INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS * * *

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS * * *

The accompanying notes are part of the interim condensed consolidated financial statements. Contents 1. Corporate information... 9 2. Accounting policies... 9 3. Significant events occurred during the period... 11 4. Operating segments... 12 5. Operating expenses... 13 6. Gains / (Losses) on disposal of property and equipment and subsidiaries... 13 7. Other income and expenses... 14 8. NPV benefits related to assets financed by tax leases... 14 9. Financial result... 14 10. Income and deferred taxes... 15 11. Goodwill and other intangible assets...16 12. Property and equipment... 17 13. Investments in associates and joint ventures...19 14. Derivative financial instruments... 20 15. Other non-current financial assets... 20 16. Working Capital... 21 17. Securities and other current financial assets... 22 18. Cash and cash equivalents... 22 19. Borrowings... 22 20. Provisions, retirement benefit obligations and contingent liabilities... 24 20.1 Provisions related to employee benefits... 24 20.2 Provisions for litigation and other risks and obligations... 25 20.3 Contingent liabilities... 25 21. Commitments... 25 22. Related party transactions... 26 23. Post balance sheet events... 26 CMA CGM / 2 Interim condensed consolidated financial statements Six and three month period ended

The accompanying notes are part of the interim condensed consolidated financial statements. Interim Consolidated Statement of Profit & Loss For the six and three-month period ended (in USD million, except for earnings per share) For the six-month period ended For the three-month period ended Note REVENUE (4) 8,123.8 8,141.2 4,110.8 4,200.3 Operating expenses (5) (7,229.7) (7,589.8) (3,706.6) (3,916.0) OPERATING PROFIT BEFORE GAINS ON DISPOSAL OF PROPERTY AND EQUIPMENT AND SUBSIDIARIES, DEPRECIATION & AMORTIZATION, etc. 894.1 551.3 404.2 284.3 Gains / (losses) on disposal of property and equipment and subsidiaries Depreciation and amortization of non-current assets Other income and expenses Net present value (NPV) benefits related to assets financed by tax leases OPERATING PROFIT BEFORE SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES Share of income / (loss) from associates and joint ventures OPERATING PROFIT AFTER SHARE OF PROFIT OF ASSOCIATES AND JOINT VENTURES (6) (0.1) 26.7 0.8 7.0 (12) (199.2) (198.4) (101.2) (99.9) (7) 17.5 (25.7) (0.1) (19.8) (8) 24.5 36.2 13.3 18.6 736.8 390.1 317.0 190.2 (13) 11.6 1.1 8.5 1.5 (4) 748.4 391.2 325.5 191.7 Interests expense on borrowings Interests income on cash and cash equivalent Other net financial items FINANCIAL RESULT PROFIT BEFORE TAX (139.5) (163.1) (74.3) (79.4) 12.4 16.6 6.3 7.6 (6.6) (10.4) (78.4) (3.4) (9) (133.7) (156.9) (146.4) (75.2) 614.7 234.3 179.1 116.4 Income taxes (10) (41.1) (30.4) (18.8) (15.6) PROFIT FOR THE PERIOD 573.6 203.9 160.3 100.8 of which: NON CONTROLLING INTERESTS OWNERS OF THE PARENT 11.3 13.3 4.4 7.3 562.3 190.6 155.9 93.5 Earnings per share basic and diluted attributable to the owners of the parent company (in USD) 38.2 13.8 10.8 6.8 Interim condensed consolidated financial statements CMA CGM / 3

The accompanying notes are part of the interim condensed consolidated financial statements. Interim Consolidated Statement of Comprehensive Income For the six and three-month period ended (in USD million) Other Comprehensive Income For the six-month period ended For the three-month period ended PROFIT FOR THE PERIOD Other comprehensive income reclassifiable to Profit and Loss Cash flow hedges: Gains / (losses) arising during the period Recycling to the income statement Currency translation adjustment related to foreign subsidiaries, associates and joint ventures Share of other comprehensive income of associates, net of tax Other comprehensive income non reclassifiable to Profit and Loss Remeasurment of defined benefit pension plans Remeasurment of defined benefit pension plans of associates 573.6 203.9 160.3 100.8 8.2 (4.3) 9.4 (2.0) 1.0 2.0 0.5 1.0 (38.6) (0.3) 16.9 3.7 0.3-0.2 - (0.7) (8.9) 5.0 (8.9) (0.1) (0.2) (0.1) (0.1) Total other comprehensive income / (loss), net of tax Total comprehensive income / loss) for the period, net of tax Of which: Non-controlling interests Owners of the parent company (29.9) (11.7) 31.9 (6.3) 543.7 192.2 192.2 94.5 10.7 13.3 5.4 7.0 533.0 178.9 186.8 87.5 CMA CGM / 4 Interim condensed consolidated financial statements

The accompanying notes are part of the interim condensed consolidated financial statements. Interim Consolidated Statement of Financial Position Assets (in USD million) ASSETS Note As at December 31, Goodwill (11) 295.1 289.7 Other intangible assets (11) 234.1 222.4 INTANGIBLE ASSETS 529.2 512.1 Vessels (12) 6,217.9 5,974.4 Containers (12) 520.9 544.9 Lands and buildings (12) 504.7 540.2 Other properties and equipments (12) 112.4 110.8 PROPERTY AND EQUIPMENT (12) 7,355.9 7,170.3 Deferred tax assets (10) 33.7 34.2 Investments in associates and joint ventures (13) 675.6 686.1 Non-current derivative financial instruments (14) 3.1 3.0 Other non-current financial assets (15) 676.7 657.3 NON-CURRENT ASSETS 9,274.2 9,063.0 Inventories (16) 333.8 384.4 Trade and other receivables (16) 2,263.4 2,382.7 Current income tax asset (16) 19.7 15.6 Current derivative financial instruments (14) 2.1 3.9 Securities and other current financial assets (17) 92.7 77.1 Cash and cash equivalents (18) 2,430.0 2,186.5 Prepaid expenses (16) 293.4 249.4 Assets classified as held-for-sale - 0.5 CURRENT ASSETS 5,435.1 5,300.1 TOTAL ASSETS 14,709.3 14,363.1 Interim condensed consolidated financial statements CMA CGM / 5

