Hapag-Lloyd AG

Earnings Release • May 13, 2015

Investor Presentation – 1st Quarter Results 2015

1 13 May 2015

Good Start to "Our Way Forward"

STRATEGIC HIGHLIGHTS Q1 2015

• The integration process is on track, and a portion of the cost savings generated by these synergies has already been achieved in the first quarter of 2015
• Project OCTAVE, which aims at improving efficiency and optimizing costs, showed initial success and contributed to the positive development in Q1
• Structural improvements: The new management is set-up with clear responsibilities and dedication
• Hapag-Lloyd further optimizes its competitive fleet
• Fleet renewal: divestment of "Old Ladies" and delivery of remaining 9,300 TEU ships by July
• Order of five new 10,500 TEU ships placed
• Hapag-Lloyd will increase cooperation on the North-South trades with Hamburg Süd and CMA CGM

Key return figures1) [USD m] FINANCIAL HIGHLIGHTS Q1 2015

• In a challenging market environment, Hapag-Lloyd achieved initial cost synergies and benefited from a clearly reduced bunker price and consumption
• On this basis, Hapag-Lloyd significantly increased EBITDA to USD 319 m (margin: 12.3%) in Q1 2015 – the operating result reached USD 181 m (margin: 7.0%)
• For 2015 as a whole, Hapag-Lloyd expects a significant improvement in profitability with a clearly positive operating result
• Based on the defined strategic measures Hapag-Lloyd intends to continue improving its profitability over the coming years (10%-12% EBITDA margin by 2017)

1) The figures for Q1 2015 relate to Hapag-Lloyd including the container shipping activities acquired from CSAV. The figures for Q1 2014 relate to Hapag-Lloyd only

Agenda

A. Good Start to "Our Way Forward"

• B. Competitive Market Environment
• C. Delivering Financial Turnaround

Our Way Forward: Short-term improvements are already well under way, with mid-term initiatives clearly defined

Significantly improve earnings and achieve an EBITDA margin of 10-12% by 2017

The integration of CCS1) is progressing according to plan – We expect to realize in full the USD 300 m net synergies

Integration status

• New organization structure implemented

• Staff selected and successfully on-boarded

• Familiarization with uniform systems

• 300 training sessions performed

• Since March CSAV bookings placed in Hapag-Lloyd system

• Pricing done by uniform trade management

6

• Integration tracking on multiple levels to ensure transition of the business while securing business continuity
• Complete integration2) by mid 2015

1) CSAV container shipping activities 2) Complete integration of all business operations

Synergies of approx. USD 300 m p.a.

Optimized and enlarged network

Current focus is on Voyage Cut-over – Transfer of operating business to conclude by mid 2015

1) Start of Voyage Cut-over – Booking on one single system

Source: Company information

Project OCTAVE will already deliver significant further earnings improvements in 2015

Hapag-Lloyd improvement areas
Procurement &	Inland Pricing & Steering
Inland	Bunker Procurement
Fleet & Network	Fleet Renewal	Targeted cost
	Fleet Refurbishment	savings: Low three
	Service Structure	digit USD million figure
Sales & Product Portfolio	Utilization	for 2015 already
	Special Cargo
	Spot Market

Vessel fleet structure as of 31 March 2015

		Owned1)	Chartered	Current	Orderbook		Fleet age [% of total capacity]
				fleet			Average age 7.9 years3)
	Capacity [TEU]	131,674		131,674	52,945 3
>10,000 TEU	Vessels	10		10	5	MODERN
	Capacity [TEU]	225,014	68,036	293,050	18,600 2	70%	45% 29%	55% 1%
8,000 – 10,000 TEU	Vessels	26	8	34	2
	Capacity [TEU]	49,743	52,740	102,483		≤10 years	10-20 years	>20 years
6,000 – 8,000 TEU	Vessels	7	8	15			Fleet ownership [%]
	Capacity [TEU]	72,791	259,475	332,266		Owned 52%		Chartered 48%
4,000 – 6,000 TEU	Vessels	16	54	70
	Capacity [TEU]	36,040	68,328	104,368				Average vessel size [TEU]
2,300 – 4,000 TEU	Vessels	12	1 24	36			+480	+2,134
	Capacity [TEU]	12,226	28,689	40,915		5,2605)	4.780
<2,300 TEU	Vessels	6	19	25				3.126
	Capacity [TEU]	527,4882)	477,2683)	1,004,756	71,545
Total	Vessels	772)	1133)	190	7	Hapag- Lloyd	Top 20	World Fleet

9 1) Incl. 5 financial leases 2) Incl. 1 chartered-out 3) Incl. 1 chartered-out 4) Capacity weighted 5) Operational fleet excl. chartered-out Source: Company information, MDS Transmodal April 2015

