H1 H1 2017 RESULTS Wieluń – War saw 11 September 2017

Page 1 Manufacturer of semi-trailers, trailers and truck bodies for road transport and LEADING EUROPEAN PLAYER agriculture One of the youngest and the most dynamic companies in the industry – 20-year history

rd International Group founded on 3 MOSKWAMOSCOW powerful local brands in Europe We own research-and-development MINSKMIŃSK modern facilities 2

WALTROP WIELUŃ Page KIJÓWKIEV Wide product portfolio – 15 groups t AUXERRE International service network – as 10 many as 200 locations PESCARA Effective sales network: h 75,000 vehicles with Wielton logo in the world MANUFACTURING ASSEMBLY COMMERCIAL Experienced team: ABIDJAN CENTRES PLANTS COMPANIES ABIDŻAN 2,500 people in the Group KEY EVENTS IN 2017

■ New development strategy

■ Takeover of Langendorf 3

■ Payment of dividend from 2016 profit Page

■ Works on the architecture of Wielton Group brands

■ Operating flows as the source of investment financing KEY DATA AND EVENTS IN H1 2017 DYNAMIC GROWTH AND INVESTMENTS

Half-year The second quarter • Very dynamic income growth • We benefit from the boom by H1 2016 H1 2017 Q2 2016 Q2 2017 strengthening our market position • We use outsourcing to Income 551.8 m PLN +43.3 % 790.8 m PLN 376.6 m PLN +9.1 % 410.7 m PLN maximise our manufacturing

potential 4 EBITDA 56.2 m PLN +2.0 % 57.3 m PLN 37.5 m PLN -22.7 % 29.0 m PLN • We have managed the Page Profitability remuneration expectations EBITDA 10.2 -3.0 7.2 10.0 -2.9 7.1% % pp % % pp % actively: an increase in January • Rising costs of raw materials EBIT 45.5 m PLN -2.0 % 44.6 m PLN 31.2 m PLN -26.9 % 22.8 m PLN • Periodic depreciation of the Profitability Russian ruble against major EBIT 8.2 % -2.6 pp 5.6 % 8.3 % -2.7 pp 5.6 % currencies

Net profit 34.1 m PLN -6.7 % 31.8 m PLN 24.2 m PLN -36.4 % 15.4 m PLN • Strong Polish zloty – not favourable for exporters Net profitability 6.2 % -2.2 pp 4.0 % 6.4 % -2.7 pp 3.7 % DYNAMIC GROWTH OF SALES AND INCOME

H1 Q2 Structure [%] • Dynamic growth of sales and income PL EX 69.6% • We strengthen our position in key +16.9% 7,746 30.4% 6,627 markets – as planned 2,355 ] -2.7% 36.5% 63.5% PL 2,421 3,563 +15.0% 4,096 • Backlog: higher by 25.4% YOY

qty PL -6.2% 1,153

[ +28.2% 1,229 Sales 5,391

EX 4,206 5 EX 2,334 +26.1% 2,943 Page 2016H1 2017H1 2016Q2 2017Q2 2017H1 2016H1 PL EX Backlog [qty] 790.8 29.2% 70.8% 13,714 +43.3% FY 12,731 551.8 -0.3% 230.7 42.0% 58.0% 6,168 9,459 +9.1% 410.7 2H 5,813 PL 231.5 376.6 -6.9% 109.8 +74.9% 560.1 PL 118.0 1H 6,918 7,546 Income EX 320.3 [m PLN] [m EX 258.6 +16.4% 300.9

2016H1 2017H1 2016Q2 2017Q2 2015 2016 2017 PRODUCT SALES STRUCTURE THE RICH PRODUCT PORTFOLIO RESPONDS TO THE NEEDS OF ALL CLIENT GROUPS