The accompanying notes are part of the interim condensed consolidated financial statements. Interim Consolidated Statement of Financial Position Liabilities & Equity (in USD million) LIABILITIES AND EQUITY Note As at December 31, Share capital 169.2 169.2 Reserves and retained earnings 4,650.2 4,202.4 Profit of the period attributable to the equity owners of the parent company 562.3 583.6 EQUITY ATTRIBUTABLE TO THE OWNERS OF THE PARENT COMPANY 5,381.7 4,955.2 Non-controlling interests 48.0 40.1 TOTAL EQUITY 5,429.7 4,995.3 Non-current borrowings (19) 4,349.9 4,409.4 Non-current derivative financial instruments (14) 51.3 55.2 Deferred tax liabilities (10) 60.4 53.0 Provisions and retirement benefit obligations (20) 296.9 331.1 Non-current deferred income 2.1 3.6 NON-CURRENT LIABILITIES 4,760.6 4,852.3 Current borrowings (19) 1,099.8 1,070.7 Current derivative financial instruments (14) 27.8 32.9 Current portion of provisions (20) 18.5 19.7 Trade and other payables (16) 2,889.3 2,720.2 Current income tax liability (16) 19.8 28.0 Current deferred income (16) 463.8 644.0 Liabilities associated with assets classified as held-for-sale - - CURRENT LIABILITIES 4,519.0 4,515.5 TOTAL LIABILITIES & EQUITY 14,709.3 14,363.1 CMA CGM / 6 Interim condensed consolidated financial statements

The accompanying notes are part of the interim condensed consolidated financial statements. Interim Consolidated Statement of Changes in Equity and (in USD million) Share capital (*) Attributable to the equity owners of the parent Reserves, retained earnings and Profit for the period Bonds redeemable in shares (**) Premium, legal reserves, Profit for the period and other comprehensive income non reclassifiable to profit and loss Other comprehensive income reclassifiable to profit and loss Balance as at January 1, 169.2 331.6 4,007.7 (16.6) 4,491.9 49.2 4,541.1 Profit for the period - - 190.6-190.6 13.3 203.9 TOTAL Noncontrolling interests Total Equity Other comprehensive income / (expense), net of tax - - (8.9) (2.8) (11.7) - (11.7) Total comprehensive income / (expense) for the period - - 181.7 (2.8) 178.9 13.3 192.2 Transaction with non-controlling interests - - (1.0) 1.0 - (2.6) (2.6) Dividends - - (40.0) - (40.0) (8.6) (48.6) Balance as at 169.2 331.6 4,148.4 (18.4) 4,630.8 51.3 4,682.1 Balance as at January 1, 169.2 331.6 4,536.8 (82.4) 4,955.2 40.1 4,995.3 Profit for the period - - 562.3-562.3 11.3 573.6 Other comprehensive income / (expense), net of tax - - (0.7) (28.6) (29.3) (0.6) (29.9) Total comprehensive income / (expense) for the period - - 561.6 (28.6) 533.0 10.7 543.7 Transaction with non-controlling interests - - (26.6) 0.1 (26.5) 9.9 (16.6) Dividends - - (80.0) - (80.0) (12.7) (92.7) Total transactions with Shareholders - - (106.6) 0.1 (106.5) (2.8) (109.3) Balance as at 169.2 331.6 4,991.8 (110.9) 5,381.7 48.0 5,429.7 (*) The share capital is composed of 10,578,357 shares. The share capital is fully constituted of ordinary shares with the exception of two preference shares held by Yildirim (one A preferred share) and the Fonds Strategique d Investissement (FSI being now Banque Publique d Investissement (Bpifrance) one C preferred share). (**) In 2011 and 2013, Yildirim subscribed for USD 600 million to bonds mandatorily redeemable in the Company s preferred shares as at December 31,. As at December 31, 2017, these preferred shares held by Yildirim will automatically be converted into ordinary shares of the Company giving access to 24% of the Company s ordinary shares on a fully diluted basis. In June 2013, the FSI subscribed for USD 150 million to new bonds mandatorily redeemable in the Company s ordinary shares, giving access to 6% of the Company s ordinary shares upon conversion on a fully diluted basis. These bonds matures in December 2020. Due to their characteristics, these above mentionned bonds resulted in an increase in the Company s equity for USD 331.6 million and an increase in borrowings, the remaining portion of the nominal amount being initially treated as borrowings, corresponding to the net present value of interest payable during the contractual maturity (see Note 19). Interim condensed consolidated financial statements CMA CGM / 7

