EFTA02441436

To: Jeffrey [email protected]] From: David Stem Sent Sun 8/16/2009 7:04:59 PM Subject Hapag Lloyd Please check if of interest for us: I have direct board access. TUI is tourism and logistics group in Germany.Public Company. Sales 6 months 2009: 4.17 billion Euro Net Profit 6 months 2009: (-523.6) million Euro Net debt 6 months 2009: 2.63 billion Euro Current cashflow 6 months 2009: 751.4 million Euro TUI holds now 43.3% of Hapag Lloyd: German company - one of the largest ship container fleets in the world. The majority stake was sold in 2009 to consortium called "Albert Balin" consisting of City of Hamburg, Mr Kuehne (owner of billion $ german logistics company), HSH Nordbank (local German bank), M.M. Warburg (German private bank), Signal Iduna (german insurance) and Hansemerkunr (german insurance). TUI and Consortium agreed on Thursday - following hard negotiations - on a much needed capital injection of 420 million Euro. 325 million Euro in cash comes from TUI. Total TUI credit to Hapag Lloyd is by now at 1.4 billion Euro. Following this arrangement, the Hapag Lloyd shareholders are applying for a German government aid (credit and guarantees) of approx 1.2 billion Euro because Hapag Lloyd needs cash. Problem: Government aid means restrictions Bigger problem: TUI has presented investors a timetable when Hapag Lloyd would pay back. This is now in jeopardy because government needs to be repaid first! TUI announced 500 million Euro of cash raising by selling properties, hotels and cruiseliners. Any thoughts or ideas? EFTA_R1_01515928 EFTA02441436 This message is confidential. It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake please let us know by reply and then delete it from your system; you should not copy the message or disclose its contents to anyone. Opinions, conclusions and other information in this message that do not relate to the official business of Asia Gateway Ltd. shall be understood as neither given nor endorsed by it. Asia Gateway Ltd. Michelin House 81 Fulham Road London SW3 6RD UK Tel: +44 (0)20 7838 6788 Fax: +44 (0)20 7838 6888 EFTA_R1_01515929 EFTA02441437