FULL-YEAR RESULTS 2017

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1 FULL-YEAR RESULTS 2017 INVESTOR PRESENTATION RESULTS FROM JANUARY TO DECEMBER 2017 BASEL 07 MARCH 2018

2 Achievements and key figures Operating and financial review IFRS changes 2018 Financial guidance 2018 Outlook and priorities 2018 Appendix 2

3 ACHIEVEMENTS AND KEY FIGURES 3

A RECORD YEAR IN AIR FREIGHT FINANCIAL HIGHLIGHTS GROSS PROFIT ACHIEVEMENTS CHALLENGES 2017 FX normalized 2017 reported 2016 reported 1,028.3 1,024.8 1,091.7 366.3-2.1% 373.0-1.9% 332.9 1 394.6 1 397.

9 Air Freight conversion ratio increased further to 22% in Q4 PROFIT Increased costs in Q4 2017 FX normalized 2017 reported 2016 reported 50.5 48.4 46.5 5.8 9.1 9.5 60.0 +14.7% 57.5 +9.9% 52.

4 A RECORD YEAR IN AIR FREIGHT FINANCIAL HIGHLIGHTS GROSS PROFIT ACHIEVEMENTS CHALLENGES 2017 FX normalized 2017 reported 2016 reported 1, , , % % Record high Air Freight volumes and EBIT in Q4 EBIT Loss in Ocean Freight 2017 FX normalized 2017 reported 2016 adjusted % -6.0% Air Freight conversion ratio increased further to 22% in Q4 PROFIT Increased costs in Q FX normalized 2017 reported 2016 reported % % 52.3 Unchanged dividend of CHF 3.75 per share* Note: Q3YTD / Q4 in CHF million // Profit 2017 impacted by a CHF 10.6m charge for the devaluation of deferred tax assets due to the US tax reform. /// * Subject to approval by the annual general meeting 4

5 OPERATING AND FINANCIAL REVIEW 5

6 AIR FREIGHT: RECORD FOURTH QUARTER TONNAGE, GP/TON 8% volume growth in 2017 Margin and EBIT improved with every quarter Q4 conversion ratio of 22.3% close to mid-term goal of 25% Q Q Q Q Q Tons ('000) GP/Ton (in CHF) EBIT AND EBIT/GP MARGIN Q Q Q Q Q YoY Growth, % Q4 Q1 Q2 Q3 Q4 Volume (market, estimated) 8% 6% 10% 10% 11% Volume (Panalpina) 14% 8% 7% 9% 8% GP/ton -14% -10% -10% -1% 19% Gross Profit -2% -3% -4% 8% 29% Gross Profit, EBIT YTD YTD Gross Profit % EBIT (adjusted PY) % EBIT/GP (%) 15.7% 17.3% Volumes (tons '000) % EBIT (adjusted PY) EBIT/GP margin (%) (adjusted PY) Note: Gross profit and EBIT in CHF million 6

OCEAN FREIGHT: SUSTAINED MARGIN PRESSURE TEU, GP/TEU 389 374 383 386 378 2% volume growth in 2017 Challenging market environment put pressure on margins Continued EBIT loss in Q4 282 285 282 275 254

7 OCEAN FREIGHT: SUSTAINED MARGIN PRESSURE TEU, GP/TEU % volume growth in 2017 Challenging market environment put pressure on margins Continued EBIT loss in Q Q Q Q Q Q TEU (in '000) GP/TEU (in CHF) EBIT AND EBIT/GP MARGIN YoY Growth, % Q4 Q1 Q2 Q3 Q4 Volume (market, estimated) 3% 4% 3% 3% 4% Volume (Panalpina) 1% 7% 3% 2% -3% GP/TEU -18% -17% -7% -5% 8% Gross Profit -16% -11% -5% -3% 5% Gross Profit, EBIT YTD YTD Gross Profit % EBIT (adjusted PY) n/a EBIT/GP (%) 2.5% -3.5% Volumes (TEUs '000) % Q Q Q Q Q EBIT (adjusted PY) EBIT/GP margin (%) (adjusted PY) Note: Gross profit and EBIT in CHF million 7

