Balance sheet as of 31 December 2008 in €

31.12.2008 31.12.2008 31.12.2007 31.12.2007 Assets A. non-current assets i. intangible assets 1. Software 1,129,671.14 1,095,630.62

2. Payments made on account 89,429.06 1,219,100.20 0.00 1,095,630.62

ii. Property, plant and equipment

1. Land, equivalent land rights and buildings, including buildings

on leased land 74,249,850.53 57,114,834.18

2. Technical equipment and machinery 2,367,273.76 1,029,199.55

3. other plant, operating and office equipment 4,589,196.41 3,300,453.76

4. Payments made on account and plant under construction 1,215,207.23 82,421,527.93 9,025,889.30 70,470,376.79 iii. financial assets

1. interests in affiliated companies 230,024,575.57 204,539,145.17

2. equity investments 2,618,861.54 5,097,041.94

3. non-current securities 962,771.63 233,606,208.74 408,898.07 210,045,085.18

317,246,836.87 281,611,092.59

B. current assets i. inventories

1. raw materials, consumables and supplies 105,983.13 129,522.76

2. Work in progress 5,822,553.81 5,928,536.94 4,534,699.09 4,664,221.85

ii. Receivables and other assets

1. Trade receivables 1,172,787.50 1,326,587.62

2. receivables from the free and Hanseatic city of Hamburg of which with a residual term of more than one year

€ 361,20.90 (previous year: € 0.00) 368,622.21 711,261.68

3. receivables from HHLA beteiligungsgesellschaft mbH 0.00 3,655,680.00 4. receivables from affiliated companies 339,005,422.60 263,122,621.82

5. receivables from investee companies 720,194.03 378,881.12

6. other assets

of which with a residual term of more than one year

€ 0.00 (previous year: € 903,922.63) 19,543,282.78 360,810,309.12 11,835,746.45 281,030,778.69

iii. Cash and cash equivalents 210,679,916.89 199,279,590.01

577,418,762.95 484,974,590.55

c. Accruals and deferrals 396,199.62 365,197.42

AnnuAl finAnciAl stAtement

Balance sheet as of 31 December 2008

31.12.2008 31.12.2008 31.12.2007 31.12.2007 eQuitY AnD liABilities

A. equity

i. subscribed capital

1. Port Logistics 69,975,326.00 69,920,500.00

2. real estate 2,704,500.00 72,679,826.00 2,704,500.00 72,625,000.00

ii. capital reserve

1. Port Logistics 134,915,393.63 133,572,156.63

2. real estate 506,206.26 135,421,599.89 506,206.26 134,078,362.89

iii. Revenue reserves 1. Statutory reserve

a) Port Logistics 5,125,000.00 5,125,000.00

b) real estate 205,000.00 5,330,000.00 205,000.00 5,330,000.00

2. other earnings reserves

a) Port Logistics 15,676,571.45 15,676,571.45

b) real estate 627,062.86 16,303,634.31 627,062.86 16,303,634.31

21,633,634.31 21,633,634.31

iV. Profit carried forward

1. Port Logistics 19,519,460.81 93,078,679.59

2. real estate 3,008,255.83 22,527,716.64 3,722,547.18 96,801,226.77

V. Net profit/loss for the year

1. Port Logistics 104,356,435.20 - 14,126,793.78

2. real estate 4,550,333.08 108,906,768.28 1,990,208.65 - 12,136,585.13

361,169,545.12 313,001,638.84

B. Provisions

1. Provisions for pensions and similar obligations 301,878,782.00 311,241,251.00

2. Tax provisions 10,613,459.67 4,571,344.25 3. other provisions 34,936,496.97 32,978,606.13 347,428,738.64 348,791,201.38 c. liabilities 1. bank debt 0.00 282,224.24 2. Payments on account 6,080,292.51 4,776,312.79 3. Accounts payable 2,471,635.55 3,769,416.30

4. Liabilities towards the free and Hanseatic city of Hamburg 9,918.80 8,298.16 5. Liabilities towards HGV Hamburger Gesellschaft für

Vermögens- und beteiligungsmanagement mbH 60,048,963.89 36,841,341.36

6. Liabilities towards affiliated companies 108,756,948.32 49,364,457.67

7. Liabilities towards investee companiest 763,997.12 533,035.17

8. other liabilities

of which from taxes € 3,121,627.32 (previous year: € 3,729,759.71)

of which for social security € 1,447,885.24

(previous year: € 1,494,036.73) 7,429,651.19 8,534,585.81

185,561,407.38 104,109,671.50

D. Accruals and deferrals 902,108.30 1,048,368.84

We have audited the consolidated financial statements – con- sisting of the balance sheet, income statement, statement of recognized income and expense, cash flow statement and notes of the Group – as well as the Group management re- port prepared by Hamburger Hafen und Logistik Aktienges- ellschaft, Hamburg, for the business year from 1 January to 31 December 2008. The preparation of the consolidated financial statements and the Group management report in accordance with ifrS as applicable in the eu, and the sup- plementary commercial law provisions applicable pursuant to § 315 a (1) HGb as well as the company articles are the responsibility of the executive board of the company. it is our task, on the basis of the audit conducted by us, to give a judgement on the consolidated financial statements and the Group management report.

We conducted our audit of the consolidated financial statements in accordance with § 317 HGb (German com- mercial code) and the generally accepted standards for the audit of financial statements in Germany promulgated by the institut der Wirtschaftsprüfer (iDW: institute of Public Auditors in Germany). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial state- ments in accordance with applicable accounting regulations and in the Group management report are detected with rea- sonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The ef- fectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the consolidated financial statements and the Group management report are examined primarily on a test basis within the framework of the audit. The examination comprises an assessment of the annual financial statements

of the companies included in the Group financial statements, the definition of the scope of consolidation, the account- ing and consolidation methods applied and the principal estimates of management as well as an assessment of the overall picture conveyed by the Group financial statements and the Group management report. We believe that our audit provides a reasonable basis for our opinion.

our audit has not led to any reservations.

in our opinion, based on the findings of our audit, the consolidated financial statements comply with ifrS, as ap- plicable in the eu, and with the supplementary commercial law provisions pursuant to § 315 a (1) HGb as well as the company articles and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these provisions. The Group man- agement report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.

Hamburg, 6 March 2009 KPMG AG Wirtschaftsprüfungsgesellschaft Ditting retzlaff Auditor Auditor

AuDitoRs’

RePoRt

We hereby give our assurance that – to the best of our knowledge – the consolidated financial statements convey a true and fair view of the assets, financial position and profit situation of the Group in accordance with the applicable ac- counting principles. furthermore, we hereby certify that the Group management report conveys a true and fair view of the course of business, including the business earnings and the Group’s situation, and that the principal opportunities and risks entailed in the Group’s probable development in the coming financial year are described.

Hamburg, 6 March 2009

Hamburger Hafen und Logistik AG The executive board