215 x 290 MM. THIRD QUARTER INTERIM REPORT

215 x

290 MM.

THIRD QUARTER

Key Data for the D.Logistics Group

International revenue ratio (%) 44.3 49.9 44.2 47.5

EBITDA 5,056 10,569 14,947 20,776

EBITA 3,008 8,386 8,606 13,744

EBIT 3,008 8,386 8,606 13,744

EBT 1,829 7,824 5,170 12,636

Income tax income (expenses) (1,385) (1,381) (1,997) (2,545)

Income (loss) 444 6,443 3,173 10,091

of which attributable to minority interests 124 (1,830) 1,064 (712)

of which attributable to shareholders of the parent company 320 8,273 2,109 10,803

Earnings per share (€) 0.008 0.195 0.050 0.254

Balance Sheet Current assets 92,038 98,336 92,038 98,336 Noncurrent assets 137,123 122,443 137,123 122,443 Total assets 229,161 220,779 229,161 220,779 Liabilities 146,357 135,111 146,357 135,111 Equity 82,804 85,668 82,804 85,668 Equity ratio (%) 36.13 38.80 36.13 38.80

Net financial liabilities 53,032 38,838 53,032 38,838

Cash flow / Capital expenditure

Cash flows from operating activities 1,408 3,528 8,843 8,270

Cash flows from investing activities 872 338 (19,581) (555)

Cash flows from financing activities 336 439 13,745 228

Investments in property, plant and equipment 1,066 1,970 3,116 3,793

Employees

001

002 D.Logistics in the 3rd Quarter

003 Economic Environment

004 Results of Operations, Financial and Assets Position 008 Outlook

010 Consolidated Income Statement 011 Consolidated Balance Sheet 012 Consolidated Cash Flow Statement

013 Consolidated Statement of Changes in Equity 014 Notes to the Consolidated

Interim Financial Statements

U03 Financial Calendar / Key to Symbols Contact / Imprint

Contents

Q3 2007

002

Management

Report

003

Consolidated

Interim

010

Financial

Statements

Page Third Quarter 2007 D.Logistics in the 3rd Quarter

0 02

D.Logistics AG CDAX Prime Logistics Jul 07 Aug 07 Sep 07

D.Logistics shares in Q3 indexed, in % 110 105 100 95 90 85 80

D.Logistics in the 3rd Quarter:

Further Growth

Total sales up 6.3 %

In the third quarter of 2007, sales were as positive as in the previous quarters; at € 84.58 mil-lion the same period in the previous year was exceeded by 6.3 %. Adjusted for changes in the scope of consolidation, the increase in sales was 3.6 %.

In the first nine months, at € 246.3 million sales were 3.9 % higher than in the same period in the previous year. Adjusted for changes in the scope of consolidation, this means organic growth of 5.3 % for this period. If the currency fluctuation is taken into consideration, the change is an increase of as much as 6.7 %.

Adjusted operating result 10 % higher than in the previous year

The third-quarter operating result (EBITA) was at € 3.00 million 10.2 % higher than the adjusted level in the same period in the previous year (€ 2.72 million), which was positively affected by special income of € 5.67 million resulting from the sale of GHX Europe and Schumacher GmbH. Including these special items, the previous-year EBITA was € 8.39 million. In the first nine months of the current fiscal year, a Group EBITA of € 8.61 million was achieved; this result exceeds the ad-justed figure for the same period in the previous year by 41.7 %. For the purpose of comparison, in addition to the special income from company sales (€ 5.67 million) the income from legal disputes (€ 2.0 million) which was reported in 2006 was also adjusted.

In the third quarter, there were net profits of € 0.32 million for the shareholders of D.Logistics AG. The previous year which included special items in the amount of € 8.06 million was € 8.27 million. The cumulative net profits for the shareholders in D.Logistics AG as of Sep-tember 30, 2007 were € 2.11 million. In the same period in the previous year – which included special income of € 10.56 million – the net profits were € 10.80 million.

Results planning confi rmed – sales corridor increased slightly

D.Logistics AG confirms its results planning published in its half-year financial report for the fiscal year 2007 and is increasing its expected sales corridor to € 325 – 335 million (previously € 319 – 331 million). We assume that the original sales planning will be clearly exceeded in industrial goods packaging. Consumer goods packaging is expected to be at the lower end of the planning range – not least due to the weak US dollar – while warehouse logistics will prob-ably slightly miss its sales goal, partly due to the disposal of PickPoint AG.

We continue to expect a Group EBITA of € 11.4 – 12.5 million.

D.Logistics share loses ground in a weak market environment

The D.Logistics share lost ground in a market environment negatively affected by the US real es-tate crisis. In the second quarter, the share was in a corridor between approx. € 2.08 and € 2.79. It reached its highest closing price at € 2.76 on July 10, and marked its lowest at € 2.16 on Au-gust 17. The D.Logistics share closed the third quarter at a price of € 2.26. Relative to the end of the second quarter, this represents a decrease of 11.0 %. In the period to September 30, the D.Logistics share gained a good 18 %.

