Business Radar | Jan de Rijk N.V. | Annual Report of 2021

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DON'T ASK YOURSELF HOW WE DO IT. JUST COUNT ON IT THAT WE WILL. JAN DE RĲK LOGISTICS THAT'S HOW. Annual Report 19

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TABLE OF CONTENTS

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X HOOFD STUK 1 Key figures 6 Core activities and customer groups 2-3 Fleet 4 Loading units Financials Jan de Rijk NV Contract logistics 2019 4 5 5 4 18 Revenue split Jan de Rijk Logistics 5 Engine type 5 Safety 5 7 Sustainability 2 Introduction Looking back at 2019 20 6 CO2 compensation Sustainable fuel Intermodal 20 20 21 20 100% green energy 21 Knowledge sharing 21 3 Company profile 8 General profile 8 Business units 9 International Transport 9 8 Summarised financial statements Intermodal Transport 9 Automotive Logistics 9 Contract Logistics 9 Retail and healthcare distribution Road freight forwarding 9 9 22 4 Report from the Board of Directors 9 Outlook for 2020 10 Sustainabilty 10 Sustainable growth 11 Financial performance 11 42 International Transport 12 Benelux Transport 13 Contract Logistics 14 Intermodal Transport 15 Road freight forwarding 15 Board of directors 15 5 Supervisory Board's report throughout 10 Jan de Rijk logistics office network 16 Supervisory board 17 Report over 2019 Board meetings 17 17 44

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1 KEY Fleet Lowdeck truck 375 Regular truck 58 FIGURES Rigid trucks Motorwagon cooled 35 21 Van cooled 36 Specialised truck 34 Managed trucks 210 Total 769 Loading units Box trailer 340 Containers 243 Tautliner 240 Container chassis 190 Cooled trailer 168 Flatbed/ lowloader trailer 17 Specialised trailer 9 Total 1207

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1 K EY FIGURES 4-5 Revenue EBIT Financials Jan de Rĳk NV 240.000 7.000 230.000 6.000 220.000 5.000 210.000 200.000 4.000 190.000 3.000 180.000 2.000 170.000 160.000 1.000 150.000 2013 2014 2015 2016 2017 2018 2019 Contract logistics 2019 Revenue split Jan de Rĳk Logistics Forwarding Contract Logistics 5% 8% Intermodal Transport 11% International Total Revenue transport 130.000m2 51% Benelux Distribution 25% Engine type Safety Euro 5 39% Incidents 9 Euro 6 61% Lost time injuries 4 Total 100% Lost time Injury frequency rate (LTIFR) 1,4

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2 INTRODUCTION

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2 INTROD UCTION 6-7 It is with pride that we present our Jan de Rijk Logistics Annual Report 2019. Jan de Rijk Logistics has developed into a leading provider of European transportation, distribution and associated logistics solutions. 2019 In 2019 the Jan de Rijk Logistics group revenue was € 231 million and result before taxation € 5,5 million. Organic growth was mainly achieved by a further growth in international transport and contract logistics. Due to the lower production volumes of trucks at our customers, the turnover in automotive logistics decreased and in retail distribution we were faced with bankruptcy of an important retail customer. Jan de Rijk Logistics continued the integration of acquired companies of recent years in order to generate 2020 the synergies by simplifying both the financial structure There are plenty of challenges for 2020, the year in and IT infrastructure as well as by centralisation of which Jan de Rijk Logistics will celebrate its 50th overhead functions. anniversary. In today’s turbulent market with political shifts, rising costs, and the outbreak of the coronavirus, We continued to invest in digitalisation and operational we will again be flexible in our response to possible excellence to improve our efficiency and service levels threats and we will seize potential opportunities that to the market. The company-wide implementation of may arise. our new WMS kicked off. Our ambition to further develop our company in key Besides the development in supply chain management, growth sectors such a contract logistics, healthcare Jan de Rijk Logistics has again invested significantly and intermodal transport is unchanged. Instrumental in its most important business unit: International for this growth will be the optimal use of digitalisation transport. Not only in modern, low-emission transport in combination with our skilled people. Our employees equipment, but also in new IT applications, resulting play a key role in this strategy and remain our most in a further increase in efficiency of planning processes important asset. and higher service levels. This is important if we are to remain a reliable long-term partner for our airline We want to thank our customers and partners for and industrial partners. their trust in and support to Jan de Rijk Logistics. Board of Directors Jan de Rijk Jacqueline de Rijk-Heeren Fred Westdijk Roosendaal, March 2020

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3 General profile COMPANY Jan de Rijk Logistics (established in 1971) has been developing into a leading provider of European PROFILE transportation, distribution services and associated contract logistics and supply chain management solutions in Europe. The business portfolio of Jan de Rijk Logistics is divided into four areas of operation. International transport Benelux distribution and last mile deliveries, contract logistics and road freight forwarding. Within these areas we operate in six business units: International Transport Intermodal Transport Automotive Logistics Contract Logistics Retail and Healthcare distribution Road freight forwarding The company has built up a particular expertise in a number of key industries which are considered strategically important. Our people have in-depth knowledge of these industries and underlying supply chain and logistics requirements, which enables us to offer efficient and reliable solutions tailored to our customers’ needs. With this range of services, – and the continuous development and optimisation over many years - Jan de Rijk Logistics has achieved a leading position in its desired key market segments. The company maintains its growth ambition and has taken a significant leap towards increased revenue and profitability.

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3 COMPANY PROFIL E 8-9 Jan de Rijk Logistics deliberately focusses on multiple key markets that not only drive growth and profitability, but also diversify the client base in order to mitigate individual market risks, making the company more robust and less vulnerable than some of its competitors. Business units International Transport Contract Logistics The International Transport business unit focuses on The Contract Logistics business unit offers storage road transport all over Europe for high-end markets. and handling services for our clients worldwide. This includes temperature-controlled transport Within Europe we own over 125,000 square metres of perishable products, oversized loads and high- of warehousing facilities to serve our clients, offering security transport. Many of the world’s major airlines value added services, including packing, repacking and are in our customer portfolio. picking. By means of value added logistic solutions we find the most valuable solutions for our customers Intermodal Transport with both owned and outsourced assets. In addition, The Intermodal Transport business unit operates we continually develop logistic solutions in several freight rail solutions to several locations in Europe. niche markets to serve our clients in the best way. Intermodal transport is a cost-effective and sustainable alternative to road transport. We operate a Retail and healthcare distribution daily connection between the Benelux/Ruhr area and Our distribution activities serve several leading Northern Italy on a door-to-door basis and operate a non-food retail chains in the industry throughout the rail freight link between the Benelux and Austria. Benelux. Within this business unit we operate in the transport niche of healthcare products. Using this Automotive Logistics business model we deliver every 24 hours healthcare The Automotive Logistics business unit is specialised products and medicines to pharmacies, healthcare in logistics solutions for the automotive industry and institutions and even patients at home within the its suppliers, consisting of transportation, production Netherlands. assembly, warehousing, value added services (VAS) and value added logistics. Road freight forwarding The forwarding business focuses on the outsourcing of transportation services for our clients by operating a control tower concept in order to arrange transportation services all over Europe with outsourced assets.