Inloaders – new product group of Langendorf

MULTI-PURPOSE DUMPER CONTAINER CARGO 6 40% 18% SEMI-TRAILERS 7% 12% SEMI-TRAILERS CHASSIS SEMI-TRAILERS Page

TRUCK DUMPER AGRO TRAILERS INLOADERS 8% BODIES 6% BODIES 5% 4% POLAND CONSISTENT INCREASE OF MARKET SHARES IN POLAND

Head office: Sales [qty] Income [m PLN] Wieluń, Polska

2,420 -2.7% 2,355 221.1 -0.8% 219.4

Q2 -6.1%. 1,226 1,153 Q2 112.3 -7.1% 104.3

Q1 1,192 1,202 Q1 108.8 115.1 7

2016H1 2017H1 2016H1 2017H1 Page Market share by vehicle registration • Despite fluctuations in market trends, Wielton recorded stable growth of 2.6% H1 2017 15.9% +0.4pp YOY (by vehicle registration) and increased its share by 0.4pp to 15.9%. H1 2016 15.5% • The presence of Wielton in the majority of product groups ensures increases in Market size the volatile market. H1 2017 rd 12,252 • Significant year-on-year increases in manufacturers in the dumper segment – 3 Wielton keeps its leader position in the dumper segment. place • At the end of the second quarter, the Polish market returned to the level of the previous year. FRANCE FRUEHAUF – THE LEADER OF A FAST-GROWING MARKET

Office: Sales [qty] Income [m PLN] Auxerre, France

+15.5% 2,817 2,439 308.5 +4.0% 320.9 1,354 Q2 +4.3% 1,298 Q2 153.7 -1.1% 152.0

Q1 1,141 1,463 Q1 168.9

154.8 8

2016H1 2017H1 2016H1 2017H1 Page Market share by vehicle registration

H1 2017 21.9% +2.0pp • The French market grew by almost 9% while the number of registered

H1 2016 19.9% Fruehauf vehicles increased by 20%. • Market share of the Wielton Group company increased by 2.0pp to Market size H1 2017 st 21.9% which reinforced its position of the leader. 12,807 1 place ITALY VIBERTI GROWS TWICE AS FAST AS THE VERY DYNAMIC MARKET

Office: Sales [qty] Income [m PLN] Pescara, Italy

483 45.5 +50.9% +35,2% 320 33.7 260 25.2 +29.4% +22.3% Q2 201 Q2 20.6 223 20.3 Q1 119 Q1 13.1 9 Market share 2016H1 2017H1 2016H1 2017H1 Page by vehicle registration

H1 2017 5.1% +0.7pp • After an increase of 12% in Q1, the growth on the Italian market

H1 2016 4.4% accelerated to 23% YOY. • The sales of Vibert products went up by more than 50% in the first half Market size H1 2017 th of the year. 8,891 5 • The share in the Italian market increased by 0.7pp to 5.1% which place ensured the strengthening the 5th place. • The dynamics of the Italian market is partly fuelled by government programmes to support the investment in the renewal of semi-trailer stock in Italy by SMEs. RUSSIA WIELTON BENEFITS FROM VERY STRONG MARKET INCREASES IN RUSSIA

Office: Sales [qty] Income [m PLN] Moscow, Russia

139 +474.8% 799 12.5 +455.7% 69.6

+317.1% 463 +326.7% 40.6

Q2 111 Q2 9.5

336 29.0 10 Q1 28 Q1 3.0

Market share 2016H1 2017H1 2016H1 2017H1 Page by vehicle registration • Nearly six-fold increase in Wielton sales on the market that grows very H1 2017 3.8% -2.1pp H1 2016 5.9% dynamically in 2017, following stagnation in previous years. among • The sales of dumper bodies in cooperation with truck manufacturers, Market size H1 2017 which is a significant part of Wielton sales in Russia, are not included in 10,108 the market share (as the vehicles are registered under the brands of dumper manufacturers). TOP 3 market leaders CONSOLIDATED PROFIT AND PROFITABILITY DETERMINANTS OF TEMPORARY PROFITABILITY DECREASE

EBITDA EBIT Net profit The following factors lower the profitability: • the growth of raw material costs was key from the perspective of actual profitability levels; • the growth of remuneration costs as the response 56.2 +2.0% 57.3 to the expectations of the staff; 45.5 -2.0% 44.6 • due to our own limited resources, the excellent 34.1 -6.7% 31.8 economic situation forced the need for partial 10.2% -3.0pp 8.2% outsourcing of technological processes, which in 1H 7.2% -2.6pp 6.2% 5.6% -2.2pp 4.0% consequence increased the production costs; • increase in sales costs associated with a sharp 11

2016H1 2017H1 2016H1 2017H1 2016H1 2017H1 increase in turnover on the Russian market; Page • PLN appreciation with simultaneous depreciation of RUB against EUR.