Page 0 03 Management Report

Economic Environment

Business in the transport and logistics sector

in % 80 70 60 50 40 30 20 10 0 2006 2007

Source: SCI Verkehr GmbH

Poor Normal Good Poor Normal Good Poor Normal Good

July August September

Economic Environment

Further expansion of the global economy – increased risks

The global economy continues to expand strongly in the autumn of 2007, although the economic risks have increased. The problems triggered on the financial markets by the real estate crisis in the US have led to a reevaluation of lending risks. Many fear that this might increase companies’ financing costs and negatively impact on non-monetary activities. However, there is truth in the optimistic view that the global economic dynamic has been high for a long time. In emerging markets what was already a very strong expansion actually accelerated in 2007, especially in the Asia region and in China in particular. In contrast, for some time now production in industrialized nations has risen only moderately. In the US, the economy had already noticeably slowed in mid-2006, triggered by a fall in construction activity.

Eurozone economy loses impetus

In the first half of 2007, the Eurozone economy grew slightly slower than previously. Exports and investments rose only moderately. The quarter was affected by several special factors: Private household consumer spending in the Eurozone stagnated at the start of the year, particularly because of the fall in consumer spending in Germany due to the value-added tax increase; the second-quarter recovery was weak despite a favorable employment trend. In addition, construc-tion investments were brought forward due to the mild winter; this is the reason for the clear slowdown in investments during the first half of the year. External trade provided a positive contribution to the overall economic expansion: Exports rose moderately while the increase in imports was merely restrained. The slowdown in economic expansion in the second quarter was noticeable in all the major Eurozone countries.

Subdued expansion in Germany

The German economy is still on a powerful upward trajectory. However, in the present year it is being negatively affected by several factors. The restrictive financial policy is considerably subdu-ing domestic demand, particularly private consumption. There is also the further rise in the price of oil and the appreciation of the euro. The recent turbulence on the financial markets will prob-ably also have a negative impact on the economy. However, despite all this the German economy is not in an unstable situation. Instead, the fundamental conditions have noticeably improved. So far, tensions which in earlier cycles triggered a downturn or even a recession have yet to materialize either in terms of wages or inflation. An emphatically restrictive monetary policy is therefore unlikely.

Autumn revival in the transport and logistics sector

Page

0 04 Management Report Results of Operations, Financial and Assets Position

Results of Operations EBITA in € millions 16 14 12 10 8 6 4 2 0 Revenue in € millions 350 300 250 200 150 100 50 0 Germany Abroad 03/06 03/07 06/06 06/07 09/06 09/07 12/06 03/06 03/07 06/06 06/07 09/06 09/07 12/06 76 157 322 79 161 237 246 45% 45% 55% 55% 46% 45% 54% 55% 52% 48% 48% 52% 44% 56% 2.2 5.4 16.1 1.6 5.6 13.7 8.6

Results of Operations,

Financial and Assets Position

Total sales up 6.3 %

Total sales in the third quarter of 2007 were at € 84.58 million 6.3 % above the same period in the previous year. Adjusted for changes in the scope of consolidation, the increase in sales was 3.6 %. The main growth stimulus was the industrial goods packaging segment whose sales exceeded the same quarter in the previous year by 22.6 %. In the consumer goods packaging segment, sales are 6.7 % below the previous year, not least due to the weak US dollar, and in the ware-house logistics segment sales are 5.6 % higher than in the previous year.

With a 55.7 % share of group sales, the proportion accounted for by Germany rose by 5.6 per-centage points. This is a result of rising industrial goods packaging and warehouse logistics sales. The US’ share of sales fell by 6.4 percentage points to 16.6 %. The proportion of sales elsewhere

in Europe increased from 26.9 % to 27.7 %.

In the first nine months, at € 246.3 million sales were 3.9 % higher than in the same period in the previous year. Adjusted for changes to the consolidated group, this means organic growth of 5.3 %. If the currency fluctuation is taken into consideration, the change is an increase of 6.7 %.

Adjusted operating result 10 % higher than the previous year

The operating result (EBITA) in the third quarter was at € 3.00 million 10.2 % higher than the ad-justed level in the same period in the previous year (€ 2.72 million) which was positively affected by special income in the amount of € 5.67 million. Including these special items, the previous-year EBITA was € 8.39 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) were at € 5.06 million 3.2 % higher than in the adjusted same quarter in the previous year. The adjusted EBITDA margin fell from 6.2 % in the second quarter of 2006 to 6.0 % in the quarter under review. Depreciation of property, plant and equipment and other intangible assets fell from € 2.18 million to € 2.05 million.

The individual segments performed as follows: In the consumer goods packaging segment, due to the poor trend in the US the EBITA was at € 0.77 million 32.3 % below the previous year. Indus-trial goods packaging recorded a 29.9 % rise to € 2.19 million. In the warehouse logistics segment, the EBITA was at € 1.22 million below the level for the previous year (€ 1.37 million), but this was positively influenced by special income in the amount of € 0.81 million resulting from the sale of Schumacher GmbH. The EBITA loss of D.Logistics AG (Holding) was – € 1.10 million; the previous-year result in the amount of € 4.32 million included disposal gains of € 4.86 million.

In the first nine months of the current fiscal year, a Group EBITA of € 8.61 million was achieved; this result exceeds the value for the adjusted same period in the previous year by 41.7 %. For the purpose of comparison, in addition to the special income from company sales (€ 5.67 million) the income from legal disputes (€ 2.0 million) which was reported in 2006 was also adjusted.

Relative to the same quarter in the previous year the financial result decreased from – € 0.56 to – € 1.18 million. This is mainly due to the finance costs which increased by € 0.54 million to € 1.61 million following the industrial goods packaging acquisitions. Financial income decreased from € 0.39 million to € 0.29 million. The share of earnings accounted for by associates rose by € 0.02 million to € 0.14 million.

