2013 Results February 26th, 2014

Table of Contents

2

1. Introduction p.3

2. Transport Business p. 8

3. Logistics Business p. 17

4. Freight Forwarding Business p. 28

5. Group Financials p. 36

6. Outlook p. 50

7. Appendices p. 54

Disclaimer This document was prepared by Norbert Dentressangle for the sole purpose of presenting its 2013 annual results on the 26th February 2014. This document may not be reproduced or distributed, in whole or in part, without the prior agreement of the Company. Norbert Dentressangle may not be held liable due to the use of this document by any person not belonging to the Company. This document does not contain any quantified forecast of results. The Company makes no commitment or guarantee that it will meet its objectives or any goal that it may state in its business plans. While the Company believes that its objectives are reasonable, readers are reminded 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. Introduction

4

2013 : Norbert Dentressangle remains on track

• Sluggish European economic climate with regional differences – Economic up turn in the UK – Encouraging signals in Iberia – Down trading of the industry in France

• +3.9% growth in revenue and EBITA remains stable

– Solid performance in Logistics offsets Transport difficulties due to tough market conditions in full truck load activity

• Successful strategic initiatives for a more international profile

– Integration of acquisitions is completed Fiege’s logistics activities in Italy, Spain and Portugal Daher’s Freight forwarding business in France and Russia

– Launch and ramp up of the JV for chilled logistics with Danone in Russia – Dual listing on Nyse Euronext London

• Strict financial controls – Significant debt reduction – Good cash management – Improved financial ratios

In €m

31/12/13 31/12/12 Restated

with IAS 19R

Overall %

change

31/12/12 reported

Organic growth

Revenue 4,032 3,880 +3.9% 3,880 +2.4%

Underlying operating profit 139.9 137.8 +1% 138.5

As % of turnover 3.5% 3.6%

Operating profit before goodwill (EBITA)

141.7 141.6 0% 142.2

EBITA Margin 3.5% 3.7% 3.7%

Net income 70.1 69.7 +1% 74.7

5

Growth in revenue Stable EBITA

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

6

• 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

Expanding geographic presence

Increasing scale

Widening service offering

2013: a further step forward in our growth ambitions

7

Expanding geographic presence

Increasing scale

Widening service offering

• Russia with Daher Acquisition & JV launch with Danone

• KSA with Danone

• Morocco in Transport

• +4% global growth • N°4 in Italy in

Logistics with Fiege acquisition

• Freight forwarding in France with Daher acquisition

• New sectors expertise in Freight forwarding with Daher acquisition

• Custom engineering with Daher acquisition

• Leading e-com Logistics provider in the UK

2. Transport Business

Transport business Market conditions and our response

9

• A highly fragmented market

• Important room for growth in Europe

• Network scale is key for sales development and competitiveness

• Expectations for eco-friendly transport solutions

• Develop value-added transport service offerings

• Grow in Europe

• Expand network to remain competitive

• Commit to reducing carbon footprint and road accidents through continuous improvement and innovation

Transport at a glance at 31/12/2013

10

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

• €2,014m revenue

• €53m EBITA

• 13,400 employees

• 182 sites in 13 countries

• #1 vehicle fleet in Europe with 8,000 tractor units

• Europe's cleanest vehicle fleet

• 94% EURO V & VI

• 54,000 TCO2 less since 2010

• Each driver runs an average 620,000km without causing accidents

€ 685m

€ 527m

€ 313m

€ 434m

Development of value-added B2B service offerings

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

CO2 emissions declaration

Domestic/International FTL & Cross-Channel

Dedicated fleet

KeyPL & Transport Organisation

Domestic/International Pallet Network

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

12

EBITA In €M

Turnover In €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

1 744 1 486

1 636

1 966 2 038 2 014

28 20 26 37 31 33 39 26

50 43 30 28

44 47 60 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

In €m

Transport at

31/12/13

Transport at

31/12/12

Overall % change

Organic growth

Revenue* 2,014 2,038 -1.2% -0.6%

Underlying operating profit 56.6 58.0 -2.4%

As % of turnover 2.9% 3.0%

Operating profit before goodwill (EBITA)

53.0 60.4 -12%

EBITA Margin 2.7% 3.1%

13

2013 Transport turnover and operating profit

* Before elimination of “inter-division” revenue

14

Transport: contrasted situations

• Full truck load business (33% of activity) has to deal with the down-trading by major industrial customers

