Agenda for todays session

Todays Agenda

14:00 14:50 Presentation

14:50 15:20 Questions

15:20 15:30 Short Break

15:30 16:00 Truck visit

|1
Resources on Website

Prospectus Everything in high detail until end-2016

First financial report and details about the

H1 2017 report
Excel aid also useful

Presentations More graphic and rather about the outlook and stories behind the numbers

Investor news The latest developments

|2
CFA Research Challange Company Presentation
WABERERS INTERNATIONAL Nyrt. | October 20, 2017
Forward-looking statements

This presentation may contain forward-looking statements. Statements that are not historical facts, including statements
about our beliefs and expectations, are forward-looking statements. These statements are based on current plans,
estimates and projections, and therefore should not have undue reliance placed upon them. Forward-looking statements
speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new
information or future events.

Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors
could cause actual results to differ materially from those contained in any forward-looking statement. Such factors are
described in, among other things, the prospectus dated 15 June 2017, which was approved for publication by the National
Bank of Hungary in its resolution No. H-KE-III-426/2017, dated 16 June 2017, and available on our website for investors at
http://www.waberers.com/en/investors.

|4
Agenda

| Waberers Highlights
| Market Fundamentals
| Investment Case
| Financial Highlights
| Appendix

|5
A Compelling Investment Proposition Delivering Growth

Scale Efficiency Innovation Consolidation Profitability

Largest European Market-Leading Developing and Platform Track Record of
Own FTL Fleet Fleet Utilisation Applying Technology Attractive Strong Financial
Systems Consolidation Performance
Prospects

Delivering Above-Market Growth

15.7% (incl. Link)

11.4% (excl. Link)

3.5% 3.8%
1.5%

EU 28 Real European US FTL(2) (4)

GDP International Road Operators(3)

Freight(1)

2012A 2016A CAGR

Sources: Company information, Transport Intelligence, FactSet (market data as of 24th March 2017), Economist Intelligence Unit.
Notes: (1) European road freight market size growth, based on estimated market size for 2016. (2) Full truck load. (3) Average 2012 2016 revenue CAGR based on FactSet. US FTL operators include J.B.
|6 Hunt, Knight, Werner, Swift, Heartland, Marten, Covenant and Celadon. (4) Based on FY2016 pro-forma revenue.
The European Leader in FTL Transportation

Leading Pan-European Leading Regional Logistics

FTL Operator Solutions Provider
Group Revenue 2016PF: 582m
Group Recurring EBITDA 2016PF: 76m

3,787 Trucks(1) 197k m2 IT Capital Expenditure

c.2.3 Years Average Age Warehouse Capacity(1,2) of c.2.7m p.a.(3)

4 Western European Core Markets

5,014 Drivers(1) & Pan-European Coverage with 28 92.0% Utilisation(4)
Served Countries in Total

c.4.3m Tonnes
447m km Driven p.a.(3) c.3.3k Customers(5)
Transported(5)

Origins Modernisation International and Regional Growth

| 1948 | 1994 | 2002 | 2006 | 2011 | 2013 | 2016 | 2016 | 2017
Creation Acquisition of Acquisition of Acquisition Initial MEP Acquisition of Acquisition MEP acquired Acquisition
of the Voln Tefu in a Hungarocamion of Rvsz investment 60% stake in of WHB remaining of Link and
Company privatisation Eurotrans Szemerey(6) Insurance 40.3% from Mr IPO
process(9) Waberer(7)

| 1994 Privatisation of the Company | 2004 Hungary joined the EU

3,550

175(8)

2000A 2016A

Source: Company information.

Notes: Financials for 2016 are recurring pro-forma (including WHB Insurance for Q1 2016). (1) Average for Q2 2017. (2) For the Regional segment only. (3) Refers to 2016. (4) H1 2017 average loaded ratio for the International segment.

|7
Calculated as total number of kilometres driven carrying loads divided by total number of kilometres driven during the relevant period. (5) Refers to the International Transportation segment only for 2016. (6) Remaining 40% owned by Mr
Szemerey. Waberers has a call option exercisable until April 2018. (7) Mr Waberer retired in 2016 and was replaced by Ferenc Lajk as new CEO. (8) Voln Tefu only. (9) The company was registered in 1990 as the legal successor of
Voln Tefu.
Divisional Overview: International and Regional

Group Revenue: 582m Group EBITDA: 76m (Margin: 13.1%)

International Regional
|Overview(1) |Overview(1)
#1 own-fleet player in European FTL with #1 in road transport and logistics services in Hungary 17%
Revenue Revenue
3,123(2) own trucks Large dedicated domestic fleet of 844 own trucks(2)
443m 76% 97m
Pan-European network and capacity and warehousing capacity of 197k m (2) (dry and
availability refrigerated)
Benchmark service offering at a competitive EBITDA Full range of logistics capabilities across the EBITDA
price point value chain 17%
58m 13m
Fleet utilisation of 92.0%(3) as measured by Margin 77% Regional transportation comprises FTL Margin
loaded ratio 13.2% transportation, LTL(4) distribution, container 13.4%
transportation as well as warehousing

Other
Revenue Split(5)
|Overview(1)
Revenue 7%
Comprising revenues and profits from third party 41m
Own Fleet 80.5% Freight Forwarding 19.5% insurance
EBITDA
Acquisition of insurance business has internalised 5m
insurance services, reducing exposure to further 6%
Margin
premium increases 11.9%

Source: Company information.

Notes: Financials are FY2016 recurring pro-forma (including WHB Insurance for Q1 2016) figures. (1) % contribution represents 2016 Revenue and EBITDA. (2) Q2 2017 average. (3) H1 2017 average.
|8 (4) Less than truckload. (5) Freight forwarding also includes groupage and other revenue.
Capital Market Overview

IPO Allocation Structure Post-IPO Shareholder Structure(1)

EUR 50 mn 1%
EUR 15 mn
Primary Allocated to 22% Institutional
issuance retail investors
(new shares) and employees
Retail
EUR 80 mn
6% CEE Transport BV
EUR 30 mn equity sold
EUR 65 mn
Sold by existing Allocated to 70% Treasury shares
shareholder institutional
(CEE Transport) investors

Public Offering for retail investors and employees WABERERS INTERNATIONAL Nyrt, Series A ordinary shares
between 19-27 June 2017
Markets listed Budapest Stock Exchange
ISIN HU0000120720
BSE ticker WABERERS
Private placement for institutional investors until 29
Reuters ticker WABE.hu
June 2017
XETRA code WABS
Bloomberg ticker WABERERS HB

Trading commenced on 6 July 2017

Source: Company information.

