Decision of the Swiss Takeover Board regarding public exchange offer by DSV A/S for all publicly held registered shares of Panalpina Welttransport (Holding) AG

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MEDIA RELEASE

Decision of the Swiss Takeover Board regarding public exchange offer by DSV A/S for all publicly held registered shares of Panalpina Welttransport (Holding) AG

Background

On May 13, 2019, DSV A/S, Hedehusene, Denmark, published a public exchange offer for all publicly held registered shares of Panalpina Welttransport (Holding) AG, Basel, Switzerland ("Panalpina"), with a nominal value of CHF 0.10 each.

With request dated May 7, 2019, Panalpina filed different requests with the Swiss Takeover Board.

Decision of the Takeover Board

On May 28, 2019, the Takeover Board rendered the decision 726/03, in which it deals with the requests according to Panalpina's request dated May 7, 2019. The ruling of decision 726/03 reads as follows:

1. Request no. 1 is partially granted and it is held that cover purchases (Deckungskäufe) of DSV A/S shares made by Panalpina Welttransport (Holding) AG to fulfill its obligations under existing share plans are not subject to the Best Price Rule.
   
2. Contingent request no. 1a is granted and Panalpina Welttransport (Holding) AG is granted an exemption from the Best Price Rule for covering purchases of shares of Panalpina Welttransport (Holding) AG made by Panalpina Welttransport (Holding) AG to fulfill its obligations under existing share plans. The Review Body (Prüfstelle) must monitor the relevant transactions and confirm to the Takeover Board that the shares of Panalpina Welttransport (Holding) AG acquired in the course of these transactions will be used exclusively to fulfill its obligations under existing share plans.
   
3. Request no. 1b and contingent request no. 1b are dismissed.
   
4. Request no. 2a is partially granted and it is held that cover purchases of shares of DSV A/S made by Panalpina Welttransport (Holding) AG to fulfill its obligations under existing share plans do not give rise to the obligation of submitting a cash alternative.
   
5. Contingent request no. 2a is granted and Panalpina Welttransport (Holding) AG is granted an exception from the obligation to submit a cash alternative for covering purchases (Deckungskäufe) of shares of Panalpina Welttransport (Holding) AG made by Panalpina Welttransport (Holding) AG to fulfill its obligations under existing share plans. The Review Body (Prüfstelle) must monitor the relevant transactions and confirm to the Takeover Board that the shares of Panalpina Welttransport (Holding) AG acquired in the course of these transactions will be used exclusively to fulfill its obligations under existing share plans.
   
6. Request no. 2b and contingent request no. 2b are dismissed.
   
7. Request no. 3 is granted and it is held that the sale or transfer of shares of Panalpina Welttransport (Holding) AG or of DSV A/S to the beneficiaries to fulfill obligations under existing share plans is not subject to the transaction reporting obligation (Transaktionsmeldepflicht).
   
8. Request no. 4 is dismissed and request no. 5 has become obsolete.
   
9. The present decision will be published on the website of the Takeover Board after the notification to the parties.
   
10. The fee to be borne by Panalpina Welttransport (Holding) AG amounts to CHF 30,000.

About Panalpina

The Panalpina Group is one of the world's leading providers of supply chain solutions. The company combines its core products - Air Freight, Ocean Freight, and Logistics and Manufacturing - to deliver globally integrated, tailor-made end-to-end solutions for 12 core industries. Drawing on in-depth industry know-how and customized IT systems, Panalpina manages the needs of its customers' supply chains, no matter how demanding they might be. Project Solutions is a specialized service for the energy and capital projects sector. The Panalpina Group operates a global network with some 500 offices in around 70 countries, and it works with partner companies in another 100 countries. Panalpina employs approximately 14,500 people worldwide who deliver a comprehensive service to the highest quality standards - wherever and whenever.

www.panalpina.com

For more details, please contact:

Corporate Head of Marketing and Communications	Chief Legal Officer and Corporate Secretary
Edna Ayme-Yahil	Christoph Hess
Tel. [phone]	Tel. [phone]
[e-mail]	[e-mail]

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FORWARD LOOKING STATEMENTS

This document contains forward-looking statements that reflect our current expectations and views of future events. Some of these forward-looking statements can be identified by terms and phrases such as "estimate," "expect," "target," "plan," "project," "will" and similar expressions. These forward-looking statements include statements relating to: the expected characteristics of the combined company; expected financial results and characteristics of the combined company; expected timing of the launch and closing of the proposed transaction and satisfaction of conditions precedent, including regulatory conditions; and the expected benefits of the proposed transaction. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from such statements. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only predictions based upon our current expectations and projections about future events. Risks and uncertainties include: the ability of DSV A/S ("DSV") to integrate Panalpina Welttransport (Holding) AG ("Panalpina") into DSV's operations; the performance of the global economy; the capacity for growth in internet and technology usage; the consolidation and convergence of the industry, its suppliers and its customers; the effect of changes in governmental regulations; disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees or suppliers; and the impact on the combined company (after giving effect to the proposed transaction with Panalpina) of any of the foregoing risks or forward-looking statements, as well as other risk factors listed from time to time in DSV's and Panalpina's public disclosures.

The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including the risk factors included in any public disclosures of DSV or Panalpina, and the Registration Statement on Form F-4 (the "Registration Statement") that DSV plans to file with the U.S. Securities and Exchange Commission ("SEC") in connection with the transaction if a vendor placement is not implemented. Any forward-looking statements made in this document are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

IMPORTANT ADDITIONAL INFORMATION

This document does not constitute or form part of any offer to exchange or acquire, or a solicitation of an offer to exchange or acquire all of the registered shares of Panalpina (the "Panalpina Shares"). This document is not a substitute for the (i) Swiss offer prospectus, (ii) listing prospectus for new DSV shares or (iii) the preliminary prospectus / offer to exchange expected to be included in the Registration Statement to be filed with the SEC if a vendor placement is not implemented with respect to the holders of the Panalpina Shares who are located in the United States and are not qualified institutional buyers (as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act")) ((i) to (iii) collectively, the "Offer Documents"). The Offer referenced in this document has not yet commenced. No offering of securities shall be made in the United States except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or pursuant to a vendor placement or another applicable exception from the registration requirements pursuant to the U.S. securities laws.

YOU ARE URGED TO READ THE OFFER DOCUMENTS (INCLUDING, IF FILED, THE REGISTRATION STATEMENT) AND ALL OTHER RELEVANT DOCUMENTS THAT DSV OR PANALPINA HAS FILED OR MAY FILE WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR ANY SWISS OR DANISH REGULATOR WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT DSV, PANALPINA, THE TENDER OFFER AND RELATED MATTERS.

The information contained in this document must not be published, released or distributed, directly or indirectly, in any jurisdiction (including, but not limited to, Australia and Japan) ("Restricted Jurisdictions") where the publication, release or distribution of such information is restricted by laws or regulations. Therefore, persons in such Restricted Jurisdictions into which these materials are published, released or distributed must inform themselves about and comply with such laws or regulations. Neither DSV nor Panalpina accepts or assumes any responsibility or liability for any violation by any person whomsoever of any such restrictions. The Offer Documents and other documents referred to above, if filed or furnished by DSV with the SEC, as applicable, will be available free of charge at the SEC's website (www.sec.gov) or by writing to DSV A/S Hovedgaden 630 - P.O. Box 210; 2640 Hedehusene, Denmark or calling [phone] or [phone].

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