ALLCARGO GLOBAL LOGISTICS LTD

CORPORATE PRESENTATION

Disclaimers

This presentation has been prepared by Allcargo Global Logistics Ltd (“the Company”) solely for providing information about the Company. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives, including the Managers and their affiliates, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

This communication is for general information purposes only, without regard to specific objectives, financial situations and needs of any particular person. Please note that investments in securities are subject to risks including loss of principal amount. The Managers and their affiliates do not accept any liability whatsoever, direct or indirect, that may arise from the use of the information herein. This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Securities of the Company have not been registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any US state, nor is such registration contemplated. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes.”

Flow of the Presentation

1. Profile of Allcargo

2. Business Overview

3. Break up of Revenues

4. Profit Mix

5. CFS/ICD Business

6. MTO & Project Business

7. Equipment Business

8. Warehousing Business

9. Customer Profile

10. Capex

11. Industry Scenario

12. Financial Highlights

13. Recent Developments

14. Shareholding Pattern

15. Acquisitions

16. Investment Highlights

Profile of Allcargo

• India’s first multinational company in the logistics sector and largest LCL consolidator and MTO in India

• Has presence in logistics business for the last 15 years

• Promoted by Mr. Shashi Kiran Shetty and managed by experienced professionals in the industry

• AGL has pan India presence with 16 branches and 2 franchises along with regional offices in all metros and international network covering 5000 destinations

• Presently focusing on domestic cargo movements, higher capacity utilisation, CFS and equipment business.

Business Overview

• Allcargo is present in CFS, MTO, Equipment and Warehousing business across all categories

• Adopted inorganic route to build its MTO globally business by acquiring ECU Line , world’s second largest LCL Consolidator, AGL has around 139 own offices in 59 countries and 198 agents and franchisees across the globe

• AGL enjoys excellent relationships with freight forwarders and major shipping lines

• It has leveraged relationships by entering into CFS business

• Allcargo is the only MTO player, which is also into CFS Business

• AGL has strengthened its position in air freight business by

acquiring Hindustan Cargo Ltd. from Thomas Cook India Ltd.

• AGL intends to achieve economies of scale in air as well as sea

freight due to multiple offices of AGL and Hindustan Cargo

Ltd.

Business Overview

Revenue Mix

MTO67%

Equipment Hire7%

CFS26%

CFS6%

MTO92%

Equipment Hire2%

Standalone Consolidated

Revenue/EBITDA Mix (Consolidated)

2%6%

92%Revenue Break-up

8%Equipments31%CFS61%MTO

EBIDTA Break-up

Segmental Review

CFS/ICD Business

• Allcargo is amongst the top 3 CFS operators around JNPT, India’s largest container port.

• JNPT CFS is ~ 18 kms from the port and has a capacity of 144,000 TEUs p.a

• Total CFS capacity as on today stands at 270,000 TEUs

• Allcargo has commenced CFS operations at Chennai & Mundra ports in May 2007

• Pithampur ICD is operational from Feb 2009 with Annual Capacity of 36000 TEUs.

• JNPT CFS revenue is driven primarily by imports ( 95%), hence

shipping lines are the main customers in this business.

• AGL’s has an 8% market share at all its 3 CFSs, namely JNPT,

Chennai and Mundra.

• AGL enjoys highest CFS realisations at JNPT port.

CFS/ICD Business

CFS & ICD Locations -Current & Proposed

Current CFSs

ICD, with road bridgingProposed, with rail siding

Chennai (commenced May 2007)Current Capacity: 84,000 TEUTotal Area: 25 acresDeveloped Area: 25 acres

Mumbai (commenced April 2003)Current Capacity: 144,000 TEU

Total Area: 21 acresDeveloped Area: 21 acres

Mundra (commenced May 2007)Current Capacity: 50,000 TEUTotal Area: 16 acresDeveloped Area: 9 acres

PithampurTotal Area: 14 acres

Dadri

MTO Business

• Allcargo offers– LCL consolidation– FCL forwarding– Multi City Consolidation– Project Cargo Handling

• Primary customers are– Custom House Agents (CHA)– Freight Forwarders (FF)– Direct clients

MTO Business

• Allcargo has an extensive pan-India network with presence across 18 locations in India and 5000 destinations world wide.

