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PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans -4-




28.09.15 08:00
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PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans IPO in 2015






DGAP-News: Hapag-Lloyd AG / Key word(s): IPO
Hapag-Lloyd AG: Hapag-Lloyd plans IPO in 2015

2015-09-28 / 08:00

Hamburg, 28 September 2015

Hapag-Lloyd plans IPO in 2015

Fourth largest container liner shipping company worldwide aims for listing on the regulated market (Prime Standard) of
Frankfurt Stock Exchange / Global pure play container line with well-balanced portfolio, modern fleet and strong
platform / Core shareholders invest US$100 million / Attractive growth perspectives

Hapag-Lloyd AG, one of the world's leading container liner shipping companies, is preparing its initial public offering
("IPO"). The Company intends to list its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange
and on the regulated market of the Hamburg Stock Exchange in 2015.

Hapag-Lloyd expects total gross proceeds in the equivalent Euro amount of US$500 million from the IPO. US$400 million
will stem from the sale of newly issued shares to institutional and retail investors. In addition the core shareholders
Kühne Maritime ("Kühne") and Compañía Sud Americana de Vapores ("CSAV") are participating in the IPO with US$100 million
by placing cornerstone orders of US$50 million each. Hapag-Lloyd intends to use the expected US$500 million IPO proceeds
for further investments in ships and containers to further strengthen its capital structure, long-term growth and
profitability. The offer will also comprise additional shares from TUI and a market standard greenshoe.

"The IPO is an important milestone in the history of Hapag-Lloyd", said Rolf Habben Jansen, Chief Executive Officer of
Hapag-Lloyd. "This move will give us better access to the capital markets which will enable us to further invest in our
business to become more competitive, which will be good for our customers, our people and our shareholders. We are
especially pleased about the investment of our core shareholders which underlines once more their confidence in the
future of Hapag-Lloyd."

Fourth largest carrier worldwide

Hapag-Lloyd is a leading container liner shipping company with a truly global footprint. The acquisition of the
container liner shipping business of CSAV in 2014 and the successful integration of the business in the first half of
2015 made Hapag-Lloyd the fourth largest player worldwide by capacity. Hapag-Lloyd maintains a well-balanced portfolio
of trades distributed among its main markets providing certain resilience to adverse market developments on any single
trade lane. The fleet consists of 188 container ships with a total capacity of approximately 1 million TEU. By market
share, the Company is among the leaders on the Atlantic and Latin American trades with a recognized presence on the
Far-East and Transpacific trades. Its membership in the G6 Alliance, the second largest alliance globally by transport
capacity, gives Hapag-Lloyd the necessary scale benefits in a fragmented global shipping market.

Attractive and growing market

The container trade sector is expected to continue growing highly correlated with global GDP growth. Shipping is the
backbone of world trade: the estimated share of world trade via sea was 84% in 2014. The global container volume is
expected to grow by a compound annual growth rate of 5.5% between 2014 and 2016. The fundamentals around supply and
demand are expected to improve in the coming years, which would provide cyclical upside to the industry.

Highly competitive fleet and improvement of operational performance

Hapag-Lloyd operates a modern state-of-the-art fleet. Steady investments in vessels and containers have helped
Hapag-Lloyd to build one of the youngest fleets worldwide, resulting in lower fuel consumption and decreasing
transportation expenses. Seven new vessels with a capacity of 9,300 TEU each have been delivered between November 2014
and July 2015. Five 10,500 TEU container ships are scheduled for delivery between October 2016 and May 2017. In addition
to that, Hapag-Lloyd is active in several profitable niche businesses - i.e. the transport of temperature sensitive
goods.

Hapag-Lloyd is committed to operational excellence and continuously works on further strengthening its competitiveness.
The Company has a best-in-class IT system which supports the business processes, enables cost control and yield
management and facilitates effective network management.

Positive business development and synergies from CSAV

Transport volumes increased to around 3.7 million TEU in the first half of 2015, up 29.4% against the same period in
2014. Revenue increased by EUR 1.5 billion to approximately EUR 4.7 billion. This was mainly due to the contributions of
project "CUATRO", the merger with the container business of CSAV. Complementary trades, economies of scale and cost
reduction with a larger fleet and reduction of procurement costs make Hapag-Lloyd and CSAV a highly strategic fit. The
Company targets annual net synergies of around US$400 million fully realised by 2017. This is US$100 million higher than
originally targeted.

