Dubai World announces DP World IPO pricing

Notes and media contacts

Not for distribution, directly or indirectly, in or into the United States, Canada, Australia, Japan or any GCC country other than the UAE.

DP World is the fourth largest marine terminal operator in the world by capacity and throughput. The Company is also one of the most geographically diversified container terminal operators. Its network of terminals had, in their ongoing business, a gross capacity of 48.6 million twenty-foot equivalent units (''TEUs'') as of December 31, 2006. The Company generated gross throughput of 36.8 million TEUs and 20.3 million TEUs for the year ended December 31, 2006 and the six months ended June 30, 2007, respectively.

DP World highlights include:
•a truly global portfolio of 42 terminals in 22 countries
•a significant bias towards handling the more stable and higher margin origin and destination (import/export) cargo, with only around a quarter of current volumes being transhipment cargo
•a pure play port operator with long term, stable business model
•the company is growing faster than the market; DP World volumes grew approximately 18% in 2006 compared with market growth of approximately 11%
•strong growth has continued into the first half of 2007
•strong pipeline of new projects and expansions expected to nearly double capacity to around 90 million TEU (twenty-foot equivalent container units) in 10 years.

Financials
For the year ended December 31, 2006 and the six months ended June 30, 2007, DP World generated Proforma Revenue from operations (not including revenue attributable to its joint ventures and associates) of $2,076.0 million and $1,209.0 million, respectively, and Proforma Adjusted EBITDA of $705.3 million and $453.7 million, respectively.

Lead Managers
Deutsche Bank AG, Merrill Lynch International, Millennium Finance Corporation Ltd and SHUAA Capital PSC are acting as Joint Global Co-ordinators and Joint Lead Managers to the listing. The receiving banks for the UAE retail offer are Mashreq Bank PSC, Emirates Bank, Abu Dhabi Commercial Bank and First Gulf Bank. Mashreq Bank PSC is the lead receiving bank.

Enquiries:
DP World
Sarah Lockie, Head of Corporate Communications
Fiona Piper, Head of Investor Relations
Tel: +971 4 8811110

Bell Pottinger
Tom Mollo
Tel: +971 (0) 50 550 4203
Elaine Boucher
Tel: +971 (0) 50 422 9680

World View Communications
Sana Maadad
Tel: +971 (0) 50 552 2610

Brunswick Group LLP
Jon Coles / Chris Blundell
Tel: +44 (0) 20 7404 5959

Deutsche Bank AG
Iain Macleod
Managing Director, Head of Infrastructure EMEA

Christopher Laing
Managing Director, Head of GCC ECM

Melanie Saluja
Managing Director, Equity Capital Markets
Tel: +44 (0) 20 7545 8000

Merrill Lynch International
Justin Anstee
Managing Director, Head of European Transport

Lorcan O'Shea
Director, Equity Capital Markets
Tel: +44 (0) 20 628 1000

Millennium Finance Corporation Ltd
Alexandre Markarov
Managing Director, Investment Banking

Lachlan Davidson
Head of Legal
Tel: +971 4 363 4200

SHUAA Capital PSC
Salam Saadeh
Managing Director, Investment Banking Group
Tel: +971 4 319 9730

Makram Kubeisy
Managing Director, Investment Banking Group
Tel: +971 4 319 9782


This announcement has not been reviewed or approved by any regulatory authority, including the UAE Central Bank, Emirates Securities and Commodities Authority and/or the Dubai Financial Services Authority. The purchase of shares in a company involves financial risk. Before deciding to buy any shares and/or if you do not understand the contents of this announcement, you should (a) consult a financial adviser and (b) ensure that you have read carefully the prospectus governing the offer. This announcement and the information contained herein is not an offer of securities for sale in the United States (including its territories and possessions, any State of the United States and the District of Columbia). The securities discussed herein have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the US Securities Act. No public offering of the securities discussed herein is being made in the United States and the information contained herein does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States, Canada, Australia, Japan or any GCC country other than the UAE. This announcement is not for distribution directly or indirectly in or into the United States, Canada, Australia, Japan or any GCC country other than the UAE. The shares will not be offered in any jurisdiction other than in compliance with the applicable laws, rules and regulations governing the issue, offering and sale of securities to the public. This announcement is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49 (2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase of otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents. Any offer of securities to the public that may be deemed to be made pursuant to this announcement in any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any EEA Member State, the "Prospectus Directive") is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.


The Joint Global Coordinators and Joint Lead Managers are acting for DP World in relation to the IPO and for no one else and will not be responsible to anyone other than DP World for providing the protections afforded to their respective clients nor for providing advice in relation to the IPO or the contents of this document, the prospectus or any transaction, arrangement or matter referred to herein.

This announcement includes forward-looking statements. The words ''anticipate'', ''believe'', ''expect'', ''plan'', ''intend'', ''targets'', ''aims'', ''estimate'', ''project'', ''will'', ''would'', ''may'', ''could'', ''continue'' and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact included in this announcement, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations, are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future.

This announcement does not constitute a recommendation concerning the IPO. The value of shares can go down as well as up. Past performance is not a guide to future performance. Potential investors should consult a professional advisor as to the suitability of the IPO for the individual concerned.