Page 0 05 Management Report

Results of Operations, Financial and Assets Position Results of Operations Financial Position Assets Position 100 90 80 70 60 50 40 30 20 10 0 Balance sheet as % of total assets Current assets Noncurrent assets 58% Assets Equity and liabilities Current liabilities Equity Noncurrent liabilities 42% 40% 40% 20% 12/06 09/07 12/06 09/07 40% 60% 36% 28% 36%

Net cash provided by operating activities

in € millions 10 8 6 4 2 0 4.7 8.3 9.3 5.8 1.7 7.4 03/06 03/07 06/06 06/07 09/06 09/07 12/06

Net fi nancial liabilities

in € millions 38.8 42.9 60 50 40 30 20 10 0 35.2 54.3 53.0 09/06 12/06 03/07 06/07 09/07 8.8

After income tax expenses (€ 1.39 million), the result is € 0.44 million, compared to € 6.44 million in the third quarter of 2006.

Net of the third-party earnings shares in the amount of € 0.12 million – significantly reduced following the complete takeover of Deufol Tailleur GmbH – there are net profits for the share-holders of D.Logistics AG of € 0.32 million. The previous year which included special items in the amount of € 8.06 million was € 8.27 million. In cumulative terms, the net profits for the shareholders of D.Logistics AG as of September 30, 2007 were € 2.11 million; in the same pe-riod in the previous year, which included special income in the amount of € 10.56 million, the net profits were € 10.80 million.

The earnings per share in the third quarter were € 0.008 (previous year € 0.195), in the first nine months they reached € 0.050 (previous year € 0.254).

Net cash and investments

The third-quarter net cash provided by operating activities was € 1.41 million (previous year € 3.53 million). This decrease was mainly due to the strong cut-off date-related increase in trade accounts receivable (+€ 6.77 million) and increased inventories (+ € 1.35 million). At the same time, trade accounts payable only increased by € 4.87 million.

The net cash provided by investing activities was positive at € 0.87 million (previous year + € 0.34 million). Here, the proceeds of the sale of GHX Europe GmbH (+ € 1.00 million) and divi-dends from financial assets exceeded the amounts paid out for the acquisition of assets.

Net cash provided by financing activities amounted to + € 0.34 million (previous year – € 0.44 million), whereby the takeup of funds marginally exceeded repayment of borrowings. Cash in-creased in quarterly terms by € 2.62 million to € 15.07 million.

In the first nine months of 2007, at € 8.84 million the net cash provided by (used in) operating activities exceeded the same period in the previous year by 6.9 %.

Financial indebtedness increased subproportionate despite acquisitions

For the acquisition of the Walpa Group and the 45 % minority interests in the Deufol Tailleur Group, in the first nine months of the year purchase price payments of € 21.5 million were due. A significant portion of this was financed through cash flow. The financial indebtedness of the D.Logistics Group increased in the first nine months of the year to a disproportionately low extent by € 13.2 million to € 78.1 million. The increase in the net financial liabilities was even lower, from € 42.9 million at the end of the year by € 10.1 million to € 53.0 million.

Increased balance sheet total

Page

0 06 Management Report Results of Operations, Financial and Assets Position

Assets Position Employees

Development in the segments

Employees 09 / 2007 06 / 2007

D.Logistics Group

Consumer Goods Packaging 998 982

in % 31.77 32.47

Industrial Goods Packaging 986 963

in % 31.39 31.85 Warehouse Logistics 1,151 1,073 in % 36.64 35.48 Holding company 6 6 in % 0.20 0.20 Total 3,141 3,024

On the liabilities side, the equity (including minority interests) fell in the first nine months of 2007 on balance by € 2.1 million to € 82.8 million. The profit for the period (+ € 2.1 million) and the increased capital reserves (+€ 2.6 million) had a positive effect here. Reduced minority interests (– € 3.9 million) and the changes in other recognized income and expense (– € 2.0 million) had a negative effect. With an increased balance sheet total, the equity ratio fell from 40.3 % to 36.1 %. The liabilities increased on balance by € 20.7 million to € 146.4 million.

Rising number of employees

On September 30, 2007, the D.Logistics Group had 3,141 employees worldwide. This is 117 employees or 3.9 % more than at the end of the second quarter. The strongest increase was in warehouse logistics (+ 78 employees), where new personnel were hired due to the rising volume of business.

As of September 30, 2007, D.Logistics had 1,924 employees in Germany (June 30, 2007: 1,825) and 1,217 employees abroad (June 30, 2007: 1,199).

Development in the segments Consumer Goods Packaging

in € thousands Q3 2007 Q3 2006 9M 2007 9M 2006 Sales 36,066 38,520 103,030 108,062 Consolidated sales 33,493 35,892 96,930 101,304 Gross profit 3,230 4,619 10,525 12,700 EBITA 766 1,130 2,118 2,611 EBITA margin (%) 2.3 3.1 2.2 2.6 EBTA 262 692 607 1,178

In the consumer goods packaging segment, the consolidated sales were at € 33.5 million 6.7 % below the same quarter in the previous year. This segment therefore contributed 39.6 % to Group sales (compared to 45.1 % in the third quarter of 2006). The sales trend was negatively affected by the weak development in the US and by the strong euro, which gained almost 8 % by comparison with the previous year.

After nine months, sales by segment are 4.3 % below the level for the previous year. Ad-justed for the exchange-rate change, sales were slightly below the level for the previous year (– 1.0 %). It was therefore possible to make up for the loss of the Gillette contract in Italy with a nine-month volume of around € 9 million.

