Offer price of Panalpina shares set at CHF 80.00

The Panalpina IPO attracted high investor interest. The offer price for one Panalpina World Transport (Holding) Ltd. registered share was set at CHF 80.00. Shares will be traded on the SWX Swiss Exchange for the first time today.

Legal Disclaimer: Not for release, publication or distribution in the United States of America, Canada, Japan or Australia.

The offering period for shares in Basel-based Panalpina, one of the world's leading freight forwarding and logistics service providers, ended yesterday. Following a bookbuilding process with a price range of CHF 76.00 to CHF 88.00, the offer price per share with a nominal value of CHF 2.00 each was set at CHF 80.00. The offering was 14 times covered at the offer price.

A total of 12,750,000 registered shares were offered by the Ernst Goehner Foundation in connection with the IPO. This represents 51% of Panalpina’s total issued and outstanding share capital. Additionally, up to 1,275,000 registered shares will be available for the over-allotment option. The free float amounts to approximately 51% or a maximum of approximately 56% if the over-allotment option will be exercised in full.

Panalpina’s Chairman of the Board of Directors, Gerhard Fischer, commented as follows: “We are delighted to announce the successful listing of Panalpina’s shares on the SWX Swiss Exchange. The strong demand reflects the high interest of investors in Panalpina shares. I interpret this as a clear sign of investors’ confidence in the continued growth of Panalpina.”

CEO Bruno Sidler commented as follows: “Our successful IPO will support us in continuing our growth strategy and meeting our long-term business objectives.”

Trading of the shares is expected to commence on the SWX Swiss Exchange today at 9 am under the symbol PWTN. Payment and delivery of shares is expected to occur on 27 September 2005. The Ernst Goehner Foundation and current members of the Board of Directors and the senior management have committed to a 360 days lock-up period while Panalpina has committed to a 180 days lock-up period from the first trading day.

Credit Suisse First Boston was acting as sole bookrunner and lead-manager. UBS was acting as co-lead manager and Lombard Odier Darier Hentsch, Bank Sarasin as well as Zurcher Kantonalbank had a role as co-managers in the offering.

The Panalpina Group
The Panalpina Group is one of the world's leading suppliers of forwarding and logistics services, specializing in intercontinental Air Freight and Ocean Freight shipments and associated Supply Chain Management solutions. Thanks to its in-depth industry know-how and state-of-the-art IT systems, Panalpina provides globally integrated door-to-door forwarding solutions tailored to its customers' individual needs. The Panalpina Group operates a close-knit network with some 500 branches in 80 countries. In a further 60 countries, it cooperates closely with partner companies. Panalpina employs some 13,000 people worldwide.

Legal Disclaimer

This press release neither constitutes an offer to buy or to subscribe to shares of Panalpina World Transport (Holding) Ltd., nor a prospectus within the meaning of the applicable Swiss law. Investors should base their decision to buy or to subscribe to shares solely on the offering and listing prospectus. Investors are furthermore advised to consult their bank or financial adviser.

This publication contains specific forward-looking statements, e.g. statements which include terms like "believe", "assume", "expect" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, the financial situation, and/or the development or performance of the company and those explicitly or implicitly presumed in these statements. Therefore, in the light of these uncertainties, readers should not rely on forward-looking statements. The company shall not be obliged to update such forward-looking statements or to adapt them to future events or developments.

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. THE SECURITIES OF PANALPINA WORLD TRANSPORT (HOLDING) Ltd. HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER U.S. SECURITIES LAWS AND ARE NOT BEING OFFERED IN THE UNITED STATES OR TO U.S. PERSONS.

The securities described herein are offered publicly in Switzerland only. The information contained herein shall neither constitute an offer to sell nor a solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction.