Corporate PresentationJanuary 2015

Table of contents

2

1. Market environment and group positioning p.3

2. Equity story p.7

3. Logistics, transport and freight forwarding activities p.13

4. Financials p.26

5. Acquisition of Jacobson Companies p.34

6. Appendices p.43

DisclaimerThis document was prepared by Norbert Dentressangle for the sole purpose of presenting its situation onJanuary 2015. This document may not be reproduced or distributed, in whole or in part, without the prioragreement of the Company. Norbert Dentressangle may not be held liable due to the use of this documentby any person not belonging to the Company. This document does not contain any quantified forecast ofresults. The Company makes no commitment or guarantee that it will meet its objectives or any goal that itmay state in its business plans. While the Company believes that its objectives are reasonable, readers arereminded that said targets are subject to risks and uncertainties, notably as described in the "Risk factors"section of the annual "Document de Référence" registration document.

1. Market Environment and Norbert Dentressangle Group Positioning

3

European market size: €62 billion (i.e.31% outsourcing ratio)

MARKET SIZE & TRENDS 2013

Market dynamics (value growth)

4

MARKET FRAGMENTATION

Source : Transport Intelligence

European market concentration

UK € 15 billion

France € 8 billion

Italy € 4 billionNetherlands € 4 billion

The European Contract Logistics market is undergoing consolidation

MARKET INDICATORS

• The market is undergoing consolidation, particularly in Western Europe, and shows high growth in Eastern and Central Europe

• ND largest markets (UK, France, Italy, Netherlands, Spain & Russia) represent a global value of € 36 billion

• Norbert Dentressangle is a first-class player in the market, delivering strong profitability

Market & ND Positioning

5,0%

1,8%

0,7% 0,3%

2,7%

7,0%

3,2%

1,4%0,8%

2,9%

0,0%

2,0%

4,0%

6,0%

8,0%

2010 2011 2012 2013 CAGR 2014‐2017

Main ND markets

Europe

€ in millions 2013 Share EBITA%

DHL 8 281 13,4% 3,1%Kuehne + Nagel 2 394 3,9% 2,3%CEVA 2 033 3,3% n.c.Geodis 2 015 3,3% n.c.ND Group 1 950 3,2% 4,5%Rhenus 1 899 3,1% n.c.

Spain € 2 billionRussia € 1 billionGermany €15bn

5

MARKET SIZE & TRENDS 2014 MARKET FRAGMENTATION

France € 34 billion 12%

UK € 32 billion 11%

Spain € 29 billion 10%

European market size: €296 billion

Source : Transport Intelligence

Market dynamics (value growth)

• The road freight market in Europe is highly fragmented and offers significant room for growth

• France, the UK and Spain (ND main markets) represent a global value of €95 billion

• Norbert Dentressangle operates the #1 European owned fleet, a key differentiator providing better pricing power

European market concentration

The European Road Freight market is large and highly fragmented

MARKET INDICATORS

Germany €59bn Italy €33bn

Market & ND Positioning

1,5%

‐3,2%

0,9% 1,4%

2,5%

4,2%

‐0,7%

1,0% 1,5%3,2%

‐4,0%

‐2,0%

0,0%

2,0%

4,0%

6,0%

2011 2012 2013 2014 2014‐17CAGR

France / UK / Spain Europe

€ in millions 2013 Share EBITA%

DB Schenker 6 370 2.2% 1.4%DHL 4 246 1.5% 1.4%DSV 3 100 1.1% 4.1%Dachser 3 019 1.0% n.c.Kuehne Nagel 2 618 0.9% -0.3%ND Group 2 014 0.7% 2.7%

‐4,4%

13,3%

14,8%

8,2% 5,9% 4,4% 2,4% 1,8%2,7%

19,2%

12,5%

‐0,6%‐4,1% ‐2,1% ‐0,6% 0,3%

‐15%

‐5%

5%

15%

25%

Mar‐10 Sep‐10 Mar‐11 Sep‐11 Mar‐12 Sep‐12 Mar‐13 Sep‐13

Seafreight vol. (TEUs)Airfreight vol. (tons)