Notes: (1) After greenshoe settlement on 9th August 2017, the shareholding of CEE Transport BV increased to 71.99%. (1) Target price compared to the closing price on 11 September 2017 of HUF 4,850.

|9
Agenda

| Waberers Highlights
| Market Fundamentals
| Investment Case
| Financial Highlights
| Appendix

| 10
Logistics Industry Core Activities
International & Regional

Transportation
Comprises road, rail, air and sea
transportation, provided through either owned
assets (asset-based) or brokered capacity
providers (asset-light)
Road transportation is the dominant mode of Regional
transportation in Europe
Regional Value-Added Services
Value-added services include a
variety of outsourced business
Warehouse Management services often integrated into
warehouse management
Management of warehouse facilities,
including check-in / check-out, internal Comprises pick and pack orders, kit
cargo handling, storage and retrieval assembly, warehouse and inventory
management, quality controls, returns
management, classification and
product labelling

Regional Regional

3PL (3rd Party Logistics) 4PL (4th Party Logistics)

Providing full supply chain management Outsourced strategic role designing solutions
services including transportation, storage managing the integration of the overall supply
and value-added services
3PL 4PL chain and different service providers
Relies on transport asset providers and warehouse Taking responsibility for the complete
operators to operate on 3PLs behalf logistics process on behalf of the customer

Segments(1)

Source: Industry research.

Note: (1) Indicates in which logistics industry core activity the Company is active through which segment.

18
Trucking Industry Overview

Trucking Services Overview

One consignment is carried on a whole truck

Consignments are carried on a point-to-point basis directly
from the consignor to the customer
Full Truck

Full Truck
Quick delivery times
Load Limited risk of misplaced cargo
(FTL) Requires high efficiency and integrated IT systems to be
Consignor Consignee able to offer optimal service to clients
Characterised by fewer clients moving larger loads

Consignments from several sources are combined into one

full vehicle load
>2.5t per Shipment

Goods are collected from several points and then

delivered to several destination points
Less Than Requires more coordination to minimise travel time
Truck Load between the drop-off points
(LTL) Multiple operating modes, e.g.:
One vehicle makes multiple collections and deliveries
Goods are transhipped at various stages on their route
Consignors Consignees from consignor to consignee

Consolidation of goods from several different shippers in

30kg 2.5t per Shipment

a depot where they are sorted by destination and then

shipped collectively with other goods with the same
destination
Groupage Collection of the goods at a terminal at the point of destination
and final delivery to the customer
Consolidation Distribution Hub
Hub Used extensively for parcel operations where many
hundreds of consignments can be carried in a single truck
Also referred to as hub and spoke network services

Source: Industry research.

19
Logistics Industry Business Models

Asset Intensity and Key Characteristics Key Characteristics

Key Players Asset Intensity US FTL Asset-Based
(L3Y Average Asset Intensity(1)) EU Logistics
Ability to achieve efficient and effective asset
104%

EU FF
deployment and guarantee capacity to
93%

92%

90%

customers
87%

86%
Avg. Asset-Based(2): 80%

79%
Avg. Asset-Light(3): 38% Can generate higher margins than asset-light,

61%

61%
but require well-designed contractual

57%

56%

47%
relationships to balance the risk of operational

44%
leverage and deliver returns

34%

33%

29%

28%

28%
Economies of scale key to achieve
competitive advantage (e.g. with regards to
network size and density as well as financing
(4)
conditions)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
No margin split with a freight forwarder as the
middle-man is cut out
No margin pressure in times of high demand
Transportation Operators in the Distribution Chain vs. asset-light players

Asset-Light
High growth and modest margins but with high
Serving Direct returns given low capital requirements
Customers
Beneficial Asset-Based
End-Customer High market entry barriers, defined by track
Cargo Owner Operator record and reputation for reliability
In times of high demand asset-light players
margins are squeezed between capacity
shortage and clients being unwilling to
Serving Freight absorb costs
Forwarders
Beneficial
Ability to adapt to demand fluctuations, i.e.
Cargo Owner Freight Forwarder Asset-Based
End-Customer easily scale up or down, as operating assets
Operator are subcontracted
Sources: Industry research and FactSet (as of 24th March 2017) (key players asset intensity).
Notes: (1) Asset intensity = (total assets intangibles) / revenues. Average asset intensity 2014A-2016A (2013A-2015A for XPO Europe (previously Norbert Dentressangle) and ID Logistics). Intereuropa
excluded as outlier (asset intensity >200%). (2) Asset-based comprises the US FTL players. (3) Asset-light comprises European logistics companies and freight forwarders. (4) Norbert Dentressangle
is currently trading as XPO Logistics Europe SA, after it was acquired by XPO Logistics in July 2015.
20
International FTL Focus, Supported by Regional and Insurance Businesses

International Regional Other

International International Freight Regional

Transportation Forwarding & Groupage
International long haul
transportation of goods beyond
the scope of traditional FTL as
Own Fleet FTL
well as scheduled runs of
smaller loads, express cargo
forwarding and ADR(1)
Logistics Insurance
Transportation
Warehousing services and Subsidiary providing services to
Dedicated fleet for transport of
specialised transport using own International and Regional
special goods
fleet segments as well as third parties

Group Contribution 2016PF

7.1% 6.5%
16.7% 17.0% 15.0%

76.2% 76.5% 85.0%

Revenue: 443m EBITDA: 58m Drivers: 4,074 Revenue: 97m EBITDA: 13m Drivers: 719 Revenue: 41m(2) EBITDA: 5m(2)

Key Statistics 2016A

2,970 own trucks 580 own trucks c.173k external customers(3)

91.6% loaded ratio 160-170k m warehouse capacity (dry and refrigerated)

Source: Company information.