Fleet renewal of "Old Ladies" and delivery of remaining 9,300 TEU ship orders to be concluded until July 2015

• Hapag-Lloyd had identified a portfolio of 16 ships ("Old Ladies") to be decommissioned – average age of the divested ships was 23 years
• By now 10 "Old Ladies" have been successfully scrapped or sold – the remaining 6 ships are expected to be taken out until July 2015
• Sales proceeds were largely used to reduce debt

Decommission	Jan	Feb	Mar	Apr	May	Jun	Jul
Bonn Express
Paris Express
Hoechst Express
Atlanta Express
Kiel Express
Boston Express
Dresden Express
Portland Express
Livorno Express
Norfolk Express
Vessel #11
Vessel #12
Vessel #13
Vessel #14
Vessel #15
Vessel #16

1 Fleet renewal: 16x "Old Ladies" 2 Existing orders: 7x 9,300 TEU

• In Q1 2015 Hapag-Lloyd has taken delivery of further three 9,300 TEU ships out of a series of seven newbuilds formerly ordered by CSAV
• These ships are specialized for the Latin America trades with 1,400 reefer plugs
• The remaining two ships are to be placed into service by July 2015

Delivery	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul
Copiapo
Cautin
Cochrane
Cauquenes
Corcovado
Newbuilding #6
Newbuilding #7

Source: Company information

New orders: 5x 10,500 TEU

Transport volume by trade, 31 Mar 2015

• Since the merger Hapag-Lloyd has a leading presence within the Latin American routes
• To retain / enhance this position, Hapag-Lloyd has ordered five new 10,500 TEU ships from Korean shipyard Hyundai Samho Heavy Industries

New ships will optimize network and product

• Bundle services / redesign cooperation
• Participate in reefer growth
• Generate considerable slot cost advantages
• Best ship design for the trade intended
• Optimized hull shape (less draft)
• Fuel efficient engine room setup
• 2,100 reefer plugs

Planned delivery	2016	2017
Newbuilding #1 (10,500 TEU)
Newbuilding #2 (10,500 TEU)
Newbuilding #3 (10,500 TEU)
Newbuilding #4 (10,500 TEU)
Newbuilding #5 (10,500 TEU)

Agenda

• A. Good Start to "Our Way Forward"
• B. Competitive Market Environment
• C. Delivering Financial Turnaround

Container shipping has been and continues to be a growth, yet competitive industry – Order book currently on low levels

Source: IMF April 2015, IHS Global Insight April 2015, MDS Transmodal, various months

Short-term freight rate pressures and volatilities will remain in the container shipping industry

Shanghai – Latin America (SCFI)

Comments

• Shanghai Containerized Freight Index (SCFI) only reflects Shanghai outbound rate development
• Freight rates on Asia / Europe trade remain volatile
• Freight rates on Transpacific trades tend to be somehow less volatile
• USEC freight rate increased to about 5,000 USD/FEU due to USWC strikes now solved

Global capacity management

Source: Alphaliner weekly newsletter; MDS Transmodal (various months); Clarksons; Drewry

Source: MDS Transmodal April 2015, Alphaliner plus HL internal data, only vessels >399 TEU

New cooperation in Latin America

• Together with Hamburg Süd, CMA CGM and other shipping companies, Hapag-Lloyd will be offering new products between Asia and the western and eastern coasts of Latin America from July onwards
• These services will employ 53 ships in all, with Hapag-Lloyd contributing 19 of them. This includes CSAV's 7x 9,300 TEU newbuildings

Compelling rationale

• New product between Asia and Latin America with reliable weekly services
• Three loops to/from South America West Coast, two loops to/from South America East Coast
• Best transit times to and from main Asian locations
• Extensive port coverage in Mexico (Pacific), SAWC, SAEC
• New 9,300 TEU ships deployed in the trade, overall improved capacity deployment
• Increase of average vessel size to well above 8,000 TEU
• Competitive cost level other carriers will have difficulty matching
• High reefer plug capacity to offer best in class reefer product
• Comprehensive and reliable inland service in Latin America through rail and trucking network

Agenda

A. Good Start to "Our Way Forward"

• B. Competitive Market Environment
• C. Delivering Financial Turnaround

Hapag-Lloyd significantly increased its EBITDA to USD 319 m (EBITDA margin: 12.3%) in the first three months of 2015

