Presentation of the acquisition of Jacobson

July 31st, 2014

Disclaimer

This document has been prepared by Norbert Dentressangle for the sole purpose of presenting the agreement signed on 30th July 2014 to acquire the transport and logistics company Jacobson. This document may not be copied or distributed, in whole or in part, without prior agreement from the company. Norbert Dentressangle assumes no responsibility for the use of this document by any person outside the company.

This document contains no earnings forecast data.

The company makes no commitment and provides no guarantee concerning the realization of any targets or aims that may be expressed within its business plans.

While the company believes its targets 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.

22

TRANSACTION OVERVIEW

Transaction Overview

• Founded in 1968, Jacobson is the fith largest contract logistics provider in the US, with a highly complementary asset-light transportation offering

• Deep expertise in CPG, durables and chemical verticals

• Extensive US network, spanning 142 locations with over 33 million square feet of warehouse space; 84% of locations are dedicated facilities

• Long-standing relationships with blue-chip and regional customers

• Customer retention rate of 95%

• Expected 2014 Net Revenue of ~$800mm and EBITDA exceeding $80mm, with low capex

• Overall EBITDA margins of ~10%

• Led by proven US management team which will oversee Norbert Dentressangle’s US operations going forward

• Immediately positions Norbert Dentressangle as one of the top 5 players in the fast-growing US 3PL market

4

5

Norbert Dentressangle has signed a definitive agreement to acquire Jacobson Companies, the #5 US contract logistics provider in the US

Transaction Overview (cont’d)

Purchase Consideration• $750 million initial consideration at close

• All funded with cash resources and Norbert Dentressangle’s credit lines• There is an additional capped earn-out based upon near term performance

• Purchase multiple is approximately 9x EBITDA

Financial Impact• Expected to be accretive to earnings per share beginning in year 1• Pro forma leverage ratio at Norbert Dentressangle will be in the range of 3.2x at end of 2014

Timeline• Subject to customary closing conditions• Expected to close in mid-September 2014

56

Strategic Rationale• Accelerates Norbert Dentressangle’s growth ambitions to become a top player in

global supply chain management– +15% in annual revenue growth reaching €5 Billion– The group is scalable in the US logistics & transport market with US$800 million in gross revenue

• Enhances Norbert Dentressangle’s growth and profitability– Revenue synergies leading to cross-selling opportunities to both sets of customers– Sharing best practices in contract logistics– EBITDA Margin enhancing in year 1 after acquisition

• Provides entry into the attractive US 3PL market– Immediately becomes one of the top 5 players in the US contract logistics market with nationwide coverage– US logistics market expected to grow faster than Europe due to higher GDP growth and less mature

outsourcing profile

• Provides geographical and risk diversification– Mitigates impact of any European-specific events– Provides alternative revenue stream

• The transaction is earnings accretive and maintains Norbert Dentressangle’s sound financial structure 6

JACOBSON IS A LEADING PLAYER IN THE BUOYANT US 3PL MARKET

Jacobson Business Overview

• #5 value-added warehousing 3PL provider in North America with integrated domestic transportation management capabilities

• Expected to generate ~$800mm in Gross Revenue and $80mm+ of EBITDA in 2014

• Operates through two segments:

• Contract Logistics Services: manages 142 facilities with 3 million m² of warehouse space

• Transportation Logistics Services: asset-light transportation network with 350+ tractors and 1,225 trailers

• Services 1800+ customers within the food & beverage, chemical, life sciences, CPG, retail, consumer electronics, durable good and automotive industries

• Founded in 1968 and headquartered in Des Moines, IA

8

6

Logistics

Transport

Revenue

Logistics

Transport

Adj. EBITDA by Segment (1)

(1) Excludes allocation of corporate overhead

Jacobson’s nationwide coverage

West: 12 sites Midwest: 58 sites

Southwest: 58 sites

Northeast: 32 sites

Southeast: 18 sites

• Well managed portfolio of predominantly dedicated, leased warehouses, most of which are linked to the customer contract duration

• Leasing of warehouses compliant with Norbert Dentressangle’sstrategy of low real estate assets

Midwest41%

Southwest14%

Southeast11%

West9%

Northeast25%

Regional Mix

9

• Dedicated DC• Shared User DC• Offices²

Dedicated DCShared User DCOffices

Dedicated 84%

Shared16%

Dedicated vs. Shared Facilites

Strong track record of growth and profitability

• Jacobson has proven its ability to generate strong growth under the current management• The company commands a leading margins profile in US contract logistics

10

749

797

720740760780800820

2012 2013

GROSS REVENUE ($m)