Notes: (1) European Agreement concerning the International Carriage of Dangerous Goods by Road (ADR). (2) Includes only 3rd party revenues and EBITDA. Intra-Group insurance revenues and EBITDA are
allocated to International and Regional segments, respectively. (3) As of February 2017.
28
Agenda

| Waberers Highlights
| Market Fundamentals
| Investment Case
| Financial Highlights
| Appendix

| 15
Key Investment Highlights

1 Established market leadership secured by significant barriers to entry

2 Large addressable market with attractive growth and consolidation prospects

3 Focused strategy, underpinned by a compelling value proposition, driving above market growth

4 Industry-leading operational performance

5 Resilient business model

6 Track record of strong financial performance with compelling near-term outlook

7 Highly experienced, successful management team

8
 1 Established Market Leadership Secured by Significant Barriers to Entry

#1 Own International Fleet FTL Player in Europe Significant Barriers to Achieve Industry Leadership
International Fleet Size(1)
(Number of Vehicles, Latest Available) (excl. (incl.
Link) Link)
(2) (3)
Waberers 2,970 3,397

Girteka 2,900
1 Economies of Scale / Procurement

Fercam 2,850

Wili Betz 2,800

2 Positive Network Effects

XPO Logistics 2,653

3 Capital Expenditure

A Leading Regional Logistics Services Provider

Revenue in Hungary
(2015A, in m) 4 Customer Relationships & Sales Organisation

167(4)

92(5) 5 IT Infrastructure and Innovation

91(6)

89 6 Driver Population & Organisational Setup

76

Sources: Transport Intelligence (2017).

Notes: (1) Estimates for competitors international fleet sizes from Transport Intelligence. (2) Refers to average fleet size in 2016 of International segment excluding Link. (3) Refers to average fleet size in
2016 of International segment including Link fleet size in March 2017. (4) Revenue derived from business in Hungary across International and Regional segments. (5) Excludes express services
related revenues. (6) Excluding maritime container transportation, small parcel transportation and home delivery related revenues.
9
 Large, Addressable Market with Attractive Growth and Consolidation
2
Prospects European Market
Road is the Dominant Mode of Transportation in Europe Highly Fragmented European Market

European Transport Inland Transportation Companies by Fleet Size(1)

Split Navigation
(By Freight Transport 13%
Activity in Gtkm, 2015A)
Rail 51% 1%
34% 13%
16% Road
71% % of Truck
Operators

3,977 (2)
85% of trucking companies 3,550 (3)
operate 10 or fewer trucks
with Expected Growth in Excess of GDP
European International Road Freight Market Size
(in bn) 50 50+
EU Real GDP CAGR 1.2%

106 111 # of Trucks

97 101
88 93
81 82 85 10
80
1 11
2

2011A 2012A 2013A 2014A 2015A 2016E 2017E 2018E 2019E 2020E

Recovery of European GDP and consumer confidence

Highly fragmented market provides for:

Shift of production facilities to Eastern European countries by Continued organic growth throughout the cycle
Asian and other manufacturers
Potential for market consolidation

Growth in e-commerce

Sources: Transport Intelligence (2017) (road freight market size, top 6 companies market share), Economist Intelligence Unit (GDP data), International Road Transport Union (fleet size data), European
Commission (freight market split).
Notes: (1) Indicative illustration based on International Road Transport Union report as of June 2006. (2) Average total fleet size 2016 including Link fleet size in March 2017. (3) Average total fleet size 2016
excluding Link.
10
 Large, Addressable Market with Attractive Growth and Consolidation
2
Prospects Regional Market
Growing Economies in Adjacent Countries Strong Domestic Road Transportation Market Growth

Real GDP CAGR Hungarian Domestic Road Freight Market Size

(2015A 2020E) (in bn)

United
Kingdom 2.4 2.5
2.2 2.3
2.1 2.1 2.2
1.3% 1.8 1.9
Germany 1.8
Poland 3.0%
1.5%

France 2.3%Czech
Republic
3.2%
1.3% Austria
Slovakia
2011A 2012A 2013A 2014A 2015A 2016E 2017E 2018E 2019E 2020E
Hungary
1.5%
2.4% 3.8% Customer-led growth with focus on regional logistics
solutions

Romania

Customer preference for one-stop shop logistics

Italy
solution providers
0.8%

Regional market with large number of small and mid-

sized operators

3.0% Strong growth of private consumption in Eastern

1.6% Europe of c.3.1% p.a. from 2015A to 2020E lays solid
foundation for increasing road freight volumes
Western Europe Eastern Europe
Sources: Transport Intelligence (2017) (Hungarian domestic road freight market size), Economist Intelligence Unit (GDP data, private consumption growth).

11
 Focused Strategy, Underpinned by a Compelling Value Proposition,
3
Driving Above-Market Growth
Compelling Value Proposition and Focused Strategy Driving Above-Market Growth

Availability Guaranteed capacity and high density of fleet network

International

Leverage
the
Network Quality Modern fleet and high punctuality
2012A 2016A CAGR

(incl.
Price Highly competitive value proposition 15.7% Link)

(excl.
11.4% Link)
Solutions Tailored logistics capabilities
Tailored
Regional

Solutions Scale Largest operations across whole service offering FTL,

distribution and warehousing, and sales force
3.5% 3.8%
Brand Established brand known for high reliability & quality service
level
1.5%

Inorganic Growth EU 28 European US FTL (3)

Real GDP International Operators(2)

Driving
Clearly defined M&A action plan with identified potential targets
International &

Road Freight(1)
Growth
Regional

Through
M&A and Potential to act as a consolidator in the low-concentration market