The accompanying notes are part of the interim condensed consolidated financial statements. Interim Consolidated Statement of Cash Flows For the six and three-month period ended (in USD million) For the six-month period ended Note Profit of the period 573.6 203.9 160.3 100.8 Reconcilation of profit for the period to cash generated from operations : - Depreciation and amortization (12) 199.2 198.4 101.2 99.9 - Net present value (NPV) benefits related to assets financed by tax leases (8) (24.5) (36.2) (13.3) (18.6) - Other income and expense (7) (17.5) 25.7 0.1 19.8 - Increase / (Decrease) in provisions 14.1 6.4 10.0 2.5 - Loss / (Gains) on disposals of property and equipment and subsidiaries (6) 0.1 (26.7) (0.8) (7.0) - Share of (Income) / Loss from associates and joint ventures (13) (11.6) (1.1) (8.5) (1.5) - Interest expenses on net borrowings 141.4 146.1 68.1 71.9 - Income tax (10) 41.1 30.4 18.8 15.6 - Prepaid expenses and deferred income (223.6) (50.5) (89.3) (10.6) - Other non cash items 23.4 (6.3) 63.4 12.7 Changes in working capital (16) 316.6 (40.9) 226.2 (9.7) Cash flow from operating activities before tax 1,032.3 449.2 536.2 275.8 - Income tax paid (44.5) (32.5) (26.1) (26.8) Cash flow from operating activities net of tax 987.8 416.7 510.1 249.0 Purchases of intangible assets (21.8) (22.0) (10.6) (7.9) Purchases / disposals of subsidiaries, net of cash acquired / divested (28.9) (2.5) (32.3) (0.3) Purchases of property and equipment (12) (215.8) (151.4) (184.0) (87.3) Proceeds from disposal of property and equipment 9.3 144.0 4.9 42.9 Proceeds from disposal of assets classified as held-for-sale - 50.0 - - Dividends received from associates and joint ventures (13) 12.2 7.9 3.5 3.1 Variation in other financial assets (59.8) (49.8) 9.8 (20.7) Variation in securities (2.7) 205.0 (3.5) (7.8) Net cash (used for) / provided by investing activities (307.5) 181.2 (212.2) (78.0) Dividends paid to the owners of the parent company and non-controlling interest (90.8) (48.6) (49.5) (47.3) Proceeds from borrowings, net of issuance costs (19) 817.2 89.6 794.0 89.0 Repayments of borrowings (19) (498.2) (330.6) (370.4) (124.2) Principal repayments on finance leases (19) (57.9) (63.4) (45.3) (48.2) Decrease in liabilities associated with assets held-for-sale - (29.5) - - Interest paid on net borrowings (138.5) (155.1) (104.8) (121.8) Other financing fees and interests (1.8) (8.2) (0.5) (1.6) Net cash (used for) / provided by financing activities 30.0 (545.9) 223.5 (254.2) Effect of exchange rate changes on cash and cash equivalents and bank overdrafts (31.1) (4.2) (4.9) (2.7) Net increase / (decrease) in cash and cash equivalents and bank overdrafts 679.2 47.8 516.5 (85.9) Cash and cash equivalents and bank overdrafts at the beginning of the period 1,741.7 1,329.6 Cash and cash equivalents as per balance sheet 2,430.0 1,404.4 Bank overdrafts (9.1) 27.0 Cash and cash equivalents and bank overdrafts at the end of the period (18) 2,420.9 1,377.4 Net increase / (decrease) in cash and cash equivalents and bank overdrafts 679.2 47.8 For the three-month period ended Supplementary information: non cash investing or financing activities: - Assets acquired through bank borrowings (12) 181.9 1.8 Supplementary information: - Financial income received 11.5 16.2 - Financial expenses paid (149.9) (167.4) CMA CGM / 8 Interim condensed consolidated financial statements

Notes to the Interim Condensed Consolidated Financial Statements 1. Corporate information The interim condensed consolidated financial statements of CMA CGM S.A. ( CMA CGM ) and its subsidiaries (hereafter referred to together as the Group or the Company ) for the six and three-month period ended were approved by the Board of Directors on August 28,. The Group is headquartered in France and is the third largest container shipping company in the world. The Group operates primarily in the international containerized transportation of goods. Its activities also include container terminal operations and transport by rail, road and river. CMA CGM S.A. is a limited liability company ( Société Anonyme ) incorporated and located in France. The address of its registered office is 4, Quai d Arenc, 13002 Marseille, France. 2. Accounting policies 2.1 Basis of preparation The interim condensed consolidated financial statements of CMA CGM for the six and three-month period ended have been prepared in accordance with IAS 34 Interim Financial Reporting and under the historical cost basis, with the exception of available-for-sale financial assets, securities and derivative financial instruments which have all been measured at fair value. Statement of compliance The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements prepared in accordance with IFRS as adopted by the European Union, and should be read in conjunction with the Group s audited annual financial statements for the year ended December 31,. Basis of consolidation The interim condensed consolidated financial statements comprise the financial statements of CMA CGM S.A. and its subsidiaries as at. The interim condensed consolidated financial statements are presented in U.S. Dollars ( USD ), which is also the currency of the primary economic environment in which CMA CGM S.A. operates (the functional currency ). The functional currency of the shipping activities is U.S. Dollars. This means that, among other things, the carrying amounts of property, plant and equipment and intangible assets and, hence, depreciation and amortization are maintained in USD from the date of acquisition. For other activities, the functional currency is generally the local currency in the country in which such activities are performed. All values are rounded to the nearest million (USD 000,000) with a decimal unless otherwise indicated. Seasonality The Company experiences seasonality in its activity characterized by a recurring high level of demand in the summer-fall period. As a result of these seasonal fluctuations, the Company s cash flows from operations and revenue are not evenly distributed between quarters over the year. Interim condensed consolidated financial statements CMA CGM / 9

2.2 Change in accounting policies and new accounting policies The accounting policies adopted in the preparation of these interim condensed consolidated financial statements have been applied consistently with those described in the annual consolidated financial statements for the year ended December 31,, except as outlined in the paragraphs below. Adoption of new and amended IFRS and IFRIC interpretations from January 1, Amendments to IFRIC 21 The IASB issued IFRIC Interpretation 21 Levies, which clarifies the accounting for levies imposed by governments. The scope of the interpretation is broad and covers all levies, except outflows that are in the scope of IAS 12 Income Taxes and penalties for breaches of legislation. These amendments did not have a major impact on the Company s financial position and performance, and thus, the comparative information has not been restated. Amendments to IAS 19: Defined Benefit Plans: Employee Contributions The narrow scope amendments apply to contributions from employees or third parties to defined benefit plans. The objective of the amendments is to simplify the accounting for contributions that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary. These amendments did not have a major impact on the Company s financial position and performance. New IFRS and IFRIC interpretations effective for the financial year beginning on or after January 1,, not yet aproved by the european union and not early adopted IFRS 9: Financial instruments IFRS 14: Regulatory Deferral Accounts IFRS 15: Revenue from contracts with customers Amendments to IAS 1 : Disclosure initiatives Amendments to IFRS 11: Accounting for acquisition of interests in joint operations Amendments to IAS 16 and IAS 38: Clarification of acceptable methods of depreciation and amortization Amendments to IAS 27: Equity accounting in individual financial statements Amendments to IFRS 10 and IAS 28: Sales or contributions of assets between an investor and its associate or joint venture Amendments to IFRS 10, IFRS 12 and IAS 28: Investment Entities: Applying the Consolidation Exception 2.3 Significant accounting judgments, estimates and assumptions The preparation of financial statements requires the use of judgments, best estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. Although these interim condensed consolidated financial statements reflect management's best estimates based on information available at the time of the preparation of these financial statements, the outcome of transactions and actual situations could differ from those estimates due to changes in assumptions or economic conditions. The main sensitive accounting methods involving use of estimates and judgments have been described in the annual consolidated financial statements. CMA CGM / 10 Interim Condensed Consolidated Financial Statements