The operating result (EBITA) in the third quarter was € 0.77 million, clearly below the previous year (€ 1.13 million). All the regions’ performances were consistently positive, with the exception of the US whose results fell significantly short of the previous year.

Page 0 07 Management Report

Results of Operations, Financial and Assets Position Development in the segments

Industrial Goods Packaging

in € thousands Q3 2007 Q3 2006 9M 2007 9M 2006 Sales 42,638 35,802 123,691 102,527 Consolidated sales 36,786 30,016 107,139 88,144 Gross profit 3,953 3,181 10,898 8,764 EBITA 2,185 1,683 5,869 4,706 EBITA margin (%) 5.9 5.6 5.5 5.3 EBTA 1,999 1,506 5,361 4,380

At € 36.8 million, the consolidated sales for industrial goods packaging in the third quarter of 2007 exceeded the sales for the same quarter in the previous year by 22.6 %. Nearly 8 percent-age points of this growth were accounted for by acquisitions. This segment is therefore now contributing 43.5 % to Group sales (compared to 37.7 % in the third quarter of 2006). After nine months, the sales exceeded the previous year by 21.6 %.

The operating result (EBITA) increased in the third quarter in annual terms by 29.9 % from € 1.68 million to € 2.19 million, and after nine months is thus 24.7 % higher than in the same period in the previous year.

Warehouse Logistics in € thousands Q3 2007 Q3 2006 9M 2007 9M 2006 Sales 15,052 14,208 44,469 49,204 Consolidated sales 14,227 13,469 42,014 47,190 Gross profit 2,533 1,743 7,572 5,239 EBITA 1,219 1,365 3,185 2,467 EBITA margin (%) 8.6 10.1 7.6 5.2 EBTA 1,141 1,137 2,680 1,732

Page

0 08 Management Report Outlook

Outlook

Global economy’s growth loses impetus

The joint economic forecast issued by leading economic research institutes assumes that there will be a noticeable downturn in the global economy. This is due less to the current problems on the financial markets, which the institutes expect to fade in the coming weeks and months. The more important factor is that the correction on the US real estate market is more significant than has been predicted to date. In the Eurozone, further factors are the slowdown effect of the euro’s ap-preciation and the fact that monetary policy is no longer expansively oriented. The rate of growth will also slow in the United Kingdom and Japan in the coming year, though talk of a downturn would be inappropriate. The weaker economic situation in the industrialized nations should be associated with a slowdown in the increase in production in the emerging markets.

The worldwide increase in production should amount to 2.9 % in 2007 and 2.7 % in 2008. Of this, around 0.6 percentage points are attributable to the rise in China alone. In this year and the next, world trade should only increase moderately, at rates of 5.3 % and 5.8 %.

The institutes see the US real estate crisis as probably the largest hazard for the development of the global economy. This may continue for a significant amount of time and thereby weaken the US economy more perceptibly than has been assumed in their forecast. The effects on the Eurozone of recession tendencies in the US might be amplified through a further rise of the euro against the dollar. However, there are also opportunities. If the situation on the US real estate market stabilizes soon or if the correction remains limited to housing construction investments, there might soon be a rapid revival of the US economy.

Downturn in the Eurozone

Industrial production – which remained on a clearly upward trajectory –, full order books and the high confidence indicator figures among the business community and consumers indicate that Eurozone production once again strongly expanded in the third quarter of 2007. However, since the summer there have been a series of factors which will have a negative impact on the up-swing in the Eurozone around the end of the year and in 2008. As shown by recent confidence indicators, the turbulence on the financial markets has subdued the optimism of companies and households. There are also the subduing effects of external trade: For the time being, the US economy will continue to weaken. The euro’s effective appreciation in real terms is also nega-tively affecting the competitiveness of Eurozone producers.

However, there are reasons to suggest that these negative effects will not trigger any down-turn in the Eurozone. For instance, the high level of utilization of capacities means that expan-sion investments still look attractive for companies. A positive profits situation continues to favor their financing. At the same time, the increase in employment will continue at a rate which is only slightly slower. Together with wages which are rising somewhat faster, this will stimulate private consumption.

Overall, the rise in the real gross domestic product will be 2.6 % this year and 2.1 % next year. There will therefore be hardly any increase in the utilization of capacities in the overall economy. The fall in unemployment will also slow significantly. Consumer prices will rise by 2.2 % this year

Page 0 09 Management Report

Outlook

Source: SCI Verkehr GmbH

Business forecast for the transport and logistics sector

in % 80 70 60 50 40 30 20 10 0 2006 2007 W orse No change Better Worse No change Better Worse No change Better

July August September

Slowed upturn in Germany

For the remainder of the year, in their autumn assessment the economic research institutes expect to see increased impetus in domestic demand. Plant investments will remain the key stimulus; the fact that projects will be brought forward due to the less favorable depreciation rules which will come into force as of the start of 2008 will also favor their growth. Private consumption will also rise. As the situation on the labor market is continuing to improve and disposable incomes are rising perceptibly, an increase in consumer spending should be expected in the second half of the year. The signals from outside Germany should also improve somewhat. While the US economy is on the decline, elsewhere in the Eurozone there will be a revival in the growth of domestic demand. For the year 2007, the institutes predict a 2.6 % increase in the real gross do-mestic product.

