Election of Karl Gernandt to the Board of Directors – Payment of an Extraordinary Dividend

The Board of Directors of Kuehne + Nagel International AG has decided to call an Extraordinary General Meeting of its shareholders to be held on 9 December 2008. The following items will be on the agenda.

Election of a new member of the Board of Directors

While Klaus-Michael Kuehne will remain Chairman of the Board of Directors, he intends to assign his function as delegate of the Board of Directors of Kuehne + Nagel International AG to his successor Karl Gernandt. This is planned to happen at the same time (1 January 2009) as Reinhard Lange will take over the CEO responsibilities from Klaus Herms. Therefore an early election of Karl Gernandt to the Board of Directors will be proposed. Kuehne will also delegate other important functions of his scope of responsibilies to Gernandt.

Payment of an extraordinary dividend

In March 2008 Kuehne + Nagel entered into a sale and leaseback agreement for 20 warehouse locations with the Goodman European Logistics Fund. The transaction was part of a portfolio asset management process which includes a continuous optimisation and restructuring, and was closed by the end of July 2008. The transaction value amounts to CHF 260 million and increases Kuehne + Nagel’s cash balance to CHF 1 billion. At the Extraordinary General Meeting the Board of Directors will recommend an extraordinary dividend payment of CHF 2.50 per share. In compliance with Swiss legislation the extraordinary dividend payment totalling CHF 295 million is taken from the reserves of the business year 2007. While Kuehne + Nagel’s shareholders will benefit from the successful real estate transaction in the current business year, the strong cash balance and financial position of the company will ensure the continuation of the successful business development and growth of the Kuehne + Nagel Group in the future.