6

AIR & SEA FREIGHT 2013

Source : Transport Intelligence

China € 13 billion 11%

USA € 25 billion 20%

UK € 5 billion 4%

Global market size: € 123 billion

Market dynamics (volume growth)

France € 4 billion 3%

LTM year‐on‐year growth

Apart from a few leaders, global Air & Sea Freight markets are highly fragmented

MARKET INDICATORS

Global market concentration

Worldwide TOP 7 players* represent a 36% market share in 2013.*:Ceva, DB Schenker, DHL, Expeditors, Kuehne Nagel, Panalpina, and Sinotrans

MARKET FRAGMENTATION

• Both air & sea freight forwarding markets are dominated by a limited number of major players

• Behind these major players, the freight forwarding market is highly fragmented, with many niche players

• The US, China, UK and France, (ND main markets) represent a value of € 47 billion

Market & ND Positioning

2. Equity Story

7

Our ambition: to become a top-tier playerin supply chain management

8

Expandinggeographic presence

Increasing scale on our markets

Widening service offering

• Supporting our clients wherever they operate and moving with them whenever they need us

• Increasing our credibility to become the go-to “supply chain management expert” of choice

• Always striving to increase our critical mass in our chosen markets

• Combining organic & external growth to acquire and expand our areas of expertise

• Developing and expanding our range of services & solutions

GROUP AMBITIONS

9,0% 8,6% 10,4% 7,0% 4,8% 5,7% 5,8% 5,3% 5,5% 8,1% 4,3% 3,4% 5,6% 0,0% 2,4%647 744 838972 1 053

1 222 1 303 1 3991 608

1 804

3 107

2 719 2 839

3 5763 880

4 032

0%

3%

5%

8%

10%

13%

15%

18%

20%

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Organic growth Turnover

Milestones to create a global player: a combination of organic & external growth

9

Christian SalvesenTurnover : 1.3bn€

Transport & Logistics

TDGTurnover : 700m£

Transport, Logistics & Freight Fwding

Schneider Log. (USA)Turnover : 30m$Freight Fwding

VenditelliTurnover : 61m€

TransportTNT Logistics France

Turnover : 160m€Transport & Logistics

StockallianceTurnover : 95m€

Logistics

LONG TERM GROWTH

APC (China)Turnover : 50m€Freight Fwding

1979/89 Birth & development of international Transport between Europe and UK

1994 A family group listed on the Paris stock exchange

1998 Integration of a second area of expertise : Logistics 2010 Third area of expertise with Freight Forwarding 

Fiege Italy & SpainTurnover : 130m€

LogisticsDaher France/Russia

Turnover : 80m€Freight Fwding

Jacobson (USA)Turnover : $800m

Logistics & Transport

2013 PF

4 600

10

• Very well balanced client portfolio

• First customer below 4% of turnover and Top 10 below 20% of turnover

• Very low exposure to specific customer or sector or end-market risks

• Key customers are both leading and innovative players in their own markets

Top100 customer portfolio

A diversified client portfolio and a strong customer base

CLIENT PORTFOLIO

Customer Top 10

Recent GainsRetail; 30%

Food; 14%

Chemical; 10%Automotive; 9%

Textile; 5%

Special Retail; 5%

Household; 4%

Construction; 4%

FMCG; 4%

Metal; 4%eCommerce; 3%

Hi‐Tech; 2%Industry; 2%

Other; 4%

11

• The benefits from a family owned company and a managerial organisation

• A supervisory board:

- 10 Directors of which 6 are independent Directors

- An audit committee

• A European Executive Board :

- Hervé Montjotin, CEO

- Malcolm Wilson, Logistics Division MD

- Luis Angel Gomez, Transport Division MD

- Patrick Bataillard, CFO

- Ludovic Oster, HRD

30% PUBLIC

68% DENTRESSANGLE INITIATIVES + FAMILY

DISTRIBUTION OF CAPITAL

A robust governance, driven by a European Executive Board

GROUP GOVERNANCE

Ambitions and strategy aligned to different business development and maturity

BUSINESS MODEL

12

• Market Global, highly fragmented, but with few very large players

• Development Mix of Greenfield development and acquisitions (8) since 2010, which enabled to achieve a suitable geographical coverage

