Karachi Port Trust, in order to maintain its edge over Port Qasim as the primary Port of Pakistan, sought proposals from private sector investors to develop the second modern, fully equipped international standard container terminal at East Wharf, Karachi Port.

Against competitive bidding, Premier Mercantile Services (Pvt.) Ltd. ("PMS"), a Marine Group Company, was awarded a 21-year Concession to build and operate a dedicated container terminal at Berths 6-9, Karachi Port, on a BOT basis in April 2002. Following extensive negotiations, an Implementation Agreement was entered into with the Trustees of the Karachi Port Trust, which inter alia detailed the commercial, financial and technical terms of the Concession. This Agreement also provides for the terms on which PICT will be required to implement additional Phases of the Project. The important relevant provisions required:

a) The setting-up by PMS of a Terminal Operating Company ("TOC") to design, finance, construct and operate a dedicated container terminal with a capability of handling up to 450,000 Twenty Foot Equivalent Container Units ("TEUs") per annum on berths 6-9 East Wharf for a period of twenty-one (21) years in phases linked to traffic growth on a BOT basis;

b) A commitment to meet the expanding needs for future container traffic growth;

c) To complete the physical implementation of Phase I by April 17, 2004.

Pakistan International Container Terminal (PICT) was formed as the Terminal Operating Company and took over dedicated container terminals on October 15th, 2002. PICT achieved successful completion of all contractual obligations of Phase-I development earlier than schedule on March 31st, 2004

• PICT is a modern container terminal operating at berths 6—9, East Wharf, Karachi Port
• Design depth of berths is 13.5 meters
• Quay Wall: 600 meters
• Backup Area: 21 Hectares
• Commenced terminal operation in 2002. Premier Mercantile Services (Pvt.) Ltd. (“PMS”)
• the Sponsor of PICT – has been handling cargo at the Karachi Port since 1964
• It is the first port infrastructure project in Pakistan financed by International Finance Corporation (“IFC”) -- the private sector arm of the World Bank
• It is the first private sector project in Pakistan in which the OPEC Fund for International Development has participated as financiers
• Total Investment: approx. USD 150 million

• At shortest distance from the fairway Buoy to any other terminal in Pakistan
• The terminal established at the century old Port of Karachi on the East Wharf at newly constructed berths
• Karachi Port is the leading port of the country which handles majority of Pakistan’s cargo. Karachi Port’s container throughput for the financial year 2010 was 1.25 million TEU’s

• Most Modern & Deep berths in Pakistan with a planned depth of 13.5 meters
• No reduction of sanctioned depth during monsoon
• Availability of substantial spare yard space on the East Wharf for additional yard handling capacity
• Modern container scanning and radiation detection capability
• Location within close proximity of Karachi
• No additional shifting from the terminal to Karachi city limits
• Arrival / Departure round the clock
• The only terminal to have onsite rail link to up country
• Terminal handling capacity is 750,000 TEUs per annum