Operational KPIs
	Q1 2015	Q1 2014	∆
Transport volume [TTEU]	1,774	1,399	375
Freight rate [USD/TEU]	1,331	1,422	-91
Bunker price [USD/t]	377	595	-218
Exchange rate [EUR/USD]	1.13	1.37	-0.24
Revenue [USD m]	2,593	2,130	463
EBITDA [USD m]	319	4	315
EBIT adjusted [USD m]	181	-87	267
EAT [USD m]	144	-163	308
Investments [USD m]1)	321	82	225

Revenue [USD m]

1) Investments in PPE

20

Source: Company information

1) CSAV container shipping activities

21

Source: Company information

Freight rate1) [USD/TEU] vs. bunker price2) [USD/t]

1) Hapag-Lloyd average freight rate per year 2) Hapag-Lloyd average consumption price per year

Source: Company information

Transport expenses per TEU decreased by -207 USD/TEU driven by lower bunker costs and initial cost synergies

Source: Company information

Benefits from a reduced bunker price and consumption – Change in bunker mix due to emission control areas

Bunker consumption [mt/slot; mt/TEU; k mt]

Bunker mix [MFO; MDO]

1) Average nominal deployed capacity in TEU 2) Hapag-Lloyd excl. CCS 3) Due to ongoing integration slight categorization differences may occur 4) Expenses for raw materials and supplies 5) FY 2014: USD 1,810 m / 5,907 TTEU = 307 USD/TEU; Q1 2014: USD 457 m / 1,399 TTEU = 327 USD/TEU

Source: Company information; Bloomberg (5 May 2015)

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Bunker expenses4) [USD/TEU; USD m]

Hapag-Lloyd further improved its capital structure – Equity at USD 5.1 bn (equity ratio: 42%)

Enhanced equity base

Strengthened liquidity reserve

Investment driven net debt

1) Cash and cash equivalents plus undrawn credit lines

Strong shareholder base

• Hapag-Lloyd has three strong anchor shareholders
• CSAV, HGV and Kühne have pooled 51% of HL voting rights and make key decisions together
• Agreement has been concluded for 10 years
• CSAV, HGV and Kühne have further agreed that an additional approx. EUR 370 m are planned to be raised through an IPO in 2015 or 2016

Cash flow Q1 2015 [USD m]

On the basis of Q1 2015, Hapag-Lloyd expects a significant improvement in profitability in 2015

	Guidance for 2015	Comments
Transport volume	Largely unchanged	 Guidance for 2015 based on pro-forma inclusion of CCS for 2014 – however, one-off volume and rate effects not taken into account in the guidance • CCS transport volume in 2014 at 1,924 TTEU • CCS avg. freight rate 2014 at 1,174 USD/TEU  In the 2014 consolidated financial statements CCS only included from 2 Dec 2014 (i.e. one month)
Freight rate	Decreasing moderately
EBITDA	Clearly increasing		Sensitivities for 2015
		Transport volume	+/- 100 TTEU	+/- USD <0.1 bn
Operating result1)	Clearly positive	Freight rate	+/- 50 USD/TEU	+/- USD ~0.4 bn
Liquidity		Bunker price	+/- 100 USD/t	+/- USD ~0.3 bn
reserve	Remaining adequate	EUR / USD	+/- 0.1 EUR/USD	+/- USD <0.1 bn

CCS = CSAV container shipping activities

1) EBIT adjusted

27

Source: Company information

	Q1 2015	Q1 2014	∆
Transport volume [TTEU]	1,774	1,399	375
Freight rate [USD/TEU]	1,331	1,422	-91
Revenue	2,593.1	2,129.8	463.3
Other operating income	112.1	17.1	94.9
Transport expenses	2,071.8	1,923.5	148.3
Personnel expenses	134.3	132.5	1.7
Depreciation, amortisation and impairment of intangible assets and property, plant and equipment	123.1	114.4	8.7
Other operating expenses	184.5	94.3	90.2
Operating result	191.5	-117.9	309.3
Share of profit of equity-accounted investeees	9.2	10.6	-1.3
Other financial result	-4.4	-3.2	-1.2
Earnings before interest and tax (EBIT)	196.3	-110.5	306.8
Interest result	-43.1	-51.5	8.4
Earnings before income taxes	153.2	-162.0	315.2
Income taxes	-8.8	1.2	-10.0
Group profit/loss	144.4	-163.2	307.6

Income statement Transport expenses

	Q1 2015	Q1 2014	∆
Transport expenses	2,071.8	1,923.5	148.3
Cost of raw materials, supplies and purchased goods	312.3	456.6	-144.3
Cost of purchased services	1,759.5	1,466.9	292.7
Thereof:			0.0
Port and terminal costs	748.7	648.2	100.5
Chartering, leases and container rentals	257.5	202.2	55.3
Container transport costs	717.5	569.9	147.5
Maintenance / repair / other	35.8	46.5	-10.7

