PROSPECTUS - Hapag-Lloyd · (“Credit Suisse”), HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, 40212 Düsseldorf, Germany (“HSBC”), UniCredit Bank AG, Arabellastraße 14,

PROSPECTUS

for the public offering

of

11,503,197 newly issued ordinary registered shares from a capital increase against cash contributionto be resolved by the management board with approval of the supervisory board of the Company,

and of

2,300,639 ordinary registered shares from the holdings of the Lending Shareholder, subject to the exercise of asecondary shares placement option upon joint decision of the Company and the Lending Shareholder in

consultation with the Joint Global Coordinators on the date of pricing

and of

1,917,199 ordinary registered shares from the holdings of the Lending Shareholder to cover potential Over-Allotments

and at the same time

for the admission to trading on the regulated market segment (regulierter Markt) of the Frankfurt StockExchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment of the regulated

market with additional post-admission obligations (Prime Standard) of the Frankfurt Stock Exchange,and on the regulated market of the Hamburg Stock Exchange

of

104,882,240 ordinary registered shares (existing share capital)

and of

up to 11,503,197 newly issued ordinary registered shares from a capital increase against cash contributionto be resolved by the management board with approval of the supervisory board of the Company

– each such share with no par value, a notional value of €1.00 and full dividend rights as fromJanuary 1, 2015 –

of

Hapag-Lloyd AktiengesellschaftHamburg, Germany,

Price Range: €23.00 to €29.00

International Securities Identification Number (ISIN): DE000HLAG475German Securities Code (Wertpapierkennnummer) (WKN): HLAG47

Common Code: 129212390Trading Symbol: HLAG

Joint Global Coordinators and Joint Bookrunners

Berenberg Deutsche Bank Goldman SachsInternationalJoint Bookrunners

Citigroup Credit Suisse HSBC UniCredit Bank AG

Co-Lead Managers

DZ BANK ING M.M.Warburg & CO

The date of this prospectus is October 14, 2015

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1. SUMMARY OF THE PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12. GERMAN TRANSLATION OF THE SUMMARY OF THE PROSPECTUS

(ZUSAMMENFASSUNG DES PROSPEKTS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 353. RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 753.1 Risks Relating to Our Business and Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 753.2 Risks Relating to Our Financial Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993.3 Risks Relating to the Offering, the Shares and Our Shareholder Structure . . . . . . . . . . . . . . . . . . . . . 1024. GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1054.1 Responsibility Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1054.2 Purpose of this Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1054.3 Forward-looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1064.4 Appraiser/Valuation Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1084.5 Sources of Market Data/Third Party Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1084.6 Documents Available for Inspection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1104.7 Currency Presentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1114.8 Presentation of Certain Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1115. THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1145.1 Subject Matter of the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1145.2 Existing Shareholders, Lending Shareholder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1155.3 Price Range, Offer Period, Number of Offered Shares, Offer Price and Allotment . . . . . . . . . . . . . . 1155.4 Cornerstone Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1165.5 Currency of the Securities Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1175.6 Expected Timetable for the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1175.7 Information on the Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1185.8 Transferability of the Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1185.9 Allotment Criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1195.10 Preferential Allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1195.11 Stabilization Measures, Over-Allotments and Greenshoe-Option . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1195.12 Market Protection Agreement, Limitations on Disposal (Lock-up Agreements) . . . . . . . . . . . . . . . . 1205.13 Admission to the Frankfurt Stock Exchange and the Hamburg Stock Exchange and

Commencement of Trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1215.14 Designated Sponsors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1215.15 Interests of the Parties Participating in the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1216. REASONS FOR THE OFFERING, USE OF PROCEEDS AND COST OF THE

OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1226.1 Proceeds and Costs of the Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1226.2 Reasons for the Offering and Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1227. DIVIDEND POLICY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1247.1 General Provisions Relating to Profit Allocation and Dividend Payments . . . . . . . . . . . . . . . . . . . . . 1247.2 Earnings and Dividend Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1258. CAPITALIZATION AND INDEBTEDNESS; STATEMENT ON WORKING CAPITAL . . . 1268.1 Capitalization and Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1268.2 Capitalization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1268.3 Net Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1278.4 Off-Balance Sheet Arrangements and Contingent Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1278.5 Statement of Working Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1279. DILUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12810. SELECTED FINANCIAL AND OTHER INFORMATION OF OUR GROUP . . . . . . . . . . . . . 12911. SELECTED FINANCIAL INFORMATION FROM THE HISTORICAL COMBINED

FINANCIAL STATEMENTS OF CSAV GERMANY CONTAINER GMBH . . . . . . . . . . . . . . 13412. PRO FORMA FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13912.1 Pro Forma Consolidated Income Statement for the Year Ended December 31, 2014 . . . . . . . . . . . . 14012.2 Notes to the Pro Forma Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14012.3 Notes to the Pro Forma Consolidated Income Statement and additional Information . . . . . . . . . . . . 14212.4 Auditor’s Report to the Pro Forma Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS ANDRESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146

13.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14613.2 Factors Affecting Our Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14713.3 Factors Affecting the Comparability of Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15413.4 Explanation of Profit and Loss Statement Items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15513.5 Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15713.6 Comparison of the six months ended June 30, 2015 and 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15713.7 Comparison of the Financial Years ended December 31, 2014 and 2013 . . . . . . . . . . . . . . . . . . . . . 16213.8 Comparison of the Financial Years Ended December 31, 2013 and 2012 . . . . . . . . . . . . . . . . . . . . 16613.9 Liquidity and Capital Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17013.10 Capital Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17313.11 Contractual Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17513.12 Off-Balance Sheet Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17513.13 Equity, Pension Obligations and Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17513.14 Quantitative and Qualitative Disclosure about Market Risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17713.15 Critical Accounting Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18113.16 Recently Adopted Accounting Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18213.17 Information from the CCS Historical Combined Financial Statements of CSAV Germany

Container GmbH for the years ended December 31, 2014 and 2013 . . . . . . . . . . . . . . . . . . . . . . . . 18413.18 Information from the Unconsolidated Financial Statements of Hapag-Lloyd AG Prepared

According to HGB for the Financial Year Ended December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . 18414. MARKETS AND COMPETITIVE ENVIRONMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18614.1 Globalization as a driver for containerization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18614.2 Container shipping volumes grew faster than GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18714.3 Container Shipping Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18814.4 Steady growth of supply of transport capacity with increasing focus on capacity management . . . . 18914.5 Development of the capacity of the global container ship fleet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18914.6 Trend towards larger vessels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19014.7 Order book by vessel size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19114.8 Global fleet by vessel size 2012-2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19114.9 Cost trends and freight rate development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19114.10 Imbalances of the transported volume on the main trades differ on dominant and non-dominant

leg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19314.11 Inter-carrier Cooperation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19314.12 Industry Consolidation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19514.13 Chartering . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19714.14 The Panama Canal expansion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19715. OUR BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19815.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19815.2 Our Strengths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19915.3 Our Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20315.4 Our History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20615.5 Our Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20715.6 Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20915.7 Alliances and Cooperation Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21415.8 Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21515.9 Business Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21715.10 Sales and Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21815.11 Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21815.12 Competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21915.13 Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21915.14 Quality, Environmental Matters and Safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22015.15 Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22115.16 Intellectual Property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22215.17 Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22215.18 Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22215.19 Legal and Tax Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

