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Thiel Logistik AG – Company PresentationSebastian Esser, Director FinanceEuropean Small & MidCap Conference, London / May 23, 2007

AgendaCompany OverviewNew Management StructureFinancial Review and Outlook1

Company ProfileBusiness:As an external partner, Thiel Logistik AG, develops holistic logisticsand service solutions for trade and industry.Its business segments are Industry Solutions, Air & Ocean andRegional Logistics Services.Founded:1985 in LuxembourgRevenue:1,891.4 mn. in 2006 ( 2.8% vs. 2005)EBIT-Margin:1.5% in 2006 (1.5% in 2005)Employees:8,115 worldwide at more than 350 sites in 42 countriesListing:Frankfurt Stock Exchange(SDAX, ISIN: LU0106198319, German SIN: 931705, TGH)Major Shareholder:DELTON AG, Bad Homburg (50.26%)MarketCap:313.24 mn. 2

Thiel Today – Strategy and Group Structure Thiel Group strategy forprofitable growth Market leadership in definedmarket segments Portfolio approach combinedwith synergy exploitation byCenters of Competence De-centralized market andbusiness responsibilitiescombined with tight financialsystems and controls3

Key Growth Drivers in LogisticsMarket Perspective Globalization of sourcing,production and distributionmarketsIncreased complexity of logisticsas a result of shift in customerneeds (e.g. on-demand)Outsourcing of value chain links Concentration on corecompetencies Cost pressuresAverage Development of GDPand Logistics RevenuesGermanyFranceUKGross Domestic ProductItalyIndustry Perspective The logistics market has grownstronger and more stable thanthe overall economy Increasing importance of supplychain management and valueadded services continue todrive market growth In addition, outsourcingactivities of corporates fosterthe market development(currently only 45 % of servicesoutsourced) Commoditization aiming ateconomies of scale (e.g.Emergence of global networks)SpainLogistics RevenuesGrowth in LogisticsContract Logistics in Europein bn eurosEuropeThereof: GermanySource: “Die Top 100 der Logistik”, IKB, Eurostat, FERI4

Growth Potential Eastern EuropeKey TrendsThiel Market Position Shift of production towards Eastern Europe will continue Economic growth in emerging markets will outpace WesternEuropean growth rates Demand for sophisticated logistics services andtransport connection will rise significantly Thiel general network activities inEastern Europe with unique standardsand wide coverage (Top 3) Long-standing Eastern Europeanexpertise with 51 sites in 13 countries Establishment of an Intra-EasternEurope networkThiel StrengthsThielHomeregionsSalesOrientation Network activities serve as platform forsolutions currently performed inWestern Europe mainly Entering new markets in former GUS Cost leadership by standardization Activities provide strong link in EastWest traffic (road and inter-modal)5

Growth Potential Air & OceanKey Trends Globalization of sourcing activities continues and will increasingly besupplemented by increasing demand from emerging markets Importance of and demand for intercontinental management of supplychains will increase and generate significant efficiency gains High importance of container shipping for international cargo andincreasing importance of air-freight market due to specificperformance characteristics (e.g. short lead-times)Thiel Market Position Organization of inter-continental air andocean transports combined with value-addedservices and freight management solutionsgenerates operating margins above 3 percent Global network with 83 offices and partnerships Member of purchasing alliances to bundlepurchasing power (FUTURE, Group 99)Thiel Strengths Highly advanced IT solutions allowintegrated handling of processes Long-standing presence in East Asia hasbeen developed in a lasting competitiveadvantage Focus on medium-sized business customersmirrors own strong corporate culture withhigh degree of loyalty6