LOGISTICS: INVESTMENTS IN GROWTH GROSS PROFIT 92 83 81 81 86 2017 YoY Growth, % Q4 Q1 Q2 Q3 Q4 Gross Profit -11% -16% -19% -14% -7% Uptick of gross profit in Q4 Network expansion with two major

8 LOGISTICS: INVESTMENTS IN GROWTH GROSS PROFIT YoY Growth, % Q4 Q1 Q2 Q3 Q4 Gross Profit -11% -16% -19% -14% -7% Uptick of gross profit in Q4 Network expansion with two major facilities in Dubai and Singapore Improved full-year profitability and EBIT over NFR margin Q Q Q Q Q EBIT (ADJUSTED PY) Q Q Q Q Q Gross Profit, EBIT YTD YTD Gross Profit % EBIT (adjusted PY) % EBIT in % of NFR 1.0% 1.5% Note: Gross profit and EBIT in CHF million 8

9 IFRS CHANGES

10 IFRS CHANGES IN 2018 Changes applicable as of January 1 st 2018 To ensure the comparability and transparency of the financial statements, IFRS 16 (leases) was adopted as of January 1 st 2018 (early adoption), together with the other applicable changes (IFRS 15 / IFRS 9) Only IFRS 16 has a material impact as illustrated below, based on 2017 figures Balance sheet IFRS Ilustrative Total assets 1' '199 Total liabilities 1' '585 Total equity 615 ~ 615 Total equity and liabilities 1' '199 Income Statement 2017 FY IFRS Ilustrative Gross profit 1' '426 EBITDA EBIT EBT 102 ~ 102 Consolidated Profit 58 ~ 58 The leased assets will be reported as right-of-use assets in the balance sheet The lease liabilities will be reported under short and long-term lease liabilities in the balance sheet in CHF million 10

11 FINANCIAL GUIDANCE INCLUDING M&A 11

12 FINANCIAL GUIDANCE 2018 Acquisitions: will impact annualized gross profit by ~CHF 25 million and EBITDA / EBIT by ~ CHF 6 million / CHF 2 million CAPEX: between CHF 25 and 30 million Global income tax rate: expected between 25% and 27% Net working capital intensity: stable at 2017 level 12

13 OUTLOOK AND PRIORITIES

14 OUTLOOK AND PRIORITIES 2018 OUTLOOK Market: Air/Ocean: 3-4% Air freight rates are expected to increase while ocean freight rates are expected to remain stable Panalpina: Air/Ocean: at or above market PRIORITIES (unchanged) Focus on topline growth and further improvement of unit profitability Improve EBIT in Ocean Freight Accelerate growth through selected bolt-on acquisitions Maintain cost discipline and push ahead implementation of SAP TM 14

15 NEXT EVENTS: FIRST QUARTER RESULTS: APRIL 19, 2018 ANNUAL GENERAL MEETING: MAY 8,

16 DISCLAIMER Investing in the shares of Panalpina World Transport (Holding) Ltd involves risks. Prospective investors are strongly requested to consult their investment advisors and tax advisors prior to investing in shares of Panalpina World Transport (Holding) Ltd. This document contains forward-looking statements which involve risks and uncertainties. These statements may be identified by such words as may, plans, expects, believes and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. No obligation is assumed to update any forward-looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments. The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning the Panalpina Group. None of Panalpina World Transport (Holding) Ltd or their respective affiliates shall have any liability whatsoever for any loss whatsoever arising from any use of this document, or its content, or otherwise arising in connection with this document. This document does not constitute, or form part of, an offer to sell or a solicitation of an offer to purchase any shares and neither it nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This information does neither constitute an offer to buy shares of Panalpina World Transport (Holding) Ltd nor a prospectus within the meaning of the applicable Swiss law. 16

