DSV Panalpina Corporate Presentation 19 August 2019

DSV Panalpina at a glance Global transport and logistics 60,000 employees 1,500 offices and logistics facilities +90 countries ~118 billion DKK annual revenue DSV Panalpina countries 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

DSV Panalpina – Global Transport and Logistics Expanding our network Global operations One company – three divisions DSV Panalpina In time, as the integration progresses, all commercial activities will continue under the DSV brand +90 DSV Air & Sea – a global network into which Panalpina’s Air and Ocean activities will be integrated Headquarters in Hedehusene, Denmark. Will continue to be listed on Nasdaq Copenhagen Countries DSV A/S will change its registered name to DSV Panalpina A/S pending decision at the Extraordinary General Meeting 1,500 DSV Road – overland transport in Europe, North America and South Africa. Part of Panalpina’s Logistics activities will be integrated here Offices and logistics facilities Committed to being responsible 4th DSV Solutions – contract logistics services worldwide. Part of Panalpina’s Logistics activities will be integrated here Guided by UN Global Compact and the Sustainable Development Goals (SDG) Largest global freight forwarder 31 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 2020 Add place via Insert, Header & Footer

Achieving more together DSV+Panalpina Note: Based on 2018 numbers 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

A broader network to serve our customers DSV and Panalpina combined 600 offices 900 Logistics facilities DSV New Countries Non DSV 31 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 202031 March 2020 Add place via Insert, Header & Footer

Working together to support the entire supply chain 60,000 people in 90 countries at your service 3PL SERVICES 4PL SERVICES Air & Sea Road Solutions Lead Logistics DSV Air & Sea + Panalpina Air freight, Ocean freight and Project Solutions DSV Road + Panalpina Logistics and Manufacturing (~50%) DSV Solutions + Panalpina Logistics and Manufacturing (~50%) Enabling intelligent supply chains Access to all markets through our global network Strategic partnerships with leading carriers and airlines FCL/LCL and project transports Charter Network Special industry competencies Road freight services in Europe, North America and South Africa Groupage and LTL/FTL services Special industry competencies Contract logistics services worldwide Solutions for e-commerce Special industry competencies Planning and control Procurement and provider management Execution management and support Freight audit and pay DSV XPress • DSV Purchase Order Management • DSV Supply Chain Innovation • DSV Insurance 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Creating value in the transport and logistics business From A to B and much more Shipper Freight Forwarding Services Transport (subcontracted) Logistics and distribution services Consignee END-TO-END SOLUTIONS Shipment booking Pick-up Warehousing Documentation and customs clearance Cargo consolidation Purchase order management Cross-docking terminal Insurance Warehousing Picking/packing Cross-docking terminal Deconsolidation Labelling, configuration, testing Distribution Documentation and customs clearance E-commerce fulfilment 3PL SERVICES CREATING SUPPLY CHAIN VISIBILITY 4PL SERVICES DSV Lead Logistics

Focus on customer needs Industry-specific expertise and solutions Aero space automotive chemicals Consumer And retail energy fashion Government aid and relief healthcare manufacturing perishables Hi-tech Telecom Add place via Insert, Header & Footer 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Top 20 freight forwarders (2018 revenue in USD billion) DSV Panalpina (pro forma) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 It is estimated that the top 20 companies control 30-40% of the total freight forwarding market The estimated combined market share of DSV and Panalpina is 3-4% 20 Source: Journal of Commerce, DSV estimates 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Combined market position DSV and Panalpina (pro forma) 3rd sea freight 10th Logistics solutions 4th Road freight (Europe) 2nd air freight Source: Transport Intelligence, DSV estimates Add place via Insert, Header & Footer 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Diversification of business mix and geography DSV and Panalpina Division (revenue) Diversification of business mix and geography DSV Panalpina Combined (pro forma) Solutions / Logistics Sea Air Road Geography (revenue) Combined (pro forma) Americas APAC EMEA Note: For illustrative purposes only. CHF/DKK = 6.64; Based on fiscal year 2018.

We want to be a leading freight forwarder targeting extensive growth Vision and strategy We want to be a leading freight forwarder targeting extensive growth Customers We offer our customers global and competitive transport and logistics services of a consistent high quality. Growth We actively pursue profitable growth balanced between a solid above market organic growth and an active acquisition approach. Operational Excellence Operational excellence in our business processes is crucial in order to operate with the highest productivity, enabling us to be competitive and deliver timely and high-quality services to our customers. People We strive to attract, motivate and retain talented people by offering responsibility, empowerment and growth opportunities. We treasure sound business acumen and work together as a global family to drive the business forward. 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Our approach to IT Strong platforms with ongoing development and investments in the future Consolidated IT-landscape with one TMS / WMS per division ensuring high data quality and productivity Millions of shipments are booked and tracked electronically by our customers Our online booking platform enables our customers to easily book and track shipments An experienced integration team will manage the integration of DSV and Panalpina’s IT systems with the clear aim of having one global system for each division Strong focus on operational reliability and safeguarding against cyber attacks We work with established technologies such as robotics and predictive analytics and keep track of emerging technologies 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Our culture and service are defined by our global values Customers first We deliver great customer experiences and high quality services We are proactive in our customer dealings and work hard to retain customers We make it easy for our customers to do business with us Best performance We are transparent and driven by results We work together as ONE DSV Panalpina across our entire global network We are driven by entrepreneurship and local empowerment True collaboration We take ownership and show initiative We collaborate and communicate in a respectful way We practise open dialogue 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