When comparing the YOY performances, please note 37.5 the one-off event (PLN 2.5m due to valuation of shares -22.7% 29.0 31.2 -26.9% related to the change in consolidation method) at the 22.8 24.2 -36.4% EBIT level of H1 2016. 10.0% 15.4 2Q -2.9pp 7.1% 8.3% -2.7pp 6.4% There was no ”one-off events” in H1 2017. 5.6% -2.7pp 3.7% The comparability of profitability is harder due to the change in the consolidation method. 2016Q2 2017Q2 2016Q2 2017Q2 2016Q2 2017Q2 EBITDA RESULT STRUCTURE IMPACT OF INDIVIDUAL FACTORS ON EBITDA

H1 12 Page

Q2 CONSOLIDATED CASHFLOW SOLID CASH POSITION THANKS TO VERY STRONG OPERATING FLOW

Operations Investments Financial Total flow Cash for the end activity of the period

64.8 67.2 57.0

34.1 26.0 13

17.1 Page

-6.8 -5.2 2016H1 2017H1 -10.2 -25.8 • Broad stream of funds from operations • Distribution of funds for capital expenditure • Dividend payment of PLN 15.1 m BALANCE STRUCTURE AND DEBT CONSTANTLY STRONG FINANCIAL POSITION

Basic items of the balance sheet [PLN m] As in previous periods, the financial situation is 885.7 885.7 very good: • In H1 2017 there was a change in the structure of interest debt: the reduction of 424.0 Short-term debt Current assets 574.1 short-term loans by 42.9% to PLN 33.7m, while the long-term credit increased by 36.0 incl. credit, loans, leasing

52.3% to PLN 106.3m; 14 incl. cash and cash 144.2 Long-term debt • the ratio of net debt to EBITDA invariably 108.0 incl. credit, loans, leasing Page equivalents 67.2 at a very safe level of 0.7 as well as the overall debt – slightly above 60%. Fixed assets 311.6 317.5 Own capital

Liabilitie AktywaAssets Pasywa s Net debt 76,7 Net debt / EBITDA 0,7 STRATEGY: DOUBLE GROWTH IN FOUR YEARS

Strategic objectives for 2020 Current status of strategy implementation

vs. 2016 • Launch of the Strategic Projects Office • Launch of 31 strategic projects in three areas Volume 25 k [qty] x2 15 Page Commercial Operations Investments Income PLN 2.4 bn x2

• Expansion of the EU service • Optimisation of production • Construction of new network lines technological lines EBITDA margin • Building of the Customer Service • Integration of IT tools within • Increased production % 8.0 Centre the Group capacity • Improvement of CRM • Development of sales network in Poland INVESTMENTS IN PROGRESS PLANNED PUT INTO OPERATION Lines 3 and 4 for welding semi- Construction of semi-trailer trailers in a newly built welding hall; and trailer plant Robotised lines (C5 and C6) for semi-trailer frame planned onset of operations: the welding: put into operation in July 2017 The investment launch beginning of Q1 2018 date: 2018 Two automated welding lines for the main beam frames of semi-trailers; planned onset of operations: the 16 beginning of Q2 2018 Page Automated painting line for cataphoretic anti-corrosion protection of chassis and load beds, Lines 1 and 2 for welding semi-trailers in a newly- plus the paint shop; planned onset of built welding shop operations: January 2018 TAKEOVER OF LANGENDORF GROWTH BY ACQUISITIONS: TAKEOVER OF LANGENDORF

23 May 2017: the contract to purchase 80% Langendorf shares (acquisition of shares: th 4 Number 1 31 July 2017) place on the dumper on the global The remaining 20% will be market in Germany INLOADER market

purchased successively 17 Unique know-how in the construction of trailers (4x5%) in the next years Page up to 2022. for transport of glass and its prefabricates

Integration activities: Expected results:

• Integration of Lagendorf and the Group in terms of • increase of Group’s income organisation and processes • joint activities in the area of product development • realisation of joint projects: shared product configurator • integration of procurement • marketing activities; integration of sales network and • increase of the volume of products by 1000 pcs. service network WHY DOES IT MAKE SENSE TO INVEST IN WIELTON?