– Decrease in operating profit due to lower revenue, lower operations efficiency and significant one-off costs

– Action plans quickly introduced to adapt the business profile and improve flexibility and competitiveness

• Pallet network (26% of activity) maintains a good level of

performance, growth and profitability – +2.3% in “Red Europe” offer

• Dedicated fleet (16% of activity) is well placed and

gains market share – Contracted business – +4.5% growth in “Red Inside” offer

• Transport organisation (25% of activity)

– Contracted business – TDG’s acquisition has strengthened our expertise in this market segment – Key renewals end of 2013 and significant wins beginning of 2014

Order Consolidation

Transport Plan Optimisation

Choice of Best Carrier

Administrative Support KPIs & B.I. Execution

Track&Trace

Choice of best transport solution Road, Train, Boat

Focus on our bespoke transport organisation offer

Tracking by on-board tool or mobile

Upload status and docs by mobile

Automatic report generation

Pre-invoicing customer or hauliers

Quality events management

Dynamic allocation

Haulier’s sourcing, regional tender, …

E-Market place (reverse auction, fixed price…)

• Customers expectations – Value added proposal instead of transactional approach – Need for monitoring (control tower) and visibility of all flows

• Our answer

– Proven experience of flow management – Real control tower capability enhanced by TDG acquisition

KeyPL ® operating organisation

Customer location KEY PL hub 2014

UK

FR

SK

3. Logistics Business

Logistics business Market conditions and our response

18

• Few European players

• Business is 100% contracted

• Retail and FMCG sectors are key commercial targets

• Profitability and international expansion make the difference

• Export logistics expertise beyond Europe

• Raise international profile

• Accompany blue-chip customers in their global development

• Strengthen expertise in Retail and FMCG sectors

• Ensure efficiency of the operations

Logistics at a glance at 31/12/2013

19

• €1,950m revenue (of which €492m Temperature controlled)

• €87.4m EBITA

• Contracted business (4 years average length)

• 23,600 employees

• 281 sites in 16 countries

• Total warehouse surface area of 7.8m m²

• Temperature Controlled volume of 3.6m m3

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

€ 541m

€ 740m

€ 198m

€ 471m

Logistics: mastery of key logistics skills

20

Storage 28%

Handling 38%

Value added services 10%

Downstream transport management 24%

A consistently growing business with major positive scale effects since 2008

21

EBITA In €M

Turnover In €M

% of turnover

Long term revenues and operating income (EBITA)

162 199 249 279 348 477 497 502 600 648

1 364 1 233 1 239

1 589 1 783

1 950

6 8 11 14 18 18 25 25 33 37 49 52

63 81 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

In €m

Logistics at 31/12/13

Logistics at 31/12/12

Overall %

change Organic growth

Revenue* 1,950 1,783 +9.4% +6.7%

Underlying operating profit 83.5 76.8 +8.7%

As % of turnover 4.3% 4.3%

Operating profit before goodwill (EBITA)

87.4 77.9 +12%

EBITA Margin 4.5% 4.4%

22

Logistics turnover and operating profit

* Before elimination of “inter-division” revenue

23

Sustained growth trend Robust business model

• European countries provide a solid platform to enable high-potential developments outside Europe

– Good growth trend and profitability level in all our main countries: UK, France, the Netherlands, Italy and Spain

– Nova Natie in Antwerp still under going turnaround

• Fiege’s logistics activities in Italy and Iberia acquired end of H1 are now fully integrated and contribute to profitability

– Norbert Dentressangle is the 4th largest logistics player in Italy – Strengthened Iberian Peninsula position with positive impact on sales

• Expansion outside Europe – New 50/50 JV with Danone in Russia for chilled logistics and transport is up and running

Primary transport between factories and warehouses St Petersburg platform

• Focus on key vertical in Europe and beyond – Recognized expertise and credential – Ability to accompany blue chip customers in various countries

Logistics vertical industry sectors

€765m

€187m €577m

€230m

€191m Durable goods manufacturers

Industrial

Retail

Ecom

FMCG manufacturers

Focus on e-commerce: a constantly evolving sector

10 years experience

Annual turnover from e-fulfilment & returns customers

€187m 185 m

direct to consumer items processed

per year

26 Major e-fulfilment

& returns customers

E-commerce activity by Norbert Dentressangle

Credential at European scale Considerable retail experience Agility & flexibility

