General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company.

Item 2: Management and Supervisory Board are proposing a dividend of EUR 1.10 per share (increased by 733.33% from EUR 0.15) which corresponds to a payout ratio of 53.40% per share (EPS: EUR 2.06). In view of the recent events relating to COVID-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. In fact, the coronavirus pandemic has a major impact on the global logistics industry as a whole and on the marine transportation and container shipping business in particular. Therefore, in light of the current uncertainties, ECGS considers that it is not in the long-term interest of the Company to propose a significantly increased dividend in this uncertain environment. Thus, although we would not have had an unfavourable opinion on the proposed dividend distribution in a different environment, as it is covered by earnings and free cash flow, we will not have a negative opinion if the Company changes the amount distributed to shareholders. In the meantime, we exceptionally recommend shareholders to abstain from voting.

Item 6: We recommend to oppose the election of Dr. Isabella Niklas to the Supervisory Board due to our concerns over the insufficient independent representation on the Board (6%) which significantly fails to meet our requirement of at least 33% for co-determined Boards.