• Strong relationships with shipping lines allows Allcargo to bookspace at competitive rates

• Allcargo has built on its dominant Indian presence by acquiring ECU NV, the second largest NVOCC in the world

• Company also has an expertise in handling hazardous cargo.

MTO Locations

Tuticorin

CHENNAI

Cochin

Goa

MUMBAI

Bangalore

Pune

Nagpur

Indore

Ahemedabad

Baroda

Jaipur

Ludhiana

DELHIMoradabad

Kanpur

Kathmandu

Hyderabad Vizag

Kolkatta

CoimbatoreKarur

SalemTiruppur

FranchiseeBranch OfficeRegional Office

Project Cargo

• Allcargo has been in the project cargo handling business since 2004• Services include transportation of high value specialized equipment

like oil field equipments, power plants, compressor stations & other over-dimensional cargo that cannot be containerized on a turnkey basis

• It is a niche activity that involves packaging and transportation of cargo from factory to project site through multiple modes (road, sea, rail) including customs clearance, project registration, route survey etc.

• Each contract in this segment is unique in terms of nature, size and value of the items and therefore the logistics requirements have to be customized to suit specific customer requirements.

• Detailed, intricate planning & technical expertise is required to successfully execute the transportation of such equipments

• Allcargo has successfully executed multiple projects for clients such as BHEL, British Gas, Power Machines, Weatherford, Air Liquide, Jindal, Dalmia, TVS Motors etc.

• Allcargo’s project cargo business is highly synergistic with its ISS solutions; the ISS business has the necessary asset portfolio (trucks, special trailers etc) and manpower to successfully execute such projects.

• Infrastructure led growth, especially in sectors such as oil & gas, steel, cement and power is expected to increase the demand for such specialized transport solutions

Project Cargo

• Allcargo has the experience of having successfully delivered on projects such as transportation of a transmission module (60’x120’x42’) for a oil & gas firm from USA to India, transportation of stator module (32’ x 15’ x 17’) from Haldia to Barhby waterways and road.

• AGL is presently handling 15 major projects

• The current order book is in the tune of Rs. 80 crs.

Project Cargo

Equipment Business

• Owns cranes ranging from 25 to 650 tons in capacity that are used in industrial manufacturing and infrastructure sectors such as power, oil and gas refineries, wind energy, steel, cement etc.

• Owns multiple crane types like all terrain cranes, crawler cranes, telescopic cranes and lattice boom cranes from well known manufacturers such as Manitowoc, Kobelco, Liebherr, Demag etc.

• Owns forklifts of capacities between 3 to 32 tons with mast heights of up to 5 meters; both diesel and battery operated forklifts are available.

• Owns reach stackers of 40 – 45 tons capacity that can travel at speeds of up to 25 kmph.

• Stackers can stack up to 5 containers one on top of the other

• Owns a large fleet of trucks (Ashok Leyland, Tata Motors ,Volvo)and trailers (20 feet, 40 feet and high cube)

• Owns Volvo & Man pullers and special trailers like semi-low bed, low bed, long and multi-axle (including the Goldhofer make), special multi-axle trailers to transport over dimension and over weight cargo

• Presently operating 54 Cranes, 49 Forklifts, 20 Reach Stakers and 353 trailers

Equipment Business

Equipment Business

Equipment Numbers

Cranes 54

Forklifts 49

Reach stackers 20

Trailers 353 5Above 300

2201-300

19101-200

280-100

Crane Tonnage

6Others

35Telescopic

13Crawler

Crane Types

Crane Deployment

10%Infrastructure

8%Cement

5%CFS

21%Windmills

56%Oil & Gas

% of CranesSector

4%North Region

24%South Region

6%East Region

65%West Region

Geographical Spread

•Asset Turnover for Equipment Division is 0.45 times

•EBITDA Margins are @ 65%

Major Assignments under Equipment Business

• Signed a long term contract with L&T Ship Building Division.