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MATERIAL CONTRACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22416.1 Overview of our Financing Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22416.2 Hapag-Lloyd AG’s Financing Arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24016.3 G6 Alliance’s Operating Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29417. REGULATORY ENVIRONMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29517.1 Permits, Licenses and Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29517.2 Maritime Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29517.3 Security and Safety Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29617.4 United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29917.5 European Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30017.6 Environmental Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30118. PRINCIPAL EXISTING SHAREHOLDERS AND LENDING SHAREHOLDER . . . . . . . . . . 30818.1 Shareholder Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30818.2 Shareholders’ Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31019. GENERAL INFORMATION ON THE COMPANY AND THE GROUP . . . . . . . . . . . . . . . . . 31219.1 Corporate History, Name, Registered Office, Financial Year and Duration of the Company . . . . . . 31219.2 Corporate Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31219.3 Group Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31319.4 Significant Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31419.5 Statutory Auditor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31419.6 Notices and Paying Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31420. DESCRIPTION OF SHARE CAPITAL AND APPLICABLE REGULATIONS . . . . . . . . . . . 31520.1 Current Share Capital of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31520.2 Share Capital of the Company and Development of Share Capital since the Company’s

incorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31520.3 Authorized Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31520.4 General Provisions Relating to Liquidation of the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31620.5 General Provisions Relating to Increases or Decreases in the Share Capital . . . . . . . . . . . . . . . . . . . 31620.6 General Provisions Relating to Subscription Rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31620.7 Exclusion of Minority Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31720.8 Shareholder Notification Requirements; Mandatory Takeover Bids; Directors’ Dealings . . . . . . . . . 31721. DESCRIPTION OF THE GOVERNING BODIES OF HAPAG-LLOYD AG . . . . . . . . . . . . . . 32021.1 Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32021.2 Management Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32121.3 Supervisory Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32421.4 Certain Information Regarding the Members of the Management Board and Supervisory Board . . . 33321.5 General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33321.6 Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33522. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS . . . . . . . . . . . . . . 33623. UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33823.1 Commission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33923.2 Greenshoe-Option and Securities Loan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33923.3 Termination/Indemnification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33923.4 Selling restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34024. TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34224.1 Taxation in the Federal Republic of Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34224.2 Taxation in the Grand Duchy of Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34925. FINANCIAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-126. VALUATION REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . V-127. GLOSSARY OF SELECTED TERMS USED IN THIS PROSPECTUS . . . . . . . . . . . . . . . . . . G-128. RECENT DEVELOPMENTS AND OUTLOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . O-129. SIGNATURE PAGE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-1

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1. SUMMARY OF THE PROSPECTUS

Summaries are made up of disclosure requirements known as elements (“Elements”). TheseElements are numbered in Sections A - E (A.1 - E.7). This summary contains all the Elements requiredto be included in a summary for this type of securities and issuer. Because some Elements are notrequired to be addressed, there may be gaps in the numbering sequence of the Elements. Even thoughan Element may be required to be inserted in the summary because of the type of securities and issuer,it is possible that no relevant information can be given regarding the Element. In this case, thesummary includes a short description of the Element with the words “not applicable”.

A – Introduction and Warnings

A.1 Warnings. This summary should be read as an introduction to thisprospectus. Any decision to invest in the shares of the Company(as defined below) should be based on consideration of theprospectus as a whole by the investor.

If any claims are asserted before a court of law based on theinformation contained in this prospectus, the investor appearing asplaintiff may have to bear the costs of translating the prospectusprior to the commencement of the court proceedings pursuant tothe national legislation of the member states of the EuropeanEconomic Area.

With regard to the contents of this summary including a possibletranslation thereof, civil liability attaches to the persons who haveassumed responsibility for the contents of this summary or whohave arranged for the issuance (von denen der Erlass ausgeht),but only if the summary is misleading, inaccurate or inconsistentwhen read together with the other parts of this prospectus or if itdoes not provide, when read together with the other parts of thisprospectus, all necessary key information.

Hapag-Lloyd Aktiengesellschaft, Hamburg, Federal Republic ofGermany (“Germany”) (the “Company” or “Hapag-Lloyd AG”and, together with its consolidated subsidiaries, “we”, “us”,“our”, the “Group”, the “Hapag-Lloyd Group” or “Hapag-Lloyd”), together with Joh. Berenberg, Gossler & Co. KG,Hamburg, Germany (“Berenberg”), Deutsche BankAktiengesellschaft, Frankfurt am Main, Germany (“DeutscheBank”), and Goldman Sachs International, London, UnitedKingdom (“Goldman Sachs” and, together with Berenberg undDeutsche Bank, the “Joint Global Coordinators”), CitigroupGlobal Markets Limited, 33 Canada Square, London E14 5 LB,United Kingdom (“Citigroup”), Credit Suisse Securities (Europe)Limited, One Cabot Square, E14 4QJ London, United Kingdom(“Credit Suisse”), HSBC Trinkaus & Burkhardt AG, Königsallee21/23, 40212 Düsseldorf, Germany (“HSBC”), UniCredit BankAG, Arabellastraße 14, 81925 Munich, Germany (“UniCreditBank AG”, and, together with Citigroup, Credit Suisse, HSBCand the Joint Global Coordinators, the “Joint Bookrunners”) andING Bank N.V., Bijlmerplein 888, 1102 MG Amsterdam, TheNetherlands (“ING”), DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Platz der Republik,60265 Frankfurt am Main, Germany (“DZ BANK”) andM.M.Warburg & CO (AG & Co.) KGaA, Ferdinandstraße 75,20095 Hamburg, Germany (“M.M.Warburg”); together, the“Co-Lead Managers” and, together with the Joint Bookrunners,the “Underwriters”), assume responsibility for the content of this

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summary, including possible translations thereof, pursuant toSection 5 (2b) no. 4 of the German Securities Prospectus Act(Wertpapierprospektgesetz).

A.2 Information regarding thesubsequent use of theprospectus.

Not applicable. Consent regarding the use of the prospectus for asubsequent resale or placement of the Company’s shares has notbeen granted.

B – Issuer

B.1 Legal and commercialname.

The Company’s legal name is Hapag-Lloyd Aktiengesellschaft.

The Company is the parent company of the Hapag-Lloyd Groupand its business is primarily conducted under the commercialname “Hapag-Lloyd.”

B.2 Domicile, legal form,legislation under whichthe issuer operates,country of incorporation.

The Company has its registered office at Ballindamm 25, 20095Hamburg, Germany, and is registered with the commercialregister maintained by the local court (Amtsgericht) of Hamburg,Germany, under HRB 97937. The Company is a German stockcorporation incorporated in Germany and governed by Germanlaw.

B.3 Current operations andprincipal businessactivities and principalmarkets in which theissuer competes.

We are a leading global container liner shipping company.Measured by the capacity of our fleet, we are the largest containershipping line based in Germany and one of the largest in theworld (source: MDS Transmodal, September 2015). We offer ourcustomers a comprehensive range of services through an extensivenetwork with 128 liner services worldwide, combined with thesupport of strong local presences with around 349 sales offices(including agents) in 116 countries as of June 30, 2015. We offerboth complete worldwide door-to-door container shipmentservices and port-to-port services, as well as a variety of possiblecombinations which are tailored to meet our customers’ transportservice requirements.

We maintain a well-balanced portfolio of trades distributed amongour main markets. We have a strong presence in the high-volumeFar East trade (Europe-Asia) as well as the Atlantic (Europe-North America) and Transpacific (Asia-North America) trades.With the acquisition of the container shipping activities of theChilean shipping company Compañía Sud Americana de Vapores(“CSAV”) in December 2014 (including, among others, therelated container vessel financings and certain corporatefinancings) (together, the “CCS Activities”) (the “BusinessCombination”), we have especially strengthened our marketposition in the Latin America trade and in the Atlantic trade,where we intend to seize opportunities for further profitablegrowth. The acquisition not only significantly enhanced ourglobal reach and the network we are able to offer to ourcustomers, but also enables us to harness extensive synergies. Inaddition, the EMAO (Europe-Mediterranean-African-Oceania)trade as well as the Intra-Asia trade contribute to our overalltransport volume.

Our extended service network ensures that we are well positionedto benefit from an increase in trade flows around the globe. Wehave a strong position both in the high-volume East-West trades,which accounted for 56% of our total transport volume in the sixmonths ended June 30, 2015, as well as in the North-South trades,

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which accounted for 44% of our total transport volume in thesix months ended June 30, 2015. In the financial year 2014 and inthe six months ended June 30, 2015, these trades contributed toour total transport volumes as follows: Latin America (19.6% and30.9%, respectively), Atlantic (24.5% and 20.8%, respectively),Far East (19.2% and 17.7%, respectively), Transpacific (22.3%and 18.3%, respectively), Intra-Asia (8.3% and 7.5%,respectively) and EMAO (6.1% and 4.8%, respectively).