Our strengths

ASOS

£150m+ three-year contract • Implemented Aug 2013 • 1,200+ colleagues

- 600 FT jobs created since Aug 2013 • 1.1million sq ft fulfilment centre in Barnsley,

Yorkshire - 25% extension to site ASOS • £796.4m 2013 revenue (↑ 39% from 2012) • 7.1 million active customers • Ship to 237 countries and territories • 50 million items dispatched per year • International growth 44% in 2013

27

4. Freight forwarding Business

Freight Forwarding business Market conditions and our response

29

• Few large players and many small ones

• Integrated global network / niche players

• Expand international freight forwarding network

• Gain critical mass on key trade lanes

• We walk the talk

• Scalable business

• Break-even position

Freight forwarding by Norbert Dentressangle

• Launched from scratch in 2010

• €145m revenue

• €1.3m EBITA

• 720 employees

• 57 offices in 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

For each sector: bespoke customs engineering & air or sea freight solutions

PROJECTS / INDUSTRIAL TRANSFERS

CHEMICALS EURTEAM member

AERONAUTICS / AOG CAPABILITIES

ALN member

LUXURY GOODS FMCG FOOD PERISHABLES

HIGH TECH

Freight Forwarding: revenues and operating income (EBITA)

32

12

86

143 145

-1

0

1 1

-2

-1

0

1

2

3

4

-100

-50

0

50

100

150

200

2010 2011 2012 2013

Turnover Overseas EBITA Overseas

-6,7%

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

-8%

-4%

0%

4%

2010 2011 2012 2013

EBITA %age Overseas

In €m

Freight Forwarding at 31/12/13

Freight Forwarding at 31/12/12

Overall % change

Revenue* 145 143 +1.3%

Operating Profit before goodwill (EBITA)

1.3 1.0 +31%

33 * Before elimination of “inter-division” revenue

Freight Forwarding: revenues and operating income (EBITA)

34

Successful integration of Daher activities

• Acquisition completed on 1st October 2013

• Freight Forwarding network in France is now consistent – Access to significant tenders – Expertise in growth potential sectors: Aviation – Luxury goods – Sales synergies with Transport and Logistics

• Strong position on the Russian market

– Recognized expertise in customs engineering – “Customs broker of the year 2013” in Russia – Potential sales synergies with the transport and logistics activities

developed by the JV with Danone

35

A first stage of consolidation for the Freight Forwarding business

• Expected annual combined turnover of nearly €220m

• Scale and expertise to address a different value proposal to the market

– Deploying new trade lanes to Russia

– Developing added value IT standards thanks to our newcomer position

5. Group Financials

Consolidated income statement and contribution by division

+3.9%

0%

+1%

* Breakdown by Division is net of intercompany revenue Revenue in 2012 includes €5m generated at the Dagenham site disposed of in October 2012 (€2.9m at direct operating margin level) **: Of which €11.7m CICE in 2013

In €m Transport Logistics Freight

Fwding Conso

31/12/13

Conso 31/12/12

IAS 19R

Conso 31/12/12 released

Total revenue Consolidated revenue *

2,014 1,947

1,950 1,943

145 142

4,032

3,880

3,880

EBITDA 251.5 244.8 244.8

Operating profit before goodwill (EBITA)**

53.0 2.7%

87.4 4.5%

1.3 0.9%

141.7 3.5%

141.6 3.7%

142.3 3.7%

EBIT 135.1 3.4%

129.5 3.3%

130.1 3.4%

Net financial expenses Corporate income tax CVAE Associates Minority interests

(26.7) (23.7) (13.0)

(1.5) (0.3)

(32.2) (13.6) (13.2)

(0.1) (0.8)

(26.3) (15.1) (13.2)

(0.1) (0.8)

Net income 70.1

1.7% 69.7

1.8% 74.7

1.9%

37

In €m

Conso 31/12/13

Conso 31/12/12

IAS19R

Underlying Operating profit 139.9 137.8

Restructuring costs

(13.8)

(2.7)

Other operational income / expenses and provisions

3.7 4.3

Non-operating capital gain (losses) on disposals

11.9 2.2

Operating profit before goodwill (EBITA) 141.7 141.6

38

Breakdown of non-recurring income and expenses

Net financial expense

39

In €m

Conso 31/12/13

Conso 31/12/12 IAS 19R

Conso 31/12/12 Reported

Total financial expense (26.7) (32.2) (26.3)

