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CEVA Group Plc Reports Q1, 2008 Results

Adjusted revenue growth of 8 % / CEO John Pattullo: "CEVA solidly on track."

HOOFDDORP, Netherlands, 23 May 2008 - CEVA Group Plc today announced its results for the first quarter of 2008. With total revenues of EUR 1.501 billion, both the Contract Logistics and the Freight Management divisions performed in line with expectations. At 2007 exchange rates, revenues were up by 8% over the first quarter of the previous year on a pro-forma basis (assuming the integration of the former EGL into CEVA was effective on 1 January 2007).

Table: Key Financials Q1 2008

Three months ended 31 Mar	2008	2007
Revenues	€1,501m	€864m	74%
EBITDA before specific items	€72m	€50m	44%
% Revenues	5%	6%

The EBITDA measure above includes adjustments for the impact of specific items which are significant non-recurring or unusual items including the costs of restructuring and integration of businesses, re-branding and separation costs, costs related to the acquisition of EGL, and certain legal expenses.

Table: Pro-forma Key Financials Q1 2008 (at 2007 exchange rates)

Three months ended 31 Mar	2008	2007
Revenues	€1,575m	€1,465m	8%
EBITDA before specific items	€77m	€78m	(1%)
% Revenues	5%	5%

The above table is based on Q1 2007 exchange rates, including primarily an adjustment to 2008 for the 12% weakening of the US dollar and 11% weakening of the British pound.

Commenting on the results, CEVA CEO John Pattullo said:

"These are encouraging results that show our business goals are being achieved. We are especially pleased with several big new contract wins in the first quarter which will contribute significantly to our growth over the rest of the year. It is pleasing to see that only months after the integration of the two former businesses we are more and more facing the market as one company and one team. CEVA is solidly on track.

Having over the past months developed a robust three-year strategy emphasizing our joint Contract Logistics and Freight Management proposition, CEVA is in a good position to compete successfully with the other major players in the industry. We have become a global interdependent organization with strong Key Account Management and OperationsExcellence, and this is being well received by customers and employees.

Our actual figures have been adversely affected by the deterioration of exchange rates for the US dollar and the British pound against the Euro. EBITDA growth is below revenue growth due to heavy investment in additional business development resources, new country and product start ups, and new initiatives. We are confident our aggressive growth program will yield dividends in the coming months."

For more information please contact:
Paula Satink
Tel: + 31 23 568 3492
E: Paula.satink@cevalogistics.com

CEVA Making Business Flow
CEVA Logistics is a leading global supply chain management company. We provide end-to-end design, implementation and operational solutions in contract logistics and freight management to large and medium-sized national and multinational companies. CEVA employs circa 50,000 people and runs an extensive global network with facilities in over 100 countries. For the year ending 31 December 2008, the Group reported revenues of €6.3bn. For more information, please visit www.cevalogistics.com

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT of 1995:
The statements included in this news release, and other statements that are not historical facts, may contain forward-looking statements. In addition to the assumptions specifically mentioned in the above paragraphs, there are a number of other factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, the process of combining EGL and CEVA, the actual effects of recent and future regulatory changes and technological developments, globalization, levels of spending in major economies, the economic climate in Asia and the US, levels of marketing and promotional expenditure, actions of competitors and joint venture partners, employee costs, future exchange and interest rates, changes in tax rates, unexpected costs of integrating recently acquired businesses and future business combination or dispositions and other factors detailed in risk factors and elsewhere in CEVA and EGL's most recent Annual Reports, including but not restricted to the EGL Annual Report on Form 10-K. Further information concerning the Company and its business, including factors that potentially could materially affect the Company’s financial results, is contained in the Company’s filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. EGL and CEVA disclaim any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

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CEVA Group Plc Reports Q1, 2008 Results

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