Our fleet is one of the largest container ship fleets globally(source: MDS Transmodal, September 2015). As of June 30,2015, we had a fleet of 188 container ships with a total transportcapacity of 989,177 TEU (TEU is a 20-foot equivalent unit(referring to a standard container with dimensions of 20-foot, or6.05 m, x 8 foot or 2.43 m, x 8 foot 6 inches or 2.59 m), thestandard unit of measurement of volume used in the containershipping industry), of which we owned 66, chartered 117 andfinance leased five container ships. Of the 188 container vessels,we have chartered out two ships with a capacity of 8,400 TEU and3,426 TEU, respectively. As of June 30, 2015, we managed a fleetof 1,000,415 containers with a total transport capacity of1,607,197 TEU, approximately 35% of which we owned with theremainder being leased or rented. As of June 30, 2015, our orderbook comprised five new vessels each with a capacity of 10,500TEU scheduled for delivery between October 2016 and May 2017as well as one vessel ordered by CSAV with a capacity of 9,300TEU, which was delivered in July 2015. We are considering toorder six ultra-large container vessels following the Offering. Inaddition, we invested in 27,400 containers as of June 30, 2015. Asa result of these investments, our ownership ratio in vessels andcontainers is expected to increase.

Hapag-Lloyd AG is one of the founding members of the G6Alliance (whose other members are American President Lines Ltd.(APL), Hyundai Merchant Marine Co., Ltd. (HMM), MitsuiO.S.K. Lines (MOL), Nippon Yusen Kaisha Lines (NYK) andOrient Overseas Container Line Limited (OOCL)), one of theworld’s largest operating container shipping alliances with a totalcombined capacity of approximately 3.6 million TEU,representing a 17.6% share of the global transport capacity as ofJune 30, 2015 (source: MDS Transmodal, September 2015). Inaddition, we maintain cooperation arrangements with othercarriers. Furthermore, we are one of the founding members of theGrand Alliance, which also includes OOCL and NYK, of whichthe majority of services were merged with those of the NewWorld Alliance to form the G6 Alliance. Such arrangements allowus to optimize fleet utilization by sharing capacity and to providea range and geographic scope of network services that would notbe possible if we relied solely on our own fleet of vessels. Ourability to coordinate our route planning with our partners enablesus to use capacity more efficiently and benefit from cost savingsand lower capital expenditures. For the six months ended June 30,2015, approximately 50% of our total transport volume wascarried on either our owned or chartered vessels contributed to theG6 Alliance and the Grand Alliance, or vessels made available tous through the G6 Alliance and Grand Alliance. In addition, wehave entered into a cooperation arrangement with CMA CGMS.A. (“CMA CGM”), Hamburg Süd Group (“Hamburg Süd”)

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and other shipping companies, offering new products betweenAsia and the Western and Eastern coasts of Latin America. Thisreflects our ongoing efforts to further strengthen our globalcoverage of trades, expand our product offering (e.g., reeferproducts) between Asia and the West and the East coast of LatinAmerica and enhance our cost and operational efficiency.

We have entered into contractual arrangements to use terminalfacilities in each of the ports called by our fleet and have strategicshareholdings in a container terminal in Hamburg, Germany. Wecurrently own a 25.1% interest in HHLA Container TerminalAltenwerder GmbH (“CTA”) in the Port of Hamburg, one of themost modern container terminal facilities in the world (source:HHLA Hamburger Hafen und Logistik AG, June 2015).

The Group is headquartered in Hamburg, Germany. As of June 30,2015, we had 9,958 full-time equivalent employees worldwide. Inthe financial year 2014 and in the six months ended June 30,2015, we generated revenue of €6,807.5 million and€4,669.0 million, respectively, and EBITDA of €98.9 million(including significant transaction and restructuring costs as wellas one-off costs) and €493.3 million, respectively.

Our Strengths

We are a leading global container liner shipping company andbelieve that the combination of the following strengthsdifferentiates us from our competitors and provides us with acompetitive advantage:

• One of the market leaders with a strong global footprint andexposure to attractive niche businesses.

• Well-balanced route mix and exposure to attractive marketsstrongly supported by our membership in the G6 Alliance andthrough several cooperation agreements.

• Competitive and modern fleet with a balanced ownershipstructure providing operational flexibility through the cycle.

• Highly diversified and solid customer base with long-term andclose customer relationships based on operational excellenceand technological know-how that allows for better imbalancemanagement (i.e., management of different transport volumes ofregions, which produce and export more goods than they importand consume, on the one hand, and regions, which import andconsume more goods than they produce and export, on the otherhand, for example, through network planning and by chargingdifferent rates for shipping cargo).

• Proven track record on integration and well positioned toactively participate in consolidation trends in our industry.

• Experienced management team and supportive anchorshareholders.

Our Strategy

We intend to further enhance profitability over the next threeyears to significantly improve earnings and achieve an EBITDAmargin of 11% to 12% by 2016 by harnessing synergies andstreamlining our cost structure, continued growth in volume andan improvement in revenue quality. As a result, we focus on thefollowing key strategic objectives:

• Further encourage growth by capitalizing on dynamic growthtrends in our industry and through acquisitions.

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• Deliver significant synergies from the Business Combination.

• Continuously implement efficiency and cost improvementmeasures to enhance overall profitability.

• Further exploit the benefits from our global alliances andcooperations.

• Leverage our market position and our strong reputation forquality, reliability and seamless execution to increase revenueand improve revenue quality.

B.4a Most significant recenttrends affecting the issuerand the industries inwhich it operates.

Between 2010 and 2014, the container shipping industry hasgrown at a compound annual growth rate of 5.3% driven by theindustrialization of the developing countries in Asia and LatinAmerica as well as the globalization of industrial production,while global GDP grew by 3.6% and world trade increased by3.9% (source: Clarksons Research, Container IntelligenceQuarterly, 2Q 2015; IMF, World Economic Outlook, July 2015).

As a result of the weaker than expected growth in China and inother emerging countries, transport volume primarily on the FarEast trade has not developed as predicted at the beginning of 2015by market experts. Freight rates have decreased due to, amongothers, additional capacities having entered the market. Containershipping companies have reacted by reducing the availablecapacity by void sailings in recent months. As a result, the idlefleet increased at the beginning of September 2015 to its highestlevel since April 2014. Bunker prices have decreased further inSeptember 2015.

The following factors had and still have a significant impact onthe growth of the container shipping industry:

Globalization. With an increasing share of industrial andconsumer goods traded internationally due to globalization,further outsourcing and, in particular, increasing internationalseparation of labor as manufacturing still continues to move awayfrom high-labor cost locations in North America, Europe andJapan to lower-wage countries, predominantly in Asia, thedemand for maritime cargo shipping continues to grow.

Shift to container shipping. The containerization of cargoreduces transit times, substantially reduces damage to and theft ofgoods, reduces handling costs, improves the turnaround time ofships in ports and facilitates intermodal transport in supply chainsinvolving sea, rail, barge and road transport. In addition, transportcosts have declined and operating efficiency has improved forcarriers as a result of investments in larger ships, port, intermodaland inland transport infrastructure, containers and informationsystems, as well as more efficient use of assets. Additional growthfor containerized transports derives from specialized transportsolutions for special cargo such as temperature-sensitive products.

Cost trends and freight rate development. The major costitems within transport expenses are expenses for raw materialsand supplies, port, canal and terminal costs container transportcosts as well as chartering, leases and container rentals.Particularly in 2011 and 2012, container shipping companies werenegatively affected by rising fuel costs, which they were unable tocompletely pass onto their customers. Since the second half of

5

2014, the cost burden due to high bunker costs has eased. OnJuly 8, 2015, the price for 3.5% marine fuel oil (“MFO”)(Rotterdam) was quoted at US$285 per metric ton. The decline inthe bunker price had a significant positive effect on the containerliners overall operating costs in the first six months of 2015.