■ Ambitious development strategy: doubling the scale of business in 4 years

■ Leader or TOP 3-5 player in dynamically growing markets

■ Successes in expansion in all regions: Poland, Western Europe, Russia 18

■ Acquisitions that bring expected results Page

■ Strong operating flows and secure financial position

■ Positive outlook for next periods of the year

■ Experienced management team that proved its effectiveness

■ Regular dividend of 25-30% of net profit Thank you for for your attention . Appendix Q&A

Page 19 Dividend WIELTON ON STOCK EXCHANGE from the stock for 2016 exchange debut 20,00 TurnoverObroty Wielton WIG sWIG80 WIGdiv grosz per share 25 184 18,00 rate 1.4% 3.9%* PLN m 15.1 115.9 16,00 +94% 14,00 EV/EBITDA

12,00 20

9.9 +4.4 YOY Page +42% 10,00 +35%

8,00 +17% Turnover volume

H1 2017 YOY change 6,00 average 46,823 +33%

4,00 median 29,614 +138%

2,00 Stock exchange GPW (Warsaw Stock Exchange) Ticker WLT ISIN PLWELTN00012 0,00 Indices WIG, sWIG80, WIGdiv, WIG-Poland 04.01.2016 04.04.2016 04.07.2016 04.10.2016 04.01.2017 04.04.2017 04.07.2017 08.09.2017

* The arithmetic mean of the rates of return on dividends from the years in which they were paid; dividends for 2012-2015 were paid in tranches. SHAREHOLDER STRUCTURE AND The Management Board THE MANAGEMENT

Other MP Inwestors shareholders S.à r.l.* 33% 37.6%

60,375,000 Mariusz Golec Tomasz Śniatała Włodzimierz Masłowski ordinary bearer shares President Vice-President Vice-President of the Management Board of the Management Board (Economic of the Management Board 21 1 share = 1 vote and Financial Issues) (Procurement and Eastern Markets) Page

The Supervisory Board VESTA FIZ Aktywów Paweł Szataniak President of the Supervisory Board Niepublicznych MPSZ Sp. z o.o.* Mariusz Szataniak Vice-President of the Supervisory Board 6.3% Łukasz Tylkowski 13.3% 9.7% Krzysztof Półgrabia Secretary of the Supervisory Board Ryszard Prozner Member of the Supervisory Board * In total, as many as 50.97% of the shares and in the capital and votes at the General Meeting are controlled directly and indirectly by Mr Mariusz Szataniak and Mr Paweł Szataniak by: Krzysztof Tylkowski Member of the Supervisory Board - MP Inwestors S.à r.l., a subsidiary of MP Investors FIZAN managed by the TFI Forum (they have subscribed the certificates), and Piotr Kamiński Member of the Supervisory Board - MPSZ Sp. z o.o., in which they hold a 50% stake in the share capital. Tadeusz Uhl Independent Member of the Supervisory Board Waldemar Frąckowiak Independent Member of the Supervisory Board DISCLAIMER

This presentation has been prepared by Wielton S.A. ("Company"). It is of purely informational character and should not be treated as investment advice. Neither the Company nor any of its subsidiaries shall be held liable for any damages resulting from the use of this presentation or its contents, or for any damages incurred in any other manner in connection with this presentation. The viewers of this presentation are solely responsible for their own analyses and market assessments and the market situation of the Company and the Capital Group based on the information specified in this presentation. This presentation contains statements related to the future. These statements are based on the current 22 expectations of the Management Board and as such are subject to a number of factors that the Company has no Page influence on, and are subject to a number of known and unknown risks, uncertainties and other factors that may result in differences between the actual results, activity levels and/or the achievements of the Company and the Capital Group and the future results, activity levels and/or the achievements expressed or implied in forward- looking statements. • kontakt www.wielton.com.pl WIELTON S.A. ul. ul. Rymarkiewicz 98 - 300 Wieluń 6 [email protected] +48 M of the Management Vice Tomasz INVESTORS CONTACT FOR - President 510 202 743 Śniatała Board , CFO

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