Changes to Panalpina Executive Board (Revised)

The board of directors has resolved to further downsize the Executive Board by eliminating the positions of Chief Commercial Officer, Chief Legal Officer, Chief Information Officer, Executive Vice President, Air Freight and Executive Vice President, Ocean Freight.

Consequently, CCO Karl Weyeneth, CLO and Corporate Secretary Christoph Hess, CIO Ralf Morawietz, EVP Air Freight Lucas Kuehner, EVP Ocean Freight Peder Winther, have given up their current Executive Board roles.

Christoph Hess will continue in a position in Group Legal in DSV Panalpina. Furthermore, he has been nominated by the former board of directors in accordance with an undertaking of DSV in the Transaction Agreement to serve as an observer to the DSV Panalpina A/S Board of Directors for a period of up to 12 months from the settlement.

Lucas Kuehner has been appointed as EVP Charter Network and Perishables at DSV Air & Sea.

Karl Weyeneth is expected to continue in a senior position in the global commercial organization of DSV Panalpina.

Ralf Morawietz and Peder Winther have left the company.

The board of directors wishes to thank Ralf Morawietz and Peder Winther for their long and loyal service to Panalpina – and in recent months for being welcoming and constructive in preparing the business and employees for the upcoming integration with DSV.