Growth Potential SolutionsKey TrendsThiel Market Position Specialized demand for logistics services resulting from Strong market positions and brands inindividualization of customer needs Complex solutions require high degree of reliability, reactivity andalso cost efficiency Co-ordination activities across the supply chains of marketparticipants will generate significant benefitsselected industries based on specialnetworks (Media, Fashion, Steel, Food) Range of customer-specific solutions withhighly innovative solutions (Red Bull,Subway, ZF etc.) High share of asset-light business modelswith high level of integration into customerprocesses and conceptual logic Broker of Supply ChainQuality control, compliance, fashion logisticsInventory control system, POTrack, SC cerTransportoptimizationDeliveryto POSRaw materialTransportoptimizationto manufacturerQuality controlCombination ofcomponentsDisposalThiel Strengths Long-standing customer relations, partiallyresulting from successful spin-offs High level of industry-specific knowledgeand tools which allow back-/forwardintegration in supply chains of customers Special equipment and infrastructurecreating additional barriers of entry (e.g.garment on hanger transportation) Global link via Air & Ocean network7

AgendaCompany OverviewNew Management StructureFinancial Review and Outlook8

Strategy unchanged – New management structure supportsstrategy implementation9Thiel Strategy Comprehensive logistics processesProfitable growthDe-centralized responsibilitiesEfficient processesNew ManagementstructureStrategyimplementation Based on business processes Consistent customer orientationand exploitation of synergies9

Strategy implementation in the new management andorganizational structureHorizontally: Consistent bundling of similar business processes in the businesssegments Solutions, Air & Ocean and Road & Rail Focussed market approach and integration of regional or industry-related businesses bystandardized logistics, IT and purchasing functions COOs manage business segments as profit centers and assume responsibility to intensifythe further integration and development of the Thiel Group Increase in customer orientation and process efficiencyVertically: Efficient division of tasks and responsibilities among Executive Committee,business segments, operating units, and Shared Services10

Evolution of management and organizational structureNumerousacquisitions incontract logisticsand freightforwardinguntil 2002Formation ofsegments basedon legal entities2003-2005Addition ofCenters ofCompetence andshared services2006Re-Organization ofsegments based onbusinessprocessesstarting July 200711

New management and organizational structurestarting July 1, 20073 business segments12 business units12

Formation of segments and bundling based onbusiness processesSOLUTIONSFashionThiel FashionLifestyleMediaAIR & OCEANIndustrialGoodsThiel MediaConsumerGoodsThiel Furniture5 RegionsBirkartAir & OceanROAD & acherEasternEuropeQuehenberger13

Major customers of business segmentsSolutionsAir & OceanRoad & Rail14

Strategic orientation of business segmentsNet salesapprox.700 mln EURPerformanceGrowthNet salesapprox.440 mln EURNet salesapprox.750 mln. EUR Transfer of sophisticatedlogistics solutions toexisting and newcustomers Measures to maintaincurrent profitabilitylevels Further professionalization and closerintegration of hauls /sites Following customersinternationally Opening of specialnetworks Organic growth inthe existing network Selective additions ingrowth markets Value added services Opening towardssupra-regionalpartnerships andcooperations15

Efficient and effective division of tasks and responsibilities inthe new management and organizational structureResponsibility to manage the Thiel Group Bundeling of similiar business processesin business segments Integration of alike regional andindustry-oriented logistics, IT and purchasing processes in the business segmentsLogistics services provision, innovationand professionalization of customersolutions and land transportationBundeling of administrative functions16

Thiel Executive CommitteeBerndt-Michael WinterDr. Antonius WagnerKlaus HrazdiraHelmut KaspersDetlef KükenshönerCEOCFOCOO SolutionsCOO Air & OceanCOO Road & Rail*1954* 1961* 1963*1965*1961Chairman of Thiel Boardof Directors since 2002;CEO of DELTON AGsince 1999Vice-Chairman of ThielBoard of Directorssince 2002;CFO of DELTON AGsince 2002Executive Member ofThiel Board of Directorssince 2006;CEO of QuehenbergerGroup since 2003;CEO of BirkartGlobistics air oceansince 2007CEO of ThielFashionLifestylesince 2006Previously:Managing Director atLafarge Group and MastJägermeister AGPreviously:Management Positions atBosch Group and LafargeGroupPreviously:Managing Director atUS Logistics GroupExpeditorsPreviously:Regional DirectorKühne Nagel;Executive Vice PresidentOceanfreight SchenkerPreviously:Managing DirectorBirkart Globistics;Managing DirectorSystem Alliance17