Net financial charges as % of revenue -0.7% -0.8%

Including :

Forex gain (losses) (1.1)

Actuarial (losses) and income (IDR and pensions) (7.6)

Others (0.7)

Net financial charges (17.3)

In €m

31/12/13 31/12/12 Restated

31/12/12 Reported

Profit before tax Goodwill amortization CVAE (tax deductible)

108.5 -

(13.0)

103.8 5.5

(13.2)

103.8 5.5

(13.2)

Taxable Profit 95.5 96 96

Theoretical tax at French rate (36.3) (34.7) (34.7)

Temporary differences: CICE “Arrêt Papillon” TDG restructuration impact Other temporary differences Tax rate differences / other countries Miscellaneous Differed Taxes on Pensions (IAS 19R)

4.4

- 5.2

(5.2) 8.6

(1.2) 0.8

1.9 14.3

(1.9) 4.2 0.5 1.5

1.9 14.3

(1.9) 4.8 0.5

Corporate income tax (23.7) (13.6) (15.1)

Average effective income tax rate 24.8% 14.2% 15.7%

Corporate income tax

40

In €m

Conso 31/12/13

Conso 31/12/12 IAS 19R

Cash flow Change in operating WCR UK pension fund financing

196 (36) (10)

217 42

(11)

Net cash flow from operations 150 247

CAPEX (net of disposals) Sales of warehouses and sites Acquisitions less acquired cash

(54) 43

(54)

(93) 23

(3)

Net cash flow from investment activities (66) (73)

Net free cash flow excluding acquisitions 138 178

Dividends Financing operations Own shares

(15) 81

(7)

(12) (70)

(3)

Net cash from financing transactions 59 (85)

Forex impact - 1

Change in cash 142 90

Cash available at period end 389 247

Cash-flow Statement

41

In €m 31/12/13 Cash flow for the period

Forex and other non-cash flows

31/12/12

WCR (18) 21 (3) (37)

Of which:

- Operating WCR 225 38 10 177

- Non-operating WCR (219) (3) (12) (205)

- Fixed asset WCR (25) (14) (1) (9)

DSO (number of days-FIFO) 47.9 days 47.2 days

Change in Working Capital Requirement

42

In €m

Conso 31/12/13

Conso 31/12/12 IAS 19R

Conso 31/12/12 reported

Goodwill 600 549 549 Intangible fixed assets (incl. customer relationship management) 133 111 111 Tangible fixed assets 533 584 584 Other fixed and non-current assets 89 81 86 Total non-current and financial assets 1,355 1,325 1,330

WCR (18) (37) (37)

TOTAL ASSETS (NET) 1,337 1,288 1,293

Equity 570 521 575 Provisions and deferred tax liabilities 284 241 192

Other financial liabilities * 27 37 37 Net debt 456 489 489

TOTAL LIABILITIES (NET) 1,337 1,288 1,293

Consolidated balance sheet

43 * Including fair market value of hedging instruments

Breakdown of tangible fixed assets

44

En M€

Land and buildings

Transport vehicles

Material and equipment Other & IT TOTAL

31/12/2011 150 379 74 42 644

30/06/2012 148 372 73 47 640

31/12/2012 127 348 64 44 584

31/12/2013 90 324 63 56

533

45

Consolidated net financial debt

In €m Group

31-Dec-13 Group

30-Jun-13 Group

31-Dec-12

Acquisition debt Revolving facility (€400m available) Euro Private Placements Asset financing

- 168 310 367

230 95 75

366

242 95

- 398

GROSS FINANCIAL DEBT 845 766 736

CASH & CASH EQUIVALENTS 389 201 247

NET FINANCIAL DEBT 456 565 489

46

Impacts of global refinancing in December 2013

0

200

400

600

800

1000

1200

30-Jun-13 31-Dec-13

Undrawn credit facilities

Drawn credit facilities

Euro Private Placement

Asset financing

• Average maturity: 2.03 years

• Undrawn facilities: €125m

• Cash & equivalents: €201m

• Non-bank debt: 10%

• Average maturity: 4.24 years

• Undrawn facilities: €232m

• Cash & equivalents: €389m

• Non-bank debt: 37%

The €235m Euro PP is combined with a new credit facility for €400m, 5 years.

The Group will benefit from a significant financial flexibility.

