2017 RESULTS

Wielton Group

WIeluń – Warsaw, March 28, 2018 Leading European player • A manufacturer of semi-trailers, trailers and car bodies for road transport and agriculture

• One of the youngest and most dynamic companies in the industry – 22 years

MOSCOW No. 3 • Multibrand – a Group based on strong local brands in MINSK • Own, modern R&D facilities WALTROP WIELUŃ – the only one in and the second one in KIEV Europe

AUXERRE • A wide product portfolio 11 groups No.10 in the world PESCARA • International service network – over 600 service points

• Experienced staff ASSEMBLY ABIDJAN PRODUCTION CENTRES PLANTS TRADE COMPANIES 2,600 employees within the Group, 260 engineers Key data for 2017 The revenues generated by the Wielton Group for 2017 reached PLN 1.6 bn, a 33.4% y/y increase.

2016 2017 EBITDA exceeded PLN 116 m with a profitability rate of 7.3%. The dynamics of growth exceeded 9%. Volume 12,859 units +17.5 % 15,109 units

Revenue 1,197.7 m PLN +33.4 % 1,597.2 m PLN Decrease in EBIT profitability due to raw material prices increase and fluctuations EBITDA 106.1 m PLN +9.4 % 116.1 m PLN in the EUR/PLN, EUR/RUB and EUR/UHA exchange rates. EBITDA yield 8.9 % -1.6 pp 7.3 % The operating result includes the bargain EBIT 82.4 m PLN +8.0 % 89.0 m PLN acquisition of the German Langendorf Group, which reached PLN 4.6 m per balance after EBIT yield 6.9 % -1.3 pp 5.6 % settlement. Net profit 59.6 m PLN +40.0 % 83.4 m PLN The impact of the asset recognition on the

Net yield 5.0 % +0.2 pp 5.2 % investment bonus lowering the value of income tax by PLN 17.9 m. The net profit in 2017 amounted to PLN 83.4 m, with an increase by 40% y/y. Sales and revenue

• In 2017, the Wielton Group sold 15,109 units of semi- Breakdown [%] trailers and trailers as well as agricultural products, an increase of 17.5% y/y.

12,859 +17.5% 15,109 30,0% • Foreign sales in the Wielton Group in 2017 accounted PL EX for 70% of the total volume. +1.3% 4 535 34,8% PL 4 477 • The increase in foreign sales volume by 26.2% y/y to 10,574 units was the result of a good situation on the

[unit] +26.2% Sales EX 8 382 10 574 65,2% Russian market as well as in and . Langendorf inclusion had an additional impact on the result – the last 2016 2017 70,0% 5 months of the year were consolidated.

2016 • The Group recorded record-high sales revenues in all 2017 markets.

1,197.7 +33.4% 1,597.2 28,2%

] 451,1 PL EX Backlog at the end of the +4.0% 36,2%

PL 433,7 period [unit] PLN m PLN

[ 17 954 Revenue +50.0% 1 146,1 +30.9% EX 764,0 13 714 63,8% 2016 2017 71,8%

2016 2017 Market share and sales Poland

headquarters: Sales [unit] Revenues [mln PLN] Wieluń, Poland 4,477 +1.3% 4,535 411.3 +2.1% 419.8

2016 2017 2016 2017 Market share based on vehicle registrations • After four quarters of 2017, the market grew by 1.3% y/y to 23,830 registered vehicles. 2017 15.8% • Wielton maintains a stable level of new vehicles and reduces the distance to number 2 2016 15.7% on the market by 500 units in 2017.

market size • Sales on the domestic market amounted to 4,535 units (including agricultural products) 2017 rd and was higher by 1.3% y/y. 23,830 3 • After four quarters of 2017, revenues from sales of products on the domestic market position increased by 2.1% compared to the same period of the previous year, reaching PLN 419.8 million. Market share and sales France

headquarters: Sales [unit] Revenue [PLN m] Auxerre, France 5,020 4,746 +5.8% 548.0 +5.3% 577.3

Market share 2016 2017 2016 2017 based on vehicle registrations

2017 19.9%

2016 20.0% • In 2017, the French market increased by 7.2% y/y to 24,447 units.

