January 2006 - Panalpina

1 January 2006 Company Presentation2 DisclaimerInvesting in the shares of Panalpina World Transport Holding Ltd involves investors are strongly requested to consult their investment advisors and tax advisors prior to investing in shares of Panalpina World Transport Holding Ltd. This document contains forward-looking statements which involve risks and uncertainties. These statements may be identified by such words as may , plans , expects , believes and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. No obligation is assumed to update any forward-looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory information contained in this document has not been independently verified and no representation or warranty, express or implied, is made to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.

2 The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning the Panalpina Group. None of Panalpina World Transport Holding Ltd or their respective affiliates shall have any liability whatsoever for any loss whatsoever arising from any use of this document, or its content, or otherwise arising in connection with this document. This document does not constitute, or form part of, an offer to sell or a solicitation of an offer to purchase any shares and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This information does neither constitute an offer to buy shares of Panalpina World Transport Holding Ltd nor a prospectus within the meaning of the applicable Swiss law. Disclaimer3 The Benefits of Being Public9 Increase brand awareness and enhance company profile9 Enhanced financing flexibility (access to capital markets)9 Link management involvement and shareholder value creation9 Allow Ernst Goehner Foundation to diversify assetsInvestment Highlights4 Investment HighlightsMarket Leadership in Global Air and Ocean freight ForwardingAsset-light, Pure-play Air and Ocean freight ForwarderStrong Growth ProspectsDifferentiation through Operational Excellence and Specialist Sector CapabilitiesStrong and Stable Earnings and Cash-Flow / High ReturnsStrong leadership / management team and continuityInvesting in Panalpina represents a rare opportunity to gain exposure to a leading global pure-play freight forwarder, with strong strategic and financial HighlightsJanuary 2006 market and Competition 6 freight Forwarding is the Most Attractive Segment of the Logistics IndustryPostal Operators Parcel Delivery Groups(integrators)

3 freight Forwarders High asset base Global business (4 main players) Sustainable market growth (globalisation fuels global trade) Asset light, flexible business models High cash and return generation Global business Declining volumes High fixed costs Predominantly national businessesCross-selling and cost synergy potentialMainly cross-sellingsynergy potentialContract LogisticsLogistics Providers Contract based business Higher margins High capital intensity Mainly national or regional contractsMainly costsynergy potentialMarket and Competition 7 freight Forwarding Industry Trends are FavourableGlobal Economic Growth and GlobalisationOutsourcing of TransportationIncreasing Need for Time-Definite DeliveryConsolidation Driven by economies of scale and customer requirements for global coverage and reducing number of forwarding providers Integrators and conglomerates are moving into the forwarding segment Transfer of manufacturing to low cost areas spurs growth 2005-09E global airfreight volume CAGR: 2005-09E global sea freight volume CAGR.

4 Continuous cost reductions and concentration on core competencies Increased customer requirements for information (reports, tracking etc.) Specialist technology to manage longer, more complex supply chains Increasingly demand-driven supply chains and shortening of product cycles Low inventories / compressed supply chainsMarket and Competition 8 Global Leadership in International Air and Ocean FreightMarket and Competition Source: Bear Stearns, Panalpina estimatesAirfreight 000 t handled 2004 Ocean freight 000 TEU handled 2004 Contract Logistics 000 Revenues 2004 Source: Bear Stearns, Panalpina estimates1'9231'018750600( )( )( )( )05001'0001'5002'000 DPWN/ExelSchenker/BAXP analpinaK&N1'7191'600824822( )( )( )( )05001'0001'5002'000 DPWN/ExelK&NPanalpinaSchenker14'4157'974 4'9073'4363'3743'067( )( )( )( )( )( )05'00010'00015'000 DPWN/ExelTNTW incantonK&N/ACRUPSR yder9 Critical freight Forwarding Success FactorsEconomies of Scale and Cost EfficiencyIndustry Focus and ExpertiseNetwork CoveragePeopleIT SystemsProduct Offering Offer standardized and time-definite products Volume discounts with carriers and consolidation benefits Productivity gains through global standardization of services Sector specialist can serve customers more effectively Fulfill customers worldwide transportation needs Optimize utilization of transport capacities globally Depth of local and global relationships with customers and transportation providers Manage and control the flow of goods transported Optimize capacity utilization and operational efficiencyMarket and Competition January 2006 Company Overview and Strategy11 Leverage continuing growth in Asian trade flowsFurther strengthen specialist capabilities in target industriesMaintain a balanced customer mix of SMEs and global

5 AccountsCost leadership through operational excellenceAchieve strong organic growth, supported by selected bolt-on acquisitions Asset light approach to additional supply chain servicesDevelop human capitalCompany Overview and StrategyStrategy Cornerstones12 COOC hief Operating OfficerJ rg EggenbergerRegional CEO AmecCEO (ad interim)Gerhard FischerCorporateAuditorCorporate DevelopmentCommunications & Legal ServicesRegional CEO EuropeRegional CEO ChinaRegional CEO ApacRegional CEO LatamRegional CEO NoramCapacity Procurement, Operations, Marketing, Sales, Business Processes & Quality, Agent RelationsHuman ResourcesCompany Overview and StrategyGroup ManagementFinancial ReportingTax ManagementCorporate Treasury & Investor RelationsControllingCorporate ITProject ManagementBoardof DirectorsAudit CommiteeCompensation CommiteeCFOC hief Financial OfficerMonika RibarCAOC hief Administrative OfficerRoland WiderCredit Control13 Global NetworkPanalpina Business UnitPartner Companies / AgentCompany Overview and StrategyAsia-Pacific: 2 098 employeesEMEA: 7 149 employeesNorth America: 1 980 employeesLatin America: 1 997 employees14 North AmericaCentral and South AmericaEurope / Africa / Middle East / CISR egional Focus Financial Breakdown (2004)AsiaNet Forwarding RevenueTotal: CHF 6,120mEBITAT otal.