• Secured Business from Hyundai Corporation.

• Transportation and Custom clearance business for Jindal Steel from their production plants at Tarapur and Vasind.

• Secured business from Samsung Alphine for Delhi Metro Rail Project.

• Secured business from Sumitomo Corporation and Helix USA for base management.

Warehousing Business

• Warehouse infrastructure currently available in India is inadequate and needs massive upgradation.

• Allcargo is setting up its own warehouse infrastructure on a pan-India basis.

• Initially, these warehouses have been planned at Bhiwandi (Mumbai), Goa, Pithampur (Indore) and Hosur.

• The network would be expanded to– Nagpur

– Hyderabad

• The planned capacities for the locations are:– Bhiwandi – 45,000 sq. ft

– Goa – 100,000 sq. ft

– Pithampur – 90,000 sq. ft

– Hosur – 100,000 sq. ft

• AllCargo currently operates three warehouses in its current operational CFSs at Mumbai, Chennai and Mundra

• The fourth ICD warehouse at Pithampur will be operational with the commencement of the CFS operation; from Oct’ 08

• The existing CFS warehouses cater to Exports, Import LCL and Bonded Cargo

• The available space at these warehouses is:– Mumbai – 155,000 sq ft– Chennai – 158,000 sq ft– Mundra – 65,000 sq ft– Pithampur – 32,000 sq ft

Warehousing Business

• ECU operates warehouses in four locations at Antwerp, Barcelona,Dubai and Rotterdam

• Through these facilities we provide value added services like re-packaging, kitting and much more

• The facilities are geared to handle cargo of all kinds, including Hazardous Cargo.

• The available space at these warehouses is:– Antwerp – 300,000 sq ft– Barcelona – 40,000 sq ft– Dubai – 200,000 sq ft– Rotterdam – 64,000 sq ft

Warehousing Business

Warehousing Business

Nagpur

Mumbai-Bhiwandi

Hyderabad

Pithampur

Hosur

Goa

Customer Profile

• CFS Business– CSAV, WanHai, RCL, MOL, UASC

• MTO Business– Velji Dosabhai and Sons Private Limited, Jeena & Co, Schenker India

Pvt Ltd., Kuehne & Nagel (I) Pvt. Ltd, Panalpina World Transport (I) Pvt Ltd

• Equipment Business– Reliance, Rallis India, Suzlon, Enercon, Mahindra and Mahindra, B G

India, Ircon and Transoceanic

• Project Cargo– BHEL, British Gas, Power Machines, Weatherford, Air Liquide, Jindal,

Dalmia, TVS Motors etc.

Capex

• With intent to have a pan-India presence and provide effective end-to-end logistics solution, the company proposes to set up CFS/ICD in five locations. For this purpose, AGL proposes to spend Rs 3 bn, out of which, Rs. 1.6 bn has already been employed in the previous 12-18 mths and the balance will be utilised in the next 12-18 mths.

• Capex of Rs. 1bn for the procurement of cranes of different capacities has been fully utilized in 2008

• The expected capex for setting up pan-India warehousing network is estimated at Rs. 250 mn

Funding for Capex

The funding for the planned Capital investment is a combination of Debt, Equity and Internal Accruals.

An amount of € 21.75 Mn has been raised by placement of Warrants and issue of Equity to Blackstone Group.

A Debt of € 16.70 Mn has been raised with Axis Bank at favorable terms and rate to part fund the expansions.

Rest of the funding will be through Internal Accurals.

Industry Scenario

• The Indian Government has set a target of achieving US$200 bn in exports for FY2009E (vs. US$155 mn achieved in FY2008).

• Indian Logistics Industry is set to grow at 11% CAGR till 2013.

• With 13% of GDP being spent on logistics, India is one of the most inefficient.

• Recent regulatory initiatives would encourage higher share with 3PL(Phase out of CST, Rail haulage opened to pvt. Players, Leasing of wagons).

