January 2006

Company Presentation

2

DisclaimerInvesting 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.

Disclaimer

3

The Benefits of Being Public

Increase brand awareness and enhance company profile

Enhanced financing flexibility (access to capital markets)

Link management involvement and shareholder value creation

Allow Ernst Goehner Foundation to diversify assets

Investment Highlights

4

Investment Highlights

Market Leadership in Global Air and Ocean Freight

ForwardingAsset-light, Pure-

play Air and Ocean Freight Forwarder

Strong Growth Prospects

Differentiation through Operational

Excellence and Specialist Sector

Capabilities

Strong and Stable Earnings and Cash-Flow / High Returns

Strong leadership / management team

and continuity

Investing in Panalpina represents a rare opportunity to gain exposure to a leading global pure-play freight forwarder, with strong strategic and

financial fundamentals.

Investment Highlights

January 2006

Market and Competition

6

Freight Forwarding is the Most Attractive Segment of the Logistics Industry

Postal Operators Parcel Delivery Groups(integrators)

Freight Forwarders

• High asset base

• Global business (4 main players)

• Sustainable market growth (globalisation fuels global trade)

• Asset light, flexible business models• High cash and return generation• Global business

• Declining volumes

• High fixed costs

• Predominantly national businesses

Cross-selling and cost synergy potential

Mainly cross-sellingsynergy potential

Contract LogisticsLogistics Providers

• Contract based business

• Higher margins

• High capital intensity

• Mainly national or regional contracts

Mainly costsynergy potential

Market and Competition

7

Freight Forwarding Industry Trends are Favourable

Global Economic Growth and

Globalisation

Outsourcing of Transportation

Increasing Need for Time-Definite

Delivery

Consolidation

• Driven by economies of scale and customer requirements for global coverage and reducing number of forwarding providers

• Integrators and conglomerates are moving into the forwarding segment

• Transfer of manufacturing to low cost areas spurs growth– 2005-09E global airfreight volume CAGR: 6.0%– 2005-09E global sea freight volume CAGR: 8.5%

• Continuous cost reductions and concentration on core competencies• Increased customer requirements for information (reports, tracking etc.)• Specialist technology to manage longer, more complex supply chains

• Increasingly demand-driven supply chains and shortening of product cycles

• Low inventories / compressed supply chains

Market and Competition

8

Global Leadership in International Air and Ocean Freight

Market and Competition

Source: Bear Stearns, Panalpina estimates

Airfreight‘000 t handled 2004

Ocean Freight‘000 TEU handled 2004

Contract Logistics‘000 Revenues 2004

Source: Bear Stearns, Panalpina estimates

1'923

1'018750

600

(2.4%)(3.0%)(4.1%)

(7.7%)

0

500

1'000

1'500

2'000

DPWN/Exel Schenker/BAX Panalpina K&N

1'7191'600

824 822

(0.8%)(0.8%)

(1.6%)(1.7%)

0

500

1'000

1'500

2'000

DPWN/Exel K&N Panalpina Schenker

14'415

7'974

4'9073'436 3'374 3'067

(1.0%)(1.1%)(1.1%)(1.6%)

(2.6%)

(4.7%)

0

5'000

10'000

15'000

DPWN/Exel TNT Wincanton K&N/ACR UPS Ryder

9

Critical Freight Forwarding Success FactorsEconomies of

Scale and Cost Efficiency

Industry Focus and Expertise

Network Coverage

People

IT Systems

Product Offering • Offer standardized and time-definite products

• Volume discounts with carriers and consolidation benefits

• Productivity gains through global standardization of services

• “Sector specialist” can serve customers more effectively

• Fulfill customers’ worldwide transportation needs

• Optimize utilization of transport capacities globally

• Depth of local and global relationships with customers and transportation providers