• Outlook Consolidate our market position, deploy cross-selling actions, gain critical mass on key trade lanes and verticals, focus on skills, IT, and processes

Freight Forwarding

Logistics

Transport

• Market Local to global, undergoing consolidation in Europe

• Development First-class player in Europe (strong presence in Western Europe), and strategic developments outside Europe (Russia, Saudi Arabia, Brazil)

• Outlook Increase scale on our key European markets, deploy our know-how on growth sectors such as eCommerce, go global through accompanying key customers and make strategic acquisitions in new geographies

• Market Local to regional, large and highly fragmented and regulated

• Development Leading position on key markets in Europe (France, UK and Spain), ND operates the #1 European owned fleet, enlarged service offering

• Outlook Expand the distribution network in Europe, manage the international FTL shift from Western to Eastern Europe, increase scale on Central European markets, develop Key PL solutions

3. Logistics, Transport and Air & Sea Freight Forwarding businesses

13

(2) incl. 2,000 dedicated to Logistics

TRANSPORT

• €2,014m in revenue

• €53.0m EBITA

• 13,380 employees

• 182 sites in 12 countries

• Number 1 vehicle fleet in Europe with 8,000 motorised vehicles (2)

• 94% Euro V & VI

The Group operations are organised around 3 divisions (2013 annual figures)

14

BUSINESS MODEL

LOGISTICS

• €1,950m in revenue

• €87.4m EBITA

• 23,580 employees

• 281 sites in 16 countries

• Total warehouse surface area of 7.8m sq meters (1)

• Temperature controlled volume of 3.6m m3

(1) incl. 0.6m for Transport operations

+ Russia & Saudi Arabia + Morocco

Air & Sea Freight Forwarding

• €145m in revenue

• €1.3m EBITA

• 720 employees

• 57 offices in 14 countries

• 8 acquisitions in 4 years

• Proforma revenue estimated at ca. €220m

• Seafreight 59% of revenue, with a volume of 60,000 TEUs

• Airfreight 32% of revenue, with a volume of 24,000 tons

Logistics at a glance - 30/06/2014

One of the few European players with an increasing international profile (the UK represents 41% of the total sales of logistics business)

• €1,068m revenue (before interco TO)

• €37.7m EBITA

• Contracted business (4 years average length)

• 23,600 employees

• 281 sites across 15 countries

• 7.8m m² warehouse space

• 3.6m m3 temperature controlled volume

15

Logistics: mastery of key logistics skills throughout Europe

16

Warehousing and inventory management

€480m

Downstream transport

management€465m

Order preparation

€660m

Ambient and temperature-controlled logisticsGlobal and industry solutions

The highest safety and quality standardsService: ISO 9001 (66%of revenue) – Food safety: ISO 22000 (16 warehouses) & HACCP (39 warehouses)

Staff safety: ISO 18001 (33 warehouses) – Safety of medical devices: ISO 13845 (1 warehouse)

Value-added services€178m

• One of the few European players with an increasing international profile (with integration of Jacobson, US will represent 15% of total sales)

• Business is 100% contracted, and retail & FMCG sectors are key commercial targets

o/w €200m of turnover in e-Commerce & €370m of turnover in temperature controlled

A consistently growing business withmajor positive scale effects since 2008

17

EBITAIn €M

TurnoverIn €M

% of turnover

Long term revenues and operating income (EBITA)

162 199 249 279 348477 497 502 600 648

1 3641 233 1 239

1 5891 783

1 950

6 8 11 14 18 18 25 25 33 3749 52

6381 78

87

0

25

50

75

100

125

150

175

200

0

250

500

750

1 000

1 250

1 500

1 750

2 000

2 250

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Turnover Logistics EBITA Logistics

3,9% 4,0% 4,5%5,1% 5,1%

3,8%5,1% 5,0% 5,5% 5,7%

3,6%4,2%

5,1% 5,1%4,4% 4,5%

0,0%

2,0%

4,0%

6,0%

8,0%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

EBITA %age Logistics

18

44% 45% 45% 46% 50% 51% 52% 50% 52% 53%

28% 28% 29% 30% 21% 23% 24%22% 22% 20%

18% 17% 16% 15%18% 16%

16%17% 18% 18%

5,1% 5,0% 5,5% 5,7% 3,6% 4,2% 5,1% 5,1% 4,4% 4,5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Operating profit

Other (overheads, etc.)

