2, 2( 10)

: : , , , SOC

: ( ) : 2 7

209

, , ,

,

, ()

(Investment Proposal Memorandum:IPM)

:

( )

210

GP

GP

GP LP Clawback

GP Clawback

211

, ,

//

Buyout

.

- ( )

100

120

140

20

40

60

80

0

FedEx

1995.1.3 ~ 2006.5.19 0.17

1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03

215

P/E

Beta vs SPX

ROA ROE

1yr Total Return

operating margin


0.33 1.08

FedEx

19.58

8.42%

25.04%

7.33%

16.44% 1.49

11.37%

100

120

140

160

20

40

60

80

0

HPH

1995.1.3 ~ 2006.5.22

1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03

0.09

216

P/E

Beta vs HSI

ROA ROE

1yr Total Return

operating margin


0.35 HPH 1.05 8.09% 21.07 2.31% 5.80% 0.29

-7.59%

44.37%

100

10 20 30 40 50 60 70 80 90

0

UPS

1999.11.9 ~ 2006.5.19 0.07

1999-11-09 2000-01-09 2000-03-09 2000-05-09 2000-07-09 2000-09-09 2000-11-09 2001-01-09 2001-03-09 2001-05-09 2001-07-09 2001-09-09 2001-11-09 2002-01-09 2002-03-09 2002-05-09 2002-07-09 2002-09-09 2002-11-09 2003-01-09 2003-03-09 2003-05-09 2003-07-09 2003-09-09 2003-11-09 2004-01-09 2004-03-09 2004-05-09 2004-07-09 2004-09-09 2004-11-09 2005-01-09 2005-03-09 2005-05-09 2005-07-09 2005-09-09 2005-11-09 2006-01-09 2006-03-09 2006-05-09

217

P/E

Beta vs SPX

ROA ROE

1yr Total Return

operating margin


0.26 UPS 0.88 9.07% 22.43 14.43% 11.33% 23.27% 1.25

10.75%

10000

15000

20000

25000

30000

35000

40000

45000

5000

0

1995.1.3 ~ 2006.5.22 0.01

1995-01-03 1995-05-03 1995-09-03 1996-01-03 1996-05-03 1996-09-03 1997-01-03 1997-05-03 1997-09-03 1998-01-03 1998-05-03 1998-09-03 1999-01-03 1999-05-03 1999-09-03 2000-01-03 2000-05-03 2000-09-03 2001-01-03 2001-05-03 2001-09-03 2002-01-03 2002-05-03 2002-09-03 2003-01-03 2003-05-03 2003-09-03 2004-01-03 2004-05-03 2004-09-03 2005-01-03 2005-05-03 2005-09-03 2006-01-03 2006-05-03

218

P/E

ROA ROE

Beta vs KOSPI

1yr Total Return

operating margin


0.63 9.28 3.52% 4.18% 8.25% 0.82 32.06%

0.9

137.70%

10

15

20

25

30

35

40

0

5

Evergreen

1995.1.5 ~ 2006.5.22

1995-01-05 1995-05-05 1995-09-05 1996-01-05 1996-05-05 1996-09-05 1997-01-05 1997-05-05 1997-09-05 1998-01-05 1998-05-05 1998-09-05 1999-01-05 1999-05-05 1999-09-05 2000-01-05 2000-05-05 2000-09-05 2001-01-05 2001-05-05 2001-09-05 2002-01-05 2002-05-05 2002-09-05 2003-01-05 2003-05-05 2003-09-05 2004-01-05 2004-05-05 2004-09-05 2005-01-05 2005-05-05 2005-09-05 2006-01-05 2006-05-05

-0.03

219

P/E

ROA ROE

Beta vs TWSE

1yr Total Return

operating margin


0.41

1.22

4.72

9.06%

9.20%

21.63% 1.06

Evergreen

-9.14%

29.39%

10

15

20

25

30

35

40

45

0

5

Yangming Line

1995.1.5 ~ 2006.5.22

1995-01-05 1995-05-05 1995-09-05 1996-01-05 1996-05-05 1996-09-05 1997-01-05 1997-05-05 1997-09-05 1998-01-05 1998-05-05 1998-09-05 1999-01-05 1999-05-05 1999-09-05 2000-01-05 2000-05-05 2000-09-05 2001-01-05 2001-05-05 2001-09-05 2002-01-05 2002-05-05 2002-09-05 2003-01-05 2003-05-05 2003-09-05 2004-01-05 2004-05-05 2004-09-05 2005-01-05 2005-05-05 2005-09-05 2006-01-05 2006-05-05

