Statement by Michael Behrendt

Statement by Michael Behrendt at the Press Conference on Sept. 7th 2004

Ladies and Gentlemen, I too want to welcome you to Hapag-Lloyd. We are in total agreement with the TUI Executive Board in our estimation of the IPO market. Currently, the emission value generated from an initial public offering would not reflect the Company’s value. The success of Hapag-Lloyd is not however dependant on a stock exchange flotation.

We are pleased that shipping will be an inherent part of the TUI Group in the future. I greatly welcome this future role in the TUI Group, which is also documented by my appointment to the divisional executive board. Michael Frenzel’s clear statement, that a sale is not intended, neither as a whole nor in parts, should now remove all speculation from the market.

Ladies and Gentlemen, global container traffic is a future-oriented growth market, in which Hapag-Lloyd holds a leading position. Global container traffic will grow this year by approximately 9 % to 73 million TEU. In the first half of 2004 Hapag-Lloyd was able to increase the volume transported by 18.8 % achieving a volume of 1.2 million TEU. Once again we have grown faster than the market.

After already having achieved an excellent result for our field in 2003, we are confident, of once again exceeding this result in 2004. For the first half of fiscal 2004, the operating profit is €104 million, 62.5 % above the previous year’s level.

Ladies and gentlemen, Global Insight, a renowned US marketing institute, forecasts an annual growth rate in global container traffic of between 5 and 8 % till 2010. There is hardly another field, with such consistently high growth rates.

We want to continue growing, primarily organically, but we do not exclude acquisitions, so long as they do not impair our profitability. Growth for growth’s sake, was never our motto. We have already set course for further expansion: Between 2005 and 2007 we shall integrate seven newbuildings into the fleet, all of them having a capacity in excess of 8,000 TEU.

Ladies and gentlemen, we are excellently positioned for the future.

Thank you for your attention.