3. Significant events occurred during the period Shipping alliances Implementation of OCEAN THREE The operational implementation of OCEAN THREE occurred in January, through the successive departure of the first vessels under the new offering of services. Partnership with Hamburg Süd In February, the Group signed with Hamburg Süd, a German shipping company, a new partnership agreement to provide the market with competitive and innovative solutions, which is among the best in terms of coverage, frequency and transit time in North America and South. Terminal & Logistics development Closing Kingston On April 7, the Company signed an agreement with the Port Authority of Jamaica (Jamport) for a 30-year concession of Kingston Container Terminal. Kingston is a strategic location regarding the widening of the Panama Canal, expected to be completed in 2016, which will allow to deploy larger vessels up to 12,600 TEUs. As part of this agreement, the Company commited to pay a certain level of fixed and variable concession fees. Closing LCL On April 29,, the Company finalized its acquisition of 60% in the 25-years old company LCL Logistix, one of India s logistics leaders. The Company reinforces its position in India and will leverage on LCL Logistix s Indian network as well as its presence in Canada, in the United States and in East Africa to accelerate its development. The investment was made through CMA CGM Logistics France, the wholly owned subsidiary of the Group specialized in forwarding and logistics solutions. The preliminary goodwill related to this acquisition has been recorded and amounts to USD 7.6 million. Non controlling interests have been valued at their proportionate share in the recognized identifiable net assets. As part of the transaction, the Company entered into certain option agreements with non controlling interests allowing the Group to acquire their shares, and granted a put option to the non controlling interests. These options may be exercised in 3 to 5 years from acquisition date. The put option resulted in the recognition of a liability which is not disclosed as being not material at Group level. Vessel fleet and orderbook The deliveries of two 17,722 TEU vessels, as well as the orderbook update have been detailed in Note 12. New bond issue and early repayment of 2006 and 2011 Senior Notes In June, the Company issued Senior Notes for an amount of EUR 725 million. The characteristics of this bond issuance as well as the use of proceeds have been detailed in Note 19. Rating On May 12,, the international rating agency Moody s revised the Group s corporate credit rating upwards from B2 positive outlook to B1 stable outlook. On June, 17,, the same agency revised its outlook to positive. Interim condensed consolidated financial statements CMA CGM / 11

4. Operating segments For management purposes, the Group reports two operating segments: container shipping activity, which represented approximately 95% of revenue excluding inter-segment elimination during the six and threemonth period ended, and other activities. CMA CGM is organized as a worldwide container carrier, managing its customer base and fleet of vessels and containers on a global basis. Other activities include container terminal operations, logistics, and transport by rail, road and river. These segments do not result of an agregation of operating segments. Segment performance is evaluated by management based on the following measures: Revenue; EBIT ( Earnings Before Interests and Taxes ). EBIT corresponds to the line item Operating profit presented in the consolidated income statement. EBIT is a non-ifrs quantitative measure used to assist in the assessment of the Company's ability to drive its operating performance. The Company believes that the presentation of EBIT is a relevant aggregate to management for decision making purposes. EBIT is not defined in IFRS and should not be considered as an alternative to Profit / (Loss) for the six and three-month period ended or any other financial metric required by such accounting principles. However, in terms of segment reporting, management believes that EBIT is a more relevant aggregate to assess the segment performance as financial result and income tax are not alllocated to segments. The segment information for the reportable segments for the six and three-month period ended and is as follows: Revenue EBIT For the six-month period ended Container shipping segment 7,909.0 7,938.2 714.7 379.4 Other activities 403.6 380.9 16.3 11.1 Reconciling items & Eliminations (188.8) (177.9) 17.4 0.7 Total consolidated measures 8,123.8 8,141.2 748.4 391.2 Revenue EBIT For the three-month period ended Container shipping segment 3,988.2 4,094.5 298.8 196.8 Other activities 215.6 197.5 25.9 7.9 Reconciling items & Eliminations (93.0) (91.7) 0.8 (13.1) Total consolidated measures 4,110.8 4,200.3 325.5 191.6 Certain items are unallocated as management considers that they do not affect the recurring operating performance of the Group. Reconciling items impacting EBIT include (i) the impact of the disposal of property and equipment and subsidiaries (see Note 6) and (ii) other income and expenses (see Note 7). CMA CGM / 12 Interim Condensed Consolidated Financial Statements

5. Operating expenses Operating expenses are analyzed as follows: For the six-month period ended For the three-month period ended Bunkers and consumables (1,174.5) (1,760.1) (564.8) (891.3) Chartering and slots purchases (955.0) (879.4) (502.8) (452.4) Handling and stevedoring (1,992.4) (1,880.4) (1,029.8) (990.1) Inland and feeder transportation (929.2) (864.5) (489.1) (449.0) Port and canal (588.3) (567.3) (305.7) (292.5) Container rentals and other logistic expenses (634.4) (636.4) (318.2) (322.8) Employee benefits (586.7) (609.1) (299.3) (315.6) General and administrative other than employee benefits (304.0) (305.0) (162.8) (147.0) Additions to provisions, net of reversals and impairment of inventories and trade receivables (9.1) (6.6) 1.5 (4.2) Operating exchange gains / (losses), net 50.7 21.5 20.8 0.1 Other (106.8) (102.5) (56.3) (51.2) Operating expenses (7,229.7) (7,589.8) (3,706.5) (3,916.0) The decrease of operating expenses is mainly due to the decline in bunker prices, partly compensated by the effect of increased carried volumes. 6. Gains / (Losses) on disposal of property and equipment and subsidiaries Gains on disposal of property and equipment and subsidiaries consist of the following: For the six-month period ended For the three-month period ended Disposal of vessels - 2.5 - - Disposal of containers (0.3) 24.2 0.8 7.0 Other fixed assets disposal 0.2 - - - Gains / (losses) on disposal of property and equipment and subsidiaries (0.1) 26.7 0.8 7.0 There was no major disposal in the six-month period ended. In the six-month period ended, the Company sold certain containers through sale and operating lease back agreements which generated: an increase in cash and cash equivalents amounting to USD 144.4 million; a gain on disposal amounting to USD 24.2 million. Interim condensed consolidated financial statements CMA CGM / 13