In 2014, Hapag-Lloyd also launched the profit improvement project "OCTAVE". This project targets annual cost savings of
approximately US$200 million from 2016 onwards and is currently well on track, already delivering tangible results in
the first half of 2015.

Both, "CUATRO" and "OCTAVE", already contributed to the profitability of Hapag-Lloyd. In the first half of 2015,
Hapag-Lloyd achieved an EBITDA of EUR 493.3 million and an operating result (EBIT) of EUR 267.7 million. The Company
recorded a profit of EUR 157.2 million.

Rolf Habben Jansen: "We have good momentum, our results have improved, and we have made up ground versus our
competition. We owe this to our committed staff who have done a good job in a difficult environment. Thanks to the
dedication of our whole crew we intend to capitalize on opportunities for growth in the sector and make our business
model more profitable and resilient."

Dedicated long-term shareholders

A consortium company owned by Compañía Sud Americana de Vapores ("CSAV"), HGV Hamburger Gesellschaft für Vermögens- und
Beteiligungsmanagement mbH ("HGV") and Kühne Maritime GmbH ("Kühne") holds a 78% majority stake in Hapag-Lloyd. CSAV,
HGV and Kühne have agreed by way of a shareholders' agreement to hold a stake of at least 51% for 10 years, not sell any
shares in the IPO and to pool their voting rights on all decisions relating to the Company's business, as they are
supporting Hapag-Lloyd long-term. TUI AG holds a 14% share in Hapag-Lloyd through TUI-Hapag Beteiligungs GmbH and
intends to sell shares in the IPO.

Berenberg, Deutsche Bank and Goldman Sachs International will act as Joint Global Coordinators and Joint Bookrunners.
Citigroup, Credit Suisse, HSBC and UniCredit have been mandated as additional Joint Bookrunners. DZ BANK, ING and M.M.
Warburg & CO will act as Co-Lead Managers.

About Hapag-Lloyd

With a fleet of 188 modern container ships, Hapag-Lloyd is one of the world's leading container liner shipping
companies. The Company has approx. 10,000 employees at 349 sites in 116 countries. Since the merger with CSAV's
container business in December 2014, the Hapag-Lloyd fleet has offered a total transport capacity of around one million
standard containers (TEU) as well as a container fleet of 1.6 million TEU - including one of the world's largest and
state-of-the-art reefer fleets. 128 liner services worldwide ensure fast, reliable connections between all the
continents. Hapag-Lloyd is a founding member of the G6 Alliance, one of the largest shipping alliances worldwide.
Hapag-Lloyd is one of the leading operators in the Atlantic and Latin America trades.

ANNEX: FURTHER INFORMATION ABOUT HAPAG-LLOYD AG

Hapag-Lloyd is a leading global container liner shipping company. Measured by the capacity of its fleet, Hapag-Lloyd is
the largest container liner shipping company based in Germany and one of the largest in the world (source: MDS
Transmodal, July 2015). Hapag-Lloyd offers its customers a comprehensive range of services through an extensive network
with 128 liner services worldwide, combined with the support of strong local presences with around 349 sales offices
(including agents) in 116 countries. Hapag-Lloyd offers both complete worldwide door-to-door container shipment services
and port-to-port services, as well as a variety of possible combinations which are tailored to meet its customers'
transport service requirements.

Hapag-Lloyd maintains a well-balanced portfolio of trades distributed among its main markets. The Company has a strong
presence in the high-volume Far East trade (Europe-Asia) as well as the Atlantic (Europe-North America) and Transpacific
(Asia-North America) trades. With the acquisition of the container liner shipping activities of CSAV in December 2014,
Hapag-Lloyd has especially strengthened its market position in the Latin America trade and in the Atlantic trade, where
it intends to seize opportunities for further profitable growth. The acquisition not only significantly enhanced
Hapag-Lloyd's global reach and the network the Company is able to offer to its customers, but also enables it to harness
extensive synergies. In addition, the Europe-Mediterranean-African-Oceania trade as well as the Intra-Asia trade
contribute to Hapag-Lloyd's overall transport volume.