€367m

€75m, 2019

€325m, 2015

€125m, 2015

€369m

€160m, 2020 €150m, 2019

€168m, 2018

€232m, 2018

47

Financial debt maturity and repayment schedule at 31 December 2013

103 105 89 49

168

150

160

389

232

2014 2015 2016 2017 2018 2019

Asset financing Credit facilities EuroPP

Undrawn Credit

Facilities

Cash & Cash

Equivalents

Gross Debt Repayment Scheme

103 105 89 49 338 163

Liquidity

31/12/13 31/12/12 Restated 31/12/11

Bank covenants ratios at

31/12/13

Gearing (Net Debt/Equity)

84% 94% 123% < 200%

Leverage (Net Debt/ EBITDA)

1.8 x 2.0 x 2.5 x < 3.5 x

Interest cover (EBITA / Net Interest Expense) 6.2 x 5.9 x 5.3 x N.A.

ROCE (EBITA/Average capital employed)

13% 12% 13%

Key Financial Ratios

48

• Dividend to be proposed for approval at the Shareholders’ Meeting of 21 May 2014:

– €1.60/share compared with €1.50/share for 2012 fiscal year 19% of Net Free Cash Flow 22% pay-out ratio

49

Dividend

6. Outlook

50

To remain a top-tier player in global supply chain management

51

TRANSPORT

LOGISTICS

FREIGHT FORWARDING

• Consolidating our market position in Europe (especially in pallet network)

• Raising our European 4PL profile

• Being scalable in our key European countries

• Going global

• Non European targeted countries / Accompanying key customers into new markets/geographies

• Consolidating our market position after 3 years of targeted acquisitions

• Focus on skills, added value to customers, process and bottom line

• Developing current trade lanes (Focus Russia)

There is room to double the size of the company

52

2014: maintaining ambitious development outlook within Europe and beyond

• Strong financial resources

• Powerful brand

• Unique commitment of the “People in Red”

• Flexible and streamlined business organisation

Thank you for your attention

7. Appendices

54

• Expansion of Norbert Dentressangle global logistics network in line with its development strategy

• Further strengthening the market leading positions in South Europe, key area for Norbert Dentressangle

• Significantly increasing the size of its logistics business with profitable and strong operations, broadened skills, expertise and customer portfolio, and strong synergies with its transport pallet network in Spain

• Size and scale to gain access to larger business opportunities

Acquisition of Fiege’s logistics operations in Italy, Spain & Portugal

55

• Scale of the acquisition 510 people €95m turnover in 2012 11 sites 264,000 m² warehousing area

• New Italian operations profile 220m€ annual turnover 1,200 people 35 sites 630,000 m² warehousing area

• Scale of the acquisition 342 people €34m turnover in 2012 5 multi-client platforms (69,000 m²) 4 specialist dedicated warehouses (67,000 m²) 20 cross docking platforms

• New Iberian operations profile 450m€ annual turnover 1,700 people 1,800 vehicles & 458,000 m² warehousing area

A key partnership with Danone in Russia

The partners • Danone, global leader in dairy products • Norbert Dentressangle, key player in

temperature-controlled logistics and transport

The partnership structure • Joint Venture • Annual turnover of €60m • 300 employees initially

The Joint-Venture • responsible for the distribution of Danone’s

dairy products within Russia • aims to improve productivity and service

levels • offers full range of logistics services to

manufacturers and distributors right across Russia

• allows Norbert Dentressangle to extend its temperature-controlled logistics activities into a new growth market

• solid foundation for the future development of Norbert Dentressangle’s Russian logistics and transport activities

57

Strategic acquisition of Daher’s Freight Forwarding operations in France and Russia

Acquisition scope : 887 employees and 11 agencies (8 agencies in France and 3 in Russia)

This strategic acquisition will:

• expand Norbert Dentressangle’s global Freight forwarding network in line with its development strategy

• enable the French operations, at the heart of the Group network, to reach critical mass in the market

• acquire a profitable business and recognized expertise of an international team in the following sectors: chemicals, aviation, automotive and luxury goods

• further strengthen Norbert Dentressangle’s presence in Russia and facilitate access to Central and Eastern European markets

58

Norbert Dentressangle’s trading on NYSE Euronext London

This new listing will enable the group to • Diversify our shareholder base

• Access NYSE Euronext’s deep pool of London-based Institutional investors

• Raise its profile with this important group of investors.

