Seabury is a global advisory firm focused on the transportation industry. It has over 200 professionals with dedicated cargo and logistics divisions led by industry experts. Seabury has developed the world's leading ocean trade database covering over 95% of global trade. The database provides granular data on imports/exports by country, commodity, and other factors. Seabury uses the database to help clients with strategic planning, market analysis, and business development decisions.

1. Seabury Maritime Cargo Advisory
More insight, better decisions….
Confidential – not for third party distribution © Seabury Group 2011

2. Agenda
 Seabury Cargo Advisory
 Global ocean database
 Sample graphs related to the maritime industry
Confidential – not for third party distribution © Seabury Group 2011 1

3. Introduction Seabury Group
With over 175 professionals, Seabury Group is one of the largest global advisory practice in
the aviation industry
Founded in 1995, Seabury provides management
consulting, investment banking and corporate reorganization
advisory services
Commercial & Seabury has a vast range of expertise in:
Revenue - Strategy consulting and business planning
Management
- Operational improvement (e.g., cost reduction, revenue
boosting, contract negotiations & outsourcing)
Fleet & Cargo & - Network and alliance optimization; fleet selection,
Network Logistics acquisition and financing in the aviation industry
- Investment and recapitalization
Seabury
 With significant market share, Seabury is the main
Group aviation restructuring advisor and an important factor in
strategic (M&A) and financing activities
Maintenance,
Investors & Seabury is a leading consulting firm in the air cargo
Repair &
Financiers industry with a dedicated team and dozens of industry leaders
Overhaul
among its client base
(Air)ports &
Ancillary Seabury Maritime Advisors is a global merchant banking
Businesses and advisory firm providing expert investment banking, M&A,
recapitalization / restructuring and strategic advisory services
Together with senior executives from the maritime
industry, a best-in-class ocean database has been developed
and tested
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4. What makes Seabury different?
A single industry focus with a unique combination of expertise
Focused strategy Leading cargo Former industry Experienced
consultants specialists executives investment bankers
Comprised Former airline cargo Industry leaders from Advisors from top-tier
predominantly of staff staff and experts from major airlines and financial institutions
from leading strategy specialist consulting suppliers
consulting firms companies
Innovative thinking Fully focused and Deep understanding of Extensive knowledge
and rigorous analytics industry-experienced challenges presented of domestic and
to develop pragmatic teams that hit the by significant foreign strategic
solutions ground running operational change situations
Extensive strategic Knowledge of local Sensitivity to the Experience with debt
and operational markets globally and complexity of an and equity capital
experience with experience with a organization markets
excellent project wide range of
management skills business models
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5. Key reasons to work with Seabury
Seabury combines leading cargo databases, strong strategy consulting, and extensive
experience in long-term forecasting and strategy development
Why work with Seabury?
A With over 200 professionals, Seabury is one of the largest global advisory practice
dedicated to the transportation industry
B We have dedicated cargo & logistics division, led by professionals with decades of
hands-on industry management and consulting experience
C Our consulting is underpinned by the world’s leading industry databases, including
comprehensive air and sea cargo demand and supply databases and forecasts
D We have extensive experience performing long-term forecasts, scenario analysis and
strategy development for carriers, ports and forwarders around the world
E Seabury is a strategic advisory firm, not just a market research provider
Confidential – not for third party distribution © Seabury Group 2011 4

6. Agenda
 Seabury Cargo Advisory
 Global ocean database
 Sample graphs related to the maritime industry
Confidential – not for third party distribution © Seabury Group 2011 5

