THE CMA-CGM CASE

Further to the statements of Jacques Saade and his lawyers, Mistral (Holding) s.a.l. wishes to clarify the following:

1. It has been declared that all lawsuits initiated by Mistral have allegedly been unsuccessful. Jacques Saade’s strategy is aimed at making people believe that Mistral’s legal actions are groundless and unjustified. The truth is that none of Mistral’s lawsuits has been unsuccessful, quite on the contrary, except for the ones filed in jurisdictions such as Marseille

(Jacques Saade’s city of residence).

2. It is alleged that Mistral’s legal actions have been prejudicial to CMA-CGM whereas the latter has, in fact, been used as a judicial and communication shield by Jacques Saade. The only individuals/entities targeted are Jacques Saade and his personal holding company Merit Corporation.

3. It has been alleged that Mistral had denounced the contract signed with Jacques Saade on 16/09/00 because of CMA-CGM’s impressive results. These are attempts to alter the truth, as Mistral denounced the said agreement due to the presentation of false company accounts by Jacques Saade during the said negotiation. As a matter of fact and as mentioned in the report by M. William Nahum, accounting expert, auditor, expert near the Paris court of appeal and accredited near the court of cassation, the difference between the figures presented by Jacques Saade and the real results could reach up to 900%!!!... such extremely worrying figures compelled Mistral, who obviously has been cheated, to file a penal lawsuit near the Paris tribunal as the media reported.

4. In view of the above, it would thus be legitimate for anyone to cast doubt on the other elements and information provided by Jacques Saade to CMA-CGM’s stakeholders.

5. Finally, the CMA-CGM case is a shareholders’ conflict and not an overly subjective family feud as described by some people thus attempting to undermine the consistency and seriousness of the lawsuits initiated against Jacques Saade.

For the sake of historical truth, Mistral (Holding) s.a.l. would like to point out that CMA was created by Johnny R. Saade and M. Jean Rousset, the then president of the Autonomous Marseille Port Authority. Johnny R. Saade was also the instigator in 1995 of the opening, deemed vital for CMA, of the Chinese market. He also financed –along with Jacques Saade- and allowed CMA’s survival and expansionary policies.