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4 Sustainabilty REPORT Strategy Sustainability plays an important role in our sector and FROM THE will play an increasingly important role in the future. In 2019, our sustainability strategy was recalibrated. The renewed strategy give direction to operational BOARD OF implementation in years to come. CO₂ compensation DIRECTORS Compensation of our emission is an integral part of our strategy going forward; next to intelligent planning systems to optimise our operations, offering cleaner solutions to our customers and investing in innovative new transport assets. Jan de Rijk Logistics signed a CO₂ compensation agreement with Shell. With the additional CO₂ premium, Shell invests in projects worldwide to reduce or avoid CO₂ emission. Offering cleaner solutions to customers Apart from transport services based on regular fuel, Jan de Rijk Logistics proactively offers cleaner alternatives to its customers at a premium price In all its commercial services. In 2019 the first customer was contracted using HVO fuel instead of diesel, positively impacting our overall CO₂ emission.

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4 Sustainable growth Jan de Rijk Logistics continues to focus on further organic growth in road transport and distribution, intermodal transport and contract logistics, but certainly does not exclude future acquisitions. Furthermore, Jan de Rijk Logistics continues to lead the way in efficiency and sustainability through ongoing innovation in digital information systems. We have created a digital environment whereby business objectives are exceeded by driving efficiency and share extensive information to our customers in numerous ways, enhancing customer service and confidence. To expand our position as a leading provider in the selected market segment, we will continue to strengthen our sales force and will leverage our local presence in the various European markets. The following industries have been selected for further growth: • Air Cargo & Aerospace • high Tech • automotive • healthcare • express • general Cargo R EP ORT FROM THE BOARD OF D IRECTORS 10 - 11 Financial performance Turnover of the group increased to EUR 231m in 2019 (2018: EUR 230m). The result before tax in 2020 improved further to EUR 5.5m versus EUR 4.6m in 2019. The earnings before interest, Tax and Depreciation of Assets (EBITDA) are 7.7% of turnover versus 7.9% in 2018, due to a sale and lease back of real estate in Roosendaal at the end of 2018. Total investment during the year amounted to EUR 14.0m (2018: EUR 14.7m). Investments mainly went into replacing vehi- cles in as well as in new IT solutions. In line with previous years the financial ratios are very sound. The solvency ratio of 36.5% demonstrates the continued strong financial position of Jan de Rijk Logistics. The cash flow of the company will be sufficient to provide to provide for the financing of operational expenditures as well as for investments during the year.

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4 R EP ORT FROM THE BOARD OF D IRECTORS International Transport Air Cargo & Express Other markets Volumes in the air cargo market were stable in 2019 2019 showed strong growth in secure TAPA TSR1 while pressure on tariffs remained. Jan de Rijk Logistics compliant transport throughout Europe. The demand is succeeded in growing the air cargo business by driven by customers from the Technology and Fashion signing long-term contracts with several new airline segments, initiated by large European distribution centres customers, global forwarders and integrators. The in the Benelux. growth of the e-commerce and express goods share in air cargo was notable in 2019. As the major airports Amsterdam and Frankfurt in 2019 continued to be restrained for the further growth of cargo, Jan de Rijk Logistics opened up a new regional office in Liège, that saw a significant rise in full freighter operations. Aerospace Jan de Rijk Logistics invested in new tailormade assets in the aerospace fleet as well as in the regular fleet to support future growth. Volumes were in line with expectations.

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4 R EP ORT FROM THE BOARD OF D IRECTORS 12 - 13 Benelux Transport Van Overveld acquisition Automotive We welcome our new colleagues from Van Overveld. Developments in our automotive business were in line The Van Overveld acquisition further strengthened with expectation. Although truck production volumes our position in the Benelux market. fluctuated strongly during the year, our operations were able to adjust in time. Cost pressure in the automotive market is expected to continue. A large truck manufacturer was welcomed as new customer. Retail The retail market is a difficult yet interesting one. On the one hand, retailers have reduced footfall in their shops as they struggle to defend their revenue against Healthcare / Omega Logistics online competitors. On the other hand, the unrest Substantial operational adjustments were made in in the market creates interesting opportunities for Omega Logistics to react to a changing demand Jan de Rijk Logistics. In 2019 we were faced with the and subsequent volume drop from one of our key bankruptcy of one of our main retail customers, which customers, which affected our financial performance. had a negative impact on our results. New customers The healthcare market still presents important were introduced later in the year. Looking to the future, opportunities for Jan de Rijk Logistics and will remain sustainability will play a major role in the retail market a focal point for growth. due to the new emission regulations in inner cities that will lead to new distribution models.

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4 R EP ORT FROM THE BOARD OF D IRECTORS Contract Logistics A new contract logistics director was hired in 2019 Automotive assembly to accelerate our growth in this market. Focus is on It has been an eventful year for our automotive development in areas where Jan de Rijk Logistics assembly operation in Geldrop: with IATF recertifica- already has substantial warehouse presence, such as tion, production of the last Euro V compact unit and Roosendaal and Eindhoven. implementation of a new production line. The new production line will deliver all required volumes to the WMS implementation final assembly line in Geldrop. In our contract logistics operations in Beilen, the first implementation of our new WMS, Boltrics, was successfully completed. Other contract logistics operations will be migrated to Boltrics in the course of 2020. New customers In 2019, we’ve gained two major new customers in Eindhoven: a distributor of branded hand tools and power tools and a leader in the Express to courier sector.

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4 R EP ORT FROM THE BOARD OF D IRECTORS 14 - 15 Intermodal Transport Road freight forwarding New traction provider: primeRail Growth A new traction provider was contracted for our twice Our road freight forwarding team was expanded to per day train connection to Italy. This high frequency accelerate further growth. Our forwarding services service connects the Benelux/Ruhr area with Northern make use of sophisticated planning software to ensure Italy on a door-to-door basis for many customers. The optimal solutions for our customers. new provider will operate at least 470 round trips in 2020, equal to approximately 17 million road transport Board of directors kilometers, making a substantial CO₂ emission saving. The Board of Directors consists of Mr. J.A.M. de Rijk, Mrs. J.G.M. de Rijk-Heeren and Mr. F. Westdijk.