37,859,4

5,0%

7,5%

2011,5 2012 2012,5 2013 2013,5

0,0%

2,0%

4,0%

6,0%

8,0%

010203040506070

2012 2013

EBITA Margin

53,676

7,2%

9,5%2011,5 2012 2012,5 2013 2013,5

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

0

20

40

60

80

2012 2013

EBITDA MarginADJUSTED

Strong and well balanced portfolio of customers

11

Primary Verticals and Representative Clients

Revenue Concentration by Vertical

Revenue Concentration by Customer

Food & BeverageDurable Goods

Consumer PackagedGoods

Chemicals

Agricultural Products

Agriculture and others16%

Food and Beverages

35%

Durables19%

CPG12%

Chemicals18%

Top 1041%

11-2016%

21-3011%

Others32%

Jacobson’s Positioning among primary 3PL competitors

12

#4 Largest US Value-added Warehousing Provider with

National Footprint

Strong Market Share in Food and Beverage and CPG

Differentiated Platform in Chemicals

Dedicated Facilities with Long-Term Anchor Tenants

Offers Complementary TMS and Dedicated Trucking

Services(1)

(1) Gross revenue due to lack of disclosure. Source: Armstrong and Associates; Company reports; Company websites; Transport Topics 2013

F&B CPG Chemical Ind / Agri F&B / CPG Chemical

Warehousing / Distribution Packaging / KittingPerceived End Market Capabilities by Service Offering

WarehouseCompany Space (mm ft2)

99.0

35.0

34.0

33.0

30.0

26.0

25.0

22.0

16.0

15.1

3.1

Est. NetRevenue

$2,500

1,009

513

611

420

877

1,247

925

313

1,038

1,100

0.1

(4.4)

2.0

1.6

(0.3)

0.1

1.5 1.7 1.8 1.8 1.7 1.6

(0.3)

(2.8)

2.5

1.8

2.8

1.9 2.4

3.0 3.4 3.2

2.8 2.7

(5.0)

(4.0)

(3.0)

(2.0)

(1.0)

0.0

1.0

2.0

3.0

4.0

2008A 2009A 2010A 2011A 2012A 2013A 2014E 2015E 2016E 2017E 2018E 2019E

% C

hang

e in

GD

P

Western Europe US

US economy has recovered, expansion is projected to outpace EuropeAnnual GDP Growth: 2008A – 2019E

US GDP is expected to grow at nearly double the rate of Europe from 2014E to 2019E (~3.0% vs. ~1.5%)— Primary US drivers include private consumption, robust job creation and increasing home prices

Inflation across both regions is projected to be comparable at ~1.7%

W. Europe 3.2 0.5 1.8 2.7 2.2 1.4 1.0 1.5 1.8 1.9 1.9 1.9

US 3.8 (0.3) 1.6 3.1 2.1 1.5 1.8 1.6 1.5 1.9 2.2 2.0

CPI % Change

(Inflation)

Source: Global Insight

13

Captive $9372%

Outsourced$36

(28%)

Captive$1,33590%

Outsourced$142(10%) Warehousing &

Distribution$37

(26%)

Dedicated Contract Carriage

$12(8%)

Int'l TMS$49

(33%)

Domestic TMS$49

(33%)

14

Low Level of Outsourcing2012A: Total USLogistics Spend

Total:$1,476bn

2013E US 3PL Market Segmentation

Total:$147b

n

Historical Growth of US 3PL Market

Track Record of Long-Term Growth – 7% CAGR

Room for growth in Warehousing and Distribution

20 21 22 23 27 29 28 31 34 36 37 9 9 10 11 11 11 9 11 11 12 12 24 32 38 42 44 46 35

46 46 47 49 21

25 30

34 34 37

32

37 41 47 49

74 86

101 111 116

124

104

125 133

142 147

$0

$50

$100

$150

2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013E

Warehousing & Distribution Dedicated Contract Carriage Int'l TMS Domestic TMS

CAGR %(’03A-13E)GDP: 3.9%Total 7.1%

8.8%

7.4%

2.9%

6.3%

Source: Armstrong & Associates

US 3PL market: large and growing

Total:$129bn

2012A: Total US Warehousing Spend

For comparison: c. 47% in the UK, 33% in GER and 27% in FR 

Track record of growth and resilience

15

21 25

30 34 34

37 32

37 41

47 49 9 9

10

11 11 11

9

11

11

12 12

30 34

40

46 45 49

41

48

53

59 61

$0

$10

$20

$30

$40

$50

$60

$70

2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013E

Domestic TMS Dedicated Contract Carriage

US Warehousing & Distribution Market1 US Domestic TMS & Dedicated Contract Carriage Markets

