Other transportation increased 0.9% or USD 9 million, from USD 973 million in 2011 to USD 982 million in 2012.

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1 MD&A 31 st of December 2012 versus 31 st of December 2011 Operating revenue General: Consolidated operating revenue increased by USD 1,054 million, or 7.1% from USD 14,870 million in 2011 to USD 15,923 million in 2012 primarily due to a 8.2% increase in shipping revenue, a 0.9% increase in other transportation, a 16% decrease in logistics and a 8.9% decrease in other activities. The main component of the increase in operating revenue was a USD 1,102 million, or 8.2% increase in shipping revenue from USD 13,386 million in 2011 to USD 14,488 million in Volumes increased 5.9% or 587 thousand TEU, from 10,016 thousand TEU in 2011 to 10,603 thousand TEU in Average freight rates (calculated as shipping revenue and other transportation net of slot sales divided by total carried TEU volumes) increased 3.0% or USD 42 per TEU from USD 1,391 per TEU in 2011 to USD 1,433 per TEU in The 587 thousand TEU increase in volumes was mainly attributable to a 253 thousand TEU, or 4.5% increase in volumes loaded on our main East West lines, out of which 51 thousand relate to volume increases on our Asia / Europe (North Europe and Med) lines and 210 thousand to volume increases on our lines calling United States, to a 227 thousand or 8.5% increase in volumes loaded on our main North South lines (including Delmas which is now merged with CMA CGM) out of which 222 thousand TEU relate to our lines calling Africa, and to a 107 thousand TEU increase in volumes loaded on our subsidiaries, the main increase thereof being related to our subsidiary specialized on intra-asia Cheng Lie Navigation and to our Australian subsidiary Australian National Line. Other transportation increased 0.9% or USD 9 million, from USD 973 million in 2011 to USD 982 million in Logistics, which refers to our stevedoring activity, decreased by USD 27 million or 16% from USD 168 million in 2011 to USD 141 million in 2012 mainly as a consequence of the sale of 50% of Malta Freeport in June 2011 and now consolidated under equity method. Other activities decreased 9% or USD 31 million, from USD 342 million in 2011 to USD 311 million in

2 Operating Expenses excluding depreciation: General: Consolidated operating expenses excluding depreciation increased USD 55 million or 0.4% from USD 14,563 million (or 97.9% of operating revenue) in 2011 to USD 14,618 million (or 91.8% of operating revenue) in 2012, primarily due to a 0.9% decrease in bunkers and consumables, a 9.8% decrease in chartering expenses and slot purchases, a 6.5% increase in handling and stevedoring, a 3.6% increase in transportation, a 1.1% decrease in port and canal expenses, a 7.8% increase in logistic expenses, a 1.8% decrease in employee benefits, a 1.5% decrease in general and administrative, a 9.8% decrease in addition to provision and allowances, exchange rate impact and other operating income and expenses. Bunkers and consumables: Bunkers and consumables decreased 0.9% or USD 34 million from USD 3,879 million (or 26.1% of operating revenue) in 2011 to USD 3,845 million (or 24.1% of operating revenue) in This is mainly related to the decrease in our bunkering costs, including bunker swaps and settlement from USD 3,798 million in 2011 to USD 3,765 million in 2012, a 0.9% or USD 33 million decrease. This is explained by : a 7.1% or 431 thousand tons decrease in our consumption of bunker fuel from 6,106 thousand tons in 2011 to 5,675 thousand tons in 2012, while carried TEU volume increased by 5.9% in the meantime. and to the increase in average bunker rate from USD 622 per ton in 2011 to USD 664 per ton in 2012, a USD 42 per ton increase (+7% increase). Stores and lubricating oil decreased USD 1 million or 1% from USD 81 million in 2011 to USD 80 million in Chartering Expenses and slot purchases: Chartering and slots purchases decreased by USD 190 million or 9.8% from USD 1,937 million in 2011 to USD 1,748 million in Chartering and slots purchases account for 11% of operating revenue in 2012 (versus 13% in 2011). Chartering decreased by USD 56 million from USD 1,566 million in 2011 to USD 1,510 million in 2012 mainly as a consequence of low charter rates despite a significant increase of the chartered fleet size which increased from 830 thousand slots in December 2011 to 936 thousand slots in December 2012 (a 13% increase). Chartering expenses include both a bareboat charter component and a running cost component (crews, maintenance such as lubricating oil and spare parts, insurance, ). Running costs account for about 50% of chartering expenses in 2012 and are estimated at USD 6400/day per vessel on average for the chartered fleet (which ratio has been quite stable for the last 3 years). Slots purchase and other fixed expenses decreased by USD 133 million or 36% decrease from USD 371 million in 2011 to USD 238 million in Handling and stevedoring: Handling and stevedoring increased by USD 208 million or 6.5% from USD 3,194 million in 2011 to USD 3,402 million in 2012, mainly related to the increase in carried volumes (+5.9%). Handling and stevedoring expenses account for 21.4% of the operating revenue in Stevedoring of full containers increased 5% or USD 126 million from USD 2,724 million in 2011 to USD 2,850 million in 2012 while stevedoring of empty containers increased 17% or USD 82 million from USD 470 million in 2011 to USD 552 million in