Hapag-Lloyd's extended service network ensures that it is well positioned to benefit from an increase in trade flows
around the globe. Hapag-Lloyd has a strong position both in the high-volume East-West trade, which accounted for
approximately 56% of its total transport volume in the six months ended June 30, 2015, as well as in the North-South
trades, which accounted for approximately 44% of its total transport volume in the six months ended June 30, 2015. In
the financial year 2014 and in the six months ended June 30, 2015, these trades contributed to Hapag-Lloyd's total


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PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans -2-




transport volumes as follows: Latin America (19.6% and 30.9%, respectively), Atlantic (24.5% and 20.8%, respectively),
Far East (19.2% and 17.7%, respectively), Transpacific (22.3% and 18.3%, respectively), Intra-Asia (8.3% and 7.5%,
respectively) and EMAO (6.1% and 4.9%, respectively).

Hapag-Lloyd's fleet is one of the largest container ship fleets globally (source: MDS Transmodal, July 2015). As of June
30, 2015, the Company had a fleet of 188 container ships with a total transport capacity of 989,177 TEU, of which it
owned 66, chartered 117 and finance leased five container ships. Of the 188 container vessels, the Company has chartered
out two ships with a capacity of 8,400 TEU and 3,426 TEU, respectively. As of June 30, 2015, Hapag-Lloyd managed a fleet
of 1,000,415 containers with a total transport capacity of 1,607,197 TEU, approximately 35% of which it owned with the
remainder being leased or rented. As of June 30, 2015, Hapag-Lloyd's order book comprised five new vessels each with a
capacity of 10,500 TEU scheduled for delivery between October 2016 and May 2017 as well as one vessel ordered by CSAV
with a capacity of 9,300 TEU, which was delivered in July 2015. Following the Offering, the Company considers to order
six ultra-large container vessels. In addition, it invested in 27,400 containers as of June 30, 2015. As a result of
these investments, the Company's ownership ratio in vessels and containers is expected to increase.

Hapag-Lloyd is one of the founding members of the G6 Alliance (whose other members are American President Lines Ltd.
(APL), Hyundai Merchant Marine Co., Ltd. (HMM), Mitsui O.S.K. Lines (MOL), Nippon Yusen Kaisha Lines (NYK) and Orient
Overseas Container Line Limited (OOCL)), one of the world's largest operating container liner shipping alliances with a
total combined capacity of approximately 3.6 million TEU, representing a 17.8% share of the global transport capacity as
of June 30, 2015 (source: MDS Transmodal, July 2015). In addition, Hapag-Lloyd maintains cooperation arrangements with
other carriers. Furthermore, Hapag-Lloyd is one of the founding members of the Grand Alliance, which also includes OOCL
and NYK, of which the majority of services were merged with those of the New World Alliance to form the G6 Alliance.
Such arrangements allow it to optimize fleet utilization by sharing capacity and to provide a range and geographic scope
of network services that would not be possible if Hapag-Lloyd relied solely on its own fleet of vessels. Hapag-Lloyd's
ability to coordinate its route planning with its partners enables it to use capacity more efficiently and benefit from
cost savings and lower capital expenditures. For the six months ended June 30, 2015, approximately 50% of Hapag-Lloyd's
total transport volume was carried on either its owned or chartered vessels contributed to the G6 Alliance and the Grand
Alliance, or vessels made available to Hapag-Lloyd through the G6 Alliance and Grand Alliance. In addition, the Company
has entered into a cooperation arrangement with CMA CGM, Hamburg Süd and other shipping companies, offering new products
between Asia and the Western and Eastern coasts of Latin America. This reflects its ongoing efforts to further
strengthen its global coverage of trades, expand its product offering (e.g., reefer products) between Asia and the West
and the East coast of Latin America and enhance Hapag-Lloyd's cost and operational efficiency.

Hapag-Lloyd has entered into contractual arrangements to use terminal facilities in each of the ports called by its
fleet and has strategic shareholdings in a container terminal in Hamburg, Germany. The Company currently owns a 25.1%
interest in HHLA Container Terminal Altenwerder GmbH in the Port of Hamburg, one of the most modern container terminal
facilities in the world (source: HHLA Hamburger Hafen und Logistik AG, June, 2015).

Hapag-Lloyd is headquartered in Hamburg, Germany. As of June 30, 2015, it had 9,958 full-time equivalent employees
worldwide. In the financial year 2014 and in the six months ended June 30, 2015, Hapag-Lloyd generated revenue of EUR
6,807.5 million and EUR 4,669.0 million, respectively, and EBITDA of EUR 98.9 million (including significant transaction
and restructuring costs as well as one-off costs) and EUR 493.3 million, respectively.

HAPAG-LLOYD'S MAIN COMPETITIVE STRENGTHS ARE:

One of the market leaders with a strong global footprint and exposure to attractive niche businesses.