Trend towards bigger vessels. Presently, the largest vessels cancarry up to approximately 20,000 TEU, whereas in 2005, therewere no vessels that carried above 9,999 TEU. At the end of 2014,vessels that can carry more than 10,000 TEU accounted for 17.3%of the existing global fleet capacity. Carriers have increasinglybeen using larger vessels to benefit from lower operating andvoyage unit costs, such as fuel, port and canal fees, manning,repairs, insurance and ship management costs. In particular, ultra-large container vessels with a capacity of more than 18,000 TEUare increasingly being used in the Far East trade. These ships havethe highest fuel efficiency of the various vessel classes of theglobal fleet. The shift to larger vessels has been particularlyprominent in the Far East-Europe and Transpacific trades, wheretransport volume and competitive pressures have been intense(source: MDS Transmodal, 2015).

Imbalances of the transported volume on the main tradesdiffer on dominant and non-dominant leg. In general, alltrades can be divided into a “dominant” and “non-dominant” leg.The dominant leg is the direction of shipping on the trade with thehigher transport volumes. For example, on the Transpacific trade,shipments from Asia to North America form the dominant leg ofthe trade and shipments from North America to Asia form thenon-dominant leg. The industry refers to the different volumes asthe “imbalances” on a specific trade. These imbalances existbecause some regions of the world produce and export more goodsthan they import and consume, while others import and consumemore than they produce and export. These significant globalimbalances on trades have important consequences for thecontainer shipping industry.

B.5 Description of the groupand the issuer’s positionwithin the group.

Hapag-Lloyd AG is the parent company of the Hapag-LloydGroup. The following diagram sets forth a summary of theCompany’s significant subsidiaries as of the date of thisprospectus:

Hapag-Lloyd AG

Assets

Vessels(1)

Containers(2)

(3)100.0% 94.9%

49.9%

48.0%25.1%

HHLA ContainerTerminal Altenwerder

GmbH („CTA”)(6)

Consorcio NavieroPeruano S.A.(7)

Operational SubsidiariesHapag-Lloyd

GrundstücksholdingGmbH („HLGH”)(4)

CSAV Austral S.A.(5)

(100% economic ownership)

6

(1) All vessels are economically owned by the Company and German subsidiaries except for vessels which are registered inthe United States. These five vessels are economically and legally owned by a subsidiary in the United States. Vesselsregistered in Bermuda, Brazil, Chile, Liberia, the Marshall Islands, the Isle of Man, the UK are legally owned bysubsidiaries.

(2) All containers are economically owned by the Company, some containers are legally owned by subsidiaries in the UK.

(3) Nearly all operational subsidiaries are wholly-owned by Hapag-Lloyd AG.

(4) Owner of the property at Ballindamm, Hamburg (asset subsidiary).

(5) CSAV Austral S.A. (the “Cabotage Entity”) performs (i) cabotage services (i.e., services, which are subject to legalrestrictions that are aimed at protecting transporters of goods within a country from competition from foreign carriers) inChile, (ii) container transport between Chile and Brazil under the Convenio sobre transporte maritimo entre Chile yBrasil 1974 (the “Chile-Brazil Convention”) and (iii) container transport between the Conosur countries (Brazil,Uruguay, Argentina, Chile, Peru and Ecuador).

(6) Remaining stake owned by HHLA Container Terminals GmbH, a subsidiary of Hamburger Hafen und Logistik AG(“HHLA”). CTA is considered an associated company of the Company.

(7) Consorcio Naviero Peruano S.A. is considered a joint venture of the Company.

B.6 Persons who, directly orindirectly, have a(notifiable) interest in theissuer’s capital and votingrights.

As of the date hereof, the following persons, directly or indirectly,have a notifiable interest in the Company’s capital and votingrights (together, the “Existing Shareholders”):

CSAV, which holds 34.01% of the Company’s outstanding sharecapital through a wholly owned subsidiary, CSAV GermanyContainer Holding GmbH (“CG Hold Co”);

HGV Hamburger Gesellschaft für Vermögens- undBeteiligungsmanagement mbH (“HGV”), which holds 23.23% ofthe Company’s outstanding share capital;

Kühne Maritime GmbH (“Kühne”), which holds 20.75% of theCompany’s outstanding share capital;

TUI Aktiengesellschaft (“TUI”), which holds 13.88% of theCompany’s outstanding share capital through a wholly ownedsubsidiary, TUI-Hapag Beteiligungs GmbH (“THB”);

Signal Iduna Gruppe (“Signal Iduna”), which holds 3.32% of theCompany’s outstanding share capital through its controllingcompanies IDUNA Vereinigte Lebensversicherung AG andDeutscher Ring Krankenversicherungsverein a.G.

Voting rights. Each share in the Company carries one vote at the Company’sshareholders’ meeting. There are no restrictions on voting rights.Voting rights are the same for all of the Company’s shareholders.

Direct or indirect controlover the issuer and natureof such control.

The Company is directly jointly controlled for purposes of theGerman Securities Trading Act (Wertpapierhandelsgesetz) and theGerman Stock Corporation Act (Aktiengesetz) by CG Hold Co,HGV and Kühne.

On April 16, 2014, CG Hold Co, HGV and Kühne entered into ashareholders’ agreement (as amended and acceded to by CSAVand Tollo Shipping Co. S.A. (“Tollo”) on November 17, 2014 andfurther amended from time to time, the “Shareholders’Agreement”), according to which the parties have agreed to poolvoting rights through a consortium company, Hamburg ContainerLines Holding GmbH & Co KG. Therein, among other provisions,each of CG Hold Co, HGV and Kühne have committed themselvesto hold the respective shares for a term of ten years (provided thatHGV may request a release of 50% of its shares that are subject tothe Shareholders’ Agreement after five years) and pool their

7

voting rights on all decisions related to Hapag-Lloyd’s business.Through the coordination of the voting rights, the shareholderswill be in a position to exert substantial influence on the generalshareholders’ meeting and, consequently, on matters decided bythe general shareholders’ meeting, including the appointment ofour supervisory board (also by including delegation rights(Entsenderechte) in favor of certain shareholders in theCompany’s articles of association), the distribution of dividendsor any proposed capital increase.

B.7 Selected key historicalfinancial information.

The following selected historical financial and operationalinformation of the Group as of and for the financial years endedDecember 31, 2014, 2013 and 2012 (the “financial year 2014”,“financial year 2013” and “financial year 2012”, respectively),including prior-year comparative figures (i) if presented as“audited”, is taken from the audited consolidated financialstatements of Hapag-Lloyd AG as of and for the financial years2014 and 2013, and from the audited consolidated financialstatements of Hapag-Lloyd Holding AG, the former soleshareholder of Hapag-Lloyd AG, which was merged into Hapag-Lloyd AG by way of a downstream merger with retroactiveeconomic effect as of January 1, 2013, as of and for the financialyear 2012 (together, the “Audited Consolidated FinancialStatements”) and, (ii) if presented as “unaudited”, either derivedfrom our Audited Consolidated Financial Statements, or taken orderived from our Unaudited Interim Condensed ConsolidatedFinancial Statements (as defined below) or from our accountingrecords or management reporting. The Audited ConsolidatedFinancial Statements were prepared by the Company inaccordance with the International Financial Reporting Standards,as adopted by the European Union (“IFRS”), and the additionalrequirements of German Commercial law pursuant toSection 315a of the German Commercial Code(Handelsgesetzbuch; HGB).

The following selected financial and operational information of theGroup as of and for the six months ended June 30, 2015 and 2014 istaken or derived from the Company’s Unaudited Interim CondensedConsolidated Financial Statements as of and for the six monthsended June 30, 2015 (including comparative figures for the sixmonths ended June 30, 2014) (the “Unaudited Interim CondensedConsolidated Financial Statements”), our accounting records orour management reporting. The Unaudited Interim CondensedConsolidated Financial Statements were prepared by the Companyin accordance with the International Accounting Standard (“IAS”)34: Interim Financial Reporting. Additional financial informationincluded in this prospectus has been taken from our auditedunconsolidated financial statements as of and for the financial yearended December 31, 2014 (the “Audited UnconsolidatedFinancial Statements”), which were prepared in accordance withthe German Commercial Code.