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5 REPORT FROM THE SUPERVISORY BOARD

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5 R EP O RT FROM THE SUPERVISORY BOARD 16 - 17 Supervisory board Board meetings During 2019 the Supervisory Board met more frequent During 2019 the Supervisory Board met eight times then in other years, partly related to changes at with the Board of Directors. The topics discussed CEO and Directors level. During these meetings there was quite some focus on further digitilisation included the financial results, distribution of overhead of all processes in the Group, applying the latest costs, restructuring of entities, contract logistics technologies. In addition, new operational systems for Contract Logistics, Omega Logistics, and an strategy, digitalization, sustainability, investments for upgrade of Finance Systems were discussed. 2019 and outlook 2020. Company strategy in general was an important item in several meetings, including a new approach for The Supervisory Board consists of W.N.C. Heeren contract logistics with further professionalisation of the organisation and operations as well as broadening (Chairman), Mr S. van Loon and Mr. B. Seckel. the client base and increased focus on business development. Discussions on Retail strategy became more imminent in view of many changes in the non- food retail market, including insolvencies of existing clients. Because of growing volumes in healthcare Report over 2019 logistics (Omega Logistics), the expansion of cross- The Supervisory Board noted positive improvements dock capacity was an important item on the agenda. of the financial results in 2019 versus the year before. Basically all business units performed better and Part of the sustainability agenda of the Group, further thereby satisfying to a great extent the expectations expansion of intermodal activities was discussed. set before. This was despite the fact that the overall turnover did not grow as planned. Furthermore, plans and budget for 2020 were discussed with focus on further digitalization and Good progress was made with faster reporting to automation, the innovation agenda, the sustainability increase proactive business support. A new indirect agenda, growth and EBIT targets, new customers, cost allocation system was discussed and implemented product /market portfolio of the Group and talent by start of 2020. management. Governance and accounting controls are well in place The Supervisory Board would like to thank the Board as reported by the external auditors of Jan de Rijk N.V. of Directors and all staff members for their good work in their yearly accountants report, which was discussed and cooperation during the year. in a separate meeting. Roosendaal, March 2020 During 2019 a new CEO and a new director for contract logistics were appointed. In both cases the W.N.C. Heeren (Chairman) Supervisory Board was involved in the selection and B. Seckel hiring process. S. van Loon

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6 Jan de Rijk Logistics was founded by Mr. J.A.M. CORE de Rijk and Mrs J.G.M. de Rijk-Heeren in 1971. As a small-scale company there was an early focus on ACTIVITIES international transportation services within Europe for the then-emerging air cargo industry. AND CUSTOMER In just over 50 years, Jan de Rijk Logistics has developed into a leading provider of European transportation GROUPS and distribution services and associated logistics and supply chain management solutions. The business portfolio of Jan de Rijk Logistics is organised around several activities: international transportation, intermodal transportation, Benelux distribution, contract logistics and freight forwarding. As a group, Jan de Rijk Logistics serves a wide range of sectors, however it has built up a particular expertise in a number of key industries which are considered strategically important, such as air cargo, aircraft engines, automotive, e-commerce, healthcare, retail, sport events, shows/concerts and vulnerable cargo. Our people have an in-depth knowledge of these industries and underlying supply chain and logistics requirements which enables us to offer efficient and reliable solutions tailored to the customers’ needs. With this range of services – and the continuous development and optimisation over many years, Jan de Rijk Logistics has achieved strong growth over the last 50 year.

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6 CO R E ACTIVITIES AND CUSTOMER GROUPS 18 - 19 The key competitive strengths of the organisation are: Well-recognised brand in transportation, distribution and logistics as well as supply chain manage- ment solutions Network of 27 offices in 13 European countries Asset-based business model that ensures high operational control and reliability together with strong capacity commitments and high quality standards Sizable fleet operator in Europe with a daily deployment of owned assets Recognised provider of multimodal solutions Large and broad customer portfolio with a healthy balance between global, European and regional customers and small and medium-sized companies Recognised as a leading provider of road feeder services in air cargo Well positioned in non-food retail and pallet distribution in the Benelux and Germany Recognised specialist in a number of key industries, such as Aerospace, Technology, Automotive and Healthcare Operational management and shared support services organised at group level State-of-the-art ICT platform to increase operational efficiencies and to cater for maximum customer connectivity Compliant with leading industry standards in quality, health and safety, security and environment Management team with long-term industry experience and global business environment know-how

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7 At Jan de Rijk Logistics we feel a strong responsibility SUSTAINA- towards our customers, our employees and future generations. Being part of a sustainable supply chain BILITY helps us in that effort but also improves our business model. We therefore offer a variety of green solutions to our customers and have taken extra steps in reducing our carbon footprint. We only go for fact-based proven technologies and strongly invest in understanding the real challenges that lie ahead of us. Looking back at 2019 we introduced: CO₂ compensation Jan de Rijk Logistics signed a CO₂ compensation agreement with Shell to offset our CO₂ emission by investment in ‘green projects’ worldwide. Sustainable fuel Using standard or normal diesel fuel in our modern efficient fleet is still an option, but we now also offer our clients the option to use a fully sustainable fuel (HVO).

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7 SUSTAINABIL ITY 20 - 21 Intermodal We offer a sustainable alternative for road transport with intermodal transport, whereby a large part of the routing is covered by rail transport, with a much lower carbon footprint. Jan de Rijk Logistics has add- ed additional train capacity, reducing the total road mileage mileages. In 2019 we have transferred 15.299 full truck loads from the road to our intermodal rail service. Knowledge sharing We invested in the membership of various panels on actual sustainable transport. 15.299 In 2020 we will remain focused on reducing CO₂ emissions and the environmental impact, while improving working conditions for our employees. A focus for 2020 will be on finding the sustainable future solution for inner city distribution, involving both new transportation technologies as well as new warehousing and infrastructural concepts. We envision a major opportunities for hybrid heavy vehicles and smaller electrical vehicles in the near Share of fuel future. 105% 100% 95% 90% 85% 80% 2018 2019 2020 Regular diesel CO2 compensated diesel HVO diesel CO2 Emission factor (kg CO2 / loadingmeter * km) 0,07 100% green energy 0,06 Our contract logistics offers are now based on 100% green energy, with a standard energy option available. 0,05 Jan de Rijk Logistics has invested in: 0,04 • Solar panels on the rooftops of our warehouses; 0,03 • Reusable water solution for our truck wash; 0,02 • Electrification and hybridization of our passenger 0,01 car fleet; • Extra-long road trains, directly reducing CO₂ 2017 2018 2019 emissions by 20%, including cross-border routes; CO2 Factor 0,062876 0,059389 0,047841 • A certified CO₂ registration software tool;

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8 SUMMARISED FINANCIAL STATEMENTS

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22 - 23

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8 SUMMARISED FINANCIAL STATEMENTS Consolidated balance sheet as at 31 december 2019 (Before appropriation of result) 31 December 2019 31 December 2018 € € € € Assets Fixed assets Intangible fixed assets Costs of goodwill acquired from third party 953,877 2,018,378 Property, plant and equipment Land and buildings 26,802 39,819 Vehicles 43,709,981 41,965,274 Other tangible assets 4,788,896 3,908,647 48,525,679 45,913,740 Current assets Inventories 414,554 393,694 Receivables Trade debtors 38,153,164 42,248,167 Taxes and social security charges 1,346,127 1,246,430 Other receivables and accrued assets 4,180,848 3,559,858 43,680,139 47,054,455 Cash and cash equivalents 911,034 509,446 94,485,283 95,889,713