6 CHF 169mGross Profit (Contribution Margin)Total: CHF 1,341mCompany Overview and Strategy46%40%9%5%59%15%8%18%57%11%10%22 %15 Business Area FocusA PASSION FOR SOLUTIONSAir freight Ocean FreightSupply Chain Management Central Procurement & Capacity Management Strategic Partnerships with selective 1stclass carriers 24/7 Hub and charter operations Central Procurement and Capacity Management Strategic Partnership withselective 1stclass carriers Intermodal services Non-asset based Lead Logistics Provider (LLP) Complementary services to freight forwarding ( outbound / inbound warehousing) Project forwarding (PanProjects) Company Overview and Strategy16 Sector FocusA PASSION FOR SOLUTIONSH ealthcare[PICTURE] Pharmaceutical Life Science Biotechnology Diagnostics Dental Care Medical devices Orthopaedics Customer HealthcareRetail & Fashion[PICTURE] Textiles Wearing Apparel Footwear AccessoriesNot included: Perfumes WatchesAutomotive[PICTURE] Manufacturer Suppliers After- market PartsHi-Tech[PICTURE] Computer Electronics Telecom Semi-Conductor Contract ManufacturersOil & Gas[PICTURE] Supply companies Drilling companies Oil companies ContractorsNot included: Transport of oilCompany Overview and Strategy17 Panalpina Oil & Gas: market Leadership in a Uniquely Complex Sector with High Barriers to Entry Only freight forwarder with meaningful global capability in the booming international Oil & Gas upstream sector Key differentiators:1.

7 Presence at the oil & gas decision making centers2. Presence at the actual oil & gas upstream sites3. Profound industry and materials know-how 4. Industry focused Supply Chain SolutionsMarketing and Sales18 Panalpina s Key AssetsHuman Resources People Business Strong company culture a passion for solutions Continuity in top- and middle management Panacademy quality training and staff development Performance based incentive plansInformation Technology Key to Success Globally standardized software applications 24/7 systems support and security Innovative Customer applications Independent communication network Best-in-Class vs. State-of-the-Art Company Overview and StrategyJanuary 2006 Financials(2004 and 2005 will be restated)20 Summary Income Statement (2004 and 2005 to be restated)FinancialsFull-yearInterimMargi n on net earnings116981117810320022003200409/2004 09/20054,3694, , ,239( ) on , , , , Forwarding Revenue% GrowthGross profit% GrowthEBITDAM argin on GP(CHF in millions)2101,0002,0003,0004,0005,0006,0 007, ,1745,3636, Forwarding Revenue by Segments (2004 and 2005 to be restated)Net Revenue Split by Region(CHF in millions) ( )% AmericaCentral & South AmericaEurope / Africa / ME / CISAsia /PacificFinancialsNet Revenue Split by Business Segment(CHF in millions)( )% ChainManagement01,0002,0003,0004,0005,00 06,0007,0002002200320045,1745,3636,120 22 Balance Sheet & Cash Flow Summary (2004 and 2005 to be restated)Full-yearInterim20022003200406/ 200509/2005195255(35) , (9)(43) , (32) , Capital Expenditures5242301112247(37) , (36)

8 , and cash equivalents (1)BorrowingsNet cash (debt)Net Working Capital (2)As % of (LTM) gross revenueTotal shareholder s equityTotal assetsAs % of (LTM) gross revenue(1)Including financial assets held for trading(2)Net working capital defined as current assets net of cash and equivalents minus current liabilities net of interest bearing debt(CHF in millions)Financials23 Financials Dividend Policy: target payout ratio in the range of 30-40%FinancialsBalance Sheet Structure (2004 and 2005 to be restated)Breakdown of Assets(CHF in millions)Note:GR = Gross RevenueBreakdown of Liabilities(CHF in millions)Note:Cash Opex = Gross Revenue - EBITDAL iquid FundsReceivables, & other assetsNon-current assetsPayables, Accruals & ProvisionsBorrowingsShare CapitalRetained Earnings & Minorities75079950507378181'70235371'574 02004006008001'0001'2001'4001'6001'80020 04 YE2005 of Cash of Cash Opex3113121'0161'1352551'5741'7022470200 4006008001'0001'2001'4001'6001'8002004 YE2005 of of GRMonika Ribar, CFO24 Returns (2004 and 2005 to be restated)ROCE (2002-2004)ROE (2002-2004) : ROE calculated as net income / previous year-end book equity200220032004 Note: ROCE calculated as NOPAT / previous year-end book equity + net debtFinancials Panalpina delivers consistently high returns Panalpina sees further scope for improving these returns to close the gap on industry best-in-class200220032004