Innovation Growth Through Innovation

Entry into intermodal transportation

Big Data driven operational enhancement initiatives

Sources: Company information, Transport Intelligence (2017) (European international road freight), FactSet (as of 24th March 2017), Economist Intelligence Unit (EU real GDP).
Notes: (1) European road freight market size growth, based on estimated market size for 2016. (2) Average 2012 2016 revenue CAGR based on FactSet. US FTL operators include J.B. Hunt, Knight,
Werner, Swift, Heartland, Marten, Covenant and Celadon. (3) Based on recurring 2016 pro-forma revenue.
12
 4 Industry-Leading Operational Performance

High Density of
Coverage(3)
Market-Leading
IT Infrastructure Industry-Leading
Operating Efficiency

91.6%
91.3%
90.9%

- Industry-leading IT platform drives - Density and frequency drive

operational excellence and optimisation potential
optimises asset deployment

EU 28 Avg.(2) 87.5%

Optimised Driver 2014A 2015A 2016A

Management Fully Standardised
Loaded Ratio(1)
Modern Fleet
Operational Operational Operational
Management Management Management
Unit Unit Unit

- Leading incentive structures for drivers - Homogenous fleet allows full

and operational management fosters best- interoperability
in-class driver retention and - Young and modern fleet provides higher
entrepreneurial mind-set fuel efficiency, operational reliability,
lower R&M cost and greater driver comfort
Source: Company information, Transport Intelligence (2017) (EU 28 average loaded ratio).
Notes: (1) Calculated as total number of kilometres driven carrying loads divided by total number of kilometres driven during the relevant period (for International Transport only). (2) Average loaded ratio from
2014A to 2015A. (3) Illustrative positioning of Waberers fleet in Europe.
13
 5 Resilient Business Model

Industry-Leading Production Costs Flexible Asset Cycle

Fleet Cycle Re-Scalability
High fuel efficiency (Avg. # of Trucks)
(23% of 2015 Fleet(1))
Continuous fleet
Optimised procurement of trucks 117
3,550
renewal programme
Addition

668 785
Established OEM
Standardised in-house maintenance 3,433
Existing
buyback scheme
2,765
Superior deployment and utilisation of driver population Allows re-scalability
Fleet 2015 Replacement Expansion Fleet 2016
and re-configuration
of fleet
Financing at favourable cost

Leveraging Third-Party Asset Providers Diversified Blue-Chip Customer Base

Revenue by Fleet Ownership Revenue by Customer Industries

(International Segment Revenue, 2016A) (Group Revenue, 2016PF)
Increases deployable
capacity Customer
Subcontracted FMCG
23%
(2)
diversification
20% Non-Classified
Maximises own-asset 31%
utilisation
End market
diversification
Construction &
Packaging
Complements the 2% Automotive Geographic
Own Fleet international FTL
Retail
5% Freight
16% diversification
80% service offering Forwarders Electronics
11% 12%

Source: Company information.

Notes: (1) Replacement rate calculated as number of disposed and renewed trucks divided by average fleet size of the previous period. (2) Fast moving consumer goods.

14
 Track Record of Financial Performance with Compelling Near-Term
6
Outlook
Consistent Historic Growth of Revenue and Profits High Visibility of Revenue and Profits

Revenue Retained Key Accounts(1)

(in m) (in % of Total Key Account Revenue)

676 99% 99% 99%

94

522
496

582

2014A 2015A 2016PF 2014A 2015A 2016PF

EBITDA
(in m) 13.7% 13.7% 12.8%(2)

Consistently high customer retention

87

10

68
72 3 year average length of contracts for regional logistics

76
Yearly bidding processes for most blue chips, with high
bidding success rate

2014A 2015A 2016PF

Waberers Link Margin

Source: Company information.

Notes: Financials for 2016 are recurring pro-forma (including WHB Insurance for Q1 2016 and Link). Financials for 2014A and 2015A are recurring.
(1) Kept key account partners previous years turnover over total key account turnover of the actual year. Data does not include Link. (2) Including Link.
15
 7 Highly Experienced, Successful Leadership Team

Leadership Team with Extensive Transportation Experience Qualified Senior Management

Joined the Group in 2002, CEO since 2016 Zsolt Barna Years of
Experience(1)
+20 years of transportation and management experience
Head of
Ferenc Lajk Previously held various management positions at Hungarocamion, Regional +20
CEO Voln Camion and Voln Tefu Business
BSc Transportation Management (Szchenyi University)
BSc Economist Manager (Szchenyi University) Szabolcs Tth
Strategic +14
Development
Joined the Group in 2013, CFO since 2014 Director
Barna Erdlyi +15 years of transportation and financial experience
Deputy CEO Previously held various management positions at various Hungarian Lszl Barits
and CFO transport companies, and as a senior financial consultant at PwC
Director +12
MSc Economics (Budapest University of Economics) Commerce

Board member since 2011

Csaba Kiss
Stefan Previously COO & CMO at Thiel Logistics; former owner of
Delacher+Co Transport AG Director +20
Delacher
Also serves as Senior Advisor to Rothschild Global Financial Advisory Transportation
Board (Logistics) and as member of the supervisory board of Raben Group
Member BSc Economics (Claremont Colleges, USA) Levente
MBA (European University, Paris, France) Brndy
+20
Director Freight
Board member since 2016 Forwarding
Gerard van Previously financial controller and CFO at Kuehne + Nagel from 1989
Kesteren to 2014 Dr. Bence Nyilasy
Board Also serves as member of the board at Planzer Holding, Raben Group Director of +15
Member and Janel Corporation Insurance
Degree in Economics and Accountancy from Hogeschool van Arnhem Company
Source: Company information.
Note: (1) Years of relevant transportation and logistics industry experience (in the insurance industry for Dr. Nyilasy).