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8 SUMMARISED FINANCIAL STATEMENTS 24 - 25 31 December 2019 31 December 2018 € € € € Equity and liabilities Group equity 34,466,745 38,117,327 Provisions Deferred tax liabilities 3,481,170 3,206,977 Other provisions 677,032 637,424 4,158,202 3,844,401 Long-term liabilities Loans contracted 4,875,000 6,375,000 Lease liabilities 17,042 99,471 4,892,042 6,474,471 Current liabilities Payables to banks 17,928,622 8,327,527 Repayment obligations 1,650,727 1,643,412 Trade payables 21,061,430 24,970,667 Payables relating to taxes and social security contributions 3,254,730 3,912,352 Other liabilities and accrued expenses 7,072,785 8,599,556 50,968,294 47,453,514 94,485,283 95,889,713

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8 SUMMARISED FINANCIAL STATEMENTS Consolidated income statement for the year 2019 2019 2018 € € € € Net turnover 230,551,830 230,469,985 Direct operating costs 42,209,851 42,358,773 Costs of subcontracted work 88,127,448 87,422,868 Expenses of employee benefits 49,190,642 48,863,549 Depreciation of intangible and tangible assets 11,708,418 12,823,284 Other operating expenses 33,285,920 33,601,060 Total of expenses 224,522,279 225,069,534 Total operating result 6,029,551 5,400,451 Financial income and expense -531,196 -942,994 Total of result of activities before tax 5,498,355 4,457,457 Income tax expenses -1,598,079 -593,882 Total result after tax 3,900,276 3,863,575

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8 SUMMARISED FINANCIAL STATEMENTS 26 - 27 Consolidated cash flow statement for the year 2019 x 1,000 2019 2018 € € € € Cash flows from operating activities Total operating result 6,030 5,400 Adjustments for Depreciation 11,442 11,465 Movements in provisions 40 248 Movements in working capital Movements in inventories -21 26 Movements accounts receivable 3,323 -6,036 Movements in other payables -6,073 3,467 -2,771 -2,543 Cash flows from operations 14,741 14,570 Interest paid -584 -1,334 Income tax paid -1,357 -1,229 -1,941 -2,563 Cash flows from operating activities 12,800 12,007 Cash flows from investment activities Purchase of property, plant and equipment -13,966 -12,872 Proceeds from sales of property, plant and equipment 976 27,072 Cash flows from investment activities -12,990 14,200 Cash flows from financing activities Dividend paid -7,500 -2,500 Proceeds from borrowings - 29,000 Repayments from borrowings -1,511 -36,862 Cash flows from financing activities -9,011 -10,362 Total of movements in cash and cash equivalents -9,200 15,845 Movement in cash and cash equivalents Cash and cash equivalents at the beginning -7,818 -23,663 Movements cash and cash equivalents -9,200 15,845 Cash and cash equivalents at the end -17,018 -7,818

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8 SUMMARISED FINANCIAL STATEMENTS General management it conducts are consolidated in full. The summarized financial statements have been Participating interests in group equity and group taken from the audited financial statements 2019 of result are disclosed separately. Participating interests Jan de Rijk N.V., on a basis that is consistent with the over which no control can be exercised (associates) audited financial statements except for the informa- are not included in the consolidation. tion in the financial statements (including the notes) that has been reduced. The company's interests in joint ventures are accounted for by proportionate consolidation. An entity qualifies Corporate Activities as a joint venture if its participants exercise joint control The main corporate activities are: under a collaborative agreement. • Logistical services in the broadest sense, including the control and/or participation in other Intercompany transactions, profits and balances enterprises with a similar or related objective; among group companies and other consolidated • Contract logistics including warehousing, entities are eliminated, unless these results are realised customs, value added services and assembly; through transactions with third parties. Unrealised • The transportation of packed goods, forwarding losses on intercompany transactions are also eliminat- and distribution services. ed, unless such a loss qualifies as an impairment. The accounting policies of group companies and other Disclosure of group structure consolidated entities have been changed where nec- Jan de Rijk N.V. is the head of the Jan de Rijk Logistics essary, in order to align them to the prevailing group Group. accounting policies. Disclosure of estimates General accounting principles In applying the principles and policies for drawing up the financial statements, the board of directors of Jan The accounting standards used to prepare the de Rijk N.V. make different estimates and judgments financial statements that may be essential to the amounts disclosed in The consolidated financial statements have been the financial statements. If it is necessary in order prepared in accordance with the statutary provisions to provide the transparency required under Book 2, of Title 9, Book 2 of the Dutch Civil Code and the firm article 362, paragraph 1, the nature of these estimates pronouncements in the Dutch Accounting Standards, and judgments, including related assumptions, as published by the Dutch Accounting Standards is disclosed in the notes to the relevant financial Board ('Raad voor de Jaarverslaggeving'). statement item. Assets and liabilities are generally valued at historical Disclosure of consolidation cost, production cost or at fair value at the time of The consolidation includes the financial information acquisition. If no specific valuation principle has been of Jan de Rijk N.V., its group companies and other stated, valuation is at historical cost. entities in which it exercises control or whose central management it conducts. Group companies are Description if there have been no changes in entities in which Jan de Rijk N.V. exercises direct or accounting policies indirect control based on a shareholding of more The valuation principles and method of determining the than one half of the voting rights, or of which it has result are the same as those used in the previous year. the authority to otherwise govern their financial and operating policies. Potential voting rights that can be Conversion of amounts denominated in foreign exercised directly from the balance sheet date are currency also taken into account. Items included in the financial statements of group companies are measured using the currency of the Group companies and other entities in which Jan primary economic environment in which the respective de Rijk N.V. exercises control or whose central group company operates (the functional currency).

