Agreement between CMA CGM and YILDIRIM

Following its meeting under the chairmanship of Jacques R. Saade, the Board of Directors of CMA CGM announced today that a final agreement has been reached between CMA CGM shareholders and YILDIRIM Group of Turkey. The agreement enables CMA CGM to strengthen its equity base and secure the financing of its investment plan.

Under its terms, YILDIRIM Group will invest $500 million in CMA CGM by acquiring five-year ORA equity notes giving access to 20% of CMA CGM share capital. YILDIRIM Group will also be given three seats on the 10-member Board of Directors. The historic family shareholder will retain a majority interest with 80% of outstanding shares and voting rights.

This alliance with YILDIRIM Group will enable us to strengthen CMA CGM balance sheet, said Jacques R. Saade, Chairman of the Board of Directors of CMA CGM. We have taken the time to choose the right partner, who shares our values and vision of CMA CGM future.

The arrival of a new investor will provide our Group with additional resources to support and step up its growth and represents a major milestone in our history. The agreement comes in a favourable environment for the Group. Indeed, for the first nine months of 2010, revenue totalled $10.5 billion, up 38% over the prior-year period, while freight volumes rose by nearly 18% year-on-year to 6.8 million TEU. The Group achieved an operating margin (EBITDA) for the period of 18.5%, one of the best performances of its sector.<Korea Shipping Gazette>