Thiel Logistik AG – Company Presentation Sebastian Esser, Director Finance

European Small & MidCap Conference, London / May 23, 2007

1

Agenda

Financial Review and Outlook

Company Overview

New Management Structure

2

Company Profile

Business: 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 Luxembourg

Revenue: 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 countries

Listing: Frankfurt Stock Exchange (SDAX, ISIN: LU0106198319, German SIN: 931705, TGH)

Major Shareholder: DELTON AG, Bad Homburg (50.26%)

MarketCap: 313.24 mn. €

3

Thiel Today – Strategy and Group Structure

Thiel Group strategy for profitable growth

Market leadership in defined market segments

Portfolio approach combined with synergy exploitation by Centers of Competence

De-centralized market and business responsibilities combined with tight financial systems and controls

4

Key Growth Drivers in Logistics

Globalization of sourcing, production and distribution marketsIncreased complexity of logistics as a result of shift in customer needs (e.g. on-demand)Outsourcing of value chain links

Concentration on core competenciesCost pressures

Industry Perspective

The logistics market has grown stronger and more stable than the overall economyIncreasing importance of supply chain management and value-added services continue to drive market growthIn addition, outsourcing activities of corporates foster the market development (currently only 45 % of services outsourced) Commoditization aiming at economies of scale (e.g. Emergence of global networks)

Market Perspective

Growth in Logistics

Europe Thereof: Germany

in bn euros

Source: “Die Top 100 der Logistik”, IKB, Eurostat, FERI

Average Development of GDP and Logistics Revenues

Gross Domestic Product Logistics Revenues

Germany France UK Italy Spain

Contract Logistics in Europe

5

ThielHome

regions

Sales Orientation

Shift of production towards Eastern Europe will continue

Economic growth in emerging markets will outpace Western European growth rates

Demand for sophisticated logistics services and transport connection will rise significantly

Thiel general network activities in Eastern Europe with unique standards and wide coverage (Top 3)

Long-standing Eastern European expertise with 51 sites in 13 countries

Establishment of an Intra-Eastern Europe network

Network activities serve as platform for solutions currently performed in Western Europe mainly

Entering new markets in former GUS

Cost leadership by standardization

Activities provide strong link in East-West traffic (road and inter-modal)

Growth Potential Eastern EuropeKey Trends Thiel Market Position

Thiel Strengths

6

Growth Potential Air & OceanKey Trends Thiel Market Position

Organization of inter-continental air and ocean transports combined with value-added services and freight management solutions generates operating margins above 3 percentGlobal network with 83 offices and partner-shipsMember of purchasing alliances to bundle purchasing power (FUTURE, Group 99)

Globalization of sourcing activities continues and will increasingly be supplemented by increasing demand from emerging marketsImportance of and demand for intercontinental management of supply chains will increase and generate significant efficiency gainsHigh importance of container shipping for international cargo and increasing importance of air-freight market due to specific performance characteristics (e.g. short lead-times)

Thiel Strengths

Highly advanced IT solutions allow integrated handling of processesLong-standing presence in East Asia has been developed in a lasting competitive advantage Focus on medium-sized business customers mirrors own strong corporate culture with high degree of loyalty

7

Growth Potential SolutionsKey Trends Thiel Market Position

Strong market positions and brands in selected industries based on special networks (Media, Fashion, Steel, Food)Range of customer-specific solutions with highly innovative solutions (Red Bull, Subway, ZF etc.)High share of asset-light business models with high level of integration into customer processes and conceptual logic

Specialized demand for logistics services resulting from individualization of customer needsComplex solutions require high degree of reliability, reactivity and also cost efficiencyCo-ordination activities across the supply chains of market participants will generate significant benefits

Long-standing customer relations, partially resulting from successful spin-offsHigh level of industry-specific knowledge and tools which allow back-/forward-integration in supply chains of customersSpecial equipment and infrastructure creating additional barriers of entry (e.g. garment on hanger transportation)Global link via Air & Ocean network

Seed

Raw materialTransport optimization

to manufacturerQuality control

Transport optimization

Combination of components

Deliveryto POS

Disposal

• Broker of Supply Chain• Quality control, compliance, fashion logistics• Inventory control system, POTrack, SC simulation

Manufacturer/ Producer

Processedmaterials

Thiel Strengths

8

Agenda

Financial Review and Outlook

Company Overview

New Management Structure

9

Strategy unchanged – New management structure supports strategy implementation

Thiel Strategy

• Comprehensive logistics processes• Profitable growth• De-centralized responsibilities• Efficient processes

