Assessment of forecast volumes for a portfolio of container terminal operations

Terminal Investment Limited SA ("TIL") was founded in 2000 to secure berths and terminal capacity for the ships of its parent company, Mediterranean Shipping Company ("MSC"). In May 2013, GIP and a group of co-investors acquired 35% stake in TIL, and subsequently increased to around 49%. In 2018 GIP engaged Drewry for an independent review of TIL’s volume forecasts for each terminal. Drewry provided a written commentary for each terminal on a case by case basis, making our independent assessment of the specific and regional markets, reviewing the TIL & GIP forecasts with the commentary as provided to us and assessing whether we consider the trade forecasts to be reasonable or any variations deemed appropriate.