7. Other income and expenses Other income and expenses can be analyzed as follows : For the six-month period ended For the three-month period ended Impairment of assets (0.1) (6.4) - (0.3) Other 17.6 (19.3) (0.1) (19.5) Other income and (expenses) 17.5 (25.7) (0.1) (19.8) 8. NPV benefits related to assets financed by tax leases As disclosed in Note 2 of the annual consolidated financial statements for the year ended December 31,, the Company benefits from leveraged tax leases in France, the United Kingdom, Taiwan and Singapore. When such agreements qualify as finance leases, the Company recognizes the cost of building vessels as property and equipment, and the net present value ( NPV ) of future lease payments as obligations under finance leases. Under leveraged tax leases, a tax benefit is passed on by the lessor either over the lease term through lower lease payments or at the end of the lease term through the recovery of a cash amount. In such cases, the Company recognizes the tax benefits as follows: When the Company receives the benefit through lower lease payments, its net present value is accounted for as deferred income within liabilities in the balance sheet (allocated between current and non-current portion depending on twelve month maturity). This benefit is then credited to the statement of income on a vessel by vessel basis over the tax financing period under the heading NPV benefit related to assets which range from 5 to 8 years. This income is presented within Operating profit as it is considered that this benefit is in effect a reduction of the operational running cost of the vessel; When the Company benefits from the tax advantage at the end of the lease term, a financial asset is recognized progressively within other financial assets over the tax financing period and the corresponding income is recorded under the heading NPV benefit related to assets. 9. Financial result The financial result is analyzed as follows: For the six-month period ended For the three-month period ended Interests expense on borrowings (139.5) (163.1) (74.3) (79.4) Interests income on cash and cash equivalents 12.4 16.6 6.3 7.6 Cost of borrowings net of interests income on cash and cash equivalents (127.1) (146.5) (68.0) (71.8) Financial cost related to debt restructuring - (0.5) - (0.2) Settlements and change in fair value of derivative instruments (16.5) (15.2) (8.7) (8.3) Foreign currency income and expense, net 40.8 - (24.3) (0.1) Other financial income and expense, net (30.9) 5.3 (45.4) 5.2 Other net financial items (6.6) (10.4) (78.4) (3.4) Financial Result (133.7) (156.9) (146.4) (75.2) CMA CGM / 14 Interim Condensed Consolidated Financial Statements

Settlements and change in fair value of derivative instruments reflect the impact, on the portfolio of derivative financial instruments, of the volatility of currencies and interest rates during the periods presented. Foreign currency income and expense is mainly composed of foreign currency exchange gain / (losses) on financial operations due to the translation of borrowings and financial instruments denominated in currencies different from USD (mainly transactions in euros). In the six-month period ended, the appreciation of the USD versus EUR rate resulted in significant exchange gains, though partly reduced in the three-month period ended. Other financial income and expense include, among others, USD 28.1 million of tender and call premiums and USD 11.8 million of past issuance costs being recognized as a consequence of the early repayment of Senior Notes issued in 2011 (see Note 19). 10. Income and deferred taxes Income taxes For the six-month period ended For the three-month period ended Current income taxes (36.6) (32.0) (18.7) (18.3) Deferred tax income / (expense) (4.5) 1.6 (0.1) 2.7 Income Taxes (41.1) (30.4) (18.7) (15.7) The current income tax expense for the six-month period ended includes USD (1.4) million related to prior year income tax (USD 0.4 million for the six-month period ended ). Deferred taxes Deferred taxes balances breakdown as follows: Deferred tax assets As at December 31, Investment tax credit 0.2 0.1 Tax losses carried forward 11.1 11.2 Retirement benefit obligations 15.4 14.9 Other temporary differences 7.0 8.0 Total deferred tax assets 33.7 34.2 Deferred tax liabilities As at December 31, Revaluation and depreciation of property and equipment 17.9 16.4 Undistributed profits from subsidiaries 29.5 28.7 Other temporary differences 13.0 7.9 Total deferred tax liabilities 60.4 53.0 Total net deferred tax assets / (liabilities) (26.7) (18.8) Net deferred tax at the begining of the period (18.8) (10.6) Changes through Profit & Loss (4.5) 1.6 Currency translation adjustment (1.3) - Acquisition of subsidiaries (2.1) - Net deferred tax at the end of the period (26.7) (9.0) Interim condensed consolidated financial statements CMA CGM / 15

Tax losses carried forward mainly relate to losses generated by the activities liable to corporate income tax in France. These tax losses are recognized only to the extent of the level of the corresponding deferred tax liability and the foreseeable taxable profit generated by these activities. Income tax impacts related to other comprehensive income are presented in the statement of comprehensive income. 11. Goodwill and other intangible assets Goodwill The carrying amount of goodwill has been allocated to the following operating segments and cash generating units based on the management structure: As at December 31, Beginning of the period 289.7 299.8 Goodwill from acquisitions of the period 7.6 - Impairment - (5.9) Foreign currency translation adjustment (2.2) (4.2) At the end of the period 295.1 289.7 of which: Allocated to container shipping segment 281.4 283.6 Allocated to other activities 13.7 6.1 There was no occurrence of any indication of impairment in the six-month period ended. Goodwill had been tested for impairment end of and no impairment charge had been recognized. The line item Goodwill from acquisitions of the period corresponds to the goodwill recognized as a result of the preliminary purchase price allocation realized on LCL acquisition (see Note 3). Other intangible assets Other intangible assets mainly correspond to the currently used information systems and to the new information system currently being developped. During the six-month period, the capitalized costs of the future system amounted to USD 27.0 million (USD 65.3 milions during the year ended December 31, ). CMA CGM / 16 Interim Condensed Consolidated Financial Statements