The CCS Activities are included in the figures for the financialyear 2014 from the date of the consolidation, December 2, 2014,onwards and are therefore only included in the figures for themonth of December.

The Audited Consolidated Financial Statements and the AuditedUnconsolidated Financial Statements were audited by KPMGAktiengesellschaft Wirtschaftsprüfungsgesellschaft, Ludwig-Erhard-Straße 11-17, 20459 Hamburg, Germany (“KPMG”), whoissued in each case an unqualified auditor’s report(uneingeschränkter Bestätigungsvermerk) thereon as included in

8

this prospectus. The audits of the Audited Consolidated FinancialStatements for each of the financial years 2014, 2013 and 2012,and the Audited Unconsolidated Financial Statements wereconducted in accordance with Section 317 of the GermanCommercial Code and German generally accepted standards forthe audit of financial statements of the Institute of Public Auditorsin Germany (Institut der Wirtschaftsprüfer in Deutschland e.V.).

All of the financial data presented in the text and the tables beloware shown in millions of Euro (in € million), except as otherwisestated. Certain financial data (including percentages) in thefollowing tables have been rounded according to establishedcommercial standards, whereby aggregate amounts (sum totals,sub-totals, differences or amounts put in relation) are calculatedbased on the underlying unrounded amounts. As a result, theaggregate amounts in the following tables may not correspond inall cases to the corresponding aggregated amounts of theunderlying (unrounded) figures appearing elsewhere in thisprospectus. Furthermore, in those tables, these rounded figuresmay not add up exactly to the totals. Financial data presented inparentheses denotes the negative of such number presented. Inrespect of financial data set out in this prospectus, a dash (“–”)signifies that the relevant figure is not available, while a zero(“0.0”) signifies that the relevant figure is available but has beenrounded to or equals zero.

Following the integration of the CCS Activities, the allocation oftrades has been restructured in the six months ended June 30,2015 to align it with our main markets post-BusinessCombination. Six separate trades are now reported: Atlantic(trades between Europe and North America), Transpacific (tradesbetween North America and Asia), Far East (trades betweenEurope and Asia), Latin America (trades related to LatinAmerica), Intra-Asia (formerly part of the Australasia trade) andEMAO, which comprises the Intra-Europe trades and tradesrelated to Africa and Oceania previously included in theAustralasia and Far East trades. In the six months ended June 30,2014, transport volumes and average freight rates wereretroactively adjusted to this new trade structure.

Selected Financial Information from the Consolidated Income StatementFor the financial year ended

December 31,For the six months

ended June 30,

2012 2013 2014(*) 2014 2015

(in € million)

(audited) (unaudited)Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,843.7 6,567.4 6,807.5 3,213.7 4,669.0Other operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265.4 156.3 116.8 26.3 103.6Transport expenses(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,182.3 5,773.1 6,060.1 2,874.9 3,791.9Personnel expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359.7 365.2 403.3 184.5 253.8Depreciation, amortization and impairment of intangible assets

and property, plant and equipment . . . . . . . . . . . . . . . . . . . . . 332.0 325.4 481.7 168.7 225.6Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267.3 251.7 393.3 128.5 243.5Operating result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32.2) 8.3 (414.1) (116.6) 257.8Share of profit of equity accounted investees . . . . . . . . . . . . . . . 31.9 36.8 34.2 17.4 13.7Other financial results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8 18.6 (2.9) (2.3) (3.8)Earnings before interest and income taxes (EBIT) . . . . . . . . 2.5 63.7 (382.8) (101.5) 267.7Interest result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (126.9) (153.6) (209.7) (68.8) (99.2)Earnings before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . (124.4) (89.9) (592.5) (170.3) 168.5Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 7.5 11.2 3.0 11.3Profit/loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (128.3) (97.4) (603.7) (173.3) 157.2

9

Selected Financial Information from the Consolidated Balance SheetAs of December 31, As of June 30,

2012 2013 2014 2014 2015

(in € million)(audited) (unaudited)

AssetsGoodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 693.9 664.6 1,375.6 670.3 1,495.6Other intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 619.5 529.7 1,309.7 506.9 1,385.9Property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . 3,785.6 4,067.6 5,176.0 4,178.1 5,882.0Investments in equity-accounted investees . . . . . . . . . . . . . . . 329.9 332.8 384.9 316.3 370.1Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25.7 7.9 13.1 8.1 12.2Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . 32.5 74.5 15.8 85.3 27.2Deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.1 12.6 27.9 13.1 26.8Non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,502.2 5,689.7 8,303.0 5,778.1 9,199.8Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178.3 168.9 152.1 178.0 156.3Trade accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449.5 473.3 716.0 532.4 704.3Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110.4 106.8 134.3 94.9 129.4Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . 37.0 25.1 3.8 8.5 0.4Income tax receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.1 21.2 28.6 25.2 36.9Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560.8 464.8 711.4 427.6 594.9Non-current assets held for sale . . . . . . . . . . . . . . . . . . . . . . . — — 59.2 3.2 2.4Current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349.1 1,260.1 1,805.4 1,269.8 1,624.6Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,851.3 6,949.8 10,108.4 7,047.9 10,824.4Equity and liabilitiesSubscribed capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66.1 66.1 104.9 66.1 104.9Capital reserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,269.8 935.3 1,651.9 935.3 1,651.9Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (190.4) 2,045.8 2,286.1 1,871.9 2,442.1Cumulative other equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (32.3) (134.8) 121.4 (141.1) 478.5Equity attributable to the shareholders of Hapag-Lloyd

AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,113.2 2,912.4 4,164.3 2,732.2 4,677.4Non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 2.7 5.3 2.4 4.5Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,114.0 2,915.1 4,169.6 2,734.6 4,681.9Provisions for pensions and similar obligations . . . . . . . . . . . 151.8 142.4 208.4 168.5 192.7Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87.5 41.7 207.0 34.8 193.2Income tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 0.2Financial debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,048.9 2,460.1 3,309.1 2,625.7 3,478.4Trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 0.5 — 0.3Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 5.2 6.7 3.9 5.6Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . 6.0 6.7 — 5.2 —Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 1.0 1.5 1.4 3.6Non-current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,301.2 2,657.1 3,733.2 2,839.5 3,874.0Provisions for pensions and similar obligations . . . . . . . . . . . 3.7 4.4 6.5 4.4 5.2Other provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119.5 91.3 385.4 91.7 301.3Income tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 7.4 18.3 6.8 12.9Financial debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323.0 474.9 408.0 422.1 475.3Trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 886.4 700.3 1,232.3 845.7 1,292.5Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.1 99.3 131.3 103.0 143.9Derivative financial instruments . . . . . . . . . . . . . . . . . . . . . . . — — 23.8 0.1 37.4Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,436.1 1,377.6 2,205.6 1,473.8 2,268.5Total equity and liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . 6,851.3 6,949.8 10,108.4 7,047.9 10,824.4

10

Selected Financial Information from the Consolidated Cash Flow StatementFor the financial year ended

December 31,For the six months

ended June 30,

2012 2013 2014(*) 2014 2015


Cash and cash equivalents at the beginning of period . . . . 672.5 560.8 464.8 464.8 711.4Cash inflow/(outflow) from operating activities . . . . . . . . . . . 132.6 66.5 377.2 73.3 324.1Cash (outflow) from investing activities . . . . . . . . . . . . . . . . . (272.6) (544.7) (257.6) (104.6) (331.6)Cash inflow/(outflow) from financing activities . . . . . . . . . . . 39.7 403.2 81.6 (3.7) (171.0)Net change in cash and cash equivalents . . . . . . . . . . . . . . . (100.3) (75.0) 201.2 (35.0) (178.5)Cash and cash equivalents at the end of period(2) . . . . . . . . 560.8 464.8 711.4 427.6 594.9

Selected Other Key Financial and Operational Information

The following tables show selected other key financial and operational information. Some of thefollowing figures (including EBITDA) are presented as financial measures and adjustments that are notpresented in accordance with IFRS, or any other internationally accepted accounting principles.