Demand for container liner shipping services has been, and will continue to be, positively correlated to the performance
of the global economy and the development of global trade volumes. According to the IMF, July 2015, the volume of global
trade, which is key to the demand for container liner shipping services, is forecast to increase by 4.1% in 2015 and
growth of global trade is expected to accelerate to 4.4% in 2016 as economic growth in industrialized countries such as
the USA and Japan and the industrialized Euro-zone is predicted to strengthen. With the world trading volume forecast to
grow, demand for container liner shipping services is likewise expected to continue its growth trend. According to
Clarkson (2Q 2015), the global container liner shipping volume has increased from 139.2 million TEU in 2010 to 171.2
million TEU in 2014 and is expected to reach approximately 179.8 million TEU in 2015. This would put the forecasted rise
in worldwide transport volumes in container liner shipping for 2015 and 2016 above the forecasted rate of growth for
global GDP growth. As a result, container liner shipping will continue to be a growth industry in the medium to long
term. Over the last 14 years Hapag-Lloyd has more than doubled its share of global transport capacity in the container
liner sector from 2.0% in 2000 to 4.8% as of June 30, 2015 (source: MDS Transmodal Feb. 2001 and July 2015). Hapag-Lloyd
achieved this by expanding its service network and through successfully integrating the CCS Activities in 2014 and the
CP Ships Ltd. acquisition in 2005. As one of the largest container liner shipping companies worldwide with an extensive
network comprising 128 services worldwide, Hapag-Lloyd expects to benefit strongly from the predicted growth trend.

Hapag-Lloyd possesses a competitive position, evidenced by its market shares of approximately 15.5%, 23.1%, 6.4% and
4.9% on the Latin America, Atlantic, Trans-Pacific and Far East trades, respectively (these market shares are estimates
based on TEU Hapag-Lloyd transported for its customers on each of the trades and container liner shipping transport
volume data from CTS, July 2015). Based on weekly capacity employed, Alphaliner estimates Hapag-Lloyd's market share to
be 28.1%, 5.2% and 4.3% on the Atlantic, Trans-Pacific and Far East trades, respectively (source: Monthly Monitor,
August 2015). In particular, Hapag-Lloyd believes that it is well positioned to benefit from growth trends in the
attractive niche businesses such as reefer, project cargo and dangerous goods businesses, where Hapag-Lloyd has a
long-standing and well-recognized expertise. With its fleet of state-of-the-art reefers with a capacity of 141,600 TEU,
to transport temperature-sensitive cargo such as fruit, vegetables, meat and fish as well as high value reefer cargo
such as pharmaceuticals and healthcare products, Hapag-Lloyd possesses one of the largest reefer container fleets in the
industry (source: Dynamar Reefer Report 2014). Hapag-Lloyd already owns 42% of its reefer fleet and has ordered
additional reefer containers with a total capacity of 12,000 TEU in July 2015. Hapag-Lloyd's position in the reefer
business will be further strengthened by the new 9,300 TEU vessels which it received over the past months as well as the
new orders for five 10,500 TEU vessels that Hapag-Lloyd recently placed. Both vessel types possess a large number of
reefer plugs (1,400 reefer plugs per vessel and 2,100 reefer plugs per vessel, respectively), enhancing Hapag-Lloyd's
carriage capacities for temperature sensitive cargo.

In addition to its expertise in the reefer business, Hapag-Lloyd has a dedicated department for the organization and
monitoring of oversized cargo with many years of expertise in handling the transport of out of gauge, Break-Bulk and
project cargo, offering one-stop-shop service to its customers. Hapag-Lloyd's fleet of special containers allows for the
carriage of oversized and especially heavy goods, catering to all kinds of cargo, even high value and sensitive cargo.
In addition, Hapag-Lloyd is constantly developing and constructing its own Hapag-Lloyd equipment capabilities in the
fields of security and stability. In the dangerous cargo business, Hapag-Lloyd believes to have a competitive edge,
which is strongly supported by its dangerous goods department and dangerous goods experts located in all of its regional
headquarters (Hamburg, Singapore, Piscataway and Valparaíso). Furthermore, its efficient specialist software
("Watchdog") enables Hapag-Lloyd to continuously and systematically scan all the bookings placed globally, using
intelligently linked criteria, to identify dangerous goods which have been declared incorrectly or which have not been
declared at all. These factors underscore Hapag-Lloyd's expertise and experience in the dangerous cargo business, which
enables it to capitalize on the transportation of sensitive goods, whose transportation may not be open to other
carriers due to strict certification requirements.