• Position itself as a leading international transport, Logistics and freight forwarding company

• Reflect the strong contribution of its UK based businesses to the Group’s growth story, as the group plans the next phase of its European and international expansion

Norbert Dentressangle on the NYSE Euronext: • Listed on the Paris Stock Exchange since 1994 • 5000 shares exchanged on average per day Norbert Dentressangle Market cap (as of 7 july 2013): €713,52m

Norbert Dentressangle, a major supply chain management player in 2014…

8,000 vehicles

37,700 employees

7,800,000 m2 warehousing 520 sites

€ 4 billion turnover

26 countries

3 continents

TRANSPORT

FREIGHT FORWARDING

• €1,947m revenue (48%)

LOGISTICS

• €1,943m revenue (48%)

• €145m revenue (4%)

UK 30%

Spain 10%

Italy 5%

NL 3,5%

* including 3% outside Europe Others *

11,5%

France 40%

Headcount in France and UK

Logistics 4721

Pallet network

3400

Full truck load 4500

Freight Forwarding

217 Corporate

44

Logistics 11895

Transport 2740

Freight forwarding

39 Corporate

14

FRANCE UK

35 years of geographic and business transformation

1998 Integration of a second area of expertise: Logistics

2010 Launch of a third area of expertise: Freight Forwarding

2013 Revenue: €4 billion Operations in 26 countries 37,500 employees worldwide

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

Turnover breakdown by expertise TRANSPORT LOGISTICS FREIGHT FORWARDING

Turnover breakdown by geographic area FRANCE OUTSIDE FRANCE

TDG (UK) Turnover : £700m

Transport, Logistics & Freight Fwding

Fiege Italy & Spain Turnover : 130m€

Logistics

Daher France/Russia Turnover : 80m€ Freight Fwding

35 years of growth

62

1979: Opening of the first company to support international Transport between Europe and the UK

1994: A family group listed on the Paris stock exchange

Organic growth

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% 647 744 838

972 1 053 1 222 1 303 1 399

1 608 1 804

3 107

2 719 2 839

3 576 3 880

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

Organic growth Turnover

28 acquisitions Transport & Logistics

Mainly in France

Turnover In €M

Christian Salvesen (UK)

Turnover : €1.3bn Transport & Logistics

APC (China) Turnover : €50m Freight Fwding

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

2013

63

• 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

A responsible and long term vision of our development

EBITA In €M

% of turnover

35 years of profitability

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 33 51 49 51

64 51

83 80

98

80

106

130 142 142

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

64

A strong and diversified customer base • Very well balanced client portfolio

• Top 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

Customer Top 10

Recent Gains

Retail; 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%

Top 100 customers portfolio

65

Transport cost structure 2003-2012

A rigorous cost structure

Logistics cost structure 2003-2012

Strict cost controls

% of turnover

% of turnover

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%

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

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%

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

A robust governance

66

• 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

EXECUTIVE BOARD

From left to right:

Malcolm Wilson Logistics Division MD

Hervé Montjotin CEO

Patrick Bataillard CFO

Luis Angel Gomez Transport Division MD

• 30% PUBLIC

• 68% DENTRESSANGLE INITIATIVES + FAMILY

DISTRIBUTION OF CAPITAL

67

People engagement: developing the Norbert Dentressangle way

• A decentralised and flat organisation to maintain our entrepreneurial spirit and business agility