• Container traffic is expected to show the highest growth rate amongst all cargo traffic.

Industry Scenario

• Indian MTO market is fragmented and largely dominated by unorganised players, is valued at Rs.110 billion.

• The size of CFS/ICD industry is approximately Rs. 65 billion and is expected to grow significantly, driven by increased containerization and EXIM Trade.

• Project cargo market is estimated to be around Rs. 12 billion, and is expected to grow at 20% in the next 5 years.

• In Equipment business, cumulative crane rental demand is estimated between Rs. 20-30 billion in the next 5 years.

• The Warehousing industry is currently valued at Rs. 30 billion and is estimated to grow by 20% in the coming 5 years.

Financial Highlights (Consolidated)

(Rs. Mn)

**FY2006 figures represent 9 months figures

*Figures pertain to the year ended March 31, '06

49.3842.6530.6527.22EPS

1219.95863.93620.92494.81PAT

357.32238.66174.9747.2Tax

1577.271,097.26716.8542.01Profit Before Tax

248.54123.4752.5523.17Interest

447.22252.2878.7862.43Depreciation

2,273.031,473.01848.13627.61EBITDA

20,942.7614,713.118,155.802,129.35Total Expenditure

23,215.7916,186.129,003.932,756.96Net Sales

FY2008FY 2007**FY 2006*FY 2005-06Particulars

Revenue and EBIDTA Growth

2,757

9,004

16,186

23,216

628

848

1,473

2,273

0 5,000 10,000 15,000 20,000 25,000

*FY 2005-06

**FY 2006

FY 2007

FY2008

EBITDA

Net Sales

In Rs. Mn

*- Figures pertain to the year ended March 31, '06

**-FY2006 figures represent 9 months figures

Quarterly Performance (Consolidated)

Rs. Mn

1,418.92 1,770.48 2,391.15 7,718.96

22,560.99 CY 2008*

276.30PAT427.50PBT597.14EBDITA

1,864.61Gross Margin4,846.64Total Income

Q1 2009

* Provisional

Volume Performance

20949,821376719,734Total

10744,99719748,998LCL

10204,824179310,736FCL

Q1 2009CY 2008Q1 2009CY 2008

ImportExportin TEU

MTO Volume

17709107,5701625282,939Total

1258470,6191281760,952LCL

512536,951343521,987FCL

Q1 2009CY 2008Q1 2009CY 2008

ImportExportin TEU

ECU Volume

419410633250881242840379125381Total

634805123359276528156118557Imports

3560258217299663122236824Exports

MundraChennaiJNPTMundraChennaiJNPT

Q1 2009CY 2008in TEU

CFS Volume

PAT Growth

PAT (in Mn)

494.81620.92

863.93

1,219.95

0.00200.00400.00600.00800.00

1,000.001,200.001,400.00

*FY 2005-06 **FY 2006 FY 2007 FY2008

PAT (in Mn)25%

Growth

39% Growth

*- Figures pertain to the year ended March 31, '06

**-FY2006 figures represent 9 months figures

41% Growth

Balance Sheet Data

223.89

4,721.65

4,436.85

1,201.94

631.32

1,262.52

FY 2007

223.93

6113.43

5642.08

2598.70

1011.97

3439.64

FY 2008

202.86182.07Share Capital

3,947.731,605.51Networth

2,737.67364.45Net Block

1,101.65565.65Working Capital

450.30412.37Cash/Bank

775.84225.32Total Debt

*FY 2006**FY 2005-06Particulars

Rs. Mn

*-FY2006 figures represent 9 months figures

**- Figures pertain to the year ended March 31, '06

Recent Developments

• Equipment hiring division of Transindia Freight Services Pvt. Ltd merged with AllCargo w.e.f. 01st January, 2007

• Allcargo signed JV with Container corporation of India for establishment of ICD at Dadri, Allcargo holds 51% of JV company