• Manage and control the flow of goods transported

• Optimize capacity utilization and operational efficiency

Market and Competition

January 2006

Company Overview and Strategy

11

Leverage continuing growth in Asian trade flows

Further strengthen specialist capabilities in target industries

Maintain a balanced customer mix of SMEs and global accounts

Cost leadership through operational excellence

Achieve strong organic growth, supported by selected bolt-on acquisitions

“Asset light” approach to additional supply chain services

Develop human capital

Company Overview and Strategy

Strategy Cornerstones

12

COOChief Operating Officer

Jörg Eggenberger

Regional CEO Amec

CEO (ad interim)Gerhard Fischer

CorporateAuditor

Corporate Development

Communications & Legal Services

Regional CEO Europe

Regional CEO ChinaRegional CEO Apac

Regional CEO LatamRegional CEO Noram

Capacity Procurement, Operations, Marketing, Sales, Business Processes & Quality, Agent Relations

Human Resources

Company Overview and Strategy

Group Management

Financial Reporting

Tax Management

Corporate Treasury & Investor Relations

Controlling

Corporate IT

Project Management

Boardof Directors

Audit Commitee

Compensation Commitee

CFOChief Financial Officer

Monika Ribar

CAOChief Administrative Officer

Roland Wider

Credit Control

13

Global Network

Panalpina Business Unit

Partner Companies / Agent

Company Overview and Strategy

Asia-Pacific: 2´098 employeesEMEA: 7´149 employees

North America: 1´980 employees

Latin America: 1´997 employees

14

North AmericaCentral and South AmericaEurope / Africa / Middle East / CIS

Regional Focus – Financial Breakdown (2004)

Asia

Net Forwarding Revenue

Total: CHF 6,120m

EBITA

Total: CHF 169m

Gross Profit (Contribution Margin)

Total: CHF 1,341m

Company Overview and Strategy

46%

40%

9%5%

59%15%

8%

18%

57%11%

10%

22%

15

Business Area Focus

A PASSION FOR SOLUTIONS

Air Freight Ocean Freight Supply Chain Management

• Central Procurement & Capacity Management

• Strategic Partnerships with selective 1st class carriers

• 24/7 Hub and charter operations

• Central Procurement and Capacity Management

• Strategic Partnership withselective 1st class carriers

• Intermodal services

• Non-asset based Lead Logistics Provider (LLP)

• Complementary services to freight forwarding (e.g. outbound / inbound warehousing)

• Project forwarding (PanProjects)

Company Overview and Strategy

16

Sector Focus

A PASSION FOR SOLUTIONS

Healthcare

[PICTURE]

• Pharmaceutical• Life Science• Biotechnology• Diagnostics• Dental Care• Medical devices• Orthopaedics• Customer Healthcare

Retail & Fashion

[PICTURE]

• Textiles• Wearing • Apparel• Footwear• Accessories

Not included:

• Perfumes• Watches

Automotive

[PICTURE]

• Manufacturer• Suppliers• After-Market Parts

Hi-Tech

[PICTURE]

• Computer

• Electronics

• Telecom

• Semi-Conductor

• Contract

• Manufacturers

Oil & Gas

[PICTURE]

• Supply companies

• Drilling companies

• Oil companies

• Contractors

Not included:

• Transport of oil

Company Overview and Strategy

17

Panalpina Oil & Gas: Market Leadership in a Uniquely Complex Sector with High Barriers to Entry

• Only freight forwarder with meaningful global capability in the booming international Oil & Gas upstream sector

• Key differentiators:

1. Presence at the oil & gas decision making centers

2. Presence at the actual oil & gas upstream sites

3. Profound industry and materials know-how

4. Industry focused Supply Chain Solutions

Marketing and Sales

18

Panalpina’s Key Assets

Human Resources – People Business

• Strong company culture – a passion for solutions

• Continuity in top- and middle management

• Panacademy – quality training and

staff development

• Performance based incentive plans

Information Technology – Key to Success

• Globally standardized software applications

• 24/7 systems support and security

• Innovative Customer applications

• Independent communication network

• Best-in-Class vs. State-of-the-Art

Company Overview and Strategy

January 2006

Financials(2004 and 2005 will be restated)

20

Summary Income Statement (2004 and 2005 to be restated)