-0.03

220

P/E

ROA ROE

Beta vs TWSE

1yr Total Return

operating margin


yangming line

0.40

1.16

4.87

10.81%

10.20%

20.35% 1.08

-22.03%

29.38%

Returns FedEx 0.17 Cosco 0.16 Maersk 0.13 0.01 HPH 0.09 0.07 UPS 0.07 0.04 Evergreen -0.03

Yangming line -0.03

Volatility

0.33

0.53

0.34

0.63

0.35

0.70

0.26

0.62

0.41

0.40

Beta 1yr Total Return P/E operating margin ROA

1.08

1.25

1.36

0.9

1.05

1.16

0.88

1.13

1.22

1.16

25.04%

7.38%

-8.52%

137.7%

8.09%

48.57%

9.07%

-11.95%

-9.14%

-22.03%

19.58

13.38

9.99

9.28

21.07

5.83

22.43

3.15

4.72

4.87

8.42%

51.44%

15.44%

3.52%

-7.59%

8.60%

14.43%

9.82%

9.06%

10.81%

7.33%

13.14%

8.61%

4.18%

2.31%

8.02%

11.33%

9.21%

9.20%

10.20%

ROE Asset Turnover Debt to Asset

16.44%

19.96%

17.81%

8.25%

5.80%

34.09%

23.27%

27.70%

21.63%

20.35%

1.49

0.12

0.89

0.82

0.29

1.20

1.25

1.30

1.06

1.08

11.37%

29.27%

32.15%

32.06%

44.37%

23.31%

10.75%

45.96%

29.39%

29.38%

221

(1990~2004), World Bank World : 10(:US$ millions)

3,500Pakistan

3,000

Philippines

Panam a

2,500A rgentina

2,000

C hile

India

1,500Malaysia

1,000

Brazil

Indonesia

500C hina

0

1990

1991

1992

1993

1994

1995

1996

1997

19 98

1999

2000

2001

2002

2003

2004

223

-East Asia and Pacific

World bank data: Seaport East Asia and PacificCountry China 0 2 82.8 1 263.6 3 120 3 0 2 48 1 0 2 1 30 684.2 5 1,077.1 8 1,195.8 6 0 1 32 1 1 70 1,714.7 7 383.4 5 1,228.7 6 1,732.3 4 25.6 2 822.1 4 45 2 215.6 1 540 1 1 1 1 3 2 271.1 3 736 2 50 1 471.7 1 27.4 1 78.3 1 32 1 4.9 1 10.6 1 15 1 30.1 1 45 1 4 1 700 1 447.4 3 4 2 1,028 2 3 2 586.6 1 0 1 1990 1991 82.8 1992 0 1993 120 1994 114.2 1995 70 1996 1,113.8 1997 25.6 1998 356 1999 90.4 2000 1,727.4 2001

(:US$ millions, )

2002 205.4

2003

2004 888.7 3

4,794.3 27 2,585.7 8 1,939 7 50 1 595.6 5 199.4 11 2 100

Indon esia

Malay sia

Myan mar

Philip pines

Thaila nd

Vietna m

888.7 3

10,264 61

225

World bank data: Seaport East Asia and Pacific(:US$ millions)

1800Vietnam

1600

1400

Thailand

1200

Philippines

1000Myanm ar

800Malaysia

600Indonesia

400China

200

0

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

226

World bank data: Seaport East Asia and Pacific(:%)

Partial 3%


Build, own, and operate 30%

Merchant 1%


Build, own, and transfer 36%

227

World bank data: Seaport East Asia and PacificMain Sponsors1 2 Hutchison Whampoa Ltd P&O Ports International Container Terminal Services Inc. (ICTSI) Mitsui AP Moller - Maersk Group China Infrastructure Group GATX Terminals Pte Ltd. Laem Chabang International Terminal Co. Ltd. New World Infrastructure Others 4 5 1 2 2 3 3 4 6 8 12 14 2 7 6 12 4 6 1 1 1 1 1 1 2 8 1 1 6 2 2 3 6 2 3 1 1 1 1 2 1 1 1 1990 1991 1992 1 1993 1 1994 2 1995 1996 3 1997 2 1 1998 1999 1 1 2000 1 1 2001 2002 1 1 1

(: )