• Based on business processes• Consistent customer orientation

and exploitation of synergies

New Management structure

Strategyimplementation

10

Strategy implementation in the new management and organizational structure

Horizontally: Consistent bundling of similar business processes in the business segments Solutions, Air & Ocean and Road & Rail

• Focussed market approach and integration of regional or industry-related businesses by standardized logistics, IT and purchasing functions

• COOs manage business segments as profit centers and assume responsibility to intensify the further integration and development of the Thiel Group

• Increase in customer orientation and process efficiency

Vertically: Efficient division of tasks and responsibilities among Executive Committee, business segments, operating units, and Shared Services

11

Evolution of management and organizational structure

until 2002 2003-2005 starting July 2007

Numerous acquisitions in

contract logistics and freight forwarding

Formation of segments based on legal entities

Re-Organization of segments based on

business processes

Addition of Centers of

Competence and shared services

2006

12

New management and organizational structure starting July 1, 2007

12 business units

3 business segments

13

Formation of segments and bundling based on business processes

EasternEurope

Central Europe

Western EuropeFashion Media Industrial

GoodsConsumer

Goods

ROAD & RAILSOLUTIONS AIR & OCEAN

Thiel MediaThiel FashionLifestyle Thiel Furniture Birkart

Air & Ocean QuehenbergerDelacherMicrolog-Südkraft

5 Regions

14

Major customers of business segments

Solutions Air & Ocean Road & Rail

15

Strategic orientation of business segments

• Transfer of sophisticated logistics solutions to existing and new customers

• Following customers internationally

• Opening of special networks

• Further professionali-zation and closer integration of hauls / sites

• Opening towards supra-regional partnerships and cooperations

• Measures to maintain current profitability levels

• Organic growth inthe existing network

• Selective additions ingrowth markets

• Value added services

Performance

Growth

Net sales approx.

700 mln EUR

Net sales approx.

440 mln EUR

Net sales approx.

750 mln. EUR

16

Efficient and effective division of tasks and responsibilities in the new management and organizational structure

Responsibility to manage the Thiel Group

• Bundeling of similiar business processesin business segments

• Integration of alike regional and industry-oriented logistics, IT and pur-chasing processes in the business segments

Logistics services provision, innovation and professionalization of customer solutions and land transportation

Bundeling of administrative functions

17

Thiel Executive Committee

*1954

Chairman of Thiel Board of Directors since 2002;CEO of DELTON AG since 1999

Previously:Managing Director atLafarge Group and Mast-Jägermeister AG

Berndt-Michael WinterCEO

Dr. Antonius WagnerCFO

* 1961

Vice-Chairman of ThielBoard of Directors since 2002;CFO of DELTON AGsince 2002

Previously:Management Positions atBosch Group and LafargeGroup

Klaus HrazdiraCOO Solutions

* 1963

Executive Member ofThiel Board of Directorssince 2006;CEO of QuehenbergerGroup since 2003;

Previously:Managing Director at US Logistics GroupExpeditors

*1965

CEO of Birkart Globistics air + ocean since 2007

Previously:Regional Director Kühne + Nagel;Executive Vice President Oceanfreight Schenker

Helmut KaspersCOO Air & Ocean

*1961

CEO of ThielFashionLifestyle since 2006

Previously:Managing Director Birkart Globistics;Managing Director System Alliance

Detlef KükenshönerCOO Road & Rail

18

Agenda

Financial Review and Outlook

Company Overview

New Management Structure

19

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 the introduction of the new Group structure, Thiel Logistik AG is becoming an integrated logistics group

Target of three percent EBIT margin in the medium-term confirmed

20

Q1 2007 – Key Financials

(EUR in million)

Sales Q1 2007 Q1 2006 FY 2006 FY 2005

Net Sales 507.5 477.3 1,891.4 1,839.6

Earnings

EBIT before Restructuring Costs 13.0 10.4 27.5 27.3EBIT Margin 2.6% 2.2% 1.5% 1.5%

EBIT 12.0 10.4 23.9 -19.8

Net Result 4.7 3.4 2.1 -53.0

Cash Flow

Operating Cash Flow -4.6 3.3 20.6 21.8

Net Cash Flow -14.6 -0.1 13.4 3.2

21

Q1 2007 – Sales Analysis

(EUR in million)

Net sales Q1 2006

Significant customer project

losses e.g. FAG/INA

Acquisitions Consolidations

Additional growth

Net sales Q1 2007

-19.0

507.5

7.9

43.9

-2.6

Exchange rate effects

~~

477.3

9.2 %

22

Q1 2007 – EBIT Development since 2005

(EUR in million)

2005 2006 2007

EBIT Q1

Decon-solidation

effect PD

Logistics

EBIT Q1 Adj.