market size • Fruehauf SAS maintains its position on the market, executing growth at a level close 2017 st to the market (increase by 7% y/y). The sales in the French company in 2017 24,447 1 amounted to 5,020 units and grew by 5.8% y/y. position • Product sales revenues in 2017 amounted to PLN 577.3 m and grew by 5.3% y/y. Market share and sales Italy headquarters: Sales [unit] Revenue [PLN m] Pescara, Italy +24.1% 85.0 657 +34.2% 882 68.5

Market share 2016 2017 2016 2017 based on vehicle registrations

2017 5.2% • In 2017, the market grew by 8.8% y/y and after four quarters reached 16,142 registered 2016 4.3% vehicles.

market size • In 2017, Viberti Rimorchi recorded an increase in product sales by 34.2% y/y, 2017 th reaching 882 units. This is the best result among top 10 on the Italian market. 16,142 5 • Market share at the end of 2017 is 5.2% compared to 4.3% (increase by 0.9 pp) in the position corresponding period of the previous year, and the distance separating the Viberti Rimorchi brand to no. 4 on the market at the end of 2017 amounted to 268 units. Market share and sales Russia

headquarters: Sales [unit] Revenue [PLN m] Moscow, Russia 729 +141.2% 1,758 65.0 +138.5% 155.0

Market share* 2016 2017 2016 2017 based on vehicle registrations

2017 7.6% • The lasting good situation on the Russian market translated into increased sales of all 2016 8.0% products in a total of 1,758 units.

market size 2017 th • The result is higher by 141.2% in comparison to the same period in 2016, 10,471 4 when 729 units were sold. position • The sales of tipping trailers is not included in the registration statistics (899 units)

because these products were sold to truck producers (mainly Scania, Volvo, MAN). * Market share of European manufacturers European of share Market* Market share and sales Sales [unit] Revenue [PLN m] headquarters: Waltrop, Germany 602 104.9

Market share 2017 2017 based on vehicle registrations

Q1—4, 2017 • In 2017, the consolidated sales volume of Wielton GmbH and Langendorf 2017 1.0% amounted to 602 vehicle units, and the revenues of the companies reached PLN 104.9 m. market size 2017 • The result consolidates the sales of Wielton GmbH in 2017 (219 units) and the 58,261 activity of Langendorf in August – December 2017 (383 units). • The overall market size was 58,261 units, in which the Wielton Group's share was 1%. • The total sales of Langendorf in 2017 amounted to 1,025 units of sold vehicles. Product portfolio structure

2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 40% 34% 16% 18% 11% 12% 12% 11% 0% 1%

UNIVERSAL TIPPER CLOSED BOX SEMI-TRAILERS OF INLOADERS SEMI-TRAILERS SEMI-TRAILERS SUB-CONTAINERS SEMI-TRAILERS new product group from

Langendorf

2016 2017 2016 2017 2016 2017 2016 2017 8% 8% 3% 6% 5% 5% 5% 5% • 15 product families CUBIC TIPPER AGRO TRAILERS • over 800 configurations SETS BODIES (including low loader vehicles) • One of the widest product ranges among European producers • Close cooperation with customers to fully match the products to the needs of recipients Consolidated profits and profitability

• Increase of gross profit from sales by over PLN 40 m with the margin rate of 13.6%. EBITDA EBIT Net profit [PLN m] [PLN m] [PLN m] • Increase in the share of foreign markets (+50% y/y) brings a slightly higher share of selling costs (from 4.8% to 5.3%) related 116,1 to the transport of products (including the 106,1 +9.4% 83,4 transport to Russia). 82,4 +8.0% 89,0 59,6 +40.0% • The consolidation of Langendorf increased general administrative expenses by 8,9% -1.6 pp 7,3% 6,9% -1.3 pp 5,6% 5,0% +0.2 pp 5,2% PLN 5 m, and transaction costs by PLN 3.2 m.

2016 2017 2016 2017 2016 2017 • The EBITDA increased by PLN 10 m at the rate of 7.3%, including the result on Factors that influenced the financial result in 2017: the purchase of shares in Langendorf.

• outsourcing costs; • The impact of the asset recognition on the • management of pay expectations; investment bonus lowering the value of income tax by PLN 17.9 m. In 2018, the • EUR/PLN exchange rate amid depreciation of the rouble and the hryvnia; company plans to complete the remaining part of the permit, which will allow it to • prices of raw materials; recognize another tax benefit in the amount • Langendorf purchase completion. of PLN 4.6 m.