Subcontracting & transport

Rental costs

Personnel expenses

18

Logistics Division cost structure 2004-2013

A rigorous management structure, developing strict cost controls

COST STRUCTURE

Transport at a glance - 30/06/2014

A major European player with robust and mature operations in France, United Kingdom and Spain, and with an improved network coverage and increased presence in Central and Eastern Europe

• €1,067m revenue (before interco TO)

• €26.9m EBITA

• 13,400 employees

• 182 sites in 13 countries• #1 vehicle fleet in Europe with 8,863

tractor units operated*• Of which 5,800 owned fleet

• Europe's cleanest vehicle fleet• 95% EURO V & VI• 54,000 TCO2 less since 2010

• Each driver runs an average 550,000km without causing accidents

* Plus 2,000 spot sub-contractors

19

20

Transport: focus on the development of value-added B2B service offerings

20

* FY 2013 / To be added: €53m of warehouse storage associated with transport services

Domestic/International FTL & Cross-Channel

Dedicated fleet

KeyPL & Transport Organisation

Domestic/International Pallet Network

• A major European player with robust and mature operations in France, United Kingdom and Spain, and with an improved network coverage and increased presence in Central and Eastern Europe

Transport: a resilient and profitable profile over the past 15 years

21

EBITAIn €M

TurnoverIn €M

% of turnover

Long term revenues and operating income (EBITA)

5,9%

3,8%4,5%

5,3%4,4% 4,4% 4,9%

2,9%

5,0%3,9%

1,7% 1,9%2,7% 2,4% 3,0% 2,6%

0,0%

2,0%

4,0%

6,0%

8,0%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EBITA %age Transport

485 544 590 693 705 745 807 898 1 008 1 109

1 7441 486

1 636

1 966 2 038 2 014

28 20 26 37 31 33 3926

50 4330 28

44 4760 53

0

50

100

150

200

250

0

500

1 000

1 500

2 000

2 500

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Turnover Transport EBITA Transport

34% 34% 33% 31% 32% 33% 31% 29% 29% 29%

26% 26% 25% 26% 24% 21% 24%22% 22% 20%

26% 28% 32% 32% 32% 34%37%

40% 41% 43%

4,9% 2,9% 5,0% 3,9% 1,7% 1,9% 2,7% 2,4% 3,0% 2,6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Operating profit

Other (overheads, etc.)

Subcontracting & disbursements

Vehicle costs, including fuel

Personnel expenses

Transport Division cost structure 2004-2013

A rigorous management structure, developing strict cost controls

COST STRUCTURE

22

• Launched from scratch in 2010

• €96m revenue

• €0.8m EBITA

• 659 employees

• 53 offices across 14 countries

• 24,000 Tons Air freight

• 60,000 TU’s Sea freight

• Strong position in the Russian market

• Member of the WACO global network

23

Air & Sea – Freight Forwardingat a glance - 30/06/2014

24

Freight forwarding: revenues and operating income (EBITA)

12

86

143 145

‐0,8

0,3

1,01,3

‐2

‐1

0

1

2

3

4

0

20

40

60

80

100

120

140

160

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Turnover Air & Sea EBITA Air & Sea

TurnoverIn €M

% of turnover

‐6,7%

0,3% 0,7% 0,9%

‐8%

‐3%

2%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EBITA %age Air & Sea

4. Group Financials

25

Consolidated income statement and contribution by division

+3.9%

0%

1%

* Breakdown by Division is net of intercompany revenue

In €mTransport Logistics Air & Sea Conso

31/12/13Conso

31/12/12

Total revenueConsolidated revenue *

2,0141,947

1,9501,943

145142 4,032 3,880

EBITDA 251.5 244.8

Operating profit before goodwill (EBITA)**

53.02.7%

87.44.5%

1.30.9%

141.73.5%

141.63.7%

EBIT135.13.4%

129.53.3%

Net financial expensesIncome taxAssociatesMinority interests

(26.7)(36.7)