Selected Other Key Financial Information

As of and for the financial yearended December 31,

As of and for thesix months

ended June 30,

2012 2013 2014(*) 2014 2015

(in € million)(audited, except as noted) (unaudited)

EBITDA (unaudited)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334.5 389.1 98.9 67.2 493.3EBIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5 63.7 (382.8) (101.5) 267.7Net debt (unaudited)(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,811.1 2,470.2 3,005.7 2,620.2 3,358.8Working capital (unaudited)(5) . . . . . . . . . . . . . . . . . . . . . . . . (258.6) (58.1) (364.7) (135.3) (432.2)

Selected Key Operational Information

As of and for the financial yearended December 31,

As of and for thesix months

ended June 30,

2012 2013 2014(*) 2014 2015

(unaudited) (unaudited)

Volumes transported (1,000 TEU)(6) . . . . . . . . . . . . . . . . . . . . 5,255 5,496 5,907 2,873 3,719Total fleet capacity (1,000 TEU)(7) . . . . . . . . . . . . . . . . . . . . . 670 729 1,009 777 989Number of Vessels(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 151 191 154 188Container fleet (1,000 TEU) . . . . . . . . . . . . . . . . . . . . . . . . . . 1,047 1,072 1,619 1,140 1,607Freight rate (US$/TEU)(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,581 1,482 1,434 1,424 1,296

(*) The CCS Activities are included in the figures for the financial year 2014 from the date of the consolidation,December 2, 2014, onwards and are therefore only included in the figures for the month of December.

(1) The following table presents a detailed breakdown of our transport expenses for the periods indicated:

For the financial year endedDecember 31,

For the six monthsended June 30,

2012 2013 2014 2014 2015


Cost of raw materials, supplies, and purchased goods . . . . . . . . . . . . . . 1,638.7 1,436.6 1,362.3 675.9 587.6Cost of purchased services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,543.6 4,336.5 4,697.8 2,199.0 3,204.3Thereof:Port, canal and terminal costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,834.9 1,831.1 2,030.4 963.2 1,427.2Container transport costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,826.0 1,691.4 1,841.4 863.8 1,142.0Chartering, leases and container rentals . . . . . . . . . . . . . . . . . . . . . . 718.8 653.3 693.5 301.5 551.3Maintenance and repair and other costs . . . . . . . . . . . . . . . . . . . . . . 163.9 160.7 132.5 70.5 83.8

Transport expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,182.3 5,773.1 6,060.1 2,874.9 3,791.9

11

(2) Cash and cash equivalents at the end of the period include exchange rate differences as shown in the detailed cash flowstatement in “Management’s Discussion and Analysis of Financial Conditions and Results of Operations-Liquidity andCapital Resources-Cash Flow.”

(3) We define EBITDA as profit/loss for the period before income taxes, interest result and amortization, depreciation andimpairment. EBITDA is not a measurement of performance under IFRS and should not be considered as an alternative to(a) profit for the period (as determined in accordance with IFRS) as a measure of our operating performance, (b) cash flowsfrom operating investing and financing activities as a measure of our ability to meet our cash needs or (c) any othermeasures of performance under IFRS. We believe that EBITDA is a useful indicator of our ability to incur and service ourindebtedness and can assist analysts, investors and other parties to evaluate the Hapag-Lloyd Group. EBITDA and similarmeasures are used by different companies for differing purposes and are often calculated in ways that reflect thecircumstances of those companies. Investors should exercise caution in comparing our EBITDA to EBITDA of othercompanies.

The following table reconciles profit/ (loss) for the period to EBITDA as defined by Hapag-Lloyd for the periods indicated:

For the financial year endedDecember 31,

For the six monthsended June 30,

2012 2013 2014 2014 2015


Profit/(loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (128.3) (97.4) (603.7) (173.3) 157.2Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9 7.5 11.2 3.0 11.3Interest results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126.9 153.6 209.7 68.8 99.2Earnings before interest and income taxes (EBIT) . . . . . . . . . . . . . . 2.5 63.7 (382.8) (101.5) 267.7Amortization, depreciation and impairment . . . . . . . . . . . . . . . . . . . . . 332.0 325.4 481.7 168.7 225.6EBITDA (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334.5 389.1 98.9 67.2 493.3

(4) We define net debt as total financial debt less cash and cash equivalents. The following table shows the reconciliation of netdebt:

As of December 31, As of June 30,

2012 2013 2014 2014 2015


Total financial debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,371.9 2,935.0 3,717.1 3,047.8 3,953.7Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560.8 464.8 711.4 427.6 594.9Net debt (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,811.1 2,470.2 3,005.7 2,620.2 3,358.8

(5) Working capital is unaudited and we calculate it as inventories plus trade accounts receivable less trade accounts payable(which are presented as negative values to illustrate the calculation in the table below). Working capital is not ameasurement of performance under IFRS. We believe that working capital is a useful indicator of our ability to incur andservice our indebtedness and can assist analysts, investors and other parties to evaluate the Hapag-Lloyd Group. Workingcapital and similar measures are used by different companies for differing purposes and are often calculated in ways thatreflect the circumstances of those companies. Investors should exercise caution in comparing our working capital to workingcapital of other companies.

As of December 31, As of June 30,

2012 2013 2014 2014 2015


Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178.3 168.9 152.1 178.0 156.3Trade accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 449.5 473.3 716.0 532.4 704.3Trade accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (886.4) (700.3) (1,232.8) (845.7) (1,292.8)Working Capital (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (258.6) (58.1) (364.7) (135.3) (432.2)

(6) TEU is a 20-foot equivalent unit (referring to a standard container with dimensions of 20-foot (6.05 m) in length x 8-foot(2.43 m) in width x 8-foot, 6-inches (2.59 m) in height), the standard unit of measurement of volume used in the containershipping industry.

(7) As of December 31, 2012, five vessels that we own and had chartered out to another carrier are included (38,773 TEU), onevessel as of December 31, 2013 (7,506 TEU), three vessels as of December 31, 2014 (20,156 TEU), and one vessel as ofJune 30, 2014 (7,506 TEU) and two vessels as of June 30, 2015 (11,826 TEU).

(8) The charged average freight rates per trade lane are weighted with their respective transport volumes per trade lane (TEU),the freight rate reflects the charged price to a customer for a transport of a 20-foot equivalent unit (TEU). The average of thetwelve–month and six-month periods is derived from the weighted monthly amounts.

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Significant changes to theissuer’s financial conditionand operating results.

The following significant changes in our financial condition andour operating results occurred in the six months ended June 30,2015 and 2014 and in the financial years 2014, 2013 and 2012.The financial information presented below is audited with theexception of the financial information taken or derived from theUnaudited Interim Condensed Consolidated Financial Statements.

Operating Results

Six months ended June 30, 2015 and 2014

Revenue increased by 45.3% to €4,669.0 million in the six monthsended June 30, 2015 from €3,213.7 million in the six monthsended June 30, 2014. This increase in revenue was largelyattributable to the inclusion of the revenue from the acquiredCCS Activities as well as the considerably stronger averageUSD exchange rate compared to prior year. Transport Volumeincreased from 2,873,257 TEU in the six months ended June 30,2014 to 3,718,585 TEU in the six months ended June 30, 2015, a29.4% rise. During the same period, our average freight ratedecreased by 9.0% from US$1,424 per TEU in the six monthsended June 30, 2014 to US$1,296 per TEU in the six monthsended June 30, 2015, mainly due to the initial inclusion ofCCS Activities, which have a lower freight rate level overall. Theongoing difficulties in the market environment also had an impacton our freight rates.

The positive effect from the increase in transport volume waspartially offset by the lower freight rates, in particular on the FarEast trade. Expressed in U.S. dollars, revenue increased by 18.3%to US$5,213.4 million in the six months ended June 30, 2015 fromUS$4,405.7 million in the six months ended June 30, 2014.

Transport volume in the Atlantic trade increased by 7.4% to774,956 TEU in the six months ended June 30, 2015 from 721,559TEU in the six months ended June 30, 2014, due to a rise intransport volume on the Europe-North America trade arising fromthe current strength of the US dollar compared to the euro. As aresult of a freight rate decline on the Europe-North America trade,our average freight rates dropped by 4.3% to US$1,505 per TEUin the six months ended June 30, 2015 from US$1,572 per TEU inthe six months ended June 30, 2014.

