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Thiel Logistik AGInvestor Meetings Frankfurt – August 31, 2007

AgendaMarket and Business ProfileNew Management StructureFinancial Review and Outlook –Half-Year Results 20071

Company ProfileBusiness:As an external partner, Thiel Logistik AG, develops holistic logistics and service solutions fortrade and industry. Its business segments are Solutions (customer-orientated contract logisticssolutions), Air & Ocean (global air and ocean freight forwarding activities) and Road & Rail(land and special transportation activities in Central, Western and Eastern Europe).Founded:1985 in LuxembourgRevenue:1,891.4 mn. in 2006 ( 2.8% vs. 2005)Employees:8,500 worldwide at more than 350 sites in 43 countriesListing:Frankfurt Stock Exchange (ISIN: LU0106198319, German SIN: 931705, TGH)Major Shareholder: DELTON AG, Bad Homburg (50.26%)MarketCap:Approx. 300 mn. Key Developments 2007§ Increase of net sales in all three business segments§ Further improvement in operating earnings§ With the start of the new management structure on July 1, Thiel Logistik has become anintegrated logistics group§ Targets for management teams: to enlarge strengths, resolve weaknesses, improve efficiency2

Key Growth Drivers in LogisticsMarket trendsWorld Merchandise Trade§ Globalization of sourcing,production and distribution§ Supply-Chain Management721b20636bn US nU9b§ Increase of multi-levelsubcontractors cascadesS n126bnUS US§ Acceleration of economicactivity in the “on-demandworld”in billion US 1.600German World Trade vs GDP Growth8,0%§ Deregulation of publictransport services§ Asia’s trade developmentprominently shaped by China1.4005,3%§ German world tradeoutperforms GDP growth1.2002,7%1.0000,0%2001200220032004German World Trade2005GDP2006Sources: World Trade Organisation, Statistisches Bundesamt3

Focus on Air & OceanExpansion of Network and GrowthKey TrendsThiel Market Position§ Globalization of sourcing activities continues and will increasingly be§ Organization of inter-continental air andsupplemented 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)ocean transports combined with valueadded services and freight managementsolutions generates operating marginsabove 3 percent§ Global network with 88 offices plus 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 loyalty4

Focus on SolutionsExtension and GrowthKey TrendsThiel Market Position§ Specialized demand for logistics services resulting from§ Strong market positions and expertise 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 Chain Quality control, compliance, fashion logistics Inventory control system, POTrack, SC cerRaw materialTransportoptimizationto manufacturerQuality controlTransportoptimizationCombination ofcomponentsDeliveryto POSDisposalThiel 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 network5

Focus on Road & RailIntegration of Network based on strength in Eastern EuropeKey TrendsThiel Market Position§§Shift of production towards Eastern Europe will continue§Demand for sophisticated logistics services andtransport connection will rise significantlyEconomic growth in emerging markets will outpace WesternEuropean growth rates§Thiel general network activities inEastern Europe with unique standardsand wide coverage (Top 3)§Long-standing Eastern Europeanexpertise with 57 sites in 14 countries§Establishment of an Intra-EasternEurope networkThiel StrengthsThielHomeregions§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)SalesOrientation6

AgendaMarket and Business ProfileNew Management StructureFinancial Review and Outlook –Half-Year Results 20077

Evolution of Management and Organizational StructureNumerousacquisitions incontract logisticsand freightforwardinguntil 2002Formation ofsegments basedon legal entities2003-2005Addition ofCenters ofCompetence andshared services2006Re-Organization ofsegments based onbusinessprocessesstarting July 20078

Strategic Orientation of Business Segments3 business segments12 business unitsNet 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 andcooperations9

Efficient and Effective Division of Tasks and ResponsibilitiesResponsibility to manage the Thiel Group Bundling of similar business processesin business segments Integration of alike regional andindustry-oriented logistics, IT and purchasing processes in the business segmentsLogistics services provision, innovationand professional approach towards customersolutions and land transportationBundling of administrative functions10

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 Alliance11

Strategic Sales and Earnings ExpectationsEBIT marginsSales in mln 0%4.5%3.0%3.5%7008003.0%3.5%800900SolutionsAir &OceanRoad & RailGroupGroupRoad & RailAir &OceanSolutions12