For 2008, the institutes expect to see an increase in the real gross domestic product of 2.2 %. In the course of the year, unemployment will fall more slowly than in 2007 and the average figure will be a good 3.4 million in 2008, compared to almost 3.8 million this year. At 2.0 %, price buoyancy should be similarly high to 2007.

Favorable sector perspectives

Business predictions in the transport and logistics sectors remain at a high level. Around 50 % of companies questioned expect to see a more favorable business trend over the next three months, while 45 % expect their development to remain unchanged. Only 3 % of those questioned ex-pect their business to worsen over the next quarter.

In regard to the future price and cost trend, a high proportion of those questioned (57 % or 55 % of companies) expect to see a rising trend over the next three months.

Company-specifi c outlook Risks and opportunities

The risks and opportunities described in the group management report for the 2006 annual finan-cial statements, in the report on expected developments and the risk report remain applicable.

Following the acquisition of the minority interests in the Deufol Tailleur Group, the sharehold-ers of D.Logistics AG are able to participate more strongly in the positive growth and earnings perspectives of the industrial goods packaging segment.

Results planning confi rmed – sales corridor increased slightly

D.Logistics AG confirms its results planning published in its half-year financial report for the fiscal year 2007 and is increasing its expected sales corridor to € 325 – 335 million (previously € 319 – 331 million). We hereby assume that the original sales planning will be clearly exceeded in industrial goods packaging, while consumer goods packaging is expected to be at the lower end of the planning range – not least due to the weak US dollar – and warehouse logistics will probably slightly miss its sales goal, partly due to the disposal of PickPoint AG. We continue to expect a Group EBITA of between € 11.4 and 12.5 million.

Page

0 10 Consolidated Interim Financial Statements Consolidated Income Statement (IFRS)

Consolidated Income Statement (IFRS)

July 1, 2007 July1,2006 Jan. 1, 2007 Jan.1,2006

– Sep. 30, 2007 –Sep.30,2006 – Sep. 30, 2007 –Sep.30,2006

in € thousands Restated * Restated * Notes / Page

Sales 84,579 79,561 246,295 236,961 01 / 16, 18, 19

Cost of Sales (75,148) (69,916) (218,256) (210,578)

Gross profit 9,431 9,645 28,039 26,383

Selling expenses (1,038) (1,060) (3,322) (3,566)

General and administrative expenses (5,779) (4,279) (16,646) (16,833)

Other operating income 626 6,453 1,821 11,038

Other operating expenses (232) (2,373) (1,286) (3,278)

Profit (loss) from operations (EBIT) 3,008 8,386 8,606 13,744

Financial income 291 385 937 1,735

Finance costs (1,606) (1,064) (4,794) (3,378)

Share of profit (loss) of associates 136 117 421 535

Other financial income (finance costs) 0 0 0 0

Profit (loss) before taxes (EBT) 1,829 7,824 5,170 12,636

Income tax income (expenses) (1,385) (1,381) (1,997) (2,545)

Income (loss) 444 6,443 3,173 10,091

of which income (loss) attributable to minority interests 124 (1,830) 1,064 (712)

of which income (loss) attributable

to equity holders of parent 320 8,273 2,109 10,803

Earnings per share

Basic and diluted earnings per share, based on the income

(loss) attributable to common shareholders of D.Logistics AG 0.008 0.195 0.050 0.254 02 / 16

Average number of shares in circulation 42,523,170 42,496,152 42,506,894 42,494,585 02 / 16

Page 0 11 Consolidated Interim Financial Statements

Consolidated Balance Sheet (IFRS)

Consolidated Balance Sheet (IFRS)

Assets in € thousands Sep. 30, 2007 Dec. 31, 2006 Notes / Page

Current assets 92,038 87,737

Cash and cash equivalents 15,066 11,716

Financial receivables 1,258 1,151

Trade receivables 54,313 52,352

Inventories 15,755 13,766

Tax receivables 2,637 2,140

Other receivables and other assets 3,009 6,612

Noncurrent assets 137,123 122,859

Property, plant and equipment 51,380 54,998

Investment property 994 1,073

Goodwill 59,599 41,540

Intangible assets 2,021 1,200

Equity-method accounted investments 2,193 2,208

Other financial assets 249 249

Financial receivables 8,720 9,108

Other receivables and other assets 6,121 6,563

Deferred tax assets 5,846 5,920

Total assets 229,161 210,596

Equity and liabilities in € thousands Sep. 30, 2007 Dec. 31, 2006 Notes / Page

Current liabilities 82,677 83,571

Bank loans and overdrafts 23,559 20,972

Other financial liabilities 1,033 8,492

Trade payables 35,564 34,239

Tax liabilities 3,282 2,646

Other liabilities 17,378 14,665

Other provisions 1,861 2,557

Noncurrent liabilities 63,680 42,087

Bank loans and overdrafts 44,493 25,795

Other financial liabilities 8,991 9,640

Other liabilities 4,663 296

Provisions for pensions 1,771 1,987

Other provisions 370 254

Deferred tax liabilities 3,392 4,115

Equity 82,804 84,938 03 / 17

Equity attributable to minority interests 1,272 5,163

Group equity 81,532 79,775

Subscribed capital 42,533 42,499

Capital reserves 106,850 104,210

Accumulated losses (64,291) (65,402)

Other recognized income and expense (3,560) (1,532)