• ; EBITDA results structure [mln PLN]

106,1 + 40,8 111,5 116,1 10… -27,5 +4,6 -2,5 - 2,8 -10,8 +3,4 + 4,8

Raportowana EBITDAZysk na okazjonalnym Udział w zysku netto Oczyszczona EBITDA Wzrost zysku brutto Wzrost kosztów Wzrost kosztów Wzrost amortyzacji Zmiana pozostałych Oczyszczona EBITDA Zysk na okazjonalnym Raportowana EBITDA 2016 nabyciu jednostki jednostki 2016 na sprzedaży sprzedaży ogólnego zarządu przychodów i 2017 nabyciu jednostki 2017 zależnej stowarzyszonej kosztów operacyjnych zależnej (po uwzględnieniu kosztów Increased Profit on the EBITDA Profit on the Shares in net Cleared Increased gross Increased sales Increased Change in other Cleared EBITDA transkacyjnych) EBITDA 2017 depreciation occasional 2016 occasional profits of associate EBITDA profit on sales costs general revenues and 2017 report acquisition of a report acquisition of a company 2016 management operational subsidiary costs costs subsidiary (transaction costs included) Consolidated cash flow statement [PLN m]

Operating Investment Financial activities Overall flow Cash at the end activities activities of the period

114,8

66,6 47,2 49,4 33,9 21,5 12,3

FY 2016 FY 2017 -6,6 -26,1

-124,0

Strong financial position of the Group supported by a high level of cash generated from operating activities. Balance sheet breakdown and debt [PLN m] Adequacy of resources and proper structure of financing sources

951.7 951.7 • In December 2017, Wielton took over the remaining shares of Fruehauf SAS.

440,8 Short-term • In addition to the fair valuation of Langendorf Current debt 563,2 assets, the balance sheet recognized the assets obligation to buy the remaining 20% stake in 60,5 including credits, loans and leasing Langendorf for the amount of Long-term PLN 8.4 m. including cash and 194,6 cash equivalents 49,4 debt • The liability is subject to discounting and 150,2 including credits, loans and leasing revaluation on subsequent balance days. Fixed 388,5 The above value is also a reduction of other assets 316,3 Own capital capitals.

AktywaAssets LiabilitiesPasywa Net debt 161.4 Net debt/EBITDA 1.4 Strategic objectives 2020 Current stage of strategy implementation Consistent implementation of strategic projects: Purchase of shares from the current minority shareholder to the level of 100% of Succession shares in Fruehauf SAS, as well as a smooth takeover of operational Strategic objectives 2020 Fruehauf SAS management while maintaining the continuity of key employees. vs. 2016 Development of a new graphic image of the Wielton Group, as well as Volume Corporate preparation of a set of designs and colours along with guidelines for applications 25,000 units x2 Identity in the Group's materials and products. Developing a rebranding plan.

Defining the rules for using different brands owned by the Group, elaborating Revenue decisions on the development or resignation from individual brand assets and the PLN 2.4 bn x2 Brand strategy schedule for implementing strong changes. Defining the rules for the expansion of individual brands on the markets. EBITDA margin % Defining the principles, structures, tools and operational processes for used 8.0 semi-trailers trade, implementation in the area of ​​the Wielton Group's operations. Used semi- Development of financing programs for semi-trailers based on group-level trailers agreements. Development of standards for the revitalization of trailers for further Objective implementation at the sales level sale. Defining and implementing a unified scope of facility functions and customer Exemplary service standards. Established standards and procedures to be implemented in Wielton Group sales Sales revenue Wielton Group EBITDA customer service volume of the Wielton Group margin all current and planned locations, striving for 100% fulfilment of the customer (in thou. of units) (in PLN bn) (in %) office service objectives. 8,9% 25,0 Objective 2020 8,0% The project consisted in achieving the minimum number of service points defined Objective 2020 2,4 7,3% Objective 2020 Development of for each domestic market in Europe. The project includes signing cooperation the EU service agreements, training service staff and providing access to IT tools (W-Serwis). 15,1 1,6 network 12,5 1,2 The structure of the Group's Management Documents has been determined. The Integration of management documents of the Wielton Group were prepared and published. An quality systems outline of the Intranet platform (Sharepoint) with access to the Group 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 in the Group Management documents was prepared. Publication of the Sharepoint Wielton Group platform. Investments

