1. DSV Panalpina Corporate Presentation
19 August 2019

2. 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
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3. 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
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4. Achieving more together
DSV+Panalpina
Note: Based on 2018 numbers
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5. A broader network to serve our customers
DSV and Panalpina combined
600
offices
900
Logistics facilities
DSV
New Countries
Non DSV
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6. 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
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7. 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

8. 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
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9. 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
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10. 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
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11. 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.

12. 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.
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13. 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
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14. 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
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15. 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

16. 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

17. 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
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18. 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
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19. 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 F 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 – 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)
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20. 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

21. Thank you