CLASQUIN

Earnings Release • Feb 20, 2014

www.clasquinfinance.com Financial/press/release

Lyon/20/February/2014 (after/market/closure)

The/4th/quarter/confirms/the/recovery/of/business/ activity/observed/in/Q3

2013/Number/of/shipments:+/6.9/%/(Q4:/+/8.4/%) 2013/Gross/profit:/+/5.1/%/(Q4:/+/3.6%)

	Year /2013	Year 2012	Chg\$at\$ current\$ exchange\$ rate\$vs\$2012	Chg!at! constant! exchange! rate!vs!2012	Q4\$2013\$VS\$ Q4\$2012
CONSOLIDATED// (unaudited/accounts)
Number/of/shipments*	156,375	146,324	+6.9%	+6.9%	+8.4%
Sales/(€M)**	198.1	184.6	+7.3%	+10.7%	+4.6%
Gross/profit/(€M)	47.4	45.1	+5.1%	+7.3%	+3.6%

*Excluding!GueppeAClasquin,!a!subsidiary!(70%!ownership)!specialised!in!road!haulage,!freighting!and!logistics.

**Note:\$Sales\$is\$not\$a\$relevant\$indicator\$for\$assessing\$activity\$in\$our\$business,!because!it!is!greatly!impacted!by!changing!sea!and!air!freight!rates,!fuel!surcharges,!exchange! rates!(especially!versus!the!\$),!etc.!Variations!in!the!number!of!shipments,!the!volumes!shipped!and—in!terms!of!the!Group's!finances—gross!profit!are!relevant!indicators.

After! a! phase! of! business! slowing! down! in!2012!that!continued!in!the!1st!half!of!2013,! world/ trade/ resumed/ slight/ growth/ in/ the/ second/half/of/2013,!finally!resulting!in!annual! growth! of! 2.9%! over! the! whole! year! (source:! FMI).

In!this!environment,!after!a!difficult!start! to!the!year,!Clasquin!saw!a/business/recovery/ in/ the/ 3rd/ quarter/ that/ was/ confirmed/ in/ the/ 4th/quarter.!

Supported!by!the/drive/of/its/sales/teams,/the/ group/ finished/ the/ year/ with/ strong/ growth,! both!in! the!number!of! shipments! (up! 8.4%!in! Q4)!and!in!volumes!carried!(Q4:!up!9.7%!in!sea! freight! (TEU)! and! up! 13.8%! in! air! freight! (tonnage)).

Sea/ freight/ rates/ on/ the/ Asia?Europe/ route! experienced! a! highly! volatile! year! and! finished/ with/ strong/ growth !!!!!!!!!!!!!!!!!!!!!!!! (x!2.4!between!September!and!December). Air/freight/rates!remained!very!stable.!

DETAILS/ON/ACTIVITY/BY/BUSINESS/LINE

	NUMBER/OF/SHIPMENTS				GROSS/PROFIT/(in/€M)
At/current/ exchange/rate	31.12.2013	31.12.2012	31.12.2013\$/ 31.12.2012	Q4!2013!/ Q4!2012	31.12.2013	31.12.2012	31.12.2013\$/\$\$ 31.12.2012	Q4!2013!/ Q4!2012
Sea!freight	81,595	73,487	+\$11.0%	+!11.7%	20.6	18.5	+\$11.3%	+!7.6%
Air!freight	61,275	59,896	+\$2.3%	+!5.2%	15.7	16.2	\$\$\$\$\$\$\$I\$3.4%	+!0.7%
Other	13,505	12,941	+\$4.4%	+!5.1%	3.3	2.9	+\$12.8%	A!0.2%
TOTAL/OVERSEAS ACTIVITY	156,375	146,324	+\$6.9%	+\$8.4%	39.6	37.7	+\$5.1%	+\$4.0%
Log!System					2.4	2.3	+\$4.0%	A!10.7%
GueppeXClasquin					6.8	6.4	+\$6.3%	+!8.0%
Consolidation!entries					?/1.4	X1.3	NS	NS
CONSOLIDATED					47.4	45.1	+\$5.1%	+\$3.6%

	VOLUMES*
	31.12.2013	31.12.2012	31.12.2013\$/ 31.12.2012	Q4!2013!/ Q4!2012
Sea!freight :!TEU's (Twenty!Feet!Equivalent!Units)	85,138	84,895	+\$0.3%	+!9.7%
Air!freight:!Tons	44,792	41,659	+\$7.5%	+!13.8%

!!!**Excluded!Intercargo,!freight!forwarder!with!its!Head!office!in!Barcelona,!acquired!by!the!Group!in!2012.

2014 UPCOMING EVENTS (publications!issued!after!market!closure)

 Wednesday!19!March!2014	:!2013!Results
 Wednesday!7!May!2014	:!Business!report!as!of!31!March!2014
 Thursday!28!August!2014	:!Business!report!as!of!30!June!2014
 Wednesday!17!September!2014	:!2014!Half!year!results
 Thursday!30!October!2014	:!Business!report!as!of!30!September!2014

Clasquin!is!an!air!and!sea!freight!forwarding!and!overseas!logistics!specialist.

The!Group!designs!and!manages! the!entire!overseas! transport!and!logistics!chain,!organising!and!coordinating! the! flow!of!client!shipments! between!France!and!the!rest!of!the!world,!and!more!specifically!to!and!from!AsiaAPacific!and!the!United!States.! Its!shares!are!listed!on\$Alternext\$Paris,!ISIN!FR0004152882,!Reuters!ALCLA.PA,!Bloomberg!ALCLA\$FP. For!more!information,!see!www.clasquin.com!or!www.clasquinfinance.com

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CLASQUIN CONTACTS

Yves!Revol!–!Chairman!and!CEO Philippe!Lons!–!Deputy!Managing!Director!and!CFO Stéphanie!CHALANDON!–!Financial!Reporting!and!Logistics!Manager Tel.:!04!72!83!17!00!–!Fax:!04!72!83!17!33!– Email:!finance@clasquin.com