• A specific commitment towards people: “you

grow, we grow” – Priority to internal promotion: 60% of managers are

promoted internally

• Expertise in integrating businesses and staff

– Local HR expertise – Accumulated experience through acquisitions

68

Consolidated balance sheet BILAN CONSOLIDE (en M€) 31/12/2013 31/12/2012

Ajusté 31/12/2012 31/12/2011

Ajusté 31/12/2011

ECARTS D'ACQUISITION 600,0 549,4 549,4 551,9 551,9 AUTRES IMMOBILISATIONS INCORPORELLES 133,1 110,8 110,8 114,6 114,6 IMMOBILISATIONS CORPORELLES 532,8 583,7 583,7 644,0 644,0 IMMOBILISATIONS FINANCIERES 36,0 32,9 50,3 48,9 48,9 IMPOTS DIFFERES ACTIFS 53,3 47,8 35,5 59,3 46,4 TOTAL ACTIF IMMOBILISE 1 355,3 1 324,7 1 329,8 1 418,6 1 405,8 Stocks 14,0 14,7 14,7 15,8 15,8 Clients et comptes rattachés 775,9 622,4 622,4 653,8 653,8 Autres créances et autres actifs courants 159,4 141,2 141,2 168,0 168,0 Disponibilités et Valeurs Mobilières de Placement 396,6 255,9 255,9 245,3 245,3 TOTAL ACTIF CIRCULANT 1 345,9 1 034,2 1 034,2 1 083,0 1083,0 Actifs non courants detenus en vue de la vente TOTAL DE L’ACTIF 2 701 2 359 2 364 2 502 2 489

Capital social 19,7 19,7 19,7 19,7 19,7 Primes et Réserves 475,3 446,3 495,2 417,1 451,6 Ecarts de Conversion -22,5 -18,1 -18,1 -25,2 -25,2 Résultat de l’exercice 70,1 69,7 74,7 60,4 63,3 CAPITAUX PROPRES PART DU GROUPE 542,6 517,5 571,5 472,0 509,5 Intérêts Minoritaires 27,6 3,3 3,3 2,9 2,9 CAPITAUX PROPRES 570,2 520,8 574,7 474,8 512,3 PROVISIONS POUR RISQUES ET CHARGES (+ 1an / -1 an) 211,2 169,5 117,5 194,8 144,5

IMPOTS DIFFERES PASSIFS 72,8 71,7 74,9 82,4 82,4 EMPRUNTS A LONG TERME 742,9 581,1 581,1 640,2 640,2 Dettes financières Court Terme 102,5 154,5 154,5 141,5 141,5 Fournisseurs et effets à payer 601,5 503,0 503,0 523,6 523,6 Autres dettes à court terme 366,1 312,1 312,1 335,2 335,2 Autres passifs financiers (instruments de couvertures) 26,8 37,2 37,2 21,1 21,1 Découverts Bancaires 7,2 8,8 8,8 87,9 87,9 DETTES A COURT TERME 1 104,1 1 015,7 1 015,7 1 109,4 1 109,4 TOTAL DU PASSIF 2 701 2 359 2 364 2 502 2 489

69

P&L

COMPTE DE RESULTAT CONSOLIDE (en M€) 31/12/2013 31/12/2012 Ajusté

31/12/2012 31/12/2011 Ajusté

31/12/2011

CHIFFRE D’AFFAIRES 4 031,9 3 880,3 3 880,3 3 576,2 3 576,2 Achats et charges externes -2 496,3 -2 375,8 -2 375,8 -2 173,9 -2 173,9 Charges de personnel -1 237,5 -1 202,2 -1 202,2 -1 102,6 -1 102,6 Impôts, Taxes et versements assimilés -43,7 -46,1 -46,1 -42,5 -42,5 Dotation / reprise aux amortissements et provisions -117,0 -121,3 -121,3 -120,7 -120,7 Autres produits et charges opérationnelles 2,8 4,4 5,0 -3,2 -3,2 Résultat sur cession d'actifs d'exploitation 3,5 3,0 3,0 2,9 2,9 Coûts de restructuration -13,8 -2,7 -2,7 -9,1 -9,1 Plus et moins-values immobilières 11,9 2,2 2,2 3,1 3,1 _________ _________ _________ _________ _________ RESULTAT OPERATIONNEL avant écarts d'acquisition (EBITA) 141,7 141,6 142,3 130,3 130,4

Dépréciation Goodwill 0,0 -5,5 -5,5 0,0 0,0 Amortissements de la Relation Client acquise -6,5 -6,7 -6,7 -5,8 -5,8 Badwill _________ _________ _________ _________ _________ E.B.I.T. 135,1 129,5 130,1 124,5 124,6 Résultat Financier -26,7 -32,2 -26,3 -29,4 -25,4 Cessation d'Activités _________ _________ _________ _________ _________ RESULTAT AVANT I/MPOT 108,5 97,2 103,8 95,2 99,1 Impôt sur les sociétés -23,7 -13,6 -15,1 -21,2 -22,2 Impôt sur les résultats : CVAE / IRAP -13,0 -13,2 -13,2 -13,2 -13,2 Quote-part des résultats des sociétés mises en équivalence -1,5 0,0 0,0 0,2 0,2 _________ _________ _________ _________ _________ RESULTAT NET 70,4 70,4 75,5 61,0 64,0 Part des intérêts minoritaires 0,3 0,8 0,8 0,6 0,6 BENEFICE NET REVENANT AU GROUPE NORBERT DENTRESSANGLE