EBIT bridge

	Q1 2015	Q1 2014	∆
Earnings before interest and tax (EBIT)	196.3	-110.5	306.8
Purchase price allocation	-15.5	9.9	-25.4
Transaction and restructuring costs	0.0	14.0	-14.0
Underlying EBIT	180.8	-86.6	267.4

	31.03.2015	31.12.2014	∆		31.03.2015	31.12.2014	∆
Goodwill	1,672.1	1,672.0	0.0	Equity	5,136.0	5,068.1	67.8
Other intangible assets	1,571.1	1,591.9	-20.9
Property, plant and equipment	6,496.6	6,291.4	205.2	Provisions	937.0	981.3	-44.2
Investments in equity-accounted investees	430.5	467.8	-37.3	Financial debt	4,430.1	4,518.1	-88.0
Inventories	163.5	184.9	-21.4
Trade acocunts receivables	807.2	870.3	-63.1	Derivative financial instruments	73.2	28.9	44.2
Other assets	266.6	319.8	-53.2	Trade accounts payable	1,511.9	1,498.5	13.5
Derviative financial instruments	36.6	23.8	12.8
Cash and cash equivalents	832.4	864.7	-32.3	Other liabilities	188.3	191.8	-3.5
Assets	12,276.5	12,286.8	-10.2	Equity and liabilities	12,276.5	12,286.8	-10.3

Assets Equity and liabilities

31.03.2015	31.12.2014	∆		31.03.2015	31.12.2014	∆
			Equity ratio	42%	41%	+1 ppt
			Closing Rate USD/EUR	1.07	1.22	-0.14

Source: Company information

	EUR Bond 2019	EUR Bond 2018	USD Bond 2017
Issuer	Hapag-Lloyd AG	Hapag-Lloyd AG	Hapag-Lloyd AG
Volume	EUR 250 m	EUR 400 m	USD 250 m
Minimum order	100,000 EUR	100,000 EUR	150,000 USD
Issue date	November 20, 2014	September 20, 2013	October 01, 2010
Maturity date	October 15, 2019	October 01, 2018	October 15, 2017
Redemption prices	as of Oct 15, 2016: 103.750% as of Oct 15, 2017: 101.875% as of Oct 15, 2018: 100%	as of Oct 01, 2015: 103.875% as of Oct 01, 2016: 101.938% as of Oct 01, 2017: 100%	as of Oct 15, 2014: 104.8750% as of Oct 15, 2015: 102.4375% as of Oct 15, 2016: 100%
Coupon	7.50%	7.75%	9.75%
Coupon payment	April 15 and October 15	January 15 and July 15	April 15 and October 15
ISIN	XS1144214993	XS0974356262	USD33048AA36
WKN	A13SNX	A1X3QY	A1E8QB
Listing	Open market of the LxSE	Open market of the LxSE	Open market of the LxSE
Trustee	Deutsche Trustee Company Limited	Deutsche Trustee Company Limited	Deutsche Bank AG, London Branch

Hapag-Lloyd bonds continuously trade above par

Source: Citigroup, 5 May 2015

Imbalances: Hapag-Lloyd outperforms the market

1) This ratio reflects the imbalance in the market (industry average) vs. Hapag-Lloyd imbalance of transport volumes (the higher the ratio, the more balanced in both directions). Ratio has been rounded

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Source: IHS Global Insight April 2014; Hapag-Lloyd FY 2014; market data adapted to Hapag-Lloyd trade lane definition

Long-standing and diversified customer base of blue chip customers and a diversified base of goods transported

Balanced portfolio of goods transported2)… … in a diversified customer portfolio3)

1) Based on Q1 2015 HL and CCS volumes 2) Figures based on Q1 2015 volumes; for HL (eoy), for CSAV (B/L date) 3) Based on Q1 2015 volumes, HL: sos; CSAV: B/L date 4) Others: FAK = Freight of all kinds

Source: Company information

Henrik Schilling

36

Senior Director Investor Relations

Tel +49 40 3001-2896

Fax +49 40 3001-72896

Henrik.Schilling@hlag.com

http://www.hapag-lloyd.com/en/investor_relations/overview.html

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This presentation contains forward looking statements within the meaning of the 'safe harbor' provision of the US securities laws. These statements are based on management's current expectations or beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, market conditions affecting the container shipping industry, intense competition in the markets in which we operate, potential environmental liability and capital costs of compliance with applicable laws, regulations and standards in the markets in which we operate, diverse political, legal, economic and other conditions affecting the markets in which we operate, our ability to successfully integrate business acquisitions and our ability to service our debt requirements). Many of these factors are beyond our control.

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