AgendaCompany OverviewNew Management StructureFinancial Review and Outlook18

Q1 2007 – Key Developments Pleasing growth in all three business segments Significant improvement in operating earnings Implementation of the new management structure considerably advanced: with theintroduction of the new Group structure, Thiel Logistik AG is becoming an integratedlogistics group Target of three percent EBIT margin in the medium-term confirmed19

Q1 2007 – Key FinancialsSalesQ1 2007Q1 2006FY 2006FY 2005507.5477.31,891.41,839.6EBIT before Restructuring CostsEBIT 43.2Net SalesEarningsNet ResultCash FlowOperating Cash FlowNet Cash Flow(EUR in million)20

Q1 2007 – Sales Analysis43.9 9.2 %477.3 Net salesQ1 2006507.5-19.0Significantcustomer projectlosses e.g.FAG/INA-2.67.9Exchangerate et salesQ1 2007(EUR in million)21

Q1 2007 – EBIT Development since stmentRisksEBITQ1Adj.EBITQ1ReDivestmentQuehen- structuringcostsbergerTerminalEBITQ1Adj.(EUR in million)22

Q1 2007 – Segment ReportingIndustrySolutionsAir & Ocean300Regional LogisticsServices278.3293.7 5.2 %200Sales108.1111.9 3.4%100101.790.6 10.9%02006 2007SegmentResult642006 20076.02006 20075.84.22.63.53.0202006 2007(EUR in million)2006 20072006 2007Proceeds from the disposal of PD Logistics (3.1 million euros)23

Q1 2007 – Income StatementQ1 2007Q1 2006FY 2006FY 2005Net Sales507.5477.31,891.41,839.6Purchased 5.55.613.010.427.527.32.62.21.51.5Restructuring Costs-1.10.0-3.7-6.1Interest Expenses, net-4.3-4.0-16.5-17.6Income Taxes-2.9-3.0-5.0-7.6Net Result4.73.42.1-53.0% Net SalesOther Cost of SalesGross Profit% Net SalesSG&A% Net SalesOther operating Income, netEBIT before Restructuring Costs% Net Sales(EUR in million)24

Q1 2007 – Balance Sheetas of March 31, 2007Liabilities andAssetsQ1 2007FY 2006Cash and Cash Equivalents48.363.8Trade Accounts Receivable315.3270.180.376.8Intangible and Fixed Assets223.9GoodwillTotalOther AssetsQ1 2007FY 200648.044.843.744.9Trade Accounts Payable246.1238.5Other Liabilities, Provisions161.4138.8223.9Bonds Payable126.2126.1284.9278.5Shareholders’ ers’ EquityFinancial LiabilitiesLeasing Liabilities(EUR in million)25

Q1 2007 – Cash Flow StatementQ1 2007Q1 2006FY 2006FY 2005EBITDA20.518.861.163.9Income Tax Payments-1.7-2.3-9.7-12.0Interest Payments-0.9-0.5-14.6-14.1-20.3-10.6-9.6-2.9Other Changes-2.2-2.1-6.6-13.1Operating Cash Flow-4.63.320.621.8Capital 11.2Acquisitions-3.1-1.3-0.4-6.1Other Changes0.00.91.80.3Cash Flow from Investing Activities-10.0-3.4-7.2-18.6Net Cash Flow1)-14.6-0.113.43.2Changes in Bank Borrowings1.1-3.8-3.1-9.8Other Changes-1.7-2.0-9.1-10.8Cash Flow from Financing es in Working CapitalFree Cash Flow2)(EUR in million)1)2)Net Cash Flow Operating Cash Flow – Cash Flow from Investing ActivitiesFree Cash Flow Operating Cash Flow – Capital Expenditure26

Q1 2007 – Outlook Continued growth trend strengthened also by bolt-on acquisitions Continued operating earnings improvement by increase of organic growth y-o-y improvement of gross margin successful implementation of new structure Improvement of net result expected27