(1.5)(0.3)

(32.2)(26.8)

(0.0)(0.8)

Net income70.1

1.7%69.7

1.8%

26

Incomestatement

27

Consolidated turnover for the first 9 monthsStrong momentum across all activities

Q3 2014 revenue

In €mTransport Q3 2014

YTDQ3 2013

YTD Change LfL *

Transport 1.618 1.514 +6.8% +3.7%

Logistics 1.670 1.409 +18.5% +6.7%

Air & Sea 149 94 +59.2% +0.8%

Inter-divisions (62) (59) n.a. n.a.

Consolidated Turnover 3.375 2.959 +14.1% +5.1%

* Percentage change at a constant scope and exchange rate

28

5,4% 4,1% 3,9% 5,2% 4,6% 4,1% 4,9% 3,7% 5,2% 4,4% 3,2% 3,0% 3,7% 3,6% 3,7% 3,5%

35 31 3351 49 51

6451

83 80

98

80

106

130142 142

0%

1%

2%

3%

4%

5%

6%

7%

8%

0

20

40

60

80

100

120

140

160

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

EBITA %age EBITA

Group LT EBITA EvolutionLong Term profitability achievements

28

• Highly sustainable profitability ratios

• EBITA %age comprised in a 3% to 5% range since 15 years

• EBITA %age maintained to 3% in 2009 despite the strong economic downturn

EBITA

29

Long-Term consolidated cash flow statement (5 years)In €m Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

Cash flowChange in operating WCRUK pension fund financing

- -223

(28)(13)

21742

(11)

196 (36)(10)

Net cash flow from operations 205 183 182 247 150

CAPEX (net of disposals)Sales of warehouses and sitesAcquisition of a subs., net of cash acquired

- -(122)

30(288)

(93)23

(3)

(54)43

(54)

Net cash flow from investing activities (64) (86) (380) (73) (66)

Free Cash Flow (before external growth) 141 103 90 178 138

DividendsFinancing operationsPurchase of own shares

- -(11)176(6)

(12)(70)

(3)

(15)81

(7)

Net cash flow from financing activities (38) (43) 159 (85) 59

Forex impact - - - 1 -

Change in cash 104 55 (39) 90 142

Cash available at period end 141 196 157 247 389

Cash-flow

30

Simplified consolidated balance sheetat 30 June 2014

GOODWILL & INTANGIBLE 740m€• Goodwill 611m€

• Intangible incl. customer relation 129m€

TANGIBLE & OTHER NON CURRENT

ASSETS 607m€• Tangible fixed assets 524m€

• Other fixed and non current assets 83m€

PROVISIONS & OTHERS 276m€

EQUITY 607m€

NET FINANCIAL DEBT 551m€

WORKING CAPITAL 87m€

Balance sheet

31

Consolidated net financial debt and projected amortisation of gross debt

In €mEstimate31-12-14

Group30-06-14

Group31-12-13

Acquisition debtRevolving facility (€400m max)Asset financingEuro Private Placement

270260370310

-165394310

-168367310

GROSS FINANCIAL DEBT 1,210 869 845

CASH & CASH EQUIVALENTS 180 318 389

NET FINANCIAL DEBT 1,030 551 456

0

200

400

600

800

1 000

1 200

1 400

31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019

Evolution of 2014 estimated gross debt

Asset financing

Acquisition debt

Revolving facility

Euro PP

32

Strong track record of managing leverage

AcquisitionChristian Salvesen

AcquisitionNova NatieJohn Keells

AcquisitionTDG

APC Beijing

AcquisitionUTL

Seroul

AcquisitionTNT Logistics

Venditelli

AcquisitionFiege Italy/Spain

DaherAcquisitionStockalliance

76 80 69 31 74 43 165 159 121 533 553 445 382 624 489 456 1030

1,6x 1,6x

1,3x

0,4x

1x

0,5x

1,3x 1,4x

0,8x

3,5x

2,8x

2,3x

1,8x

2,5x

2x1,8x

3,2x

0

0,5

1

1,5

2

2,5

3

3,5

4

0

200

400

600

800

1000

1200

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Net Financial Debt Leverage ratio