Transport volume in the Transpacific trade increased by 2.7% to680,109 TEU in the six months ended June 30, 2015 from 662,428TEU in the six months ended June 30, 2014, due to a highertransport volume on the Asia-North America trade. As a result ofcompetitive pressure and a decline of the bunker prices, ouraverage freight rates dropped by 2.6% to US$1,700 per TEU inthe six months ended June 30, 2015 from US$1,745 per TEU inthe six months ended June 30, 2014.

Transport volume in the Far East trade increased by 15.9% to656,412 TEU in the six months ended June 30, 2015 from566,420 TEU in the six months ended June 30, 2014, due to theinclusion of the CCS Activities. However, mainly attributable to asoftening economic environment this increase was less thanexpected. As a result of tremendous rate pressure arising fromintense competition and an all time low of the Shanghai ContainerFreight Index, our average freight rates dropped by 13.6% to

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US$1,027 per TEU in the six months ended June 30, 2015 fromUS$1,188 per TEU in the six months ended June 30, 2014.

Transport volume in the Latin America trade increased by 125.9%to 1,147,441 TEU in the six months ended June 30, 2015 from508,047 TEU in the six months ended June 30, 2014, due to theinclusion of the CCS Activities, partially offset by a weakeconomic development in the Europe-South America trade, ouraverage freight rates dropped by 10.0% to US$1,220 per TEU inthe six months ended June 30, 2015 from US$1,355 per TEU inthe six months ended June 30, 2014.

Transport volume in the Intra-Asia trade increased by 21.4% to280,319 TEU in the six months ended June 30, 2015 from 230,894TEU in the six months ended June 30, 2014, due to the inclusionof the CCS Activities, partially offset by a weak economic growthin China. As a result of intense competition, our average freightrates dropped by 9.2% to US$709 per TEU in the six monthsended June 30, 2015 from US$781 per TEU in the six monthsended June 30, 2014.

Transport volume in the EMAO trade decreased by 2.5% to179,348 TEU in the six months ended June 30, 2015 from 183,909TEU in the six months ended June 30, 2014, mainly due to a lowertransport volume on the Intra-Europe trade. As a result of thestrength of the US dollar compared to the Euro dollar and strongcompetitive pressure, our average freight rates dropped by 12% toUS$1,244 per TEU in the six months ended June 30, 2015 fromUS$1,413 per TEU in the six months ended June 30, 2014.

Financial Years 2014 and 2013

Revenue in the financial year ended December 31, 2014 increasedby €240.1 million or 3.7% to a total of €6,807.5 million (previousyear: €6,567.4 million). In addition to the inclusion of the revenuefrom the CCS Activities for the month of December, thedevelopment of revenue was affected by a 4.8% increase intransport volume to 5,756,945 TEU (including the CCS Activitiesby a further 2.7% to a 7.5% increase to 5,906,686 TEU), whichwas partly offset by a decline in the average freight rates toUS$1,434/TEU (a decrease of 3.2% compared to US$1,482 perTEU in 2013), due to strong competition in all trades. The averagefreight rate for the acquired CCS Activities in December 2014was US$1,154 per TEU.

Transport volume in the Atlantic trade increased by 5.6% to1,272,000 TEU in the financial year ended December 31, 2014from 1,204,541 TEU in the financial year ended December 31,2013 due to increased volumes of machinery, plastic and beveragecargo. As a result of competitive pressure and a changed cargomix, our average freight rate decreased by 2.7% to US$1,634 perTEU in the financial year ended December 31, 2014 fromUS$1,679 per TEU in the financial year ended December 31,2013.

Transport volume in the Far East trade increased by 8.6% to1,353,825 TEU in the financial year ended December 31, 2014from 1,246,466 TEU in the financial year ended December 31,2013, due to an increase in wood, plastic and furniture transports.As a result of high pricing pressure, our average freight rate

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decreased by 6.1% to US$1,162 per TEU in the financial yearended December 31, 2014 from US$1,237 per TEU in thefinancial year ended December 31, 2013.

Transport volume in the Latin America trade increased by 4.7% to1,226,477 TEU in the financial year ended December 31, 2014from 1,171,580 TEU in the financial year ended December 31,2013, especially due to increased raw material, scrap metal andfruit transports on the Latin America outbound services. Ouraverage freight rate decreased by 1.8% to US$1,365 per TEU inthe financial year ended December 31, 2014 from US$1,390 perTEU in the financial year ended December 31, 2013.

Transport volume in the Transpacific trade increased slightly by0.3% to 1,248,867 TEU in the financial year ended December 31,2014 from 1,244,579 TEU in the financial year endedDecember 31, 2013, mainly due to higher volumes of machineryand vehicle parts on the routes from Asia to North America. Ouraverage freight rate decreased slightly by 0.4% to US$1,740 perTEU in the financial year ended December 31, 2014 fromUS$1,747 per TEU in the financial year ended December 31,2013.

Transport volume in the Australasia trade increased by 4.3% to655,776 TEU in the financial year ended December 31, 2014 from628,612 TEU in the financial year ended December 31, 2013, dueto increased plastic, vehicle parts and metal goods transports. Ouraverage freight rate decreased by 6.7% to US$1,153 per TEU inthe financial year ended December 31, 2014 from US$1,236 perTEU in the financial year ended December 31, 2013 due to intensecompetition.

Financial Years 2013 and 2012

Revenue decreased by €276.3 million, or 4.0%, to€6,567.4 million in the financial year ended December 31, 2013from €6,843.7 million in the financial year ended December 31,2012. This decrease in revenue was primarily attributable to anegative impact from exchange rate effects. Adjusted forexchange rate fluctuations, revenue was at almost the same levelas in the prior year period.

Transport volume increased from 5,254,753 TEU in the financialyear ended December 31, 2012 to 5,495,778 TEU in the financialyear ended December 31, 2013 which represents a 4.6% rise intransport volume. This rise is mainly due to an increase intransport volume in the Far East and Atlantic trades. During thesame period, our average freight rate decreased by 6.3% fromUS$1,581 per TEU in the financial year 2012 to US$1,482 perTEU in the financial year ended December 31, 2013, mainlyreflecting the continued competitive pressures in all our trades.

The increase in transport volume and the decrease in averagefreight rates were accompanied by unfavorable exchange rateeffects. Expressed in U.S. dollars, revenue decreased by 0.9% toUS$8,724.1 million in the financial year ended December 31,2013 from US$8,802.4 million in the financial year endedDecember 31, 2012.

Transport volume in the Far East trade increased by 9.0% to1,246,466 TEU in the financial year ended December 31, 2013

15

from 1,143,386 TEU in the financial year ended December 31,2012. This increase affected both westbound and eastboundroutes, especially the cargo volume of furniture, vehicle parts andwood rose. The average freight rate decreased by 7.9% toUS$1,237 per TEU in the financial year ended December 31, 2013from US$1,343 per TEU in the financial year ended December 31,2012.

Transport volume in the Transpacific trade increased by 3.8% to1,244,579 TEU in the financial year ended December 31, 2013from 1,199,078 TEU in the financial year ended December 31,2012, mainly due to increased volumes of waste paper, vehicleparts and machinery. Our average freight rate decreased by 8.7%to US$1,747 per TEU in the financial year ended December 31,2013 from US$1,913 per TEU in the financial year endedDecember 31, 2012.

Transport volume in the Atlantic trade increased by 6.0% to1,204,541 TEU in the financial year ended December 31, 2013from 1,136,331 TEU in the financial year ended December 31,2012, mainly due to increased volumes of wood, iron andfoodstuff. Our average freight rate decreased by 4.0% toUS$1,679 per TEU in the financial year ended December 31, 2013from US$1,748 per TEU in the financial year ended December 31,2012.