20 21 22

23

27

22 21 24

26 27 28

1.5 1.5

1.6

1.7 1.8 1.8

2.3 2.1

2.3

2.7 2.9 3.0

1.2 1.1

1.3

1.4 1.4

1.4

2.0 2.0

2.2

2.4 2.5

2.6

29 28

31

34 36

37

$0

$10

$20

$30

$40

2003A 2004A 2005A 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013E

Other CPG Agriculture / Industrials Chemical Food / Bev Total Market

CAGR %(’03A-13E)

8.8%

2.9%

CAGR %(’08A-13E)

5.4%

3.1%

5.5%

3.7%

3.5%

3,5% drop in 2009 16,3% drop in 2009

Source: Armstrong & Associates

US 3PL market – primary trends 28% outsourcing in US (vs. approx. 50% in Europe) for warehousing and distribution Future outsourcing driven by: (i) increasing supply chain complexity; (ii) globalizing supply chain; (iii) refocus

on core competencies; (iv) cost savings, inventory efficiencies and service level improvements

16

Continued Outsourcing

Customers are reducing the number of 3PLs they use Migration toward “one-stop-shop” providers with integrated service offerings Continued demand for specialized, value-added 3PL service providers

Increase in E-commerce volumes and complexity of fulfillment methods Opportunities for shippers with appropriate technology and flexible supply chain capabilities

US / global economic recovery Shale gas boom, lowering fuel and chemical feedstock costs Re-shoring/near shoring Infrastructure investments (ports, rails, highways, etc)

US market remains highly fragmented – top 20 players make up ~40% of the overall market (1)

Opportunity for consolidation Trend from “regional champion” to national player

Consolidation of Services

Favorable Trends In E-commerce

Strong Macroeconomic

Outlook

Highly Fragmented Market

(1) Macquarie estimate based on Transport Topics and Armstrong & Associates. Source: Armstrong & Associates; Capgemini; Transport Topics; CIM; Interest research

Potential Headwinds Market expansion may be impacted by slower than expected GDP growth Customer in-sourcing of logistics functions (i.e. Amazon) Rising transportation costs, driven by increasing fuel prices, labor scarcity and new government regulation

NORBERT DENTRESSANGLETODAY & EQUITY STORY

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

8,000vehicles

37,700employees

€ 4 billionannual

turnover

5 continents

520sites

7,800,000 m2

warehousing

UK30%

Spain10%

Italy5%

NL3,5%

* including 3% outside EuropeOthers *

11,5%

France 40%

Contract logistics€1,943m revenue (48%)

Transportation€1,947m revenue (48%)

Air & Sea€145m revenue (4%)

25countries

2013Turnover: €4 billion37,700 employeesEstablishing presence in Russia

1998A second area of expertise is integrated: Logistics.

35 years of geographic and business transformation

Breakdown of turnover by business lineTRANSPORTATIONCONTRACT LOGISTICS AIR & SEA

Breakdown of turnover by geographic areaFRANCEOUTSIDE FRANCE

• 1979International transport between continental Europe and UK.

1994Norbert Dentressangle is listed on stock exchange.

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

2010Launch of a third area of expertise: Air & Sea

48%

4%

48 %

60 %

40 %

TDG (UK)Turnover : £700m

Transport, Logistics  Air Air & Sea

Fiege Italy & SpainTurnover : 130m€

LogisticsDaher France/RussiaTurnover : 80m€

Air & Sea

35 years of growth

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 0531 222 1 303 1 399

1 6081 804

3 1072 719 2 839

3 5763 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

28 acquisitionsTransport & LogisticsMainly in France

TurnoverIn €M

Christian Salvesen(UK)

Turnover : €1.3bnTransport & Logistics

APC (China)Turnover : €50m

Air & Sea

Schneider Log. (USA)Turnover :$30m

Air & Sea

2013

20

• 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

EBITAIn €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 3351 49 51

6451

83 8098

80106

130142 142

0%

2%

4%

6%

8%

0

50

100

150

200

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013EBITA %age EBITA

21

A strong and diversified customer base

• Very well balanced client portfolio

• Top customer represents less than 4% of turnover and Top 10 less than 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

Supplier to US Blue Chip companies

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

A robust governance structure

• 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

30% public

68% Dentressangle Initiatives+ Family

DISTRIBUTION OF CAPITAL

23

SUPERVISORY BOARD

Norbert DentressangleFounder& Non-executive chairman

Hervé MontjotinGroup CEO

MalcomWilsonLogistics Division

Luis AngelGomez,Transport Division

PatrickBataillard,CFO

24

Employee 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

24

AN OPERATION FULLY ALIGNED WITH NORBERT DENTRESSANGLE’S GROWTH AMBITION

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

Expandinggeographic presence

Increasingscale

Wideningservice offering

• Entry in a fast growing market with significant potential

• New territories for Logistics and Transport

• Assist our US and non-US customers locally and globally• 20% of our current top 50

clients are US companies

• +15% revenue growth for the group

• Leading 3PL player• US #5 in terms of sqm

• US$ 800m of gross revenues

• Cross-selling potential

• Norbert Dentressangle in the US – fully integrated logistics player: logistics, transport and Air & Sea