Leverage

(estimate)

AcquisitionJacobson

33

Medium-term historical trendsKey financial indicators

MEDIUM TERM KPIs

Strong profitability Resilient business model

Tight capex monitoring Sound cash conversion

709 714 1 089 1 214 1 113

11,3%

14,9%

12,0% 11,7% 12,7%

0

500

1 000

1 500

2 000

0%

5%

10%

15%

20%

2009 2010 2011 2012 2013

Capital Employed ‐ avg ROCE

80 86 122 93 54

2,9% 3,0%3,4%

2,4%

1,3%

0

30

60

90

120

0%

1%

2%

3%

4%

2009 2010 2011 2012 2013

Capex Capex %age

80 106 130 142 142

3,0%3,7% 3,6% 3,7% 3,5%

0%

2%

4%

6%

0

40

80

120

160

2009 2010 2011 2012 2013EBITA EBITA %age

189 216 252 245 251

58% 60%52%

62%78%

0%20%40%60%80%100%120%140%

0

75

150

225

300

2009 2010 2011 2012 2013EBITDA FCF/EBITDA

5. Acquisition of Jacobson Companies

34

Transaction Overview

Norbert Dentressangle has acquired Jacobson Companies, the #5 US contract logistics provider in the US

• Founded in 1968, Jacobson is the fifth largest contract logistics provider in the US, with a highly complementary asset-light transportation offering

• Extensive US network, spanning 142 locations with over 33 million square feet of warehouse space; 84% of locations are dedicated facilities

• Long-standing relationships with blue-chip and regional customers : customer retention rate of 95%

• Expected 2014 gross Revenue of ~$800mm, overall EBITDA margins of ~10%, with low capex

• Led by proven US management team which will oversee Norbert Dentressangle’s US operations going forward

• Immediately positions Norbert Dentressangle as one of the top 5 players in the fast-growing US 3PL market

• Purchase consideration :• $750 million initial consideration at close, all funded with cash resources and

Norbert Dentressangle’s credit lines• Additional capped earn-out based upon near term performance=>Purchase multiple is approximately 9x EBITDA

35

Strategic Rationale

• Accelerates Norbert Dentressangle’s growth ambitions to become a top player in global supply chain management

• +15% in annual revenue growth reaching €5 Billion• The group is scalable in the US logistics & transport market with US$800 million in gross

revenue

• Enhances Norbert Dentressangle’s growth and profitability• Revenue synergies leading to cross-selling opportunities to both sets of customers• Sharing best practices in contract logistics• EBITDA Margin enhancing in year 1 after acquisition

• Provides entry into the attractive US 3PL market• Immediately becomes one of the top 5 players in the US contract logistics market with

nationwide coverage• US logistics market expected to grow faster than Europe due to higher GDP growth and

less mature outsourcing profile

• Provides geographical and risk diversification• Mitigates impact of any European-specific events• Provides alternative revenue stream

• The transaction is earnings accretive and maintains Norbert Dentressangle’s sound financial structure

Jacobson Business Overview

• #5 value-added warehousing 3PL provider in North America with integrated domestic transportation management capabilities

• Expected to generate ~$800mm in Gross Revenue and ~$80mm of EBITDA in 2014

• Operates through two segments:

• Contract Logistics Services: manages 142 facilities with 3 million m² of warehouse space

• Transportation Logistics Services: asset-light transportation network with 350+ tractors and 1,225 trailers

• Services 1800+ customers within the food & beverage, chemical, life sciences, CPG, retail, consumer electronics, durable good and automotive industries

• Strong trade record : EBITDA 9,5% of sales in 2013EBITA 7,5% of sales in 2013

37

Logistics

Transport

Revenue

Logistics

Transport

Adj. EBITDA by Segment (1)