17 APPENDIX 17

18 INCOME STATEMENT PER QUARTER GROUP Group Q Q Q Q FY 2016 Q Q Q Q FY 2017 Net forwarding revenue 1, , , , , , , , , ,532.8 Forwarding expenses (942.3) (918.0) (911.6) (999.6) (3,771.4) (944.5) (1,014.5) (1,081.8) (1,094.2) (4,135.0) Gross profit , ,397.8 Personnel expenses (225.0) (221.3) (212.9) (211.3) (870.5) (216.4) (216.2) (218.6) (238.8) (889.8) Other operating expenses (103.7) (101.1) (97.1) (92.7) (394.5) (89.3) (88.0) (92.5) (91.9) (361.8) EBITDA adjusted Depreciation of property, plant and equip. (6.2) (6.2) (6.2) (7.1) (25.8) (5.3) (5.4) (5.0) (5.6) (21.3) Amortization of intangible assets (6.0) (6.0) (6.3) (5.6) (23.9) (5.4) (5.2) (5.5) (5.4) (21.6) EBIT adjusted in % of gross profit 6.6% 9.9% 9.2% 4.9% 7.7% 4.9% 7.5% 8.6% 8.4% 7.4% Non-recurring items Restructuring expenses 0.0 (26.1) 0.0 (1.9) (28.0) EBIT reported in % of gross profit 6.6% 2.9% 9.2% 4.3% 5.8% 4.9% 7.5% 8.6% 8.4% 7.4% Financial result (0.9) 0.7 (0.4) 0.2 (0.4) (0.4) (1.6) (1.8) Earnings before taxes (EBT) Income tax expenses (5.8) (6.9) (7.9) (8.8) (29.3) (4.2) (8.1) (11.2) (20.6) (44.1) % of EBT 25.0% 60.2% 24.2% 60.1% 35.9% 25.2% 31.6% 37.8% 69.4% 43.4% Profit Earnings per share Note: Group figures in CHF million 18

19 INCOME STATEMENT PER QUARTER AIR FREIGHT Air Freight Q Q Q Q FY 2016 Q Q Q Q FY 2017 Net forwarding revenue , ,919.8 Forwarding expenses (484.6) (480.0) (485.3) (581.6) (2,031.5) (512.5) (550.0) (577.5) (640.3) (2,280.3) Gross profit Personnel expenses (88.5) (86.9) (84.7) (87.3) (347.3) (90.5) (91.6) (92.8) (104.4) (379.3) Other operating expenses (37.1) (35.9) (31.8) (28.4) (133.3) (32.4) (31.7) (33.7) (33.4) (131.2) EBITDA adjusted Depreciation and amortization (5.2) (5.2) (5.5) (5.3) (21.1) (4.6) (4.7) (4.6) (4.7) (18.6) EBIT adjusted in % of gross profit 12.0% 17.9% 18.1% 14.7% 15.7% 11.8% 14.6% 18.8% 22.3% 17.3% Non-recurring items Restructuring expenses 0.0 (12.7) (12.7) EBIT reported in % of gross profit 12.0% 9.8% 18.1% 14.7% 13.6% 11.8% 14.6% 18.8% 22.3% 17.3% Air Freight volumes ('000 tons) % change YoY 5.4% 11.1% 9.9% 14.1% 10.2% 7.9% 6.6% 9.3% 8.5% 8.1% GP/ton (CHF) % change YoY -4.7% -3.6% -7.3% -14.0% -7.5% -9.8% -9.7% -0.8% 19.2% -0.6% Note: Air Freight figures in CHF million 19