Furthermore, Hapag-Lloyd is actively exploring further value adding market niches - Hapag-Lloyd is one of only three
carriers worldwide being certified to carry U.S. governmental cargo with five of its vessels sailing under U.S. flag. In
addition, Hapag-Lloyd has a strong position in the flag-protected cabotage services on the trade routes Chile-Brazil,
intra-Chile and intra-Peru, which represent attractive niche businesses as due to flag restrictions, other carriers are
not able to offer these services.



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PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans -3-




Hapag-Lloyd believes that these businesses combined with its specialist knowledge and expertise position it well to
exploit opportunities for further growth.

Well-balanced route mix and exposure to attractive markets strongly supported by Hapag-Lloyd's membership in the G6
Alliance and through several cooperation agreements.

As of June 30, 2015, Hapag-Lloyd had 128 liner services, linking 204 ports in 116 countries, which is supported by its
cooperation within the G6 Alliance and arrangements with several other carriers. As a result, Hapag-Lloyd maintains a
portfolio of trades (a trade combines liner services between two land masses) which Hapag-Lloyd believes to be more
balanced than that of any other liner, covering all major markets and regions. Hapag-Lloyd is one of the few leading
carriers with an almost equal exposure both to the high-volume East-West trades as well to the attractive North-South
trades (source: Clarkson Research, Container Intelligence Quarterly, 2Q 2015). Each of the Latin-America, Atlantic,
Far-East and Transpacific contributed 30.9%, 20.8%, 17.6%, and 18.3%, respectively, to Hapag-Lloyd's total container
liner shipping transport volume of 3,719 TEU in the six months ended June 30, 2015. In addition, the Intra-Asia and the
EMAO (Europe-Mediterranean-Africa-Oceania) trades made a substantial contribution of 7.5% and 4.9%, respectively, to its
overall transport volume in the six months ended June 30, 2015. With the acquisition of the CCS Activities in December
2014, Hapag-Lloyd has strengthened its market position especially in the attractive North and South America trades.
Together with its G6 partners as well as with its other cooperation partners Hapag-Lloyd is joint market leader in terms
of capacity in two of the three East-West trades (Atlantic and the Transpacific trades) as well as by volume in the
Latin-America trade (source: Alphaliner Monthly Monitor, August 2015; CTS July 2015). Hapag-Lloyd's enhanced service
network ensures that it is well positioned to benefit from an increase in trade flows around the globe while its
balanced trade lane portfolio enables Hapag-Lloyd to be more resilient to adverse market developments on any one trade
lane.

In addition, through its membership in the G6 Alliance and several cooperation agreements Hapag-Lloyd shares capacity
with other carriers on the major East-West trades as well as the North-South trades which enable it to maintain
favorable utilization rates of its vessel and container fleet, consistently extend the range as well as the geographic
scope of its services, and offer its customers improved services, shorter transit times, more frequent sailings and more
direct port calls which will further benefit Hapag-Lloyd's perception and position in the market. Hapag-Lloyd's ability
to coordinate its services with other alliance members also allows it to use capacity more efficiently, entailing cost
savings and lower capital expenditures. In addition, Hapag-Lloyd's use of cooperation arrangements facilitates its
entrance into new markets by lowering entry costs through, for example, allowing it to use its partners' vessels.
Together with its G6 partners Hapag-Lloyd is a joint market leader in terms of capacity provided both on the
Transpacific trade as well as on the Atlantic trade according to MDS Transmodal (July 2015).

Competitive and modern fleet with a balanced ownership structure providing operational flexibility through the cycle.