22
Agenda

| Waberers Highlights
| Market Fundamentals
| Investment Case
| Financial Highlights
| Appendix

| 25
Consistent Top Line Growth with Stable Profit Generation

Consistent Growth of Revenues Across Segments Stable Profit Generation

| Revenue CAGR | EBITDA CAGR
(in m) 2014A-2016PF (in m) 13.7% 13.7% 13.1% 2014A-2016PF
582 76
8.3% 5.9%
522 68 72
496 41 5
87 97 11.8% 8 11 13 27.2%
78

419 435 443 2.9% 60 60 58 (1.4%)

2014A 2015A 2016PF 2014A 2015A 2016PF

International Regional Other International Regional Other Margin

Continued Net Margin Improvement Recent Deleveraging and Decreasing Refinancing Costs
| Net profit | Net Debt & Leverage(1) | Average Interest Costs
(in m) Avg. Margin (in m)
2014A-2016PF
2.2% 2.6% 2.7% 3.63%
2.5% 3.08x 3.25x
2.77x
2.76%
243 243
231
10
21 32 1.82%

16
14 232
11 210 211

2014A 2015A 2016PF 2014A 2015A 2016A

2014A 2015A 2016PF Margin Net Debt Cash Leverage

Source: Company information.

Note: Financials for 2016 are adjusted pro-forma (including WHB Insurance for Q1 2016). Link is not included. (1) Leverage is defined as net debt / EBITDA.
| 26
Strong Historic Revenue Growth

Consistent Revenue Growth Commentary

Revenue Breakdown by Revenue Stream
(in m)
582 The International segment contributes the majority of the Groups revenue
14 Increases in 2016 were primarily due to a 4.5% increase in the number of

Regional Key Revenues

522 41 kilometres driven by the International Transportation Segment, to 398 million
496 17 19 kilometres in 2016, and a 18.7% increase in the number of kilometres driven
10 17 20 by the Regional Contracts Logistics Segment, to 48 million kilometres in 2016
14 18
20 48 In addition, the loaded ratio of the International Transportation Segment
41 increased to 91.6% in 2016 (91.3% in 2015) and the average size of the
41 18
16 Groups fleet increased to an average of 3,550 in 2016
13
65 The acquisition of new customers by the Regional Contract Logistics Segment
67
63 helped to further contribute to revenue growth

International Key Revenues

International Focus Supported by Regional Business
Contribution of Revenue Streams
(as % of Total Revenues 2016PF)
Total Revenues
357 3rd Party Other
336 348 582m
Warehousing Insurance 3%
3% 7%
Regional FF
4%
Regional Own
Fleet
8%
International LTL
3% International Own
2014A 2015A 2016PF Fleet
International FF 61%
International Own Fleet International FF International LTL Regional Own Fleet
11%
Regional FF Warehousing 3rd Party Insurance Other (1)

Source: Company information.

Note: (1) Includes International and Regional other revenues, FX hedge, and well as International and Regional other allocations.

57
Revenue Drivers: Increased Optimisation Across Divisions

Growing Fleet High Utilisation Levels

Number of Trucks Waberers is the leading owned- Loaded Ratio(2)
(Average # per Year)
vehicle operator within the Utilisation levels exceed those of
2,916 2,970
European international FTL 91.6% the Groups wider European
2,739 90.9% 91.3%
market competitors (in Germany, the UK
and France), according to TI, and
Growth reflects the Groups have continued to gradually
ambition to continue to grow in increase over the historic period
scale and gain market share, 86.0%
in part due to improvements in
increasing its fleet asset base 84.5% their proprietary IT systems,
83.9%
Gradual organic expansion(1) to ensuring high fleet utilisation
529 517 580 c.3.5k trucks on average in the Stable
mid-term
Gradual convergence to
Gradual organic expansion(1) to International segment level in
2014A 2015A 2016A c.800 trucks on average in the 2014A 2015A 2016A the mid-term
International Regional mid-term International Regional

Continued Optimisation of Fleet Deployment Sustained Revenues per Loaded Kilometre

Kilometers per Truck per Months Revenue per Loaded Kilometre
(in Kilometres per Truck per Month) (in / km)
Improvements in proprietary IT 1.17
11,110 10,886 11,171 1.15 Lower revenue per loaded
systems, in particular WIRE and 1.13 kilometre in 2016 partially
WIPE, help ensure reduced idle
explained by reduced fuel prices,
time and optimise asset
7,046
which are passed on to customers
6,710 6,659 deployment, increasing total
1.01 in the Groups pricing model
kilometres driven per truck 1.00
0.98 Increasing at c.60bps p.a. on
Increase of driven kilometres
average
per truck of slightly above 1%
p.a. Stabilisation at a mid-single
digit percentage level lower
Low double-digit gradual
than 2016, in line with market
increase of driven kilometres
pricing trends
2014A 2015A 2016A per truck in the mid-term 2014A 2015A 2016A
International Regional International Regional

Sources: Company information, Transport Intelligence (2017).

Notes: (1) Organic expansion excludes corporate acquisitions, but can include bulk fleet purchases. (2) Calculated as total number of kilometres driven Mid Term Outlook International
carrying loads divided by total number of kilometres driven during the relevant period for International. A calculatory metric used for business Mid Term Outlook Regional
59 planning purposes for Regional.
Revenue Drivers: Increased Optimisation Across Divisions (Contd)

Recent Substantial Expansion of Capacity High Warehouse Utilisation Improving Revenue Generation
Warehouse Capacity Warehouse Capacity Utilisation Revenue per Used m2
(Year end figures, in m2) (Year end figures, in % of Total Warehouse Capacity) (Year end figures, in / used m2 / Year)

162,779 130
92.5% 92.5%
88.2%
153,961
118
146,637
107

2014A 2015A 2016A 2014A 2015A 2016A 2014A 2015A 2016A

Continued expansion of the client base and
increased requirement for warehouse capacity
led to further leased space in strategically
chosen locations
Year end decrease in 2016 in part due to
increased warehouse capacity vs. previous
years, as well as a one-off client relocation
exercise, affecting the year-end period
Due to the trend of increased client movements
of products within warehouses, as well as
continued pricing optimisation, revenue per used
m2 has consistently increased over the historic
period

Back-loaded capacity growth of above 25% Return to 2014 / 2015 utilisation rates with Front-loaded growth of around a third in the
in the mid-term stable outlook mid-term

Source: Company information.