20 INCOME STATEMENT PER QUARTER OCEAN FREIGHT Ocean Freight Q Q Q Q FY 2016 Q Q Q Q FY 2017 Net forwarding revenue , ,074.3 Forwarding expenses (415.7) (377.3) (383.4) (378.3) (1,554.7) (386.0) (408.1) (446.3) (406.7) (1,647.1) Gross profit Personnel expenses (79.1) (75.2) (75.5) (72.1) (301.9) (77.9) (78.4) (78.8) (83.7) (318.9) Other operating expenses (30.5) (28.8) (27.4) (27.5) (114.4) (27.1) (26.5) (29.0) (25.7) (108.3) EBITDA adjusted (0.9) (5.5) (0.0) Depreciation and amortization (4.1) (4.2) (4.1) (4.2) (16.6) (3.6) (3.6) (3.8) (4.1) (15.1) EBIT adjusted (5.1) 10.9 (3.2) 0.6 (2.9) (9.6) (15.1) in % of gross profit 3.7% 5.8% 4.5% -5.1% 2.5% -3.0% 0.5% -2.7% -9.2% -3.5% Non-recurring items Restructuring expenses 0.0 (9.7) 0 (1.9) (11.5) EBIT reported 4.3 (3.0) 5.1 (6.9) (0.6) (3.2) 0.6 (2.9) (9.6) (15.1) in % of gross profit 3.7% -2.6% 4.5% -7.0% -0.1% -3.0% 0.5% -2.7% -9.2% -3.5% Ocean Freight volumes ('000 TEUs) , ,520.5 % change YoY -10.0% -8.2% -8.8% 0.8% -6.6% 7.5% 2.7% 1.8% -2.8% 2.2% GP/TEU (CHF) % change YoY 10.2% 5.9% -1.6% -17.6% -1.1% -16.9% -7.5% -4.7% 8.3% -5.8% Note: Ocean Freight figures in CHF million 20

21 INCOME STATEMENT PER QUARTER LOGISTICS Logistics Q Q Q Q FY 2016 Q Q Q Q FY 2017 Net forwarding revenue Forwarding expenses (42.0) (60.7) (42.9) (39.7) (185.3) (46.0) (56.4) (58.0) (47.2) (207.6) Gross profit Personnel expenses (57.4) (59.1) (52.8) (51.9) (221.3) (47.9) (46.1) (46.9) (50.7) (191.6) Other operating expenses (36.0) (36.3) (37.8) (36.7) (146.9) (29.8) (29.8) (29.8) (32.9) (122.3) EBITDA adjusted Depreciation and amortization (2.9) (2.9) (2.9) (3.2) (11.9) (2.5) (2.4) (2.1) (2.3) (9.2) EBIT adjusted (0.1) 8.1 Non-recurring items Restructuring expenses 0.0 (3.8) (3.8) EBIT reported 1.8 (1.5) (0.1) 8.1 Note: Logistics figures in CHF million 21

22 BALANCE SHEET Change in 31-Dec Dec-17 CHF % Cash and cash equivalents (78.0) -20% Trade receivables, unbilled forwarding , % Other current assets % Property, plant and equipment % Intangible assets (9.5) -10% Other non-current assets % Total assets 1, , % Short-term borrowings % Trade payables, accured cost of services % Other current liabilities % Long-Term borrowings n/a Other long-term liabilities % Total liabilities 1, , % Share capital (0.0) -1% Reserves, treasury shares (0.1) 0% Non-controlling interests (2.6) -29% Total equity (2.7) 0% Total equity and liabilities 1, , % Note: Figures in CHF million 22

23 CASH FLOW 31-Dec Dec-17 Cash flow before changes in working capital Changes in working capital 18.8 (48.0) Cash from operations Change in % Interest and income taxes paid (39.4) (38.3) Net cash from operating activities % Net cash from investing activities (24.1) (68.1) 183% Free cash flow 86.6 (0.8) -101% Net cash used in financing activities (88.7) (88.2) -1% Net increase (decrease) in cash and cash equivalents (2.1) (89.0) Cash and cash equivalents at beginning of period Effect of exchange rate changes (1.4) 11.1 Cash and cash equivalents at end of period Note: Figures in CHF million 23

NINE MONTHS RESULTS 2017

NINE MONTHS RESULTS 2017 INVESTOR PRESENTATION RESULTS FROM JANUARY TO SEPTEMBER 2017 BASEL 19 OCTOBER 2017 Achievements and key figures Operating and financial review Outlook and priorities 2017 Appendix