70,1 69,7 74,7 60,4 63,3

70

Net profit

ETAT DU RESULTAT GLOBAL (en M€) 31/12/2013 31/12/2012 Ajusté

31/12/2012 31/12/2011 Ajusté

31/12/2011

RESULTAT NET 70,4 70,5 75,5 61,0 64,0 Ecart de conversion -4,5 7,1 7,1 1,1 1,1 Gains et pertes liés aux réévaluations des instruments financiers 10,0 -1,7 -1,7 -7,9 -7,9 Effet d'impôt sur instruments financiers et écarts de conversion -3,8 0,9 0,9 4,6 4,6 Divers 0,0 -0,1 -0,1 -0,3 -0,3 sous-total éléments recyclables en résultat 1,8 6,2 6,2 -2,6 -2,6 Gains et (pertes) actuariels des avantages au personnel -50,2 -12,6 0,0 -2,6 0,0 Effet d'impôt 8,0 1,2 0,0 -0,1 0,0 Divers 0,0 0,0 0,0 0,1 0,1 sous-total éléments non recyclables en résultat -42,1 -11,4 0,0 -2,6 0,1 AUTRES ÉLÉMENTS DU RÉSULTAT GLOBAL -40,4 -5,2 6,2 -5,2 -2,5 _________ _________ _________ _________ _________ TOTAL DU RESULTAT GLOBAL 30,0 65,3 81,7 55,9 61,5 _________ _________ _________ _________ _________ Intérêts minoritaires dans le résultat global total 0,1 0,8 0,8 0,4 0,4 Part du Groupe dans le résultat global 29,8 64,5 80,9 55,5 61,1

71

Cash flow statement TABLEAU DES FLUX DE TRESORERIE (en M€) 31/12/2013 31/12/2012

Ajusté 31/12/2012 31/12/2011

Ajusté 31/12/2011

BENEFICE NET PART DU GROUPE 70,1 69,7 74,7 60,4 63,3 Elimination des charges et produits sans incidence sur la trésorerie

141,1 152,2 147,2 168,2 165,3

Plus ou moins values sur cessions d'actifs immobilisés -15,5 -5,2 -5,2 -5,2 -5,2 MARGE BRUTE D'AUTOFINANCEMENT 195,7 216,7 216,7 223,4 223,4 Variation des actifs et passifs d’exploitation hors acquis. et immob.

-35,7 41,7 41,7 -28,6 -28,6

Variation Pension Fund U.K. -10,4 -11,2 -11,2 -12,9 -12,9 _______ _______ _______ _______ _______ FLUX DE TRESORERIE D’EXPLOITATION 149,7 247,2 247,2 181,8 181,8 Acquisitions - cessions d'immobilisations corporelles et financières

-11,5 -70,4 -70,4 -92,0 -91,8

Acquisitions et cessions de sociétés nettes de la trésorerie acquise

-54,1 -3,1 -3,1 -288,4 -288,5

_______ _______ _______ _______ _______ FLUX DE TRESORERIE D’INVESTISSEMENT -65,6 -73,5 -73,5 -380,4 -380,4 Nouveaux emprunts - remboursement d'emprunts existants 85,8 -41,4 -41,4 198,2 198,2 Dividendes versés aux actionnaires de la société mère -14,6 -12,1 -12,1 -10,7 -10,7 Achat de titres en autocontrole / variation stock actions propres 6,9 -3,2 -3,2 0,1 0,1 Augmentation de capital 4,4 0,0 0,0 0,4 0,4 Charges financières nettes liées au opérations de financement -23,9 -28,4 -28,4 -28,4 -28,4 _______ _______ _______ _______ _______ FLUX DE TRESORERIE DE FINANCEMENT 58,7 -85,0 -85,0 159,6 159,6 Effets de change sur la trésorerie -0,4 0,9 0,9 -0,1 -0,1 _______ _______ _______ _______ _______ VARIATION DE LA TRESORERIE AU COURS DE L’EXERCICE

142,4 89,6 89,6 -39,0 -39,0

Trésorerie en fin d’exercice 389,4 247,0 247,0 157,4 157,4

2013 Results February 26th, 2014