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Letter of the CEO

Carsten Taucke, CEO of the Nagel-Group

DEAR COLLEAGUES

The COVID-19 pandemic has significantly changed our everyday work routine in all European countries. Our employees face the resulting challenges with enthusiasm and maintain the food supply for millions of people in these trying times. I want to express my heartfelt gratitude for all you do once again. Be proud of the things you accomplish every day. Your effort makes all the difference!

We are still a long way from returning to an everyday work routine. On the contrary, we must prepare ourselves for the fact that we will face massive volume fluctuations and other uncertainties in the coming weeks. However, based on the experience gained during the past weeks, I firmly believe that we have the right attitude to continue giving it everything we got.

Consumers have adjusted their buying behaviour slightly for the moment. The exceptionally high demand in food retail has decreased significantly in recent days, to which we have to react. The many new state regulations impact our efficiency every day and challenge everyone, both at home and at work. Our strict compliance with the hygiene measures has allowed us to keep the infection rate at our sites exceptionally low. Thank you for continuing to observe the social distancing guidelines and for consistently protecting yourself and your colleagues. Your contribution is the key to tackling the current situation.

The Nagel-Group plays a vital role in the current crisis. We are focusing all resources on operational management. Our foremost priorities are to ensure the health of our employees and the security of the food supply. As a critical infrastructure company, a lot depends on us. We steadfastly face this challenge in an evolving context. Not only our everyday life has changed drastically within an extremely short time, but the entire logistics sector. While food logistics is experiencing reduced demand, the fleets of other freight forwarders are at a standstill. This trend will most certainly change the market for transport services significantly. However, we are also experiencing new challenges in our markets. While the transport volumes for the retail sector have increased significantly at times, we have to account for changes in the region-wide distribution. A large extent of the capacity planned is not required as a result of the ongoing closure of hotels, catering businesses, and restaurants. One consequence is that we will use the instrument of short-time work at some of the sites particularly affected by declining volumes for a foreseeable period. We are keenly aware of our corporate responsibility towards our employees and shareholders. That is why we are pooling our resources so that we can overcome not only the COVID-19 pandemic but also its aftermath.

Thanks to the many modernisation measures in recent years and the improved earnings, the Nagel-Group is prepared for the future. We draw on many years of expertise and have the right attitude to prove ourselves in the COVID-19 pandemic, to ensure the health of our employees and the security of the food supply.

The coming Easter will be unlike the last few years for many. Nevertheless, I hope that you can enjoy the well-deserved break and recharge your batteries for the period ahead.

Stay healthy!

Yours

Carsten Taucke