7. Global Ocean Database
Seabury’s Ocean Database provides all relevant indicators for the maritime industry
Extensive coverage High granularity Covering worldwide ocean flows…
Global perishable shipments
 Imports and exports of 200  Ocean weights (tonnage) have
Containerized
countries, covering ~95% of been converted into TEU
Bulk
international ocean trade based on: Tons (M) YoY growth
Containerized growth
120 15%
 World ocean trade separated  Specific stuffing factors for all
in containerized and non- 2000 commodities 80
10%
containerized (bulk/liquid) 5%
 Stuffing factors per container
trade, measured in weight, 40
type 20’ and 40’ 0%
value and number of ocean
TEU per trade lane  Equipment (20’/40’ split) per 0 -5%
commodity per trade lane 02 03 04 05 06 07 08 09 10*
 Drill-down available to 2,000
individual commodities  Containerization ratio (split
…with an exceptional high level of data granularity
between container, dry bulk,
 Proprietary classification of liquid) based on:
Seasonality of Aircos and Christmas articles from
Guangzhou to Europe
2,000 commodities in 70 TEU (K)
4 Christmas articles Aircos
industries and 12 sectors  Exact containerization
percentages for all 2000
 Extensive and historical yearly commodity types 3
data available from 2000
(availability depends on  Specification of 2
reporting country) containerization split per trade
lane 1
0
2007 2008 2009 2010
*Seabury forecast
Source: Seabury Global Ocean Database
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8. What makes Seabury’s Databases unique?
The combination of the below features result in the most comprehensive and reliable trade
database currently available in the market
Extensive User-friendly Reliable Up-to-date
Global coverage of air and Online access to data Usage of multiple raw Monthly data releases
ocean data analysis tool (via Cognos data sources (allowing with a minimal delay
software) cross- checking of data)
Details per country, Data can be distributed in Comprehensive For China, Europe and
commodity or industry per every regular database methodology for data US the delay is only 4 to
month format cleaning and processing 6 weeks
Comparing and The data filtering High quality data in Examine the latest
investing in regional options allowing weight, value and trade developments
data sources is not multiple types of TEU on a monthly basis
necessary anymore analysis
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9. Our data can support your business
Seabury's databases will give clients in the logistic arena more insight to make better
commercial and strategic decisions, such as…
Theme Examples of decision criteria
Current share of worldwide market and individual trade lanes
Sales &
Identify and target potential segments or regions
Marketing
Support of contract / tender negotiations
Determine future market size in tons, total value carried and TEU
Strategy
Focus on niche commodities or countries
Development
Invest in terminals, logistic or port facilities
Reefer product development and marketing
Product
Assess Break-bulk conversion opportunities
Development
Development of specific market combinations (e.g. Oil & Gas)
Manage volatile market situations
Business
Anticipate on air - sea shift developments within commodity groups
Planning
Forecast equipment and trade imbalances
Optimize equipment (re)usage
Operations
Support of hub developments, feeder services, and inland networks
Development
Optimal vessel size, type and service rotation
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10. Added value of Seabury’s ocean trade intelligence
Seabury’s maritime databases do not only assist with determining market share but more
importantly with the next steps (the implementation stage) in strategic planning
Strategic planning process
1 2 3 4
Where are we Where do we want How do we get How do we
now? to be? there? measure progress?
Company wishes to increase Increasing presence in East
Organization is currently Continuously measuring
its presence in the African Africa would improve its
focusing on the large trades performance and targets
market position in Africa
• In which areas regions are • Determine which African • Steer sales force • Does our volumes grow
we strong?* countries to focus on (campaign management) faster than the
country/market growth?
• In which industries do we • Select which • Make the right Investment
Organizational perform above market commodities/industries to decisions • Revenue / volume
task average? focus on performance
• Grow faster than market
• How is our performance • Determine the desired • Are we responding to the
• Improve country coverage
compared to competition? network coverage latest developments in the
market?
• Determine market size per • Calculate fastest growing • Study an individual market • Combine market figures with
country (not per port) countries in last 5 years for discussion with sales performance
teams/country management
Seabury • Calculate industry sector • Assess drivers behind • Continuous analysis of the
performance (eg. chemicals growth. Consumer goods? • Find concrete examples to latest trade data to signal
Market or automotive) Raw Materials, Construction build business cases for trends
Intelligence materials planning and investment
• Compare multiple years
(historically) • Determine whether growth is • Create first-mover
sustainable or temporary advantages
* Organizational task where Seabury’s Market Intelligence can provide more insights
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11. How to Log-in
Online analysis tool from Cognos is the leading Business Intelligence software provider
Cognos online login
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12. Agenda
 Seabury Cargo Advisory
 Global ocean database
 Sample graphs related to the maritime industry
Confidential – not for third party distribution © Seabury Group 2011 11