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8 SUMMARISED FINANCIAL STATEMENTS 28 - 29 The consolidated financial statements are presented on a straight-line basis, taking into account reim- in euros, which is the functional and presentation bursements received from the lessor, in the income currency of Jan de Rijk N.V. statement for the duration of the contract. Transactions in foreign currencies are stated in the Financial instruments financial statements at the exchange rate of the Securities included in financial and current assets are functional currency on the transaction date. stated at fair value if these are related to securities held for trading or if they relate to equity instruments Monetary assets and liabilities in foreign currencies not held for trading, as well as derivatives of which are converted to the closing rate of the functional the underlying object is listed on a stock exchange. currency on the balance sheet date. The translation All other on balance financial instruments are carried differences resulting from settlement and conversion at (amortised) cost. are credited or charged to the consolidated income statement, unless hedge accounting is applied. Accounting principles Non-monetary assets valued at historical cost in a Intangible assets foreign currency are converted at the exchange rate Intangible fixed assets are stated at historical on the transaction date. cost less amortisation. Impairments are taken into consideration; this is relevant in the event that Non-monetary assets valued at fair value in a foreign the carrying amount of the asset (or of the cash currency are converted at the exchange rate on the generating unit to which the asset belongs) is higher date on which the fair value was determined than its realisable value. Finance leases Costs of goodwill acquired from third party Jan de Rijk N.V. leases some of the vehicles, whereby Goodwill resulting from acquisitions is capitalised it retains all substantial risks and rewards of ownership and amortised on a straight-line basis over the of these assets. These assets are recognised on the estimated economic life. balance sheet on commencement of the lease contract at the lower of the fair value of the asset or the Negative goodwill is released in the consolidated discounted value of the minimum lease payments. income statement to the extent that charges and The lease instalments to be paid are divided into a losses occur, if it is taken into account in the allocation repayment and an interest portion, using the annuity of the acquisition and these charges and losses can method. The liabilities under the lease, excluding be measured reliably. If expected charges and losses the interest payments, are included under long-term have not been taken into account, the negative debts. goodwill is released based on the weighted average of the remaining life of the acquired amortisable The interest component is included in the profit and assets. Insofar as the negative goodwill exceeds the loss account for the duration of the contract on the fair value of the non-monetary assets identified, the basis of a fixed interest percentage of the average surplus is recognised directly in the consolidated remaining redemption component. The assets are income statement. depreciated over the remaining economic life or, if shorter, the duration of the contract. Property, plant and equipment Tangible fixed assets are valued at acquisition Operating leases costs or production costs plus additional costs less Jan de Rijk N.V. may have lease contracts whereby a straight-line depreciation based on the expected life, large part of the risks and rewards associated with unless stated otherwise. Impairments expected on the ownership are not for the benefit of or not incurred balance sheet date are taken into account. by the company. The lease contracts are recognised as operational leasing. Lease payments are recorded

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8 SUMMARISED FINANCIAL STATEMENTS Other tangible assets debts are deducted from the carrying amount of Other tangible fixed assets are valued at historical the receivable. cost or production cost including directly attributable costs, less straight-line depreciation based on the Cash and cash equivalents expected future life and impairments. Cash at banks and in hand represent cash in hand, bank balances and deposits with terms of less than Subsidies on investments will be deducted from the twelve months. Overdrafts at banks are recognised historical cost price or production cost of the assets as part of debts to lending institutions under current to which the subsidies relate. liabilities. Cash at banks and in hand is valued at nominal value. Impairment of non-current assets On each balance sheet date, Jan de Rijk N.V. assesses Equity whether there are any indications that a fixed asset When Jan de Rijk N.V. purchases shares, the may be subject to impairment. If there are such consideration paid is deducted from equity (other indications, the recoverable amount of the asset reserves or any other reserve if the articles of is determined. If it is not possible to determine the association allow so) until the shares are cancelled recoverable amount of the individual asset, the or reissued. Where such shares are subsequently recoverable amount of the cash generating unit to reissued, any consideration received is included which the asset belongs is determined. in equity (other reserves or any other reserve). The consideration received will be added to the reserve An impairment occurs when the carrying amount from which earlier the purchase price has been deducted. of an asset is higher than the recoverable amount; the recoverable amount is the higher of the realis- Incremental costs directly attributable to the purchase, able value and the value in use. An impairment loss sale and/or issue of new shares are shown in equity is directly recognised in the profit and loss account as a deduction, net of tax, from the proceeds. while the carrying amount of the asset concerned is concurrently reduced. Provisions Provisions are measured at the best estimate of the Inventories amount that is necessary to settle the obligation as Inventories (stocks) are valued at cost price based on the balance sheet date. Provisions for pension are the FIFO method or lower realisable value. valued on the basis of actuarial principles. The other provisions are carried at the nominal value of the The realisable value is the estimated sales price less expenditure that is expected to be necessary in order directly attributable sales costs. In determining the to settle the obligation, unless stated otherwise. realisable value the obsolescence of the inventories is taken into account. If obligations are expected to be reimbursed by a third party, such reimbursement is included as an Receivables asset in the balance sheet if it is probable that such Receivables are initially valued at the fair value of reimbursement will be received when the obligation the consideration to be received. Receivables are is settled. subsequently valued at the amortised cost price. If there is no premium or discount and there are no Provision for tax liabilities transaction costs, the amortised cost price equals Deferred tax liabilities are recognised for temporary the nominal value of the accounts receivable. If differences between the value of the assets and payment of the receivable is postponed under an liabilities under tax regulations on one hand and the extended payment deadline, fair value is measured book values applied in these financial statements on on the basis of the discounted value of the expect- the other. The calculation of the deferred tax liabilities ed revenues. Interest gains are recognised using is based on the tax rates prevailing at the end of the the effective interest method. Provisions for bad reporting year or the rates applicable in future years, to

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8 SUMMARISED FINANCIAL STATEMENTS 30 - 31 the extent that they have already been enacted by law. Net revenue Deferred income tax is provided on temporary Net turnover comprises the income from the supply differences arising on investments in group companies, of goods and services after deduction of discounts associates and joint ventures, except where the and such like and of taxes levied on the turnover. timing of the reversal of the temporary difference is controlled by Jan de Rijk N.V. and it is probably Revenues from the goods supplied are recognised that the temporary difference will not reverse in the when all significant risks and rewards in respect of foreseeable future. Deferred tax balances are valued the goods have been transferred to the buyer. at nominal value. Revenues from the services rendered are recognised Provision for major maintenance in proportion to the services delivered based on the A provision is recognised for expenditures incurred services rendered up to the balance sheet date in on major maintenance work on buildings in order to proportion to the total of services to be rendered. spread these costs over a number of financial years. The addition to the provision is determined based Direct operating costs/costs of subcontracted work on the expected amount of the maintenance work Direct operating costs include costs invoiced or being and the intervals between the times when major invoiced by third parties, related to transport costs for maintenance work is carried out. the services provided such as fuel costs, maintenance costs, taxes and toll costs. Other provisions Other kinds of provision are included in accordance Under the Costs of subcontracted work are defined, with the nominal value of the expenditure which is costs charged or being charged by third parties, for expected to be necessary to settle the obligations. the transport activities. Non-current liabilities Wages On initial recognition long term debts are recognised Salaries, wages and social security contributions are at fair value. Transaction costs which can be directly charged to the income statement based on the terms attributed to the acquisition of the long-tern debts of employment. are included in the initial recognition. After initial recognition long-term debts are recognised at the Applied policy of pension costs amortised cost price, being the amount received The group has various pension plans. The Dutch taking into account premiums or discounts and minus pension plans are financed through contributions transaction costs. If there is no premium/discount or to pension providers, i.e., insurance companies if there are no transaction costs, the amortised cost and industry pension funds. The foreign pension price is the same as the nominal value of the debt. plans are comparable to the Dutch pension plans. The pension obligations of both the Dutch and the The difference between the stated book value and foreign plans are valued according to the ‘valuation to the mature redemption value is accounted for as pension fund approach’. This approach accounts for interest cost in the consolidated income statement the contribution payable to the pension provider as on the basis of the effective interest rate during the an expense in the profit and loss account. estimated term of the long-term debts. Based on the administration agreement it is assessed Current liabilities whether and, if so, which obligations exist in addition On initial recognition current liabilities are recognised to the payment of the annual contribution due to the at fair value. After initial recognition current liabilities pension provider as at balance sheet date. These are recognised at the amortised cost price, being the additional obligations, including any obligations amount received taking into account premiums or from recovery plans of the pension provider, lead to discounts and minus transaction costs. This is usually expenses for the group and are included in a provision the nominal value. on the balance sheet. With final salary pension plans

