GENERAL

Trapac

Portfolio of 2 container terminals in LA / Long Beach and Oakland

Please note this investment was executed during prior employment of a Reinova Co-Founder

• 50 % stake acquired alongside MOL, anchor customer with minimum-volume contract.

• Upside tied to automation of Long Beach terminal in the top U.S. container market.

• 50 % stake acquired alongside MOL, anchor customer with minimum-volume contract.

• Upside tied to automation of Long Beach terminal in the top U.S. container market.

• Earn-out payable only if automation delivered forecast EBITDA; protected downside.

• Prime terminal exposure secured at conventional-asset valuation.

• Automation expected to cut labour cost and raise moves per hour, boosting EBITDA.

• Anchor contract underpins base cashflow through market cycles.

• Delay in automation negated earn-out, preserving entry basis.

• Ramp-up to steady-state performance sets stage for strategic monetisation.