COMPLETED IN PROGRESS PLANNED

Two automated lines for welding Line no. 4 for welding tipper bodies: launched beams of the main semi-trailer frames; date of launch: beginning of Q2 2018 Construction of refrigerated semi-trailers and trailers Automated painting line for anti- factory corrosive protection of chassis and boxes by cataphoresis Starting date 2018 and a paint shop: in testing Phase: design Z2 Plant: equipment assembly on the new KTL line completed (automatic blasting plant, KTL installation and tub, spray booths) Planned date of completion: end of 2019 Assembly line – bottom and top transport for the pneumatic line and a fragment of the chassis assembly line: in testing Development outlook: 2018

■ Stable situation on the Polish and French market

■ A visible continuation of the good situation on the Italian market

■ Perspectives of strengthening the Group's position on the German market thanks to the integration of the

acquired Langendorf company

■ Good situation in Russia, however, the market growth will not be as spectacular as in the record 2017

■ Employee market: active management of wage pressure in Q2

■ Implementation of planned investments

■ The Group’s development through organic growth and acquisitions, in line with WIELTON 2020 strategy Join us on the Investor's Day on May 22nd in Wieluń

Thank you!

Wielton S.A. www.wielton.com.pl www.wieltongroup.com [email protected] Benefits of investing in Wielton

■ Ambitious development strategy: doubling the business scale within 4 years

■ Leader or in the top 3-5 on dynamically growing markets

■ Successful expansion in all territories: Poland, Western Europe, Russia

■ Acquisitions that bring expected results

■ Strong operating cash flows and secure financial position

■ Positive outlook for the remaining periods of the current year

■ Experienced management team with proven results

■ Regular dividend of 25-30% of net profit and company management Shareholders - - controlledand directlyandMariuszby PawełindirectlySzataniak through: * A total of 50.97% of shares in capitaland votes at the General Meetingare - whoseTFI, total certificates theyhaveacquired, and - MPSZ Sp.MPSZ o.o.,z inthey whichhold 50% of shares thein capitalshare InwestorsMP S.à r.l., a subsidiaryof InwestorsMP FIZANmanaged Forum by shareholders VESTA FIZ VESTA Non 6.3% assets 33% Other Other - public Łukasz ordinary bearer shares 60,375,000 1 1 share 1 vote= … Sp. z o.o.*zSp. MP 13.3% MPSZ 37.6% S.à Inwestors r.l. * President of the Management Mariusz Mariusz Golec Waldemar Frąckowiak Krzysztof Tylkowski KrzysztofPółgrabia Mariusz Szataniak Board RyszardProzner Paweł Szataniak Piotr Piotr Kamiński Tadeusz Uhl ManagementBoard Management Management Board for Economic SupervisoryBoard Tomasz Śniatała Independent Member of the Supervisory Board Independent Member of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board Member of the Supervisory Board Secretary the of Supervisory Board Supervisory Board Deputy President of the Supervisory Board Vice and Affairs Financial - President of the Włodzimierz Masłowski Włodzimierz for for Purchases Vice President of the Management Management Board Markets and Eastern

Page 20 This presentation was prepared by Wielton S.A. ("Company"). It is intended for information purposes only and should not be treated as investment advice. Neither the Company nor any of its subsidiaries shall be liable for any damages resulting from the use of this presentation or its content, or arising in any other way related to this presentation. Recipients of the presentation are solely responsible for their own analysis and assessment of the market and the market situation of the Company and the Capital Group made on the basis of the information contained in this presentation. This presentation contains statements regarding the future. These statements are based on the current forecasts of the Management Board and depend on many factors, which are beyond the control of the Company, and which are subject to a number of known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity or achievements of the Company and the Capital Group to significantly differ from future results, or the level of activity or achievements expressed or suggested in statements regarding the future. contact

CONTACT FOR WIELTON S.A. INVESTORS Rymarkiewicz 6 Tomasz Śniatała 98-300 Wieluń Vice-President of the www.wielton.com.pl Management Board CFO mobile 510 202 743 [email protected]