Shareholders approve Board of Directors’ proposals

At today’s Extraordinary General Meeting both proposals – election of a new member of the Board of Directors and payment of an extraordinary dividend – were approved by overwhelming majorities. 71.65 per cent of voting shares were represented.

In his speech, Klaus-Michael Kuehne, Executive Chairman of the Board of Directors of Kuehne + Nagel International AG, addressed the financial crisis and subsequent slow-down of the world economy, which will have an impact on the logistics industry as well. He commented, “Kuehne + Nagel has prepared early for a significant slow-down and implemented measures focusing on strict cost management and continued productivity increase. The Group is strategically well positioned on a global scale. Furthermore we are debt-free and hold a high cash balance. We will continue to take advantage of business opportunities in new markets and industries and will actively participate in further consolidation within the logistics industry.”

The shareholders elected German citizen Karl Gernandt to the Board of Directors for a three-year term. Gernandt, who is entrusted with important functions in the scope of Klaus-Michael Kuehne’s responsibilities, will assume his position as Delegate of the Board of Directors effective January 1, 2009.

The Board’s proposal to pay an extraordinary dividend of CHF 2.50 per share from Kuehne + Nagel’s retained earnings was also approved. In order for the shareholders to benefit from proceeds of the sale of 20 warehouse locations concluded earlier this year, the extraordinary dividend will be paid as of December 12, 2008.

The next ordinary Annual General Meeting will take place on May 13, 2009.