Evolution of its governance and 2014 first quarter results : CMA CGM continues its development and maintains an operating performance significantly above peer average

To reaffirm the family dimension of the Group, a guarantee of sustainability and strength, Jacques R. Saadé reconfirms his full confidence in Farid T. Salem, as Executive Officer, in his essential position, and indicates the evolution of the governance of the Group:

Rodolphe Saadé is appointed Vice-Chairman Executive Officer, thereby making him second-in-command of the Group, in line with Mr Jacques R. Saadé’s desire for Rodolphe Saadé to succeed him when the time comes.

Tanya Saadé Zeenny is appointed Executive Officer. In addition to being in charge of the General Secretary as well as Internal and External Communication, her responsibilities are expanded to include Global Accounts and Marketing, Administration, Institutional Relations, the Environment and the CMA CGM Foundation.

• Volumes up 5.8%
• Operating performance: resilient operating margin (4.7% of revenues) thanks to cost control which counter-balances lower freight rates
• Financial strength: available cash maintained at a strong level
• Upgraded S&P rating to B+ with a stable outlook.

_{*Core Ebit before disposals and impairment
**TEU: Twenty Feet Equivalent Unit
***As of December 31st, 2013}

During the first quarter 2014, in market conditions which were as anticipated:

• CMA CGM revenue is up by2.7% attaining $3,941 million
• CMA CGM succeeds in limiting the decrease in average revenue per TEU to 2.9% compared to the first quarter 2013, a smaller decrease than that of the average of SCFI Compound (Shanghai Containerized Freight Index) of minus 8.6%
• Volumes have increased by 5.8% to 2.8 million TEUs as a result of the commercial strategy of the Group

Volumes on Asia- Europe lines, from and to the United States, as well as intra Asia lines, have been particularly sustained.

The Group has further developed its network as part of its continuous effort to better respond to the needs of its customers with:

• A reorganized and improved coverage of Africa
• The reorganization of its lines between Asia and the Indian Sub-Continent
• The upgrade of its services between North Europe and the Mediterranean
• The opening of fully owned agencies in Somalia, Mauritania, Botswana and Colombia

In terms of logistics, CMA CGM Logistics continues to roll out its services in Thailand, Brazil and India.

While increasing its carried volumes, CMA CGM has leveraged its operational efficiency and further reduced its unit costs by 3.0%.

The operating margin has thereby reached 4.7% of the revenue, level again significantly above the average of the Group's peers.

The shareholders’ attributable net result amounted to $97 million, up as compared to the first quarter 2013.

During the first quarter 2014, CMA CGM has continued the implementation of its financial strategy aiming at reinforcing its flexibility.

• The amount of net debt has been reduced by 4.6%, and now represents less than 75% of the group equity.
• The consolidated available cash has been maintained at a strong level.

On May 12th, S&P upgraded the group’s rating, which now stands at B+ with a stable outlook.

• Thanks to the efficiency of its agency network and the quality of its service, CMA CGM continues to record a sustained increase of its volumes.
• After a dip at the beginning of the second quarter 2014, freight rates are now back at supportive levels but should nevertheless remain volatile.
• The 9,000 TEU containership Danube will be delivered in the coming weeks.
• Finally, the P3 operational alliance was cleared by the US Federal Maritime Commission on March 24th. Review by the other relevant authorities is on-going. The implementation of the P3 operational alliance is now scheduled for Autumn 2014.