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8 SUMMARISED FINANCIAL STATEMENTS an obligation (provision) for (upcoming) past service transaction expenses for loans received are taken is included in the final salary pension plans if future into consideration. salary increases have already been defined as at balance sheet date. Income tax expense Tax on the result is calculated based on the result The valuation of the obligation is the best estimate before tax in the consolidated income statement, of the amounts required to settle this as at balance taking account of the losses available for set off from sheet date. If the effect of the time value of money is previous financial years (to the extent that they have material, the obligation is valued at the present value. not already been included in the deferred tax assets) Discounting is based on interest rates of high-quality and exempt profit components and after the addition corporate bonds. Additions to and release of the obli- of non-deductible costs. Due account is also taken gations are recognized in the profit and loss account. of changes that occur in the deferred tax assets and deferred tax liabilities in respect of changes in the A pension receivable is included in the balance sheet applicable tax rate. when the group has the right of disposal over the pension receivable and it is probable that the future Cash flow statement economic benefits that the pension receivable holds The cash flow statement was prepared using the will accrue to the group, and the pension receivable indirect method. The cash items disclosed in the can be reliably established. cash flow statement comprise cash at banks and in hand minus accounts owed to credit institutions As at year end 2019 (and 2018) no pension receivables except for deposits with a maturity longer than three and no obligations existed for the group in addition months. Cash flows denominated in foreign currencies to the payment of the annual contribution due to the have been translated at average estimated exchange pension provider. rates. Exchange differences affecting cash items are shown separately in the cash flow statement. Interest The coverage ratio of the involved Dutch pension paid and received, dividends received and income funds as per 31 December 2019 was 103.2%. Based taxes are included in cash from operating activities. on the agreements the company has no obligation Dividends paid are recognised as cash used in to pay additional premiums other than higher future financing activities. The purchase consideration premiums. paid for the acquired group corporation has been recognised as cash used in investing activities if it Amortisation of intangible assets and was settled in cash. Any cash at banks and in hand in depreciation of property, plant and equipment the acquired group corporation have been deducted Intangible assets, including goodwill, are amortised from the purchase consideration. Transactions and tangible fixed assets are depreciated over their not resulting in inflow or outflow of cash, including estimated useful lives as from the time that they are finance leases, are not recognised in the cash flow ready for use. Land and investment property are not statement. The value of the related asset and lease depreciated. liability are disclosed in the notes to the balance sheet items. Payments of finance lease intalments Future depreciation and amortisation is adjusted if qualify as repayments of borrowings under cash used there is a change in estimated future useful life. in financing activities and as interest paid under cash Gains and losses from the occasional sale of property, generated from operating activities. plant or equipment are included in the depreciation. Financial income and expenses Interest income and expenses are recognised on a pro rata basis, taking account of the effective interest rate of the assets and liabilities to which they relate. In accounting for interest expenses, the recognised

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8 SUMMARISED FINANCIAL STATEMENTS 32 - 33 Notes to the consolidated balance sheet Fixed assets Intangible fixed assets Costs of goodwill acquired from third party € Book value as at 1 January 2019 2,018,378 Depreciation -1,064,501 Book value as at 31 December 2019 953,877 Disclosure of intangible assets Goodwill paid for acquired companies in 2015, originally € 5,322,500, minus depreciation. Based on the expected economic life and the expected future results, goodwill will be depreciated in 5 years. Depreciation will be charged to the profit and loss account.

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8 SUMMARISED FINANCIAL STATEMENTS Property, plant and equipment Movements are as follows: Land and Vehicles Other tangible Total buildings assets € € € € Balance as at 1 January 2019 Cost or manufacturing price 79,030 90,487,346 15,080,597 105,646,973 Accumulated depreciation -39,211 -48,854,369 -11,147,100 -60,040,680 Accumulated exchange differences - 332,297 -24,850 307,447 Book value as at 1 January 2019 39,819 41,965,274 3,908,647 45,913,740 Movements Additions - 11,629,838 2,335,717 13,965,555 Depreciation -13,017 -9,178,685 -1,452,215 -10,643,917 Disposals - -9,957,140 -24,206 -9,981,346 Depreciation on disposals - 9,096,725 17,550 9,114,275 Currency conversion differences - 153,969 3,403 157,372 Balance movements -13,017 1,744,707 880,249 2,611,939 Balance as at 31 December 2019 Cost of manufacturing price 79,030 92,160,044 17,392,108 109,631,182 Accumulated depreciation -52,228 -48,936,329 -12,581,765 -61,570,322 Accumulated exchange differences 0 486,266 -21,447 464,819 Book value as at 31 December 2019 26,802 43,709,981 4,788,896 48,525,679 Depreciation percentages 0 - 20% 7.5 - 33% 10 - 50% As for the vehicles, a residual value of 5% will be used. Cash and cash equivalents All cash at bank and in hand are at the Company's The 'Vehicles' post also includes vehicles which have free disposal. been acquired through financial lease agreements. The Book value of these vehicles amounts to Group equity € 196,908 as per 31 December 2019 (31 December The shareholders' equity is explained in the notes to 2018: € 304,361). The company has no legal the non-consolidated balance sheet. The movements ownership of these vehicles. within the shareholder’s equity are recognized in the non-consolidated balance sheet. Current assets Other provisions Trade debtors There are no trade debtors with a remaining maturity These provisions mainly relate to disputes with of more than one year. customers and a provision for maintenance of building. It has been agreed with the owner that

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8 SUMMARISED FINANCIAL STATEMENTS 34 - 35 Provisions Deferred tax liabilities € € Balance as at 1 January 3,206,977 3,841,571 Addition 328,038 3,043,484 Release -53,845 -3,678,078 Balance as at 31 December 3,481,170 3,206,977 Jan de Rijk Vastgoed B.V. is responsible for the Repayments due within 12 months are included in maintenance of the building. The provision is mainly current liabilities. long term in nature. There were no repayment obligations with a maturity Long term liabilities over 5 years at year end. Disclosure of non-current liabilities Current liabilities As per 1 January 2018 the group has a new credit bank facility. The credit bank facility consists of a loan Payables to banks of € 29,000,000. A bank facility of € 25,000,000 and The securities issued have been disclosed above a guaranty facility of € 3,000,000. The loan is being (see 'Disclosures of long-term liabilities'). As per repaid on a quarterly basis and the quarterly repayment 31 December 2019, the credit facility amounted to amounts to € 375,000. In 2018, an extra repayment of € 25,000,000 (2018: € 25,000,000). This facility has € 20,000,000 was made. The interest rate is set at the a floating rate based on the three-month Euribor. three-month Euribor rate, increased by 1.7% per annum. Other liabilities and accrued expenses The group has credit bank facility for which the group All other liabilities and expenses have a remaining has a joint liability. The group issued the following term of maturity of less than one year. The fair value securities: of current liabilities approximates the carrying • pledge of current and future receivables of all amount, because of their short-term character. Dutch entities related to the activities of the company, such as inventories, machinery and Off-balance sheet rights, obligations and equipment and all other goods, except for brands arrangements and tradenames of customers; • no further indebtedness clause; Disclosure of Off-balance sheet commitments • negative pledge clause; The annual property rental obligations of property, • Pari passu clause. contracted by third parties, is € 5,957,891. The remaining duration of the rental is 14 years. Disclosure of finance lease liabilities Lease obligations relate to the acquisition of tangible Off-balance sheet liabilities relating to purchase fixed assets, which are held as security as well. The commitments duration of these lease obligations varies from 60 to The group has committed itself to purchases of 96 months. The interest rate is set at the three-month equipment amounting to € 6,710,000. Euribor rate, plus an additional rate (which varies per provider). The agreed EURIBOR rate for current obli- gations is fixed and will not be changed in the interim.