The composition of Hapag-Lloyd's fleet provides it with a significant degree of flexibility in its operations.
Hapag-Lloyd is able to swiftly deploy its vessels on its different trade lanes and actively manage and control the
optimal use of the vessels depending on the respective demand and slot allocation. As of June 30, 2015, Hapag-Lloyd's
fleet comprises 188 container vessels (including two vessels which Hapag-Lloyd has chartered out), of which Hapag-Lloyd
owned 66, chartered 117 and finance leased five. In line with its market position on high-volume trades, approximately
53% of Hapag-Lloyd's capacity consists of vessels with a capacity in excess of 6,000 TEU while approximately 44% of its
total fleet has a capacity in excess of 8,000 TEU as of June 30, 2015. Hapag-Lloyd focuses on owning larger vessels,
resulting in the average size of its entire vessel fleet being approximately 5,262 TEU compared to an industry average
of 3,199 TEU and an average among the top 20 carriers of 4,876 TEU (source: MDS Transmodal, July, 2015). As of June 30,
2015, the average age of Hapag-Lloyd's fleet is 7.3 years, of which 73% comprises vessels less than ten years of age,
compared to an industry average of 8.4 years (source: MDS Transmodal, July 2015). All of its latest newbuilt vessels as
well as the vessels on order are equipped with an increased number of reefer slots to take advantage of the increasing
demand, for example, for the transport of foodstuff especially on the North-South trade. Foodstuff represented about 13%
and 15% of its transport volume in 2014 and in the six months ended June 30, 2015, respectively. All of its latest
newbuilt vessels and the vessels on order are also designed with a wide-beam vessel shape which allows the use of
harbors with shallow waters and, therefore, enables flexible deployments on various services. Together with its G6
partners and its other cooperation partners, Hapag-Lloyd is able to allocate ships to services which best fit the
specific needs of each service.

Overall, the larger size vessels and the homogenous structure within the different classes of Hapag-Lloyd's fleet in
terms of design and furnishings provide benefits, such as lower operating and voyage unit costs, fuel, port and canal
fees as well as manning, repairs, insurance and ship management costs. For the six months ended June 30, 2015,
Hapag-Lloyd reduced its cost base by approximately US$233 per TEU (17%) from US$1,372 per TEU in the six months ended
June 30, 2014. Hapag-Lloyd also maintains a high degree of flexibility in its fleet to meet changing market demand by
using a combination of short-term, mid-term and long-term vessel charters along with its owned and leased vessels.
Short-term charters, mid-term charters and long-term charters are for a period of up to 12 months, up to 36 months and
more than 36 months, respectively. Short-term and mid-term charters allow it to adjust its capacity and cost structure
rapidly in response to changes in demand. In addition to Hapag-Lloyd's vessel fleet, its stock of a wide variety of
containers, which enables it to cater towards its customers' needs and specifications, complements its flexible and
competitive fleet structure.

Highly diversified and solid customer base with long-term and close customer relationships based on operational
excellence and technological know-how that allows for better imbalance management.

Hapag-Lloyd has a track record of long-term and close relationships with a broad range of blue-chip customers. Its top
customers include direct shippers, such as IKEA, ExxonMobil, General Motors, BASF, Ford and freight forwarders, such as
Kühne+Nagel, DB Schenker, DHL, Panalpina and JF Hillebrand. Moreover, Hapag-Lloyd has been successful in acquiring and
retaining key account customers. For example, 17 of its top 20 customers by volume in 2012 continued to count among its
top 20 customers by volume through the six months ended June 30, 2015. Hapag-Lloyd believes that its close relationship
with large direct customers gives it better visibility on future container liner shipping transport volumes while its
relationships with large freight forwarders, which originate cargo in many locations worldwide, help Hapag-Lloyd to
optimize its trade flows. Moreover, after gaining access to additional customers in the Latin American region through
the Business Combination, Hapag-Lloyd further enhanced its geographical and customer diversification. In the six months
ended June 30, 2015 Hapag-Lloyd provided its services to approximately 20,000 customers, diverse in both geography and
industry, with no single customer representing more than 5% of its total transport volume. Hapag-Lloyd believes that its
long-term and close customer relationships is supported by its industry-leading container liner shipping information
management system. Hapag-Lloyd has developed and are continuously enhancing a globally integrated and self-developed IT
system to support its business and operating processes. This allows the Company to maintain its high levels of
efficiency and productivity throughout its global operations by reducing costs and increasing the speed, quality and
reliability of operational information. Hapag-Lloyd's IT systems are highly scalable and a key enabler of its inorganic
growth strategy, allowing it to efficiently integrate acquired operations. Hapag-Lloyd's operational excellence is
linked to the quality of its system, including web-based graphical user interfaces, which has been in operation and
running reliably for nearly 20 years. Hapag-Lloyd has also implemented a standardized organizational model that
Hapag-Lloyd uses in its operations worldwide called Blueprint Organization and a "one-file-per-shipment" data structure
throughout its operations and IT system architecture. Hapag-Lloyd's IT system runs on a standardized platform that links
all of its regional headquarters, areas and offices. Hapag-Lloyd believes that the combination of its integrated IT
system with Blueprint is an industry-leading innovation, which cannot be easily reproduced by its competitors. This
system enables decentralized decision-making within Hapag-Lloyd's global network and provides it with significant
advantages over its competitors as Hapag-Lloyd can continuously monitor and improve its productivity by comparing and
benchmarking processes throughout the organization. In particular, its self-developed freight information system
provides it with real-time information allowing it to assess at the point of sale the contribution levels that may be


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PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans -4-




achieved by an individual transaction, after taking into account costs, such as the cost of associated relocations of
empty containers and inland transportation costs.