(1) Excludes allocation of corporate overhead 37

Jacobson’s nationwide coverage

West: 12 sites Midwest: 58 sites

Southwest: 58 sites

Northeast: 32 sites

Southeast: 18 sites

• Well managed portfolio of predominantly dedicated, leased warehouses, most of which are linked to the customer contract duration

• Leasing of warehouses compliant with Norbert Dentressangle’s strategy of low real estate assets

Midwest41%

Southwest14%

Southeast11%

West9%

Northeast25%

Regional Mix

38

• Dedicated DC• Shared User DC• Offices²

Dedicated DCShared User DCOffices

Dedicated 84%

Shared16%

Dedicated vs. Shared Facilites

Strong and well balanced customers portfolio

39

Primary Verticals and Representative Clients

Revenue Concentration by Vertical

Revenue Concentration by Customer

Food & BeverageDurable Goods

Consumer PackagedGoods

Chemicals

Agricultural Products

Agriculture and others16%

Food and Beverages

35%

Durables19%

CPG12%

Chemicals18%

Top 1041%

11-2016%

21-3011%

Others32%

Jacobson’s Positioning among primary 3PL competitors

40

#4 Largest US Value-added Warehousing Provider with

National Footprint

Strong Market Share in Food and Beverage and CPG

Differentiated Platform in Chemicals

Dedicated Facilities with Long-Term Anchor Tenants

Offers Complementary TMS and Dedicated Trucking

Services(1)

(1) Gross revenue due to lack of disclosure. Source: Armstrong and Associates; Company reports; Company websites; Transport Topics 2013

F&B CPG Chemical Ind / Agri F&B / CPG Chemical

Warehousing / Distribution Packaging / KittingPerceived End Market Capabilities by Service Offering

WarehouseCompany Space (mm ft2)

99.0

35.0

34.0

33.0

30.0

26.0

25.0

22.0

16.0

15.1

3.1

Est. NetRevenue

$2,500

1,009

513

611

420

877

1,247

925

313

1,038

1,100

2014 PFRevenue: €5 billionOperations in 25 countries43,200 employees worldwide

1998A second area of expertise is integrated: Logistics.

Enhancing geographic and business transformation

Breakdown of turnover by business lineTRANSPORT LOGISTICS AIR&SEA

Breakdown of turnover by geographic areaFRANCEOUTSIDE FRANCE

2007Norbert Dentressangle doubles in size through the acquisition of the British company Christian Salvesen

2010Launch of a third area of expertise: Air & Sea

45%4%

51 %

65 %

35 %

France35%

UK26%

Spain9%

14%

Others16%

USABecomes the 3rd

largest country for Norbert Dentressangle

Split in turnover per country

41

9,650vehicles

43,200employees

€ 5 billionAnnual turnover

€ 5 billionAnnual turnover

5 continents

662sites

10,800,000 m2

warehousing

* Pro-forma figures including Jacobson

25countries

TRANSPORT 44%

CONTRACT LOGISTICS 52%

FREIGHT FWD 4%

6. Appendices

43

6.1 Financial statements

44

Consolidated income statement

45

Consolidated balance sheet

46

Consolidated cash flow statement

47

6.2 Corporate Social Responsibility & Sustainable Development

48

49

CSR APPROACH

Norbert Dentressangle CSR approach as a key differentiating factor

CSR initiatives aligned with business strategy

Leverage gains in reputation and legitimacy

Strong contribution to additional business

• The Group banks on safety and depolluting

• Build a responsible brand

• Reputation acts as a marketing differentiation strategy

• Attract talents and increase workers retention rate

• Costs of CSR activities are much less than potential benefits

• Strong CSR has positive impact on business & financials through enhanced reputation

Reduction of greenhouse gas

emissionsRoad safety Environmental site

managementDevelopment and internal promotion

As a pioneering company in its sector, Norbert Dentressangle included its sustainable development approach in its strategic goals as far back as 2003.