• ICD at Pithampur ( Indore) has been functional in March2009

Pre & Post Conversion Shareholding pattern

100.00Total4.30Others0.07Mutual Funds

3.85NRIs/ OCBs/ Foreign - Nationals

7.27Foreign Institutional Investors

3.00Corporate Bodies81.51Promoter group

% of SharesCategory

100.00Total10.39Blackstone

6.42Foreign Holding

7.45Non-Institutional Holding

2.79Institutional Holding

72.95Promoter group

% of SharesCategory

Acquisitions

ECU Line

• Allcargo acquired 100% shareholding of ECU in an all cash deal for € 22.8 Mn in June 2006

• The ECU acquisition makes Allcargo the second largest NVOCC player in the world with 120 offices in 60 countries and a network of agents across 120 countries

• It contributes 77% to the consolidated revenues in CY07

• It also operates one trans-shipment hub in each continent (Antwerp, Singapore, Santos, Milan and Dubai) plus 120 direct export / import hubs in five continents

• EBITDA margin of ~ 4 – 5 % and net margin of ~ 2 – 2.5% which is much lower than that of Allcargo.

• Total employees strength is at 1638 with operations spread in 88locations in 50 countries.

• Global Neutral NVOCC, which runs annual volume of 180,000+ TEUs

ECU Line

Geographical SpreadECU Line

Post Acquisition Initiatives at ECU

• Retained existing management and employees of the company

• Setup a strong team of Board of Directors & Executive Committee, to streamline decision making and for efficient delegation of authority.

• Tie-up with Econocaribe, US based NVOCC: Earlier, ECU had a tie-up with OTS logistics for trade in the US – EU corridor only. With this tie up, ECU network got an opportunity to have an exclusive agent for their network worldwide into the USA.

• WNS tie-up to standardizing and outsource business processes, with an objective to increase efficiency and cost rationalization for the consolidated entity.

• Setup a global freight buying office at Singapore.

• Setup a strong Legal, Financial, IT and MIS support for ECU international operations

• Expected to increase existing net margins from ~ 2-2.5% to 4.5-5% in next 3 years.

Post Acquisition Initiatives at ECU

Hindustan Cargo Ltd.

• Acquired airfreight company from Thomas Cook to develop synergies and add value to ECU Air operations.

• IATA accredited

• 13 operational locations in India covering metros and Class A cities

• Holds MTD and Break bulk License

• Own Custom House Agent License at all locations

• Project specialist for large size ODC , Plant movements and shipchartering.

Quarterly Performance of Hindustan Cargo Ltd.

(Rs in Mn)

26.79 44.04 57.56

176.55 1,405.11

CY 2008*

8.44PAT13.75PBT16.60EBDITA46.70Gross Margin

235.44Total Income

Q1 2009

* Provisional

Blackstone Investment

• Blackstone invested 243 crore for 10.38% stake in the company• Issued 1,081,081 6% Fully and Compulsorily Convertible Debentures

(FCCD) of Rs.10/- each convertible into 1,081,081 equity shares of Rs.10 each ,at a price of Rs.934/- per FCCD

• Issue of 1,513,514 Warrants of Rs.10/- each convertible into 1,513,514 equity shares of Rs.10/- each , at a price ranging between Rs.934 to Rs.1,284 per Warrant. On subscription of Warrant, Investors will pay Rs.194/- per Warrant

• Issue of 1,000 equity shares of Rs.10/- each fully paid up of the Company at a price of Rs.934/- per share.

1284>2100

12092000-2100

11091900-2000

934Upto1900

Conversion Price/ShareEBDITA CY2008 ( Rs Mn)

Growth Drivers

• Investing more into CFS, equipment and warehousing business

• Financial restructuring of ECU Line and consolidated freight buying for both AGL and ECU Line will increase margins in MTO business from 2-2.5% to 4.5-5% in the next 2 years

• Stay focussed in MTO Business with increasing pie of CFS and Equipment business contributing to profitability of the company

• Integrating ECU Line business with the company

• Pursue organic and inorganic opportunities, both in domestic & international markets to provide impetus to our Logistical Journey.

Thank You