Mid Term Outlook International
Mid Term Outlook Regional
60
Industry-Leading Production Costs

Continued Focus on Operational Costs to Sustain Margins Commentary

Cost Breakdown
(in m) Material costs the Group incurs include mainly fuel, transit costs (toll, ferry and
473 3rd tunnel costs), labour costs and costs of subcontractors
Party
24 Ins.
6 Other Historically, the Company has been able to capitalise on its economies of
427
17 Ware. scale and the resulting purchasing power to manage the major drivers of these
405 8
16 23 Group. costs
14 21
19
FF Exception is labour costs, where the Company adjusted compensation paid in
78
order to secure the driver base necessary for its operations as well as to
77
76 comply with the various minimum wage regulations in its countries of
25 Ins. operation. The Company regards this as a one off increase, to align them
12 19 with the market

59 84 Driver
66

Diversified Cost Base

85
Share of Cost Items
92 90 (as % of Total Operating Costs 2016PF)
Total Operating Costs
Transit
3rd Party Insurance
473m
Other
17 1% 5%
Warehousing Fuel
18 20 R&M
4% 22%
Groupage
5%
123 Fuel
109 106 FF
17% R&M
4%

2014A 2015A 2016PF

Insurance
Fuel R&M Transit Driver 5% Transit
Insurance FF Groupage Warehousing 19%
Driver
Other 3rd Party Insurance
18%

Source: Company information.

61
Operating Cost Drivers Continued Optimisation of Cost Base

Growing Fleet Substantial Reduction in Fuel Costs

Number of Trucks Waberers is the leading owned- Fuel Price
(Average # per Year) vehicle operator within the (in / l)
2,916 2,970 1.01
2,739 European international FTL 0.94 Fuel accounts for a significant
market 0.87 part of the Groups operating
0.81 0.78 0.76
Growth reflects the Groups costs
ambition to continue to grow in The Groups strategy is to pass
scale and gain market share, on the change in fuel costs to its
increasing its fleet asset base clients
Gradual organic expansion(1) to Flat
529 517 580 c.3.5k trucks on average in the
Flat at a mid-single digit
mid-term
percentage below 2016A level
Gradual organic expansion(1) to
2014A 2015A 2016A c.800 trucks on average in the 2014A 2015A 2016A
International Regional mid-term International Regional

Continued Optimisation of Fleet Deployment Focus on Improved Fuel Consumption

Kilometers per Truck per Months Fuel Consumption
(in Kilometres per Truck per Month) (in l / 100km) Continued IT developments, and
11,171
Improvements in proprietary IT 30.1 30.1
investments in telematics
11,110 10,886 30.0 30.0
systems, in particular WIRE and particularly, have helped optimise
WIPE, help ensure reduced idle fuel consumption
time and optimise asset 29.3 The Group has a remuneration
6,710 6,659 7,046 deployment, increasing total program in place that rewards
kilometres driven per truck drivers for low fuel consumption
28.3
Increase of driven kilometres driving
per truck of slightly above 1% Front-loaded decrease of high
p.a. single digit percentage in the
Low double-digit gradual mid-term
increase of kilometres driven Front-loaded decrease of mid-
2014A 2015A 2016A per truck in the mid-term 2014A 2015A 2016A single digit percentage in the
International Regional International Regional
mid-term

Source: Company information.

Note: (1) Calculated as total number of kilometres driven carrying loads divided by total number of kilometres driven during the relevant period. Mid Term Outlook International
Mid Term Outlook Regional
63
Operating Cost Drivers Continued Optimisation of Cost Base (Contd)

Convergence of R&M Costs Increased Market Pressure on Insurance Costs

Repair & Maintenance Costs The Group has implemented a Insurance Fees
(in Cent / km)) comprehensive vehicle (in per Truck per Year) Recent significant increases of
8,111 insurance premiums in the
6.7 maintenance program that fully
6.1 covers the replacement cycle of its Hungarian motor insurance market
5.9
vehicles, minimises vehicle 6,305 have increased fees
downtime and enhances the resale Company acquired the Insurance
4.4
3.9 4.1 value of its equipment Company in 2016, with aims to
3,964 internalise insurance costs and
Front-loaded decrease of slightly
lower than a fifth in the mid-term reducing the Groups exposure to
2,245 2,038 further premium increases
One-off increase of high single- 1,852
digit growth expected in the Decrease of around a quarter in
current year, then stable in the the current year, then stable
mid-term at a mid-single digit Increase of mid-teen percentage
2014A 2015A 2016A percentage level below 2016A 2014A 2015A 2016A growth in the current year, then
level stable in the mid-term
International Regional International Regional

Increased Driver Costs, in Line with Market Transit Costs Convergence

Driver Costs Transit Costs
Continued focus on reduction of
(in Cent / km) (in Cent / km)
The Company has adjusted transit costs, reflecting the volume
21.7 21.2 22.0 discount the Company can secure
20.3 compensation paid in order to 20.5 20.3
secure the driver base necessary 19.4 vs. competitors, the routes driven,
18.3
for its operations as well as to 16.8 and applying intelligent routing
15.7 15.2
14.4 comply with the various minimum software to minimise expenses
wage regulations in its countries of Increased toll fees in Hungary are
operation reflected in the regional
Increase is regarded as a one off, development
to align with the market Expected increase of mid-single
Gradual increase of around a digit percentage in the current
fifth in the mid-term year, then stable in the mid-term
Gradual increase by around a Expected decrease of high single
2014A 2015A 2016A quarter in the mid-term 2014A 2015A 2016A digit percentage in the current
International Regional year, then stable in the mid-term
International Regional

Source: Company information.