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8 SUMMARISED FINANCIAL STATEMENTS Off-balance sheet commitments relating to Disclosure of operating leases guarantees Lease liabilities, contracted by third parties, amount Jan de Rijk N.V. is liable for a bank facility that to € 635,222 with a term of one year. The average amounts to € 1,854,219. term is 2.5 years. Net turnover Revenue allocation by division is as follows: 2019 2018 € € International transport 125,159,319 117,077,365 Healthcare & Retail 22,947,859 25,435,108 Intermodal 27,479,273 27,410,029 Automotive 36,793,112 43,881,252 Contract Logistics 18,172,268 16,666,231 230,551,831 230,469,985 Of the realised turnover, 88.5% was invoiced to customers in the EU and 11.5% invoiced to customers outside the EU. Cost of labour Wages and salaries 38,505,611 38,624,185 Social security charges 7,114,416 7,089,936 Pension contributions 3,570,615 3,149,428 49,190,642 48,863,549 2019 Average number of employees Active within the Working outside the Total Netherlands Netherlands Direct employees 408 520 928 Indirect employees 227 79 306 Average number of employees 635 599 1,234 2018 Average number of employees Active within the Working outside the Total Netherlands Netherlands Direct employees 408 505 913 Indirect employees 229 79 308 Average number of employees 637 584 1,221

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8 SUMMARISED FINANCIAL STATEMENTS 36 - 37 Company balance sheet as at 31 december 2019 (Before appropriation of results) 31 December 2019 31 December 2018 € € € € Assets Fixed assets Intangible fixed assets Costs of goodwill acquired from third party 953,877 2,018,378 Financial assets Participations in group companies 73,586,453 60,433,858 Receivables from group companies 4,100,000 5,300,000 77,686,453 65,733,858 Current assets Receivables Receivables from group companies 8,499,855 9,470,637 Taxes and social security charges - 1,088 Other receivables and accrued assets 5,000 9,323 8,504,855 9,481,048 87,145,185 77,233,284

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8 SUMMARISED FINANCIAL STATEMENTS 31 December 2019 31 December 2018 € € € € Equity and liabilities Equity Share capital paid called up 45,500 45,500 Share premium reserve 3,069,461 3,069,461 Legal and statutory reserves -151,476 -100,618 Other reserves 27,602,984 31,239,409 Result for the year 3,900,276 3,863,575 34,466,745 38,117,327 Provisions Deferred tax liabilities 3,121,059 3,039,699 Other provisions 1,538,168 1,400,924 4,659,227 4,440,623 Long-term liabilities Payables to bank 4,875,000 6,375,000 Current liabilities Repayment obligations 1,500,000 1,500,000 Liabilities to group companies 41,088,862 26,221,807 Payables relating to taxes and social security contributions 534,055 383,614 Other liabilities and accrued expenses 21,296 194,913 43,144,213 28,300,334 87,145,185 77,233,284

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8 SUMMARISED FINANCIAL STATEMENTS 38 - 39 Abridged income statement for the year 2019 31 December 2019 31 December 2018 € € Result from participations 5,327,263 5,347,021 Company result after taxes -1,426,987 -1,483,446 Net result after taxes 3,900,276 3,863,575 Notes to the financial statements of the company balance sheet Accounting principles Financial assets Participations over which significant influence can be exercised are valued according to the net asset value method. In the event that 20% or more of the voting rights can be exercised, it may be assumed that there is significant influence. Notes to the balance sheet Fixed assets Intangible fixed assets Costs of goodwill acquired from third party Book value as at 1 January 2019 2,018,378 Depreciation -1,064,501 Book value as at 31 December 2019 953,877

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8 SUMMARISED FINANCIAL STATEMENTS Equity Movements in equity were as follows: Share capital Share Legal and Other Result for paid called up premium statutory reserves the year reserve reserves € € € € € Balance as at 1 January 2019 45,500 3,069,461 -100,618 31,239,409 3,863,575 Appropriation of the result - - - 3,863,575 -3,863,575 Result for the year - - - - 3,900,276 Movement in financial year - - -50,858 - - Dividend payment - - - -7,500,000 - Balance as at 31 December 2019 45,500 3,069,461 -151,476 27,602,984 3,900,276 Total € Balance as at 1 January 2019 38,117,327 Appropriation of the result - Result for the year 3,900,276 Movement in financial year -50,858 Dividend payment -7,500,000 Balance as at 31 December 2019 34,466,745 Disclosure of share capital paid called up Provisions The share capital of Jan de Rijk N.V. amounts to The other provisions include the provision related to neg- € 227,500, divided into 24,990 ordinary shares and 10 ative participating interest, as far as the negative value preference shares. All shares have a nominal value of exceeds the receivables with respect to participations € 9.10. Notes to the company abridged income statement In total 4,998 ordinary shares and 2 preference shares are issued and fully paid. Employees During the financial year 2019 the company did not Disclosure of share premium have any employees (2018: 0) This item relates to the amount paid above nominal value at the issuance of shares. Other information Statement of the proposed appropriation of the result Provisions of the Articles of Association relating The net result in 2019 of € 3,900,276 is accounted for to appropriation of the result as undistributed result. It is proposed that the result Under article 26 of the company's Articles of Assocation, 2019 will be added to the other reserves. This proposal the profit is at the disposal of the general meeting. The will be decided on in the general meeting for the company can only make payments to the shareholders adoption of the financial statements. insofar the shareholders' equity exceeds the paid up and called up part of the capital plus the statutory reserves.