• Focused on added-value services (co-packing, co-manufacturing, reverse etc)

• Strengthened existing verticals globally

26

Acceleration of growth

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   

4 637   

 ‐

 500

 1 000

 1 500

 2 000

 2 500

 3 000

 3 500

 4 000

 4 500

 5 000

Turnover, in €

Turnover

28 acquisitions Transport & Logistics

Fiege (Italy & Spain)Turnover : €130m

LogisticsDAHER (France, Russia)

Turnover : €80mAir & Sea

TDG (UK)Turnover : £700mTransport, Logistics

Air & SeaChristian Salvesen 

(UK)Turnover : €1.3 bnTransport & logistics

APC (Chine)Turnover : €50m

Air & Sea

Schneider Log (USA)Turnover : $30m

Air & Sea

Jacobson (USA)Turnover : $800m

Logistics & Transport

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 27

2013 PFRevenue: €5 billionOperations in 25 countries43,200 employees worldwide

1998A second area of expertise is integrated: Logistics.

Enhancing geographic and business transformation

Breakdown of turnover by business lineTRANSPORT LOGISTICS AIR&SEA

Breakdown of turnover by geographic areaFRANCEOUTSIDE FRANCE

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

2010Launch of a third area of expertise: Air & Sea

45%4%

51 %

65 %

35 %

France35%

UK26%

Spain9%

US14%

Others16%

USABecomes the 3rd

largest country for Norbert Dentressangle

Split in turnover per country

142 142

45

3,50%

4,00%

3,40%

3,50%

3,60%

3,70%

3,80%

3,90%

4,00%

4,10%

0

40

80

120

160

200

ND 2013 ND + JACOBSONPROFORMA 2013

EBITA (€m)

EBITA Margin

252 252

57

6,20%

6,70%

6,10%

6,20%

6,30%

6,40%

6,50%

6,60%

6,70%

6,80%

0

50

100

150

200

250

300

350

ND 2013 ND + JACOBSONPROFORMA 2013

EBITDA (€m)

4032 4032

605

3600

3800

4000

4200

4400

4600

4800

ND 2013 ND + JACOBSONPROFORMA 2013

Revenue (€m)

Norbert Dentressangle and Jacobson combined financials

Note: €/$ 2013 : 1,3281 and €/$ 2014 : 1,3529

4 637

+ 15%

+ 23% + 32%

309 187

Norbert Dentressangle including Jacobson*

9,650vehicles

43,200employees

€ 5 billionAnnual turnover

5 continents

662sites

10,800,000 m2

warehousing

Contract logistics51%

Transportation45%

Air & Sea(4%)

* Pro-forma figures including Jacobson30

25countries

GROUP’S SOUND FINANCIAL STRUCTURE MAINTAINED

Estimated31/12/14 31/12/13 31/12/12

Bank covenants ratios at

31/12/14

Leverage(Net Debt/ EBITDA) ~ 3.2 x 1.8 x 2.0 x < 3.5 x

Leverage ratio after the transaction

32

33

Strong track record of managing leverageAcquisition

Christian Salvesen

AcquisitionNova NatieJohn Keells

AcquisitionTDG

APC Beijing

AcquisitionUTL

Seroul

AcquisitionTNT LogisticsVenditelli

AcquisitionFiege Italy/Spain

Daher

AcquisitionStockalliance

76 80 69 31 74 43 165 159 121 533 553 445 382 624 489 456 1030

1,6x 1,6x

1,3x

0,4x

1x

0,5x

1,3x 1,4x

0,8x

3,5x

2,8x

2,3x

1,8x

2,5x

2x1,8x

3,2x

0

0,5

1

1,5

2

2,5

3

3,5

4

0

200

400

600

800

1000

1200

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Net Financial Debt Leverage ratio

CONCLUSION AND TIMETABLE

35

Conclusion

• The acquisition accelerates Norbert Dentressangle’s growth ambitions to become a top player in global supply chain management

• Jacobson is a highly successful and profitable company with a strong position in the US market

• Norbert Dentressangle breaks into the buoyant US 3PL market, a new growth driver for the group

• The transaction is EPS accretive within year 1 after acquisition and group maintains sound financial structure

36

Timetable

• Signing 30th July 2014

• Regulatory approval 4-5 weeks

• Closing Mid-September 2014

36

Presentation of the acquisition of Jacobson

July 31st, 2014