Note: (1) Calculated as total number of kilometres driven carrying loads divided by total number of kilometres driven during the relevant period. Mid Term Outlook International
Mid Term Outlook Regional
64
WABERERS INTERNATIONAL Nyrt.
H-1239 Budapest, Nagykrsi t 351.
Tel: +36 1 421 6300
E-mail: investor.relations@waberers.com
H1 2017 Results Highlights

Revenue grew by 13%

Growth driven by both Recurring Group EBITDA up 4%
organic expansion and
Recurring EBIT grew by 14%
acquisitions
Link acquisition closed and to be consolidated in H2 2017

Loaded ratio at record high of 92%

Improvement in efficiency
Improving per unit fuel and repair & maintenance costs
metrics
Savings in fuel consumption

Recurring Net income increased by 21%

Strong value creation for
EPS up by 29% to EUR 0.48
shareholders
Net leverage ratio flat at 2.9 x recurring EBITDA

| 34
Diversified, Blue-Chip Customer Base

FF Client Base Effectively Addresses Seasonality Well Diversified Across Industry Verticals
| Customers by Type | Customer Industries
(2016A, % of Subcontractor Revenues) Freight (2016A, % of Total Revenues) (2)
Forwarders FMCG
10% 23%
Non-Classified
31%

Construction &
Packaging Automotive
2% 16%
Retail
5%
Freight
BCO(1) Forwarders Electronics
90% 11% 12%

Low Customer Concentration Good Geographic Diversification

| Customers by Size 3rd Party Insurance
(2016A, % of Total Revenues) Top 1 Other
6% Hungary Regional
4% 7%
Slovakia 17%
Top 2-10 3%
18% Austria
c.3.3k International 3% Hungary
Customers(3) | Countries Spain International
(2016A, % of 5% 12%
Top 11-20 Total Revenues)
Netherlands International
8% 5%
Others Revenues 77%
58% Italy
6% United Kingdom
Top 21-50 12%
12% France
11% Germany
12%

Source: Company information.

Notes: (1) Beneficial cargo owner. (2) Fast moving consumer goods. (3) Refers to the International Transportation segment only for 2016.
| 35
Platform for Growth Through M&A

Committed to Inorganic Growth M&A Objectives

| Successfully acquired and integrated several companies in the

Extended geographical coverage to access new labour
past, both domestically and internationally and customer markets

2002 2013 2017

Acquisition of Acquisition of Acquisition of

Hungarocamion Szemerey Link Expand customer base
(1,200 trucks acquired) (465 trucks (427 trucks
acquired) acquired)

CEO joined the group,

2007 2016 Build incremental FTL scale

i.e. participating in Acquisition of Acquisition of

successful integration Rvsz Eurotrans WHB
of several targets (424 trucks acquired) Insurance
Expand regional offering to new industry verticals and
| Committed to act as a consolidator to capitalise on the potential
value-added services

opportunities in the highly fragmented international and regional

markets Applying industry-leading technology to harvest
Team in place that continuously monitors the market for relevant synergies and extract value
acquisition opportunities
| Several targets identified:
Structured approach to selection Industry-leading operating platform

Coherence with growth, margin and operational targets ensured

Source: Company information.

| 36
Identified M&A Selection Criteria

International Transportation Regional Logistics

| Size | Size
Focus on mid-sized Focus on small and
Revenue: Equity Value:
operators mid-sized
Quality book >50m 3050m Revenue: Equity Value:
1 of business
1 logistics providers
2050m Up to 50m
Scope for operational Fleet Size: Quality book
improvement >300 Trucks of business
Economies of scale

| Geography | Geography
Expansion into Regional expansion
2 high-growth CEE 2 High-growth adjacent
economies key priority PL CZ SK countries PL SK SI

| Business Focus | Business Focus Warehousing Automotive

FTL
Operational focus on Expansion into new Distribution Fresh
standardised asset-based CEE contract logistics industry verticals Value FMCG
3 operations for standardised cargo 3 Operations focussed around Added Retail
Coherence with warehousing and Services Electronics
existing strategy of Healthy diversification value-added services Healthy diversification
international segment of customer base of customer base

| Management Strong FTL | Management Strong logistics

expertise
expertise
Compatibility with Waberers Compatibility with Waberers
management, organisation and English as management, organisation and English as
4 location is key corporate language 4 location is key corporate language
Ensure ease of integration and Ensure ease of integration and
Geographic Geographic
subsequent operation accessibility
subsequent operation accessibility

Number of Identified Potential Targets: c.20 25

Source: Company information.

| 37
Polish Acquisition: Optimal Match for Waberers

Compelling Strategic Rationale Strong Growth of Top Line and Operating Profits
| Revenues | Reported EBITDA
Strong geographical footprint with proximity to core EU markets (in PLNm) (in PLNm)
Revenue growth originating from a Driven mainly by revenue increase, offset by
Continued diversification of revenue streams combination of increased orders from
existing clients and acquisition of new
increase in per diem costs due to recent
labour market changes and one-off items
clients, overall mostly driven by Freight
Consolidation of a modern fleet and increased density of coverage Forwarding
36.3
406.5

Increase scale and access new labour and customer end markets
288.7
27.3

Substantial realisable revenue and cost synergies estimated to lead

to high single-digit EBITDA synergies by 2020(1) over a 3 year ramp
up period
Revenue
94.3m
Recurring Adj.
EBITDA 10.5m(4)

2015A 2016A 2015A 2016A

Compelling Operational Profile Balanced Business Split & Well-Diversified End Markets
| Revenues by Business Segment | Revenues by Client Segment
c.960 employees, thereof (2016A) (2016A)
c.430 Trucks(1)
c.75% drivers(1) 13%

4 Bases in Poland and 1 5% 31%

c.680 Trailers(1) in BeNeLux with
48%
Dedicated Parking Areas 14%
52%
52.3m km 5 Western European Core
Driven p.a.(2) Markets
Automotive 14%
23%
Proprietary IT Solutions
FMCG
86.9% Utilisation(3) with Proven 3rd Party
International FTL Household Appliances Waste
Components
Freight Forwarding e-Commerce Other

Source: Company information.