12. Property and equipment Property and equipment are analyzed as follows: As at December 31, Vessels Cost 7,876.0 7,498.0 Cumulated depreciation (1,658.1) (1,523.6) 6,217.9 5,974.4 Containers Cost 906.2 919.9 Cumulated depreciation (385.3) (375.0) 520.9 544.9 Lands and buildings Cost 639.6 672.1 Cumulated depreciation (134.9) (131.9) 504.7 540.2 Other properties and equipments Cost 285.5 282.4 Cumulated depreciation (173.1) (171.6) 112.4 110.8 Total Cost 9,707.3 9,372.4 Cumulated depreciation (2,351.4) (2,202.1) Property and equipment 7,355.9 7,170.3, assets held under capital leases, tax lease agreements and other similar arrangements included in the above table represented a cost of USD 2,401.0 million (USD 2,418.6 million as at December 31, ) and a cumulated depreciation of USD 458.1 million (USD 423.1 million as at December 31, ). Variations in the cost of property and equipment for the six-month period ended and the year ended December 31, are analyzed as follows: Cost of Property and equipment Vessels Containers Lands and Other Total buildings properties and Owned Leased In-progress equipments As at January 1, 4,632.0 2,584.8 181.0 998.3 739.5 295.4 9,431.0 Acquisitions 23.2 2.1 116.5 147.8 1.4 26.2 317.2 Acquisitions of subsidiaries - - - - 1.1 4.0 5.1 Disposals (21.2) (0.1) - (224.9) (0.1) (13.6) (259.9) Reclassification 5.2 - (5.2) - - - - Reclassification to assets held-for-sale (5.9) - - - - - (5.9) Exercise of purchase option 411.4 (411.4) - - - - - Foreign currency translation adjustment (2.7) (11.7) - (1.3) (69.8) (29.6) (115.1) As at December 31, 5,042.0 2,163.7 292.3 919.9 672.1 282.4 9,372.4 Acquisitions 192.0 2.6 187.2 7.3 0.3 8.3 397.7 Acquisitions of subsidiaries - - - - 16.9 5.1 22.0 Disposals (0.5) - - (20.7) - (1.7) (22.9) Reclassification - - - - (5.0) 5.0 - Vessels put into service and exercise of purchase option 131.7 - (131.7) - - - - Foreign currency translation adjustment (2.0) (0.9) - (0.5) (44.7) (13.6) (61.7) 5,363.2 2,165.0 347.8 906.2 639.6 285.5 9,707.3 the Company operates 80 vessels owned or under finance lease or equivalent agreements (79 as at December 31, ). In, the line item vessels put into service and exercise of purchase option corresponds to the delivery of CMA CGM Kerguelen and Georg Forster (see below). In, the line item exercise of purchase option is linked to the transfer from leased to owned vessels of the cost of three vessels for USD 411.4 million following the exercise of the purchase option included in the related finance lease. Interim condensed consolidated financial statements CMA CGM / 17

Borrowing costs capitalized in the six-month period ended amounted to USD 8.7 million (USD 11.9 million for the year ended December 31, ). Acquisition of property and equipment Purchases of property and equipment amounted to USD 397.7 million for the six-month period ended (USD 317.2 million for the year ended December 31, ), none of which being financed through capital leases or similar arrangements (USD 2.1 million for the year ended December 31, ). The reconciliation of these acquisitions with the CAPEX presented in the statement of cash-flows, under the heading Purchase of property and equipment can be presented as follows : Acquisition of assets presented in the above table USD 397.7 million (-) Non cash impact of the delivery of the Kerguelen (payment made by bank) USD (181.9) million (=) CAPEX in the cash flow statement : USD 215.8 million Variations in the accumulated depreciation for the six-month period ended and the year ended December 31, are analyzed as follows: Depreciation of Property and equipment Vessels Owned Leased In-progress Containers Lands and buildings Other properties and equipments Total As at January 1, (953.7) (323.6) - (393.2) (119.1) (176.0) (1,965.6) Depreciation (185.5) (82.6) - (45.2) (22.9) (21.6) (357.8) Acquisitions of subsidiaries - - - - (0.8) (1.9) (2.7) Disposals 16.8 - - 63.0-12.6 92.4 Impairment (6.0) - - - - - (6.0) Reclassification to assets held-for-sale 5.4 - - - - - 5.4 Exercise of purchase option (72.1) 72.1 - - - - - Foreign currency translation adjustment 0.9 4.7-0.4 10.9 15.3 32.2 As at December 31, (1,194.2) (329.4) - (375.0) (131.9) (171.6) (2,202.1) Depreciation (96.7) (39.1) - (22.3) (9.8) (11.5) (179.4) Acquisitions of subsidiaries - - - - - (0.2) (0.2) Disposals 0.5 - - 11.8-1.6 13.9 Foreign currency translation adjustment 0.8 0.2-0.2 7.0 8.6 16.8 (1,289.6) (368.5) - (385.3) (134.9) (173.1) (2,351.4) Including intangible assets, the total depreciation for the six-month period ended amounts to USD 199.1 million (USD 401.1 million for the year ended December 31, ). The net book value of property and equipment at the opening and closing of each period presented are analyzed as follows: Net book value of Property and equipment Vessels Owned Leased In-progress Containers Lands and buildings Other properties and equipments Total 4,073.6 1,796.5 347.8 520.9 504.7 112.4 7,355.9 As at December 31, 3,847.8 1,834.3 292.3 544.9 540.2 110.8 7,170.3 As at January 1, 3,678.3 2,261.2 181.0 605.1 620.4 119.4 7,465.4 The net book value of the containers as at includes USD 112.6 million related to containers under finance leases (USD 124.3 million as at December 31, ). Group fleet development Prepayments made to shipyards relating to vessels under construction are presented within Vessels and amount to USD 347.8 million as at (USD 292.3 million as at December 31, ). Delivery of Kerguelen and Georg Forster As at March 31, and June 2,, respectively, the Group received the largest vessels of its current owned fleet, two 17,722 TEU containerships named CMA CGM Kerguelen and CMA CGM Georg Forster. These vessels CMA CGM / 18 Interim Condensed Consolidated Financial Statements

