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UNITED STATES DISTRICT COURT
DISTRICT OF COLUMBIA

JUDGMENT

For reasons stated in the Court’s Order granting Petitioner DP World Djibouti FZCO’s (“Petitioner”) Petition to Confirm Foreign Arbitration Award, ECF No. 1, it is hereby

ORDERED, ADJUDGED, and DECREED that judgment for $194,275,379.94, constituting the sum of the amounts set forth below, is entered in favor of Petitioner and against Respondent the Republic of Djibouti (“Djibouti”) under the Third Partial Final Award rendered in the arbitration proceeding between Petitioner and Djibouti (dated January 20, 2022):

• (i) $31,390,693 for lost management fees for the period February 23, 2018 to December 31, 2020 under Article 12.1.3(vi) of the Concession Agreement;
• (ii) $1,775,755 as interest on Petitioner’s lost management fees that accrued as of the date of the Third Partial Final Award;

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• (iii) $6,288,253.76 as interest on the principal amount at the rate of LIBOR (using 12-month LIBOR rate for January 20 of 2022¹ and 2023,² and 180-day SOFR rate for January 20 of 2024,^3,4) plus 4% compounded annually from January 21, 2022 up to and including July 1, 2024, further accruing at per diem rate of $9,219.40 from July 1, 2024 through and including July 31, 2024;
• (iv) $116,772,715 for lost dividends for the period February 23, 2018 to December 31, 2020 under Articles 3.7 and 12.1 of the Concession Agreement;
• (v) $14,655,792 as interest on Petitioner’s lost dividends that accrued as of the date of the Third Partial Final Award; and
• (vi) $23,392,171.18 as interest on the principal amount at the rate of LIBOR (using 12-month LIBOR rate for January 20 of 2022, 2023, and 2024⁵) plus 4% compounded annually from January 21, 2022 up to and including July 1, 2024, further accruing at per diem rate of $34,295.98 from July 1, 2024 through and including July 31, 2024.

¹ GLOBAL RATES, LIBOR Rates in 2022 https://www.global-rates.com/en/interest-rates/libor/american-dollar/historical/2022/?id=21#bmrk-maturity (12-month USD LIBOR rate of 0.80% for January 20, 2022). ↩

² GLOBAL RATES, LIBOR Rates in 2023 https://www.global-rates.com/en/interest-rates/libor/american-dollar/historical/2023/?id=21#bmrk-maturity (12-month USD LIBOR rate of 5.35% for January 20, 2023). ↩

³ On December 16, 2022, the Federal Reserve Board adopted a final rule identifying Secured Overnight Financing Rate (“SOFR”) as the benchmark rate to replace LIBOR in certain financial contracts as LIBOR started to phase out after June 30, 2023. See BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, December 16, 2022 Press Release, available at https://www.federalreserve.gov/newsevents/pressreleases/bcreg20221216a.htm#:~:text=December%2016%2C%202022-,Federal%20Reserve%20Board%20adopts%20final%20rule%20that%20implements%20Adjustable%20Interest%20contracts%20after%20June%2030%2C%202023 ↩

⁴ FEDERAL RESERVE BANK OF NEW YORK, SOFR Averages and INDEX Data, https://www.newyorkfed.org/markets/reference-rates/sofr-averages-and-index (180-day SOFR rate of 5.38% for January 22, 2024 (January 20, 2024 was a Saturday)) ↩

⁵ See supra, n.1-4. ↩

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This is a FINAL JUDGMENT.

SO ORDERED with respect to the [1] Petition to Confirm Foreign Arbitration Award in Case No. 23-cv-1524