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8 SUMMARISED FINANCIAL STATEMENTS 40 - 41 Report of the independent auditor Responsibilities of management and the supervisory board for summary financial To: the board of directors of Jan de Rijk N.V. statements Management is responsible for the preparation of Summary financial statements the summary financial statements on the basis as The summary financial statements do not contain all described in the notes. the disclosures required by the statutory provisions of Title 9, Book 2 of the Dutch Civil Code and the firm The supervisory board is responsible for overseeing pronouncements in the Dutch Accounting Standards the company's financial reporting process. as published by the Dutch Accounting Standards Board. Reading the summary financial statements The audited financial statements and our and our report thereon, therefore, is not a substitute auditor's report thereon for reading the audited financial statements of We expressed an unqualified audit opinion on the Jan de Rijk N.V. and our auditor's report thereon. audited financial statements 2019 of Jan de Rijk N.V. The summary financial statements and the audited in our auditor's report of 1 May 2020. financial statements do not reflect the effects of events that occurred subsequent to the date of Our responsibilities our auditor's report on those financial statements Our responsibility is to express an opinion on whether of 1 may 2020. summary financial statements are consistent, in all material respects, with the audited financial Our opinion statements based on our procedures, which we The summary financial statements 2019 (hereafter: conducted in accordance with Dutch law, including 'the summary financial statements') of Jan de Rijk N.V., the Dutch Standard 810 'Opdrachten om te based in Roosendaal, is derived from the audited rapporteren betreffende samengevatte financiële financial statements 2019 of Jan de Rijk N.V.. overzichten' (Engagements to report on summary financial statements). In our opinion the accompanying summary financial statements are consistent, in all material respects, with the audited financial statements 2019 of Jan de Breda, 7 September 2020 Rijk N.V., on the basis described in the notes. Van Oers Audit The summary financial statements comprise: R.M. Rademakers RA 1. Consolidated balance sheet as at 31 December 2019; 2. Consolidated income statement for the year 2019; 3. Cashflow statement for the year 2019; 4. Related accounting principles and explanatory notes; 5. Company balance sheet as at 31 December 2019; 6. Abridged income statement for the year 2019; 7. Related accounting principles and explanatory notes.

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9 The Covid-19 outbreak has developed rapidly in OUTLOOK 2020. Given the current national and international social and economic circumstances relating to the FOR 2020 COVID-19 outbreak, which have no relation to the business operations year to date, we believe our business could be affected for a period of time. We have no indication whether the national and international government measures will have an effect in preventing a further spread around the world. Therefore we currently do not know whether these measures will be effective and what kind of duration we will be faced with.

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9 OUTLOOK FOR 2020 42 - 43 At this moment measures taken by various governments to contain the virus have affected economic activity and the group’s business in various ways: • Disruption in the international distribution network Looking ahead, apart for the immediate effects as due to border crossing delays, shifts in air cargo by the various lock-downs, factory closures and volumes across Europe, etc. reduced international trade, we envision increased uncertainties following the COVID-19 worldwide • Substantial volume reduction in multiple business outbreak. Management seeks to obtain the best units; possible information to enable us to assess these • Retail shops closings reducing retail distribution risks and opportunities and implement appropriate volumes on the one hand and strong volume measures to respond. increases for specific retailers, e.g. toys; We have taken and will take a number of measures • Increased demand in healthcare distribution to monitor and prevent the effects of the COVID-19 capacity; virus. This includes safety and health measures for • Temporary production stops at several of our our people (like social distancing and working from (automotive) customers; home), in-depth contract reviews and communication to our key stakeholders. Based on the facts and circumstances known at this moment and the possible scenarios about how the COVID-19 virus and resulting government measures could evolve, management has determined that the going concern principle is warranted within Jan de Rijk Logistics. At this stage, the impact on our business and results is limited. We will continue to follow the various national institutes, policies and regulations and in parallel will do our utmost to continue our operations in the best and safest way possible without jeopardizing the health of our people.

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10 JAN DE RIJK LOGISTICS OFFICE NETWORK

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10 J AN DE RIJ K LOGISTICS OFFICE NETWORK 44 - 45 Offices Address Location The Netherlands Jan de Rijk Roosendaal (HQ) Leemstraat 15 4705 RT Roosendaal Jan de Rijk Aalsmeer Legmeerdijk 313, Locatie 1 1431 GB Aalsmeer Jan de Rijk Eindhoven De Keten 2-8 5651 GJ Eindhoven (Acht) Jan de Rijk Beilen Eursing 2 9411 XC Beilen Jan de Rijk Waddinxveen Handelsweg 7 2742 RD Waddinxveen Jan de Rijk Intermodaal/HV Expeditie Sportparklaan 19 6071 RA Swalmen Jan de Rijk Automotive De Hooge Akker 6 5661 NG Geldrop Omega Logistics Lichtschip 43 3991 CP Houten Jan de Rijk Integrated Logistics - Industrieterrein Zuid 2102 5662 TM Geldrop Geldrop Lochtemanweg 15 Jan de Rijk Integrated Logistics - Damsluisweg 60 1332 EJ Almere Almere Belgium Jan de Rijk Logistics Beringen Brucargo Building 706 P.O. Box 29 B-1830 Machelen, Belgium Room 7313,7314,7315,7316 Spain Jan de Rijk Logistics Espana E.S.G. Oficina A306 08820 El Prat De Llobregat, Spain Aeroporto de Barcelone-El Prat Hungary Jan de Rijk Logistics Hungary Aerzone Park C3 2220 Vecses, Hungary Lörinci út 59, Germany Jan de Rijk Logistics Deutschland Cargo City Sud 60549 Frankfurt Am Main, Germany Gebaude 534 (4th Floor) Austria Jan de Rijk Logistics Osterreich Flughafenstrasse 3 A-4063 Hörsching, Linz Flughafen, Austria United Kingdom Jan de Rijk Logistics United Kingdom 10 Pulborough Way Hounslow Middlesex, TW4 6DE, United Kingdom

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10 J AN DE RIJ K LOGISTICS OFFICE NETWORK Offices Address Location Italy Jan de Rijk Italia Srl Via G. di. Vittorio 2 / 4 20060 Liscate Milaan, Italy France Jan de Rijk Logistics France 14 Rue de la Belle Borne B.P. 18433 Trembay-en-France Centre de Fret Aérien Roissy-Sogaris, 95707 Roissy Charles-de-Gaulle Building A Cedex, France Bulgaria Jan de Rijk Logistics Bulgaria Velika I Georgi Chenchevi str. 3 5400 Sevlievo, Bulgaria 64 Hristofor Columb Boulevard 1592 Sofia, Bulgaria Romania Jan de Rijk Logistics Romania 1a Drumul Garii Odai, Airport Plaza Otopeni, Romania 3D Camil Petrescu; 6th floor ; Ap. 604 Brasov, Romania Ukraine Jan de Rijk Logistics Ukraine 18/14 V. Khvoiki str. 0480 Kiev, Ukraine Office 315 Poland Jan de Rijk Logistics Poland Ul. Wirazowa 35 PL 02-158 Warszawa, Poland Room 326

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10 J AN DE RIJ K LOGISTICS OFFICE NETWORK 46 - 47

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Fred Westdijk, september 2020 Jan de Rijk N.V. P.O. Box 1086 4700 BB Roosendaal +31 165 572 572 janderijk.com

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