13. The growing importance/dependence of Europe on China
The share of European imports from China will approach the 50% in upcoming 5 years. The European
export share to China grows faster than imports but the impact is smaller
Yearly European imports Yearly European exports
Exports to China
TEU Imports from China TEU
(million) (million) Exports to Rest of the world
Imports from rest of the world
20 20
80%
15 15
200%
47% 21%
43% 43% 46% 21%
14% 20%
45% 13% 14% 19% 19%
41% 43% 44% 12% 18%
10 38% 43% 10 11%
35% 10%
8%
32% 7%
28%
26% 16%
44%
5 5
0 0
01 02 03 04 05 06 07 08 09 10* 10 11 12 13 14 01 02 03 04 05 06 07 08 09 10* 10 11 12 13 14
Seabury Actuals Seabury Forecast Seabury Actuals Seabury Forecast
* Actual 2010 (YTD September)
Source: Seabury’s Global Ocean Database, Seabury’s global ocean forecast
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14. Asian exports: several countries approach the 2008 levels,
Vietnam is fastest growing export country in the region
North East Asia exports to EU South East Asia exports to US
TEU TEU
(million) -7% (x 1,000)
5,2 40
2008 YTD Sep
5,0 2009 YTD Sep 35
Vietnam
2010 YTD Sep
Thailand
4,8
30
4,6
25
4,4
20
4,2 Indonesia
Malaysia
15
4,0 -32%
-9% -13% 10
0,4 Philippines
5
0,2 Cambodia
Singapore
0,0 0
China Japan Korea S Taiwan jan jan jan jan oct
+ HKG 2007 2008 2009 2010
Source: Seabury’s Global Ocean Database
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15. Seasonality of Vietnam exports to EU
The peak for Vietnam exports lies in Q1 which make these volumes good alternative to
replace the lower volumes from China due to Chinese Lunar festival
TEU
(x 1,000)
35
30 +7%
25
Furniture
20 Footwear &
Clothing
Coffee & tea
15 Packaging goods
(plastic bags)
Fish, Frozen
10
Construction
materials
Tableware
5
Other
0
j f mam j j a s o n d j f mam j j a s o n d j f mam j j a s o n d j f mam j j a s
2007 2008 2009 2010
Source: Seabury Global Ocean Database
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16. Chinese exports to India: Industries
The Chinese export share of consumer goods increased rapidly in last 7 quarters
Chinese monthly containerized exports to India
TEU
(x 1,000)
50
Capital Equipment & Machinery
Chemicals & Products
40 Consumer Fashion Goods
Consumer personal &
26%
Household goods
30
High Technology
15%
Land Vehicles & Parts
21%
20
Machinery parts
26%
10 30%
30%
Raw Materials
0
2008 2009 2010 Sep
Source: Seabury’s China Ocean Database
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17. Steady containerized perishable trade growth expected
Perishable trade is less susceptible for economic downturn. Conversion from conventional
reefer trade will continue
Conventional versus containerized reefer trade European containerized import growth for
perishables and other cargo
Ocean weight perishable cargo
(million tons) YoY growth
other cargo
140 30%
120
20%
100
10%
80
0%
60
Containerized reefer trade
-10%
40
20 Conventional reefer trade -20%
54% 30%
0 -30%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 2008 2009 2010
Seabury actuals Seabury forecast
Source: Seabury’s China Ocean Database
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18. Middle East growth analyzed by commodities
Looking at the commodity mix per region helps us in finding the drivers behind growth and
forecasting future trade
Share of consumer goods per destination Saudi Arabia export growth in 2010 mainly
region in 2009 driven on raw materials (contrary to UAE exports)
TEU
Consumer (x 1,000) Saudi Arabia export commodities
13% 9% 10% goods 30 Raw
19% 17%
materials
30%
41% 20 Consumer
goods
10 Other
Automotive
0
2009 2010
Other
87% 91% 90% goods TEU United Arab Emirates export commodities
81% 83% (x 1,000)
70% Consumer
30
59% goods
Raw
20
materials
10 Automotive
Other
0
USA Europe Global Gulf Middle North South
2009 2010
East & East East
South Asia Asia
Asia
Source: Seabury Global Ocean Database
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19. Contact details
For more information, please contact…
Mathijs Slangen
Senior Analyst
Seabury Cargo Advisory
E-mail: mslangen@seaburygroup.com
Cell: +31 6 1585 6951
Phone: +31 20 880 4224
Fax: +31 20 890 8620
Website: www.seaburygroup.com
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20. Seabury Maritime in the news
Some recent examples of Seabury Cargo Advisory mentioned in the media
 Lloyd’s List (Nov 2009): “ New Global database for box trades”
 Lloyd’s List (Nov 2009): “Refrigerated box volumes drop 2.5%”
 Containerization International (Nov 2009): “On a knife edge”
 IFW (Jan 2010): “Seabury launches sea freight intelligence tool”
 Lloyd’s List (March 2010): “China gets appetite for containerized imports”
 IFW (March 2010): “China's box trade gap narrows”
 Global Liner Conference (March 2010): “What cargo growth lies ahead up to the end of 2011”
 Cargo new Asia (April 2010): “Modest recovery for box trades”
 Lloyds List (April 2010): “The long and slow road to recovery”
 Containerization International (April 2010): “Seabury optimistic about trade growth”
 JOC (April 2010) : “Analyst Forecasts 11 Percent Ocean Trade Growth”
 Cargo news Asia (May 2010): “Region did better than traditional markets”
 TOC Conference (June 2010): ”What’s in the box for the Med region?”
 TOC Conference (June 2010): ”Delivering China”
 Lloyds List (August 2010): “Going for Growth”
 Cool Logistics Conference (September 2010): “Air freight and ocean freight capacity analysis”
 Lloyds List (October 2010): “Mapping the scale of vast expansion”
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