We are committed to being responsible The UN Global Compact is based on ten principles concerning: Environment and climate Business ethics Employees and working environment Red Cross Denmark is DSV’s international humanitarian aid partner. We work together providing: Logistics services Logistics expertise Financial support The 17 UN Sustainable Development Goals (SDG) We apply the 17 SDG goals as a framework for defining our strategies and measuring our progress. We focus especially on the following 5 global goals: Note:The overview is pre-integration, based on DSV’s current setup

Community engagement with Red Cross | Red Crescent Making a difference together with our humanitarian aid partner DSV and Red Cross are international organisations with a global reach. DSV provides logistics services, expertise and financial support including: Warehouse space for storage of emergency relief equipment in Denmark Transport of equipment to ports or airports Financial support of Red Cross’ international projects Local DSV engagement in Red Cross activities around the world

A global network created through organic growth and M&A DSV’s history A global network created through organic growth and M&A Breakdown of EBIT by division Air & Sea Road Solutions Breakdown of EBIT by geography EMEA Americas APAC 2019 2018 2016 2008 2006 2000 1997 1989 1976 797 DKKm Revenue 2,694 DKKm Revenue 19,478 DKKm Revenue 31,972 DKKm Revenue 37,435 DKKm Revenue 67,747 DKKm Revenue 79,053 DKKm Revenue ~118,000 DKKm Revenue 33 DKKm EBIT 98 DKKm EBIT 854 DKKm EBIT 1,504 DKKm EBIT 1,936 DKKm EBIT 3,475 DKKm EBIT 5,450 DKKm EBIT 10 independent hauliers establish DSV DSV acquires several Danish competitors DSV acquires Samson Transport DSV acquires DFDS Dan Transport Group DSV acquires Frans Maas DSV acquires ABX LOGISTICS DSV acquires UTi Worldwide DSV joins forces with Panalpina 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Milestones in DSV’s history 1976 1997 2000 2002 2004 2006 2008 2016 2019 10 independent hauliers establish DSV Acquisition of Samson Transport Primarily adding Road activities Acquisition of DFDS Dan Transport Group Addition of Road, and the first Air & Sea activities Joint venture with TNT on logistics activities Divestment of DSV Miljø A/S (Environment Division) and buying back TNT’s share of the logistics division Acquisition of Frans Maas Completion of European Road network, adding contract logistics activities Acquisition of ABX LOGISTICS Doubling up on Air & Sea activities, and adding to Road and Solutions in Europe Acquisition of UTi Worldwide Inc. Bulking up on air and sea activities, adding Solutions and Road outside Europe Joins forces with Panalpina Welttransport Further consolidation of Air & Sea activities 1987 DSV is listed on the Copenhagen Stock Exchange 2001 The company’s activities are divided into three separate divisions: Air & Sea, Road and Solutions 2003 The company name is shortened to DSV 2007 The company name is changed from DFDS Transport to DSV 2009 Jens Bjørn Andersen becomes CEO Kurt K. Larsen becomes Chairman of the Board 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Milestones in Panalpina’s history 1895 1935 1954 1969 2005 2012 2017 2019 2019 Founding of Hans im Obersteg (HIOC) Acquisition of Hans im Obersteg & CIE Expansion in North America, Latin America, Africa, Asia, and Australia Consolidation into Alpina Internationale Transporte AG Ernst Göhner Stiftung acquires 40% of PWTN IPO at SIX Swiss Exchange Two leased 747-8F in Panalpina livery enter service in Charter Network Acquisitions in the Netherlands (Interfresh), Germany (Cool Chain Group), Belgium (Adelantex), Kenya (Air Connection) and Denmark (Carelog) Acquisitions in Colombia (CargoMaster) and Ecuador (Laseair) Perishables Network now in 30 countries Panalpina and DSV join forces 1919 Founding of Schweizer Schleppschiffahrtsge nossenschaft (SSG) SSG renamed Schweizerische Reederei AG (SRAG) in 1938 1960 Renamed Panalpina World Transport Ltd (PWTN) 1989 Launch of Air Freight service Dixie Jet: Charter Network 1990 – 2000 ChartAir Europe acquired. Network extension in Far East, Europe, Africa, Oceania and India 2015 Acquisitions in Kenya (Airflo) and Egypt (Afifi) 2018 Acquisitions in Argentina (Newport Cargo) and South Africa (Skyservices) 31/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/202031/03/2020

Together, we can achieve more: We are combining two strong companies and we look forward to offering our customers even better solutions. Jens Bjørn Andersen, CEO

Thank you