Asyaport

completed

Asya Port Liman Isletmeleri A.S. (“Asyaport” or the “Company”) is developing a greenfield container terminal (the “Terminal”) on the Marmara Sea near the city of Barbaros, Tekirdag Province, Turkey, approximately 70km from Istanbul (the “Project”). Project is indirectly majority owned by Terminal Investments Limited S.A. (“TIL”). The Terminal will primarily act as a transshipment hub for containers destined for the Black Sea via the Bosphorus and have Mediterranean Shipping Company, the world’s second largest shipping line, as an anchor customer. The terminal is expected to have an annual handling capacity of 1.9 million twenty foot equivalent units. Construction started in 2010 and the filling and reclaiming of the port area and the installation of piles for the feeder quay have been almost completed. Two nearby quarries were used for the land fill, with about 6 million metric tonnes having been extracted. The primary works outstanding are the construction of the main quay wall, the paving and outfitting of the container yard, and the procurement and commissioning of main equipment. The government of Turkey will separately construct an electric power connection to the Port, put in place customs administrative buildings just outside the Project area, and widen an existing road from the Project site to the main highway. Construction is expected to take another 17 months to complete and the Terminal is expected to open in 2014 and ramp up to full capacity by 2017.