join the fleet linking Europe to Asia. The delivery of the vessels has been financed through the drawdown of a secured debt for an amount of USD 110.9 million per vessel, resulting in no major cash impact for the Group. Financing of ICE CLASS On March 30,, the Group signed a 12-year financing arrangement in relation to the construction of three 2,500 TEU vessels for a total amount of USD 76.6 million. Such financing, which is not drawn to date, will cover most of the remaining payments due to the shipyards in relation to these vessels. Ordering of three 20,600 TEU vessels On April 2,, the Company signed a settlement agreement with a shipyard, by which the parties have agreed (i) to settle all their disputes arising out of certain shipbuilding contracts entered into on 2007 and 2008 and consider that the settlement achieved is in the mutual interests of the parties (see Note 15), and (ii) to formalize a new order of three 20,600 TEU vessels to be delivered in 2017. The financing of this order is currently in progress. The prepayments paid in the period amounted to USD 84.3 million.µ Ordering of six 14,000 TEU vessels On May 29,, the Company ordered six 14,000 TEU containerships to be delivered between end 2016 and 2017. The Company is currently seeking for exernal financings, which could result for certain of these vessels to be chartered under long-term bareboat agreements. The prepayments paid in the period amounted to USD 67.0 million. As a result of the above, as at, the Company has 16 vessels in its orderbook, corresponding to one 17,700 TEU vessel, three 2,100 TEU vessels, three 2,500 TEU vessels, three 20,600 TEU vessels and six 14,000 TEU vessels (depending on their financing conditions, some of these last 6 vessels may be reclassified out of the statement of financial position). 13. Investments in associates and joint ventures Investments in associates and joint ventures are presented as follows: As at December 31, Beginning of the period 686.1 722.7 Transfer of carrying value of newly controlled entities - (5.8) New investments in associates and joint ventures 0.4 7.1 Disposal - (0.8) Share of (loss) / profit 11.6 5.7 Dividend paid or payable to the Company (12.2) (20.3) Other comprehensive income / (expense) 0.2 (1.1) Reclassification from / to other items (0.9) 1.1 Foreign currency translation adjustment (9.6) (22.5) At the end of the period 675.6 686.1 The line item share of (loss) / profit corresponds to the Company s share in the profit or loss of its associates and joint ventures. The significant judgements and assumptions made in determining the nature of interests in significant associates and joint ventures, as well as the additional disclosures required under IFRS 12 have been presented in the annual consolidated financial statements. Interim condensed consolidated financial statements CMA CGM / 19

The main contributors to investments in associates and joint ventures are (i) Terminal Link Group for USD 411.8 million (USD 421.0 million as at December 31, ) and (ii) Global Ship Lease for USD 203.4 million (USD 201.5 million as at December 31, ). 14. Derivative financial instruments Derivative financial instruments are analyzed as follows: Assets Liabilities Assets Liabilities Interest swaps - cash flow hedge - 73.8-81.0 Interest swaps - not qualifying to hedge accounting 5.2 5.3 6.8 7.1 Currency forward contracts - - 0.1 - Total derivative financial instruments 5.2 79.1 6.9 88.1 of which non-current portion (greater than 1 year) 3.1 51.3 3.0 55.2 of which current portion (less than 1 year) 2.1 27.8 3.9 32.9 15. Other non-current financial assets Other non-current financial assets are analyzed as follows: As at December 31, As at December 31, Investments in non consolidated companies Gross 83.8 82.8 Impairment (6.0) (6.0) 77.8 76.8 Loans Gross 106.0 111.2 Impairment (54.5) (59.4) 51.5 51.8 Deposits Gross 334.8 319.7 Impairment - - 334.8 319.7 Receivable from associates Gross 14.1 16.3 Impairment (3.0) - 11.1 16.3 Other financial assets Gross 201.6 361.4 Impairment (0.1) (168.7) 201.5 192.7 Total other non-current financial assets Gross 740.3 891.4 Impairment (63.6) (234.1) Total other non-current financial assets, net 676.7 657.3 Change in loans and deposits is presented within Variation in other financial assets in the consolidated statement of cash flows. Investments in non consolidated companies This line item mainly consists of shares in Rotterdam World Gateway BV for USD 47.3 million in which the Company has a 10% shareholding as well as other entities individually not significant. CMA CGM / 20 Interim Condensed Consolidated Financial Statements

Loans Loans mainly relates to funds borrowed by certain terminal joint venture. Deposits Included in Deposits are mainly: USD 140.7 million as at (USD 143.9 million as at December 31, ) of cash deposited in escrow accounts in relation to certain loan-to-value provisions in financing agreements; and USD 120.5 million as at (USD 105.3 million as at December 31, ) of cash deposits which do not qualify as cash and cash equivalents. Other financial assets, Other financial assets mainly include USD 188.0 million (USD 178.8 million as at December 31, ) of financial tax benefit to be received at the maturity of the tax financing period (see Note 8). As at December 31,, Other financial assets also included the prepayments paid and other capitalized costs related to vessel orders cancelled for a total amount of USD 168.1 million. The full amount of such prepayments was impaired. Following a settlement agreement with the shipyard, such prepayment and related impairment have been reversed in the six-month period ended (see Note 12). 16. Working Capital The working capital can be analyzed as follows: As at December 31, Cash variations Currency translation adjustment Others Inventories 384.4 (49.6) (1.1) 0.1 333.8 Trade and accounts receivable (*) 2,398.3 (65.8) (76.5) 27.1 2,283.1 Trade and other payables (**) (2,748.2) (201.2) 54.4 (14.1) (2,909.1) Net working capital 34.5 (316.6) (23.2) 13.1 (292.2) (*) including current income tax asset (**) including current income tax liability Trade and other receivables are analyzed as follows: As at December 31, Trade receivables 1,847.1 1,958.7 Less impairment of trade receivables (83.6) (82.9) Trade receivables net 1,763.5 1,875.8 Prepayments 61.0 77.1 Other receivables, net 343.8 344.3 Employee, social and tax receivables 114.8 101.1 Trade and other receivables (*) 2,283.1 2,398.3 (*) including current income tax asset Interim condensed consolidated financial statements CMA CGM / 21