7,251 vehicles600 millions kms travelled each year

7.8 million m2warehousing

37,835employees

50

Reducing greenhouse gas emissions

• Less fuel consumption

- Driver training to efficient driving

- Technical improvement of vehicles

- Testing new alternative technologies

• Improved use of vehicle capacity (payload & space)

• Better transport flows optimisation, through multimodal solutions

Measuring greenhouse gas emissions

• Our in-house designed C02 calculator designed in partnership with Ademe French government body

Reducing greenhouse gas emissionstargets and initiatives (2013 annual figures)

GAS EMISSIONS

19%

75%

6%

Euro V EEVEuro VEuro III & IV

Greenhouse Gas Emissions Key Targets and Initiatives

Fleet of vehicles : 7,251Breakdown of Euro standards

CO2 emissions 676,950 Tonnes

Division 2012 2013 Change

Transport 66.0 65.17 -0.07%Logistics 93.5 99.91 +6.8%Total 74.9 69.12 -1.1%

CO2 performance in grams per tonne.km

51

ROAD SAFETY

Road safety is part of the Norbert Dentressangle DNA

• With our Safe Driving Plan, Norbert Dentressangle has been committed to managing road safety risks

• The aim of the Safe Driving Plan: avoiding accidents by improving driver behaviour

• 340 trainers dedicated daily to road safety

• A Norbert Dentressangle driver travels 550,000 km on average without causing an accident.

Member of the European Safety

charter

52

Transport Division

• 86% of energy consumed is primary, i.e. vehicle fleet’s fuel consumption

• 620,000 m2 on 182 sites

Logistics Division

• 7,800,000 m2 & 3,900,000 m3 on 281 sites

• ISO 9001 certifications 64% of the sites

• ISO 14001 certifications 49% of revenue

• 69 warehouses under food safety certifications

• Electricity consumption 332 million kWh

• Gas consumption 11,6 million m3

• Generation of wastes 53,000 Tonnes 87% is sorted, and 76% is recycled

Environmental site management at Norbert Dentressangle

SITE Management

Key Environmental Facts & Figures

• Norbert Dentressangle has defined an environmental management standard which covers several dimensions

- Regulatory conformity

- Monitoring and measurement of energy and water consumption

- Monitoring and measurement of emissions and waste

• Norbert Dentressangle monitors the percentage of sites that have been brought into line with the defined environmental standard and aims to bring 100% of sites up to this standard

Key Targets and Initiatives

53

• Group’s employees average age 41 years

• Average seniority 7 years

• Permanent contracts employment 92%

• Voluntary turnover rate 6,7%

• New recruitments in 2013 5,329

• Internal promotion (managers) 60%

• Absenteeism rate 5,23%

• Collective bargaining agreement coverage 75,4% (100% in France)

• Staff training investments in 2013 €11m

Key social and human resources indicators

HUMAN RESOURCES

35%

39%

23%3%

France

UK

Rest of Europe

Asia/America

36%

62%

2%

Transport

Logistics

Freight Fwing

27%

44%

19%

10%Drivers

Workers

Employees

Executives

Headcount at 31-Dec-13 : 37,835 Key Social / HR Facts & Figures

Via its adhesion to the Global Compact, the Group has committed to comply with and promote its 10 principles

54

HUMAN RESOURCES

Human resources: the key success factor of Norbert Dentressangle's growth

• The Group is highly skilled in integrating acquired businesses and staff– Accumulated experience through more than 35 acquisitions during the last 20 years

– In 2013, integration of 1,140 new employees following the acquisitions of logistics businesses of Fiege in Italy, Spain and Portugal, and of the freight forwarding business of Daher in France and Russia

• Hands-on employee support– Acceleration of the Red Management training programme launched in 2010, 2000 managers

trained in 2012 in Europe

– Deployment of the Red Graduate Programme, with the integration of 20 high potentials each year

• A specific initiative in Logistics in France

– A JV set up with Ares, a French social integration association, dedicated to the training of disabled and/or underprivileged people to logistics jobs

– Log’Ins is a logistics company developing essentially co-packing and e-commerce service offerings

– Today Log’Ins already employs 15 people and is based in Paris area