Financials

Full-year Interim

Margin on NFR 24.1% 23.1% 21.9% 22.6% 21.0%

Consolidated net earnings 116 98 111 78 103

2002 2003 2004 09/2004 09/2005

4,369 4,967

13.7%

1045

5.8%

166

15.9%

130

12.4%

988

149

15.0%

103

10.4%

5,362

3.6%

1,239

(0.7%)

195

15.8%

EBIT 152 138 153

Margin on GP 12.2% 11.1%

5,175

11.4%

6,120

14.1%

1,341

8.2%

212

15.8%

1,248

211

16.9%

Net Forwarding Revenue

% Growth

Gross profit

% Growth

EBITDA

Margin on GP

(CHF in millions)

21

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2002 2003 2004

49.7%50.7% 50.4%

35.4%35.2%

34.4%14.9% 14.1%

15.2%5,174 5,3636,120

6.9%3.1%

Net Forwarding Revenue by Segments (2004 and 2005 to be restated)

Net Revenue Split by Region(CHF in millions)

6.4%8.5%

(2.3)%

14.9%19.4%

16.7%

North America

Central & South America

Europe / Africa / ME / CIS

Asia /Pacific

Financials

Net Revenue Split by Business Segment(CHF in millions)

(1.3)%

23.0%

2.8%

5.7%

11.5%

13.5%

Air Ocean Supply ChainManagement

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2002 2003 2004

5,174 5,363

6,120

57.3% 57.0% 57.4%

10.4% 10.7% 11.2% 10.3% 9.7% 9.9% 22.0%

22.6%

21.5%

22

Balance Sheet & Cash Flow Summary (2004 and 2005 to be restated) Full-year Interim

2002 2003 2004 06/2005 09/2005

195 255

(35)

220

423

5.4%

847

1,702

21.6%

(9)

(43)

151

443

5.7%

816

1,644

21.2%

17

332

(32)

300

263

4.0%

737

1,487

22.7%

Net Capital Expenditures 52 42

301

112

247

(37)

210

370

5.0%

797

1,574

21.1%

(36)

265

220

3.5%

680

1,431

22.5%

Cash and cash equivalents (1)

Borrowings

Net cash (debt)

Net Working Capital (2)

As % of (LTM) gross revenue

Total shareholder’s equity

Total assets

As % of (LTM) gross revenue

(1) Including financial assets held for trading(2) Net working capital defined as current assets net of cash and equivalents minus current liabilities net of

interest bearing debt

(CHF in millions)

Financials

23

Financials

• Dividend Policy: target payout ratio in the range of 30-40%

Financials

Balance Sheet Structure (2004 and 2005 to be restated)Breakdown of Assets

(CHF in millions)

Note: GR = Gross Revenue

Breakdown of Liabilities(CHF in millions)

Note: Cash Opex = Gross Revenue - EBITDA

Liquid FundsReceivables, & other assets

Non-current assets Payables, Accruals & ProvisionsBorrowingsShare Capital

Retained Earnings & Minorities

750 799

5050

737818

1'702

3537

1'574

0

200

400

600

800

1'000

1'200

1'400

1'600

1'800

2004 YE 2005 Q3

46.8%

2.3%

3.2%

47.7%

48.1%

2.0%

2.9%

47.0%

10.2% of Cash Opex

14.2% of Cash Opex

311 312

1'0161'135

2551'574

1'702

247

0

200

400

600

800

1'000

1'200

1'400

1'600

1'800

2004 YE 2005 Q3

15.7%

64.5%

19.8%

15.0%

66.7%

18.3%

13.6% of GR 19.2% of GR

Monika Ribar, CFO

24

Returns (2004 and 2005 to be restated)

ROCE (2002-2004) ROE (2002-2004)

26.4%27.9%

26.4%

15.4%14.5%17.1%

Note: ROE calculated as net income / previous year-end book equity

2002 2003 2004Note: ROCE calculated as NOPAT / previous year-end book equity + net debt

Financials

• Panalpina delivers consistently high returns

• Panalpina sees further scope for improving these returns to close the gap on industry best-in-class

2002 2003 2004