Notes: (1) As of March 2017. (2) As of 2016A. (3) Loaded ratio as of 2016A. (4) Including adjustments for rental expenses (1.5m; relating to fleet leases; added back due to the
capitalisation of operating leases), one-off loss on sale of fixed assets (0.7m), one-off transaction advisory fees (0.2m), as well as other normalisations (0.1m) and accounting
| 38 adjustments (minus 0.3m). The reported EBITDA amounts to 8.3m, the reported EBIT amounts to 3.1m.
Polish Acquisition: Synergies and Integration Timeline

Attractive, Clearly Identified Synergy Potential

| Potential Synergy Outlook(1) | Transaction details | Key Synergy Areas
(EBITDA Synergies, in m) Run-Rate
Synergies
10
Revenue SPA signed on 26th
Synergies
May 2017 Enhanced asset utilisation
Highly Visible Cost from Fleet
Synergies from Expansion
Savings on Fuel Transaction closed on
Price, Transit Costs Broader client base in complementary regions
and Repair and
20th July 2017
Maintenance Costs
To be consolidated Joint fleet repair and maintenance
5
from Q3 2017
Equity Purchase Price Transport cross-sell
of 32.5m
Financed through Common HR functions
0 Primary Proceeds
2017E Medium Term

Integration on track
| Link integration timeline 2017 2018
Jul Aug Sep Oct Nov Dec Jan Feb
Operational & financial DD
Due diligence
Commercial and business process DD

Centralisation of procurement
Low-hanging fruits
Centralisation of controlling

Centralisation of sales
Mid-term synergies
IT integration

Source: Company information.

Notes: (1) Based on management estimates.

| 39
Well Established Customer Acquisition Process

Typical Customer Acquisition Cycle

Agreement Relationship
1 Client Sourcing 2 Quote and Offer 3 Finalisation
4 Signing 5 Management
Hungarian and Polish offices Preparation of terms Final contract terms, incl. Establishing relationship Exercising contractual
coordinate freight forwarding tailored to specific request fuel clauses, invoicing, on an operational level duties on a daily basis
order selection by software-supported cancellations are Integration of Potential renegotiation
Customer universe defined in pricing team (team of 2 negotiated communication channel Ongoing support from Key
Annual Turnover Plan professionals) Involvement of legal and coordination of Account Managers (team
In-house credit assessment Potential approval of support logistics of 16 professionals)
process before start of Tender Committee
business relationship with new Subsequent bilateral
client, resulting on almost 0% negotiations or in-person
bad debt meeting

Key Accounts Spot Business Regional Contract Logistics

Bid(s)
RFI(1) RFQ(2) I Sales
Sales Representative Tender Process Sales Representative
Customer Representative
Annual
Turnover
Allocation agreed RFQ II
Quote Plan Commercial Region

Freight Forwarders
Tender Committee
Pricing Team Tender Committee Bilateral Negotiations
Small Producers

Multi-stage tender Selective approach based Streamlined tender

process on market conditions process Project Implementation
Allocation agreed

Source: Company information.

Notes: (1) Request for information. (2) Request for quotation.

39
Financial Statements: Income Statement

| Group selected income statement financials (unaudited IFRS, EUR mn unless otherwise stated)

2017/2016 abs. 2017/2016 %

2016 2017 change change
Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1 Q1 Q2 H1
Revenue 127 149 276 155 158 313 28 9 37 22% 6% 13%
Direct Costs* (102) (115) (217) (127) (118) (246) (25) (3) (28) (25%) (3%) (13%)
Gross profit* 25 34 59 28 40 68 3 5 8 11% 16% 14%
OPEX* (8) (13) (21) (10) (19) (30) (2) (6) (8) (24%) (49%) (39%)
Non-recurring items 0 1 1 1 1 3 1 0 2
EBITDA (recurring) 16 22 39 18 22 40 2 (1) 1 12% (2%) 4%
D&A (13) (13) (26) (12) (13) (25) 1 (0) 0 7% (3%) 2%
EBIT (recurring) 3 10 13 6 9 15 3 (1) 2 81% (10%) 14%
Financial result (1) (1) (1) (1) (2) (3) (0) (1) (1) (16%) (219%) (94%)
Taxes (2) (3) (4) (1) (2) (3) 1 0 1 60% 6% 27%
Net income (recurring) 1 7 8 5 5 9 4 (2) 2 352% (30%) 21%
Gross margin* 19.6% 23.0% 21.4% 17.9% 25.2% 21.6%
EBITDA margin 12.9% 15.1% 14.1% 11.9% 13.9% 12.9%
EBIT margin 2.7% 6.5% 4.7% 4.0% 5.5% 4.8%
Net income margin 0.8% 4.4% 2.8% 3.0% 2.9% 2.9%
* Adjustments to other cost and other operating expenditures made not affecting EBITDA. Refer to page 3 of the Half-year financial report for more details.

| 41
Financial Statements: Balance Sheet

| Group selected balance sheet items (unaudited IFRS, EUR mn unless otherwise stated)
end-Dec 2016 end-March 2017 end-June 2017

TOTAL NON-CURRENT ASSETS 345 346 369

TOTAL CURRENT ASSETS 169 173 193

o/w Trade receivables 88 100 102
o/w Cash and cash equivalents 32 24 39

TOTAL ASSETS 514 519 562

TOTAL SHAREHOLDERS' EQUITY 113 117 121

TOTAL LONG-TERM LIABILITIES 213 207 227

o/w Long-term portion of leasing liabilities 162 152 167

TOTAL CURRENT LIABILITIES 188 195 214

o/w Short-term portion of leasing liabilities 66 72 74
o/w Trade payables 84 87 93

TOTAL LIABILITIES 400 402 441

TOTAL EQUITY AND LIABILITIES 514 519 562

DEBT MEASURE
Net recurring leverage ratio (EBITDA multiple) 2.9 2.9 2.9

| 42
Financial Statements: Cash Flow Statement

| Group selected cash flow items (unaudited IFRS, EUR mn)

H1 2016 H1 2017
Net cash flows from (used in) operating activities 30.5 35.4
of which: change in working capital (3.7) (7.0)

Net cash flows from (used in) investing and financing activities (14.6) (28.6)

Cash and cash equivalents at end of the period 15.9 6.9

Free Cash Flow 36.2 39.0
CAPEX (2.1) (3.3)

| 43