In particular, Hapag-Lloyd's system particularly enables it to better manage structural imbalances in the container
liner shipping business by optimizing container shipments, when compared to the market (source: Drewry Maritime
Research, 2Q 2015, company information). Through its yield management, Hapag-Lloyd achieves a significantly higher share
of full container moves on the non-dominant leg of a trade route compared to the overall industry, resulting in fewer
empty containers requiring repositioning and thereby considerably reducing its repositioning costs. During 2014, for
every ten full containers Hapag-Lloyd carried on the dominant legs of the Trans-Pacific, Atlantic and Far East-Europe
trades, Hapag-Lloyd carried approximately 5.0, 7.4 and 5.9 full containers on the non-dominant legs of these trades,
respectively, comparatively higher than the industry average of 4.4, 7.3 and 4.5 full containers, respectively (source:
Drewry Maritime Research, 2Q 2015 (Hapag-Lloyd data adapted to Drewry trade definition)). This results in fewer empty
containers requiring repositioning and considerably reduces Hapag-Lloyd's repositioning costs.

Proven track record on integration and well positioned to actively participate in consolidation trends in Hapag-Lloyd's
industry.

One of Hapag-Lloyd's key strategies is to actively participate in the consolidation within the container liner shipping
industry. Its operational structure is set up to efficiently pursue strategic acquisitions or further business
combinations in a consolidation driven market environment. The integration of the CCS Activities proved that Hapag-Lloyd
is capable and well experienced in executing a successful integration process and realizing the expected synergies and
know-how gained through the successful integration of acquired businesses is firmly anchored in its organization.
Through the Business Combination, Hapag-Lloyd became one of the largest container liner shipping companies globally. The
scalability of its platform enables it to explore the possibility of opportunistic and accretive acquisitions to achieve
further growth of its volumes and inorganic growth exceeding the industry growth rate. This is also supported by
Hapag-Lloyd's uniform and scalable IT systems, which are globally integrated standardized systems that can be quickly
enhanced to further users and locations.

Experienced management team and supportive anchor shareholders.

Hapag-Lloyd has a strong and experienced senior management team, which is comprised of its management board members and
the heads of its regions (North America, South America, Europe and Asia) and central functions (global sales, trade
management, network and operations) dedicated to further strengthening Hapag-Lloyd's competitive position as a leading
container liner shipping group. On average, each senior management team member has 20 years of experience at Hapag-Lloyd
and 50% of its senior management have an international background. Hapag-Lloyd believes the experience of its management
team gives it a competitive advantage and positions it favorably for future growth and profitability: Over the last 14
years Hapag-Lloyd has more than doubled its share of global transport capacity in the container liner sector from 2.0%
in 2000 to approximately 5% as of June 30, 2015 (source: MDS Transmodal, July 2001 and July 2015). This was achieved by
expanding the service network as well as by the successful integration of the CCS Activities in 2014 and the Canadian
container liner shipping company CP Ships Ltd. in 2005. Furthermore, its management team has continuously reduced
transport expenses in recent years. From 2012 to 2014, Hapag-Lloyd's transport expenses per TEU were reduced by US$150
(10%). In the first six months ended June 30, 2015, transport expenses per TEU were reduced by a further US$224 per TEU
to US$1,139 compared to the corresponding period in the previous year. In 2014, Hapag-Lloyd incorporated certain
structural improvements, allowing for a closer steering of the business on management board level as the four regions
now directly report to the CEO. Furthermore, steering of the business is based on a common set of core reports and key
performance indicators, implementing a strong performance driven culture with regular performance dialogues passed down
through the organization. Productivity measured in terms of TEU/FTE increased from 889 TEU/FTE in 2010 to 1,092 TEU/FTE
in 2014.