10.4

EBIT Q1

Divestment Quehen-berger

Terminal

EBIT Q1 Adj.

12.0 12.1

EBIT Q1

EBIT Q1 Adj.

5.9

Discontinued Operations

5.1-0.8

-3.11.5

8.8

Reorg. Freshnet;

Divestment Risks

Re-structuring

costs

-1.0 1.1

23

Q1 2007 – Segment Reporting

Sales108.1

90.6

278.3300

Industry Solutions

Air & Ocean Regional LogisticsServices

Segment Result

2006 2007

4.22.6

2006 2007 2006 2007

20072006 2007 2006 20072006

(EUR in million)

200

100

0

5.8

+3.4%

+5.2 %

6

4

2

111.9101.7

293.7

6.0

3.5 3.0

0

Proceeds from the disposal of PD Logistics (3.1 million euros)

+10.9%

24

Q1 2007 – Income Statement

(EUR in million)

Net Sales 507.5 477.3 1,891.4 1,839.6

Purchased Services -352.8 -313.3 -1,288.1 -1,189.0% Net Sales 69.5 65.6 68.1 64.6

Other Cost of Sales -112.4 -124.5 -1,747.7 -1,692.6

Gross Profit 42.3 39.6 143.7 147.0% Net Sales 8.3 8.3 7.6 8.0

SG&A -31.1 -31.2 -121.7 -125.4% Net Sales 6.1 6.5 6.4 6.8

Other operating Income, net 1.8 2.0 5.5 5.6

EBIT before Restructuring Costs 13.0 10.4 27.5 27.3% Net Sales 2.6 2.2 1.5 1.5

Restructuring Costs -1.1 0.0 -3.7 -6.1

Interest Expenses, net -4.3 -4.0 -16.5 -17.6

Income Taxes -2.9 -3.0 -5.0 -7.6

Net Result 4.7 3.4 2.1 -53.0

Q1 2007 Q1 2006 FY 2006 FY 2005

25

Q1 2007 – Balance Sheet as of March 31, 2007

76.880.3Other Assets

278.5284.9Goodwill

223.9223.9Intangible and Fixed Assets

913.1952.7Total

270.1315.3Trade Accounts Receivable

63.848.3Cash and Cash Equivalents

FY 2006Q1 2007Assets

126.1126.2Bonds Payable

321.1326.2Shareholders’ Equity

138.8161.4Other Liabilities, Provisions

238.5246.1Trade Accounts Payable

43.744.9

48.0 44.8

Financial LiabilitiesLeasing Liabilities

913.1952.7Total

FY 2006Q1 2007Liabilities and Shareholders’ Equity

(EUR in million)

26

Q1 2007 – Cash Flow Statement

1) Net Cash Flow = Operating Cash Flow – Cash Flow from Investing Activities2) Free Cash Flow = Operating Cash Flow – Capital Expenditure

(EUR in million)

Q1 2007 Q1 2006 FY 2006 FY 2005

EBITDA 20.5 18.8 61.1 63.9Income Tax Payments -1.7 -2.3 -9.7 -12.0Interest Payments -0.9 -0.5 -14.6 -14.1Changes in Working Capital -20.3 -10.6 -9.6 -2.9Other Changes -2.2 -2.1 -6.6 -13.1

Operating Cash Flow -4.6 3.3 20.6 21.8

Capital Expenditure -7.3 -4.0 -21.2 -23.9Divestments 0.4 1.0 12.6 11.2Acquisitions -3.1 -1.3 -0.4 -6.1Other Changes 0.0 0.9 1.8 0.3

Cash Flow from Investing Activities -10.0 -3.4 -7.2 -18.6

Net Cash Flow1) -14.6 -0.1 13.4 3.2

Changes in Bank Borrowings 1.1 -3.8 -3.1 -9.8Other Changes -1.7 -2.0 -9.1 -10.8

Cash Flow from Financing Activities -0.5 -5.8 -12.2 -22.0

Free Cash Flow2) -11.9 -0.8 -0.5 -2.1

27

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 expected

Thiel Logistik AG – Company Presentation Sebastian Esser, Director Finance

European Small & MidCap Conference, London / May 23, 2007

Contact:Sebastian EsserDirector FinanceTel.: +352 719 690 - 1112e-Mail: sebastian.esser@thiel-logistik.com