Page

0 12 Consolidated Interim Financial Statements Consolidated Cash Flow Statement

Consolidated Cash Flow Statement

July 1, 2007 July1,2006 Jan. 1, 2007 Jan.1,2006

– Sep. 30, 2007 –Sep.30,2006 – Sep. 30, 2007 –Sep.30,2006

in € thousands Restated * Restated * Notes / Page

Income (loss) 444 6,443 3,173 10,091

Adjustments to reconcile income (loss) to cash flows from operating activities

Depreciation and amortisation charges 2,048 1,951 6,341 6,800

(Gain) loss from disposal of property, plant and equipment (59) 0 (49) 36

(Gain) loss from sale of investments 0 (5,670) 165 (5,670)

(Income) loss from equity-accounted affiliates (136) (117) (421) (517)

Deferred taxes 417 471 (73) 772

Other non-cash revenue (expenses) 113 0 1,148 0

Changes in assets and liabilities from operating activities

Change in trade accounts receivable (6,770) (5,699) (1,446) (6,602)

Change in inventories (1,349) (2,053) (1,406) 179

Change in other receivables and other assets 2,453 (316) (547) (2,693)

Change in trade accounts payable 4,870 3,841 728 3,559

Change in other liabilities (198) 3,225 2,056 4,647

Change in accrued expenses (521) (264) (985) (1,380)

Change in other assets / liabilities 96 1,716 159 (952)

Net cash provided by (used in) operating activities 1,408 3,528 8,843 8,270 04 / 17

Purchase of intangible assets and property,

plant and equipment (931) (1,891) (2,921) (3,660)

Purchase of subsidiaries (2) 0 (21,502) 0

Proceeds from the sale of intangible assets and property,

plant and equipment 82 0 125 337

Dividends received 436 0 436 0

Proceeds from the sale of financial assets 1,000 2,000 4,000 2,000

Net change in financial receivables 287 229 281 768

Net cash provided by (used in) investing activities 872 338 (19,581) (555) 04 / 17

Proceeds from borrowings 4,753 2,785 32,707 8,013

Repayment of borrowings (3,665) (1,866) (12,054) (7,103)

Net change in other financial liabilities (358) (489) (6,378) (517)

Proceeds from capital increase 0 9 11 9

Dividends paid to minority shareholders (394) 0 (541) (174)

Net cash provided by (used in) financing activities 336 439 13,745 228 04 / 17

Change in cash and cash equivalents

from the acquisition (disposal) of subsidiaries 0 (23) 343 (23)

Change in cash and cash equivalents due

to exchange rate changes 0 0 0 0

Change in cash and cash equivalents 2,616 4,282 3,350 7,92

Cash and cash equivalents at the beginning of the period 12,450 11,444 11,716 7,806

Cash and cash equivalents at the end of the period 15,066 15,726 15,066 15,726

Page 0 13 Consolidated Interim Financial Statements

Consolidated Statement of Changes in Equity

Consolidated Statement of Changes in Equity

Subscribed capital Accumulated losses

Other recognized income and expense

in € thousands Capital reserves Cumulative translation adjustment Gain (loss) from fair value measurement of financial instruments Reserve for cash flow hedges To

tal Group equity

Equity attributable to minority interest Total equity

Balance at Dec. 31, 2005 42,494 104,121 (76,765) 1,774 54 (1) 71,677 6,174 77,851

Income (loss) — — 10,803 — — — 10,803 (712) 10,091

Changes recognized directly in equity — — — (2,156) — (3) (2,159) — (2,159)

Total recognized income and expense 0 0 10,803 (2,156) 0 (3) 8,644 (712) 7,932

Capital increases 5 15 — — — — 20 64 84

Dividends — — — — — — — (174) (174)

Changes in the scope of consolidation — — — — — — — (25) (25)

Balance at September 30, 2006 42,499 104,136 (65,962) (382) 54 (4) 80,341 5,327 85,668 Balance at December 31, 2006 42,499 104,210 (65,402) (1,559) 0 27 79,775 5,163 84,938

Income (loss) — — 2,109 — — — 2,109 1,064 3,173

Changes recognized directly in equity — — (998) (2,026) — (2) (3,026) — (3,026)

Total recognized income and expense 0 0 1,111 (2,026) 0 (2) (917) 1,064 147

Capital increases 34 2,640 — — — — 2,674 11 2,685

Dividends — — — — — — — (1,433) (1,433)

Changes in the scope of consolidation — — — — — — — (3,533) (3,533)

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0 14 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements

Notes to the Consolidated

Interim Financial Statements

These unaudited consolidated financial statements for the interim report describe the business activities of D.Logistics AG and its subsidiaries (the „Group“). The statements were produced in accordance with IFRS („International Financial Reporting Standards“). All IFRS (IFRSs, IASs, IFRICs, SICs) valid on the balance sheet date which are applicable in the European Union were complied with.

In principle, the balancing and valuation methods used are those for the last consolidated financial statements at the end of the fiscal year. A detailed description of these methods is provided in our annual report for the year 2006. In addition, IAS 34 „Interim Financial State-ments“ was applied.

All signifi cant subsidiaries subject to the legal and factual control of D.Logistics AG were included in the consolidated fi nancial statements.

The consolidated group is as follows:

Dec. 31, 2006 Additions Disposals Sep. 30, 2007

Consolidated subsidiaries 35 2 1 36

thereof in Germany 24 2 1 25

thereof outside Germany 11 0 0 11

Companies valued using the equity method 4 0 0 4

thereof in Germany 3 0 0 3

thereof outside Germany 1 0 0 1

Total 39 2 1 40

The financial statements of the foreign subsidiaries included in the group financial statements whose functional currency is not the euro were converted into the group currency euro on the balance sheet cut-off date in accordance with IAS 21 in with the functional currency concept. The conversion was in accordance with the modified closing rate method.