In addition, Hapag-Lloyd has highly committed principal shareholders including the three anchor shareholders CSAV (34%),
HGV (23%) and Kühne (21%). Due to their commitment to pool a large part of their voting rights for ten years,
Hapag-Lloyd believes that Hapag-Lloyd is in a favorable position to focus on the mid to long term strategic development
of the Company. In addition, the core shareholders Kühne and CSAV are participating in the IPO with US$100 million by
placing two cornerstone orders of US$50 million each.

OVERVIEW OF HAPAG-LLOYD'S STRATEGY

Further encourage growth by capitalizing on dynamic growth trends in Hapag-Lloyd's industry and through acquisitions.

In order to continue achieving sustainable and profitable growth, Hapag-Lloyd pursues internal and external growth
opportunities. According to Clarkson Research (July 2015), world container traffic will increase by 5.1% in 2015,
indicating that world container traffic is expected to grow 1.0 percentage points stronger than global GDP growth in
2014 (source: IMF, July 2015). For 2015, the IMF expects global GDP to increase by 3.3%. Pursuing its sustainable and
competitive business model, Hapag-Lloyd plans to pursue an internal growth strategy in which its container liner
shipping transport volumes increase in line with industry growth. Hapag-Lloyd intends to achieve this goal by making
further inroads into its existing customer base through its strong sales organization, its global account management
team and its customer-oriented services. This includes defining coverage of top accounts and improving Hapag-Lloyd sales
channel strategy for each market. Hapag-Lloyd is planning to capitalize on its market positions especially as a joint
market leader in terms of capacity in the Atlantic, the Transpacific as well the North-South trades, in the individual
trade lanes and to respond to their respective dynamics accordingly. Hapag-Lloyd's flexible network management enables
it to continue to adapt to evolving customer needs. Hapag-Lloyd also plans to optimize its pricing strategy by improving
its customer discount policy and, among other measures, managing the balance between the spot and contract business.
Hapag-Lloyd will also focus on yield management for the near term, including the further development of its yield
management team and the further advances to the proactive pricing and steering function. Hapag-Lloyd offers an
attractive global service network combined with exceptional service quality and are looking to expand in the special
cargo business, for example over seized cargo, and reefer transports. With its latest deliveries of seven 9,300 TEU
vessels and the existing order book of five vessels, each with a capacity of 10,500 TEU Hapag-Lloyd will expand its
reefer slot capacity by almost 21,000 slots by mid-2017. In addition, Hapag-Lloyd intends to continue pursuing external
growth through selected add-on acquisitions if the right project is available and would be value enhancing.

Deliver significant synergies from the Business Combination.

Following the completion of the Business Combination, Hapag-Lloyd initiated its project called "CUATRO" to facilitate
the integration of the CCS Activities which is targeted to deliver significant net synergies of approximately US$400
million per year from 2017 onwards, when compared with the cost base of 2014. Through Project CUATRO Hapag-Lloyd aims to
achieve operational synergies, in particular in the areas of network, personnel, equipment, land operation, overhead and
revenue. As the Group has access to a larger pool of vessels, the deployment of vessels can be further improved
resulting in lower slot costs on the basis of a larger fleet and through economies of scale by bundling volumes on fewer
and more profitable services. With the combination of the Hapag-Lloyd and the CCS networks Hapag-Lloyd expects a
significant synergy potential through the combination and potential upgrade of services, the termination of slot charter
agreements and changes in port rotation. Hapag-Lloyd has selected and grouped comparable services along major trade
lanes, which will reduce its total ship system and cargo-related costs. In addition, combining the headquarter offices
and functions in the areas and regions of the combined container liner shipping operations is a further focus of the
integration process to realize the targeted synergies. Therefore, a new organization structure has been implemented in
the first half of the year 2015 by combining the two corporate headquarters in Hamburg and Chile to one in Hamburg and
nine regional headquarter locations to four locations as well as by the consolidation of shared service centers. Office
locations have been reviewed and selected in order to combine the office functions, and, thus, reduce costs.
Furthermore, Hapag-Lloyd believes to achieve overhead synergies by improving its productivity through a higher
organizational efficiency and a reduction of other overhead costs (i.e., rents, service providers, insurances) in
combination with a reduction of personnel in the areas and regional headquarters. Moreover, Hapag-Lloyd intends to
optimize its network of third-party agents by tendering and bundling transport volumes to the respective third-party
agents. Hapag-Lloyd has identified ports, in particular in South America, where Hapag-Lloyd expects to achieve terminal


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