2003

2004 2

14 6

3

2

1

3

4 5 6 7 8 9 10

3 2 2 2 2 2 2 1 3 51 89

228

-Europe and Central Asia

World bank data: Seaport Europe and Central AsiaCountry

(:US$ millions, )

1992

1994

1995

1996

19980 1 86.6 1 23.4 1

199975 1

2000

2003

75 2 121 1 207.6 2 23.4 1 102.6 9

Latvia

Poland

Romania

71.9 3

0 3

0 2 20 1

30.7 1 200 1 140.7 4 275 2 114.8 1 114.8 1 121 1

Russian Federation

334.8 3 743.4 17

Turkey

71.9 3

0 3

0 2

20 1

230

World bank data: Seaport Europe and Central Asia(:US$ millions)

300

Turkey

250

Russian Federation

200

150

Rom ania

100

Poland

50

Latvia

0

1992

1994

1995

1996

1998

1999

2000

2003

231

World bank data: Seaport Europe and Central Asia

(: )

Main Sponsors1 23 4 5 6 7 8 9 10

1992

1994

1995

1996

1998

1999

2000

2003

Arcas Group P&O PortsArmbro Enterprises Inc. Baltiyskaya Finance Company Bank Petrovsky Bank Sankt-Peterburg Delo East Point Holding Ltd Enka International Container Terminal Services Inc. (ICTSI) 5 9 3 3 2 3 1 1 1 1

1 11

1 1

2 21 1 1 1 1

1 1 1 0 1 3 5 1 3 0 1 0 1

1 1 1 14 26

232

World bank data: Seaport Europe and Central Asia(:%)

Rehabilitate, lease or rent, and transfer 16%

Build, lease, and own 12% Build, own, and operate 13%

Partial 14%

Merchant 18%

Build, own, and transfer 27%

233

-Latin America and the Caribbean

World bank data: Seaport Latin America and the Caribbean

(:US$ millions, )

CountryArgentina

19920 2

1993122.9 2

1994395 5

1995100 1

199630 1

1997

1998170 1

1999

200040 1

2001

20026.9 1 37.6 1

2003

2004

864.8 14 37.6 1 2,257.7 33

Belize

Brazil 3.4 1 8 1 40 1 353.7 4 200 1 12 1 10.5 1 189.3 2 330.6 5 823.1 7 145 1 545.6 12 327.6 2 78.8 4 71.4 2 223.4 1 311.6 2

63.5 1 18 1 25 1

Chile

906.6 10 393.7 5

Colombia

Dominica n Republic

200 1 20 1

400 2 32 2 10.5 1

Ecuador

Honduras

235

World bank data: Seaport Latin America and the CaribbeanCountry 1992 1993 1994 30 1995 1996 1997 1998 1999 2000 2001 2002

(:US$ millions, )2003 2004 30

Jamaica

Mexico 21

1

1

4.4

225.6

74.1

86.7

9.5

0.7

22.9

444.9

Panama

1

1

4

4

4

2

1

1

18

104

104

Nicaragu a

1

1

291.4

342.6

634

Peru

2

1

3

26.3

26.3

Uruguay

1

1

151.2

20

171.2

40 505.6 432.8 806.3 434.7 1,397.4 725.1 377.1 317.1

2

1

3

886.2

108

218

65

6,313.3

3

8

8

9

10

13

15

6

9

6

3

2

3

95

236

World bank data: Seaport Latin America and the Caribbean(:US$ millions)

1400U ruguay Peru

1200Panam a Nicaragua

1000Mexico Jam aica

800

H onduras Ecuador

600

D inican Republic om C olom bia

400

C hile Brazil

200

Belize A rgentina

0

1992

1993

19 94

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

237

World bank data: Seaport Latin America and the Caribbean(:%)

Build, own, and operate 8%

Build, own, and transfer 10 %



Full 2%

Rehabilitate, lease or rent, and transfer 2% Merchant 3%

238

World bank data: Seaport Latin America and the CaribbeanMain Sponsors 1 2 3 4 5 6 7 8 9 10 International Container Terminal Services Inc. (ICTSI) Sudamericana Agencias Aereas y Maritimas (SAAM) Companhia Vale do Rio Doce SA (CVRD) Companhia Siderurgica Nacional SA Grupo Libra S.A. Multiterminais de Alfandegados do Brasil Ltda Stevedoring Services of America (SSA) Inc. Bolsa de Cereales de Buenos Air

valueing lbo

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