Rebranding as Final Step towards Full Group IntegrationbreRnidandaehAg13

AgendaMarket and Business ProfileNew Management StructureFinancial Review and Outlook –Half-Year Results 200714

HY 2007 –Key FinancialsHalf-Year20072006Net SalesΔin %2nd Quarter20072006Δin .22.7n/aEarningsEBIT before Restructuring CostsEBIT-MarginEBITNet ResultCash FlowOperating Cash FlowNet Cash Flow(EUR in million)15

HY 2007 –Sales Analysis85.0 9.2 %922.5 Net salesHY 20061,000.9-20.3-3.5SignificantCustomerProject Lossese.g. FAG/INAExchangeRate wthNet salesHY 2007(EUR in million)16

HY 2007 –EBIT Development since 16.4 1.6 0.7 3.1DiscontinuedOperations(EUR in H1ReDivestmentQuehen- structuringcostsbergerTerminalEBITH1Adj.17

HY 2007 –Segment ReportingIndustrySolutionsAir & OceanRegional LogisticsServices600528.8546.5589.9 7.9%500400Sales300200206.9195.1197.3203.7 3.3%159.5178.7 15.7%1002005 2006 20072005 2006 20072005 2006 .522005 2006 2007(EUR in million)2005 2006 20072005 2006 2007Proceeds from the disposal of PD Logistics (3.1 million euros)18

HY 2007 –Income StatementHalf-Year20072006Net SalesΔin %2nd Quarter20072006Δin %1,000.9922.58.5%493.4445.110.8%Purchased Services% of Net 7.7%14.3%Other Cost of 36.434.26.3%SG&A-63.6-61.43.7%-32.6-30.27.9%EBIT before Restructuring Costs% of Net 20.0-3.9-1.20.9n/a10.3%-87.4%n/aGross ProfitRestructuring CostsInterest Expenses, netIncome TaxesNet Result(EUR in million)19

HY 2007 –Balance SheetHYFYAssets20072006Cash and Cash Equivalents39.063.8Trade Accounts Receivable310.4270.183.776.8Intangible and Fixed Assets220.4GoodwillTotalOther AssetsLiabilities andHYFYShareholders’Equity20072006Financial LiabilitiesLeasing Liabilities47.042.543.744.9Trade Accounts Payable248.6238.5Other Liabilities, Provisions149.2138.8223.9Bonds 5.6321.1939.2913.1Total939.2913.1(EUR in million)20

HY 2007 –Working Capital Development*40.3-10.1-6.3Change inAccountsReceivable(EUR in million)Change inAccountsPayableChange inInventories3.427.3Change inOtherAssetsChange inWorkingCapitalGrowthEffectsChange inCustomerProjects and inSupplier Base- Change in IT-Systems- Invoicing Backlogs- Reorganization(Early Payments)* as against December 31, 200621

HY 2007 –Cashflow StatementHalf-Year20072006Δin %2nd Quarter20072006Δin %EBITDA33.033.2-0.6%12.514.4-13.2%Interest Payments-7.3-7.12.9%-6.4-6.6-2.4%Income Tax ions-4.5-0.2n/a-1.31.1n/aCash Flow from Investing Activities-13.1-3.4n/a-3.10.0n/aNet Cash nges in Working CapitalOperating Cash FlowCapital ExpenditureChanges in Bank BorrowingsCash Flow from Financing ActivitiesFree Cash Flow(EUR in million)2)1)2)Net Cash Flow Operating Cash Flow –Cash Flow from Investing ActivitiesFree Cash Flow Operating Cash Flow –Capital Expenditure22

Outlookn Continued growth trend strengthened by organic revenue increasen Continuous EBIT improvement targeted with margin goal of three percent:n Elimination of remaining weaknesses / restructuring (mainly Road & Rail)n Efficient organisation and lean processesn Shift of sales mix towards Solutions and Air & Ocean businessn Main risk to improvement in net result 2007 is the insolvency of Thiel Furniture‘smain customer Schieder Group23

Thiel Logistik AGInvestor Meetings – August 31, 2007

2 Company Profile Business: As an external partner, Thiel Logistik AG, develops holistic logistics and service solutions for trade and industry. Its business segments are Solutions (customer-orientated contract logistics solutions), Air & Ocean (global air and ocean freight forwarding activities) and Road & Rail