3 Transportation: Transportation increased by USD 53 million or 3.6% from USD 1,480 million in 2011 to USD 1,534 million in Transportation expenses account for 9.6% of the operating revenue in This increase mainly relates to a USD 31 million or 14% increase in third party feeders from USD 218 million in 2011 to USD 249 million in 2012 and a 2% or USD 23 million increase in land transportation costs from USD 1,262 million in 2011 to USD 1,285 million in Port and Canal: A 1% or USD 12 million decrease in port and canal expenses from USD 1,040 million in 2011 to USD 1,028 million in Port and canal expenses account for 6.5% of operating revenue in The decrease is mainly due to a 1% or USD 5 million decrease in port expenses from USD 620 million in 2011 to USD 615 million in 2012 while Canal costs decreased by 2% or USD 7 million from USD 420 million in 2011 to USD 413 million in Logistic expenses: Logistic expenses increased by USD 82 million or 7.8% from USD 1,057 million in 2011 to USD 1,139 million in Logistic expenses account for 7.2% of operating revenue in This increase is related to: a 15% or USD 73 million increase in rental of containers and chassis, from USD 495 million in 2011 to USD 568 million in 2012, the fleet of rented containers having increased from 1,562 thousand TEU in December 2011 to 1,671 thousand TEU in December 2012, a 7% or 109 thousand TEU increase. a 14% or USD 16 million decrease in containers maintenance and repairs from USD 116 million in 2011 to USD 100 million in a 5% or USD 24 million increase in handling in depots, empty container transportation and storage, from USD 447 million in 2011 to USD 471 million in 2012 mainly as a consequence of increase in loaded volume of 5.9%. Employee benefits: Employee benefits decreased by USD 20 million or 2% from USD 1,109 million in 2011 to USD 1,089 million in Employee benefits account for 6.8% of operating revenue in Foreign exchange rate has a positive impact of USD 53 million over the period and change in consolidation scope (mainly Malta Freeport and Compagnie du Ponant) has a positive impact of USD 13 million. Excluding exchange rate impact and change in consolidation scope, the increase in employee benefits amounts to USD 46 million (+4%) over the period accounts were restated for the early application of IAS-19 revised with a negative impact of USD 5 million in 2011 (IAS-19 revised was published in June 2011 and endorsed by the European Union in June 2012, with an impact on actuarial assumptions related to post-employment benefits). 3

4 General and administrative: General and administrative decreased by USD 10 million or 1.5% from USD 629 million in 2011 to USD 619 million in General and administrative expenses account for 3.9% of operating revenue in General and administrative expenses consist of: Commissions which increased USD 6 million from USD 202 million in 2011 to USD 208 million in 2012, Fees which decreased USD 32 million from USD 219 million in 2011 to USD 187 million in 2012, mainly as a consequence of the reduction in fees paid to our joint venture with IBM (CMA Systems) as part of our P400 cost saving program, Insurances which increased by USD 11 million from USD 68 million in 2011 to USD 79 million in 2012, Other expenses increased by USD 5 million from USD 140 million in 2011 to USD 145 million in Other expenses mainly consist of communication expenses, real estate rentals, bank expenses, taxes not related to income and fines and penalties. Additions to provisions and allowances, net of reversals: Addition to provisions and allowance, net of reversals increased by USD 48 million from USD 3 million in 2011 to USD 51 million in Operating exchange gains / losses, net : Operating exchange gains / losses changed from a loss of USD 46.4 million in 2011 to a gain of USD 0.1 million in Other operating income or expenses, net: Other operating income or expenses, net decreased by USD 24 million from USD 187 million in 2011 to USD 163 million in Gains and losses on disposal of property and equipment: Gains and losses on property and equipment decreased USD 403 million from USD 422 million in 2011 to USD 19 million in 2012, mainly as a consequence of the sale of 50% share in Malta Freeport in 2011 and disposal of containers in