Transport volume in the Latin America trade remained stable at1,171,580 TEU in the financial year ended December 31, 2013compared to 1,170,730 TEU in the financial year endedDecember 31, 2012. Our average freight rate decreased by 3.8% toUS$1,390 per TEU in the financial year ended December 31, 2013from US$1,444 per TEU in the financial year ended December 31,2012.

Transport volume in the Australasia trade increased by 3.9% to628,612 TEU in the financial year ended December 31, 2013 from605,228 TEU in the financial year ended December 31, 2012.Particularly transport volumes of plastic, vehicle parts and wastepaper on the Oceanic outbound and the Intra-Asia routes grew.Our average freight rate decreased by 6.8% to US$1,236 per TEUin the financial year ended December 31, 2013 from US$1,326 perTEU in the financial year ended December 31, 2012.

Financial condition

The following financial information is taken or derived from ourAudited Consolidated Financial Statements for the financial yearsended December 31, 2014, 2013 and 2012 with exception of thefigures which are taken from our Unaudited Interim CondensedConsolidated Financial Statements as of and for the six monthsended June 30, 2015 and 2014.

Equity increased from €4,169.6 million in the financial year endedDecember 31, 2014 to €4,681.9 million in the six months endedJune 30, 2015, mainly due to the balance of unrealized gains andlosses from currency translation recognized in othercomprehensive income amounting to €336.4 million, our profit of€157.2 million, as well as the change in the reserve for theremeasurement of defined pension plans.

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Equity increased from €2,915.1 million in the financial year endedDecember 31, 2013 to €4,169.6 million in the financial year endedDecember 31, 2014, mainly driven by an increase in capitalreserves, which amounted to €1,651.9 million in the financial yearended December 31, 2014 compared to €935.3 million in thefinancial year ended December 31, 2013, primarily generated bymeans of a contribution-in-kind relating to the acquisition of theCCS Activities and a subsequent capital increase in the amount of€370 million on December 19, 2014.

Equity decreased from €3,114.0 million in the financial yearended December 31, 2012 to €2,915.1 million in the financial yearended December 31, 2013. This decline is primarily due to thenegative net result of €97.4 million and the balance of unrealizedgains and losses from foreign currency translation recognized inother comprehensive income and amounting to €115.9 million.The reserve for remeasurements from defined benefit plans had anoffsetting effect amounting to €16.1 million.

Recent developments

Following the merger and subsequent integration of the CCSActivities, our average transport volume for the two months endedAugust 31, 2015, increased by 2.6%, to 636 TEU per monthcompared to the average transport volume of 620 TEU per monthin the first six months of 2015 due to slightly increased seasonaldemand. We experienced a decrease in our average freight rate forthe two months ended August 31, 2015 with a decrease of 7.7% toUS$1,196/TEU compared to the average freight rate of 1,296/TEUfor the first six months of 2015 due to ongoing fierce competitionin container shipping.

Despite the lower freight rates over the last months (compared tothe first six months of 2015), we reached an EBITDA margin of8.5% for the two months ended August 31, 2015. Thisprofitability was positively supported by the continued realizationof synergies due to the integration of the CCS Activities as wellas additional cost savings and efficiency improvements of theoperating fleet. Average bunker fuel prices for the eight monthsended August 31, 2015 decreased to US$339/t for the eightmonths ended August 31, 2015 compared to US$592/t for theeight months ended August 31, 2014.

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The table below sets forth certain unaudited financial andoperational information for the first six months ended June 30,2015, the two months ended August 31, 2015 and the eightmonths ended August 31, 2015.

As of and forthe six

months endedJune 30, 2015

As of and forthe two

months endedAugust 31,

2015

As of and forthe eight

months endedAugust 31,

2015

(in € million, except where otherwise noted)(unaudited)

Volumes transported (1,000TEU)(1) . . . . . . . . . . . . . . . . . . . . . . 3,719 1,272 4,991

Freight rate (US$/TEU)(2) . . . . . . . . . 1,296 1,196 1,270Revenue . . . . . . . . . . . . . . . . . . . . . . . 4,669.0 1,464.7 6,133.7EBITDA(3) . . . . . . . . . . . . . . . . . . . . . 493.3 125.2 618.5EBITDA margin . . . . . . . . . . . . . . . . 10.6% 8.5% 10.1%EBIT . . . . . . . . . . . . . . . . . . . . . . . . . 267.7 47.0 314.7EBIT margin . . . . . . . . . . . . . . . . . . . 5.7% 3.2% 5.1%Group profit/loss . . . . . . . . . . . . . . . . 157.2 2,1 159.3Cash and cash equivalents(4)(6) . . . . . . 594.9 589.2 589.2Equity . . . . . . . . . . . . . . . . . . . . . . . . . 4,681.9 4,666.2 4,666.2Net debt(5)(6) . . . . . . . . . . . . . . . . . . . . 3,358.8 3,391.3 3,391.3

(1) For the calculation of volumes transported, please refer to footnote 6 underB.7 “Selected key historical financial information—Selected Key Financialand Operational Information—Selected Key Operational Information.”

(2) For the calculation of our average freight rates, please refer to footnotes 6 and8 under B.7 “Selected key historical financial information—Selected KeyFinancial and Operational Information—Selected Key OperationalInformation.”

(3) For the definition and calculation of EBITDA please see footnote 3 under B.7“Selected key historical financial information—Selected Key Financial andOperational Information—Selected Other Key Financial Information”.

(4) Apart from Cash and cash equivalents we have undrawn credit lines in theamount of €342.8 million as of August 31, 2015, so that the liquidity reserveamounts to €932.0 million as of this date.

(5) For the definition and calculation of net debt, please refer to footnote 4 underB.7 “Selected key historical financial information-Selected Key Financial andOperational Information-Selected Other Key Financial Information.”

(6) Amounts at the end of the respective period.

The foregoing information is based on the Company’s unauditedconsolidated monthly accounts as of and for the two months andeight months ended August 31, 2015, respectively. Based on ourcurrent operating performance as well as the ongoing realizationof synergies achieved through the integration of the CCSActivities and the cost improvements generated through efficiencyenhancement measures, we expect an improvement of our EBITand EBITDA for the three months ended September 30, 2015 ascompared to previous year levels. The unaudited interimcondensed consolidated financial statements for the nine monthsended September 30, 2015 have not been finalized and the resultsmight be impacted by closing effects in the preparation of theconsolidation. In addition, our business is cyclical in nature anddepends on factors beyond our control. These factors include thebalance between demand for container shipping services and thesupply of vessel and container capacity, bunker fuel prices andcurrency exchange rate movements. The foregoing informationhas not been audited or reviewed by our independent auditorsKPMG and should not be regarded as an indication, forecast or

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representation by us or any other person regarding our financialperformance for the nine months ended September 30, 2015 or thefinancial year 2015.

Deutsche Bank Luxembourg S.A., Goldman Sachs Bank USA andJoh. Berenberg, Gossler & Co. KG amongst others, as lenders,have agreed with Hapag-Lloyd to make available to Hapag-LloydAG, as borrower, an unsecured revolving credit facility in thetotal amount of up to US$125,000,000 for general corporatepurposes, except for the acquisition of companies or businesses(the “Unsecured Revolving Credit Facility”). This agreement isintended to be executed mid October 2015. The UnsecuredRevolving Credit Facility will not be available for drawdown andautomatically cancelled on July 1, 2016 if the flotation ofHapag-Lloyd has not occurred on or before June 30, 2016.

In accordance with certain sale and lease back arrangementsrelating to the vessels named Montréal Express and TorontoExpress providing for a purchase option in relation to the leasedvessels, Hapag-Lloyd as lessee and HSH N Nordic Finance OceanNo. 1 AB as lessor, Hapag-Lloyd purchased the relevant vesselson the respective termination date of the relevant lease agreementin September 2015 (with retroactive economic effect as ofJanuary 1, 2012). The purchase prices in connection with thebuyback of such vessels are financed by an initialUS$33,468,750.17 and US$33,468,750.17 and US$16,093,923.59term loan agreement originally dated February 21, 2012 with,amongst others, Hapag-Lloyd as borrower, and HSH NordbankAG as lender.

B.8 Select