Successful share offering increases Kuehne + Nagel free float by 61 per cent

Pursuant to the cancellation of the cooperation agreement, SembLog had announced on October 11, 2004 the sale of its entire stake in Kuehne + Nagel, totalling 4.8 million shares. 1,673,641 shares (representing 6.97 per cent of Kuehne + Nagel’s share capital) were retained by Kuehne + Nagel International AG as treasury shares and the remaining 3,126,359 shares (representing 13.03 per cent of Kuehne + Nagel’s share capital) were offered to institutional investors in a bookbuilding offering. The share offering has been priced today at CHF 203 per share.

This offering, which generated interest from institutional investors around the world, represents a very successful step for Kuehne + Nagel, as it increases the free float of the company by 61 per cent from 21.2 per cent to 34.3 per cent. Kuehne + Nagel has engaged Deutsche Bank as Bookrunner for the share offering. Settlement and delivery of the shares in the offering will occur on October 25, 2004.

Klaus-Michael Kuehne, President of the Board of Directors of Kuehne + Nagel International AG, comments, “We are very pleased with the strong interest in Kuehne + Nagel shares. It confirms that an increase in the free float of Kuehne + Nagel will make our shares even more attractive.”