5 Operating Income before depreciation Operating Income before depreciation: as a consequence of all preceding items, operating results before depreciation increased USD 596 million or +82% from USD 729 million in 2011 to USD 1,324 million in Depreciation & impairment: Depreciation and impairment increased by USD 88 million from USD 268 million in 2011 to USD 356 million in Depreciation covers: Subsidies, which increased by USD 5 million from USD 90 million in 2011 to USD 95 million in 2012, Depreciation of vessels, which increased 4% or USD 9 million from USD 246 million in 2011 to USD 255 million in 2012, mainly as the consequence of the impact of the purchase 9 large container ships in the second quarter 2011, Depreciation of containers, which decreased USD 5 million from USD 59 million in 2011 to USD 54 million in 2012 as a result of the sale of containers in the last 3 quarters of 2011 and the first half Depreciation of handling equipment and real estate which decreased by USD 7 million from USD 104 million in 2011 to USD 97 million in and a USD 96 million change in Impairment, from a gain of USD 51 million in 2011 to a cost of USD 45 million in The 2011 impact was mainly related to the reversal of a USD 46 million asset impairment which was taken in 2009 for two TEU which we have finally confirmed. The 2012 impact mainly relates to impairment of vessels. Cost of net financial debt: Cost of net financial debt decreased 5% or USD 21 million from USD 431 million in 2011 to USD 410 million in 2012 as a result of: a USD 8 million decrease in interest income from cash and cash equivalents from USD 18 million in 2011 to USD 10 million in a 12% or USD 37 million increase in interest expenses on financial debt from USD 317 million in 2011 to USD 354 million in a USD 12 million decrease in financial costs related to debt restructuring from USD 17 million in 2011 to USD 5 million in 2012 a USD 1 million decrease in interest rate and foreign currency derivatives from a cost of USD 49 million in 2011 to a cost of USD 48 million in 2012 a USD 54 million change in foreign currency exchange gains and losses from a loss of USD 66 million in 2011 to a loss of USD 12 million in Other financial items: Other financial items decreased USD 62 million from a cost of USD 2 million in 2011 to a cost of USD 64 million in 2012 as a result of: a USD 33 million decrease in Other financial items related to debt restructuring from a gain of USD 33 million in 2011 to zero in 2012 a USD 46 million decrease in interest for deferred payments to shipyards from USD 64 million in 2011 to USD 18 million in

6 a USD 45 million change in fair value & settlement of derivative instruments that do not qualify to hedge accounting from a cost of USD 53 million in 2011 to a cost of USD 9 million in 2012 a USD 7 million change in fair value of financial assets at fair value through profit and loss from a loss of USD 3 million in 2011 to a gain of USD 4 million in 2012 a USD 1 million decrease in result from disposal of financial assets from a loss of USD 1 million in 2011 to a loss of USD 2 million in 2012 a USD 72 million change in Repurchase of bonds, from a gain of USD 72 million in 2011 to zero in 2012 a USD 63 million change in foreign currency losses and gains on financial operations, from a gain of USD 40 million in 2011 to a loss of USD 23 million in 2012 a USD 12 million increase in other financial income and expenses, net from a cost of USD 28 million in 2011 to a cost of USD 16 million in Share of profit (or loss) of the associates and joint ventures: Share of profit (or loss) of the associates and joint ventures increased by USD 15 million from USD 24 million in 2011 to USD 39 million in This relates mainly to shares we hold on terminals (Portsynergy, Malta Freeport) and in a few agencies. Income tax: Income tax increased by USD 32 million from USD 33 million in 2011 to USD 65 million in Profit for the period from continued operations: Profit for the period from continuing operations increased USD 451 million from a gain of USD 18 million in 2011 to a gain of USD 469 million in Discontinued operations: Discontinued operations increased by USD 86 million from a loss of USD 23 million in 2011 to a loss of USD 109 million in 2012 related to the disposal of Compagnie du Ponant. Profit for the period: As a consequence of all preceding items profit for the period increased USD 366 million from a loss of USD 5 million in 2011 to a profit of USD 361 million in Minority interests: Minority interests decreased by USD 2 million from USD 31 million in 2011 to USD 29 million in Profit for the period attributable to the owners of the parent: Profit for the period attributable to the owners of the parent increased USD 367 million from a loss of USD 35 million in 2011 to a profit of USD 332 million in