Trade and other payables are analyzed as follows: As at December 31, Trade payables 1,112.2 1,043.2 Employee, social and tax payables 185.9 194.1 Other payables (mainly accruals for port call expenses, transportation costs, handling services) 1,611.0 1,510.9 Trade and other payables (*) 2,909.1 2,748.2 (*) including current income tax liability Other payables include an amount payable in euros of USD 44.9 million owed to Merit Corporation, a related party (USD 49.2 million as at December 31, ). This payable bears interest at 7% per annum and mainly corresponds to dividends declared by the Company in 2007 and 2008 but which have not been paid yet. Prepaid expenses and deferred income Prepaid expenses, which include voyages in progress at balance sheet date, amount to USD 293.4 million as at (USD 249.4 million as at December 31, ). Current deferred income which mainly includes the same voyages in progress, amounts to USD 463.8 million as at (USD 644.0 million as at December 31, ). 17. Securities and other current financial assets Securities and other current financial assets as at include securities at fair value for an amount of USD 15.5 million (USD 13.4 million as at December 31, ) and other current financial assets for an amount of USD 77.2 million (USD 63.7 million as at December 31, ). 18. Cash and cash equivalents As at December 31, Cash on hand 1,377.7 921.0 Short term deposits 1,044.1 1,253.7 Restricted cash 8.2 11.8 Net cash and cash equivalents as per balance sheet 2,430.0 2,186.5 Bank overdrafts (9.1) (444.8) Net cash and cash equivalents as per cash flow statement 2,420.9 1,741.7 Restricted cash includes margin calls related to the Company's derivative financial instruments amounting to USD 2.2 million as at (USD 3.0 million as at December 31, ). These amounts are called periodically by financial counterparts in accordance with the Company's standard International Swaps and Derivatives Association (ISDA) agreements. Due to the new bond issue and the fact that the early repayment of 2011 unsecured Notes has been finalized early July, the Company s cash position as at is inflated by USD 534.1 million (see Notes 19 and 23). CMA CGM / 22 Interim Condensed Consolidated Financial Statements

19. Borrowings Borrowings are presented below and include bank overdrafts, long-term bank borrowings, finance leases and similar arrangements and have the following maturities: Reimbursement date : 2016 2017 2018 2019 2020 Onwards Senior notes 1,652.0 529.8 (5.9) (6.4) 330.6 (3.5) 807.4 Bonds redeemable in shares 225.7 65.8 73.9 47.0 14.5 15.9 8.6 Bank borrowings 1,795.7 345.6 236.2 273.5 216.1 140.7 583.6 Obligations under finance leases 837.8 105.4 125.3 99.4 95.1 92.3 320.3 Bank overdrafts 9.1 9.1 - - - - - Securitization program 846.5 (1.8) (1.9) 850.2 - - - Other borrowings 82.9 45.9 2.3 1.7 28.2 0.8 4.0 Total 5,449.7 1,099.8 429.9 1,265.4 684.5 246.2 1,723.9 Variations in borrowings can be analyzed as follows: Senior notes Bonds redeemable in shares Bank borrowings Obligations under finance leases Bank overdrafts Securitization program Other borrowings Total Balance as at January 1, 1,163.2 259.3 1,813.7 898.0 444.8 845.2 55.9 5,480.1 Proceeds from new borrowings 790.8-187.0 - - 20.0 0.3 998.2 Repayment of financial borrowings, net of proceeds from refinancing (279.3) (30.5) (185.0) (60.8) - - (3.5) (559.1) Other decrease in borrowings - - - 0.2 (445.7) - - (445.5) Accrued interests and fees amortization 31.4 (3.1) 2.4 6.3-0.9 3.7 41.6 Acquisition (disposal) of subsidiaries - - 4.5-10.4-27.1 42.0 Foreign currency translation adjustments (54.1) - (26.9) (5.9) (0.4) (19.6) (0.6) (107.5) Balance as at 1,652.0 225.7 1,795.7 837.8 9.1 846.5 82.9 5,449.7 Borrowings relate to the following assets and their respective average interest rates are as follows: Senior notes Bonds redeemable in shares Bank borrowings Obligations under finance leases Other borrowings, securitization and overdrafts Average Interest rate before hedging and amortized cost Vessels - - 1,403.3 749.7-4.80% Containers - - 111.1 50.0-4.76% Land and buildings - - 170.3 6.5-1.25% Handling - - - 5.8-4.46% Other tangible assets - - 86.3 25.8-4.92% General corporate purposes 1,652.0 225.7 24.7-938.5 6.44% Total 1,652.0 225.7 1,795.7 837.8 938.5 New bond issue and early repayment of Notes Issuance of EUR unsecured Bond and early repayment of 2011 Senior Notes On June 8,, the Company issued a 5.5-year unsecured bond amounting to EUR 550.0 million, maturing in January 2021 and bearing a 7.75% coupon. The cash received by the Company amounted to USD 596.6 million at transaction date, net of issuance premium and costs. On June 12,, the Company issued additional Notes amounting to EUR 175.0 million, with similar characteristics. The cash received by the Company amounted to USD 194.2 million at transaction date, net of issuance premium and costs. Together with available cash, the proceeds were used to early repay USD & EUR unsecured Notes issued in 2011 and due in 2017 for USD Notes and 2019 for EUR Notes. Some of the 2011 Notes were repurchased through a tender offer on June 8, for an amount of USD 196.6 million and the remaining Notes have been repurchased early July for an amount of USD 534.1 million through a call exercise. Interim condensed consolidated financial statements CMA CGM / 23