The US dollar exchange rate used for the currency translation developed as follows:

Middle rate as of balance sheet date

Average rate of exchange

Foreign currency per € Sep. 30, 2007 30.09.2006 9 M 2007 9 M 2006

US dollar 1.4179 1.2660 1.3444 1.2442

General balancing and valuation methods General balancing and valuation methods

Consolidated group Consolidated group

Page 0 15 Notes to the Consolidated Interim Financial Statements Consolidated Interim Financial Statements

Deufol Tailleur GmbH, a 55 % subsidiary of D.Logistics AG which is also the lead company in the industrial goods packaging segment, has acquired 100 % of the shares in the following companies:

LTP Logistic und Technik GmbH

Walpa Gesellschaft für Übersee- und Spezialverpackung& Co. KG

Walpa Gesellschaft für Übersee- und Spezialverpackung mbH (Walpa GmbH) Fischer Kisten GmbH.

The first two of these companies were subsequently merged with Walpa GmbH, so that Walpa GmbH and Fischer Kisten GmbH are included in the consolidated financial statements from April 1, 2007.

We refer to the half-year financial report in respect of the amounts reported for the assets and liabilities of the acquired companies. Consolidated sales for the period from April to Sep-tember amount to € 4,867 thousand, consolidated EBIT before amortization for the established clientele and the patent to € 219 thousand.

In addition, on June 29, 2007 the 45 % minority interests were purchased in Deufol Tailleur GmbH with a dividend right from January 1, 2007. Deufol Tailleur GmbH and its subsidiaries already formed part of the consolidated group of D.Logistics AG. The purchase price was € 23 million, of which € 18 million were paid on June 29. The remaining purchase price payments are staggered as follows: € 1.5 million on June 30, 2008, € 1.5 million on June 30, 2009 and € 2.0 million on June 30, 2010. In addition, a performance-related purchase price component was agreed, which is due in 2010 and may amount to up to € 7.0 million.

72.34 % of the shares in PickPoint AG were sold, so that D.Logistics AG now holds 19.99 % of PickPoint AG. The sale price of the shares was € 1. The company withdrew from the group of fully consolidated companies on June 30, 2007 and will in future be carried as an other equity investment.

In its half-year financial report for the fiscal year 2006, D.Logistics AG applied the IFRIC Interpre-tation 4 „Determining Whether an Arrangement Contains a Lease“ whose application is manda-tory since January 1, 2006. Due to the final calculation within the framework of preparing the consolidated financial statements as of December 31, 2006, the first nine months of 2006 were adjusted as follows:

Acquisitions and sales Acquisitions and sales

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0 16 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements

9M 2006 Adjustments 9M 2006

As originally Adjusted

in € thousands reported

Income statement

Cost of sales (210,628) 50 (210,578)

Other operating income 10,657 381 11,038

EBIT 13,313 431 13,744

Financial income 1,928 (193) 1,735

Income tax income (expenses) (2,449) (96) (2,545)

Profit (loss) for the period 9,949 142 10,091

Of which shareholders in the parent company 10,661 142 10,803

Balance sheet

Assets

Current financial receivables 795 285 1,080

Property, plant and equipment 55,373 (45) 55,328

Noncurrent financial receivables 9,994 (570) 9,424

Deferred tax assets 5,283 (4) 5,279

Total equity and liabilities

Deferred tax liabilities 5,080 (117) 4,963

Accumulated losses (65,745) (217) (65,962)

In respect of further comments on the sales, we refer to the segment reporting.

The basic earnings per share are calculated in accordance with IAS 33 as a quotient from the group period result due to the shareholders of D.Logistics AG and the average number of shares in circulation during the fiscal year. Newly issued shares are to be taken into consideration pro rata temporis for the period in which they are in circulation. The convertible bonds issued in De-cember 2004 do not have any diluting effect as their conversion into common stock would not reduce the earnings per share resulting from continuing operations.

Result in € thousands

July 01, 2007 July 01, 2006 Jan. 01, 2007 Jan. 01, 2006

– Sep. 30, 2007 – Sep.30,2006 – Sep. 30, 2007 – Sep.30,2006

Result attributable to the holders of

D.Logistics AG common stock 320 8,273 2,109 10,803

Shares outstanding, fi gures in units

Weighted average number of shares 42,523,170 42,496,152 42,506,894 42,494,585

Earnings per share, fi gures in €

Basic and diluted earnings per share, based on the profit attributable to holders

of D.Logistics AG common shares 0.008 0.195 0.050 0.254

01 Sales 01 Sales

Page 0 17 Notes to the Consolidated Interim Financial Statements Consolidated Interim Financial Statements

In July 2007, out of the outstanding convertible bond a nominal volume of € 61,600 was con-verted into 34,220 shares in the company. As a consequence, the Subscribed Capital increased by € 34,220 and the € 27,380 which exceeded the nominal value of these shares were added to the capital reserves.

The conversion privilege from the 2004-2009 convertible bond was thus far classifiable as a debt derivative due to the loan terms and was valuable at fair value. Since the Executive Board of D.Logistics AG decided in May to waive the option of money compensation in the event of conver-sion, the conversion right is classifi able as an equity derivative as of the date of this decision. This led in the second quarter to a transfer without affecting the operating result and to an increase in the capital reserves by approx. € 2.6 million. In accordance with this, deferred taxes also resulting from the valuation of the derivative were allocated to the accumulated losses without affecting the operating result.

Equity attributable to minority interests was reduced by € 4.4 million through the acquisition of the 45 % interests in Deufol Tailleur GmbH.

The cash flow statement shows the origin and appropriation of the money flows in the first nine months of the fiscal years 2006 and 2007. It is of key significance for an assessment of the finan-cial position of the D.Logistics Group.

The cash funds shown in the cash flow statement correspond to the balance sheet item „Cash and cash equivalents“.

The net cash provided by (used in) operating activities has been adjusted for changes to the consolidated group and in the first nine months of 2007 amounted to € 8,843 thousand. The outflow of funds from investing activities amounted to € 19,581 thousand and is mainly char-acterized by acquisitions. The inflow of funds from financing activities was € 13,745 thousand and mainly reflects borrowing in connection with the acquisitions. The non-cash decrease in fin ancial liabilities resulting from the convertible bond amounted to € 1.471 thousand in the first nine months of 2007.

No dividend was distributed in the first nine months of 2007.

In respect of the changes to the contingencies and to the contingent claims and liabilities, we refer to the performance-related purchase price component shown under acquisitions and sales for the purchase of the minority interests in Deufol Tailleur GmbH. There were no other signifi-cant changes by comparison to December 31, 2006.

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0 18 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements

Sales by segment 9M 2007

in %

Consumer Goods Packaging 39.35 Industrial Goods Packaging 43.50 Warehouse Logistics 17.06

Holding company 0.09

01 Segment information by division (primary reporting format)

Consumer Industrial Ware- Holding Consoli- Group

Goods Goods house dation

Amounts in € thousands Packaging Packaging Logistics

Page 0 19 Notes to the Consolidated Interim Financial Statements Consolidated Interim Financial Statements

External sales

by region 9M 2007

in %

Germany 55.78

Rest of Europe 27.24

USA / Rest of world 16.98

The following table shows the breakdown of goodwill by segment:

Consumer Industrial Warehouse Total

Goods Goods Logistics

in € thousands Packaging Packaging

Book value on December 31, 2006 10,228 24,109 7,203 41,540

Additions — 20,147 — 20,147

Currency differences (2,088) — — (2,088)

Depreciation, amortization and impairment — — — —

Disposals — — — —

Reclassifications — — — —

Book value on September 30, 2007 8,140 44,256 7,203 59,599

There were no significant events after the balance sheet date.

Goodwill by segment Goodwill by segment

Signifi cant events after the balance sheet date Signifi cant events after

the balance sheet date 01 Segment information

by region (secondary reporting format)

Germany Rest of USA / Rest Holding Consoli- Group

in € thousands Europe of world company dation

Page

0 20 Consolidated Interim Financial Statements Notes to the Consolidated Interim Financial Statements

Supplementary disclosures

There were no changes to the members of the Executive and Supervisory Boards in the first nine months of the fiscal year 2007.

On September 30, 2007, the Executive Board held 18,152,522 shares. On September 30, 2007, the Executive Board held 243,750 options.

The members of the Supervisory Board do not hold either shares or options to purchase shares in D.Logistics AG.

The securities holdings are as follows:

No-par value No-par value Options Options

shares shares Sep. 30, 2007 Dec. 31, 2006

in € thousands Sep. 30, 2007 Dec. 31, 2006

Executive Board

Detlef W. Hübner 17,769,189 14,785,239 0 0

Andreas Bargende 383,333 383,333 200,000 150,000

Tammo Fey 0 0 43,750 0

Total 18,152,522 15,168,572 243,750 150,000

In addition, on September 30, 2007 Mr. Detlef W. Hübner holds convertible bonds issued by D.Logistics AG with a principal amount of € 50 thousand.

Transactions of the organs involving financial instruments of D.Logistics AG are notified promptly in accordance with the statutory regulations. An overview of transactions can be found on the website of D.Logistics AG (www.dlogistics.com) in the „Investor & Public Relations“ area under the „The share“ item.

With regard to the transactions with related parties, there was one significant change in relation to the previous annual financial statements. The loans of € 5.3 million provided by Mr. Wagner to the Deufol Tailleur Group were repaid as part of the acquisition of the 45 % minority interests in Deufol Tailleur GmbH as of June 29, 2007.

Financial Calendar

April 8, 2008 Annual Financial Statements 2007 May 13, 2008 Interim Report I / 2008

August 14, 2008 Interim Report II / 2008 November 13, 2008 Interim Report III / 2008

Key to Symbols

Consolidated Income Statement Disclosures Consolidated Balance Sheet Disclosures Consolidated Cash Flow Statement Disclosures Segment Information

Supplementary Disclosures

Contact / Imprint

Rainer Monetha

Head of Investor & Public Relations Johannes-Gutenberg-Straße 3 – 5 65719 Hofheim (Wallau) Germany Phone: +49 (0) 61 22 50 -12 38 Fax: +49 (0) 61 22 50 -13 06 E-mail: [email protected] Published by: D.Logistics AG Concept and Design: FIRST RABBIT GmbH, Cologne

D.Logistics AG

Johannes-Gutenberg-Str. 3–5

D - 65719 Hofheim (Wallau)

Phone + 49 61 22 50 - 00