T3EX — Investor Presentation 2021

May 26, 2021

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Stock Number:2636TT
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T3EX Group’s Investor Conference

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Legal Disclaimer
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• The information contained in this presentation, including all forwardlooking information, is subject to change without notice, whether as a result of new information, further events or otherwise, and T3EX Holdings. (the “Company”) undertakes no obligation to publicly update or revise the information contained in this presentation.

• The financial, business, and Q&A statements of the company made by this presentation may differ from actual future results.

• Investor should not regard the above forward-looking information as legally binding but as information subject to change. No guarantees regarding the completeness, accuracy, and reliability of information contained are made explicitly or implicitly. They are not intended to represent complete statement of the company, industry or future development.

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Outline
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01 Company Overview

02 2021Q1 Operating Performance

03 Future Operating Prospects 04 Operating Development Plan

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Company Overview

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Core Products
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Core
Products
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Group Members
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Supply Chain
International Logistics China Domestic Logistics
Finance
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Services	Multi-modal transportation including ocean freight, air freight and railway	Supply chain management – ocean freight, air freight, warehousing, delivery	Import Custom Brokerage & Warehousing	B2B2C Warehousing & Distribution	Supply Chain Finance
Markets	Long Distance Routes within N. America, Europe, New Zealand, Australia, Africa, India and Intra-Asia Routes	Intra-Asia	China	China	China
Branches	Taiwan: 4 China: 31 Hongkong:1 Northeast Asia: 3 Southeast Asia: 13 Total: 52	Taiwan: 8 China: 5 Hong Kong:1 Singapore: 1 Total:15	China: 6	China: 4	China: 3

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*7 Brands / 29 Subsidiaries / 81 Branches

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Business Scale (2020FY)
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200,000
67,000 Tons
Shipments
Customs Clearance Air Freight Volume
82 Trucks 340,000 TEU
Truck Fleet Ocean Freight Volume
18 Warehouses
1,897 Staff
120,000 m [2]
Warehouses & Size Headcount
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340,000 TEU

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Historical Dividend Policy
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Yield Ratio of Cash Dividend

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7.7%
6.4% 5.8%
5.6%
4.5%
3.6%
2015 2016 2017 2018 2019 2020
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Dividend Paid Out Ratio

(Calculated by the closing stock price on May 21)

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72% 72%
68%
67%
63%
60%
2015 2016 2017 2018 2019 2020
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2021Q1 Operating Performance

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2021Q1 Operating Performance
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Gross margin rose to 18.08%, net profit annually increased 1739%, EPS reaching 3.16NTD, achieving new quarterly high, surpassing the total revenue of Q1-Q3, 2020

Unit: NTD thousands Revenue Gross Profit Operating Income Net Income After Tax EPS(dollars) Gross Margin Operating Expense Ratio Net Income Margin	2021Q1	2020Q1	2020Q4	YoY	QoQ
	5,892,334	2,536,416	4,867,693	132%	21.05%
	1,065,110	419,164	731,647	154%	45.58%
	449,485	41,114	217,273	993%	107%
	398,173	21,651	203,892	1739%	95.29%
	3.16	0.19	1.65	1563%	91.52%
	18.08%	16.53%	15.03%	1.55%	3.05%
	10.45%	14.90%	10.57%	-4.45%	-0.12%
	7.63%	1.62%	4.46%	6.01%	3.16%

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Revenue Breakdown by Business
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Ocean Air China-Europe/ Domestic China-Russia Freight Freight Logistics Rail Transport 2021Q1 Revenue 66% 22% 4% 8% Breakdown 2020Q1 Revenue 50% 33% 5% 12% Breakdown

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Ocean
Freight Rail
+35.43%
86,062
1,481
+61.33%
63,547
918
Air
Freight
+13.17%
18,666
Ocean(CY/TEU) Rail(CY/TEU)
16,494
8,264
+9.04% 110,788 +148%
Air(Tons)
3,333
101,606
2020Q1 2021Q1
Ocean(CFS/CBM) Rail(CFS/CBM)
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Revenue Breakdown by Geography
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4203
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2020Q1 2021Q1
+148%
1696
+78%
983 +167%
+54%
620
552
232
56 86
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China & Hong Kong

Taiwan

Southeast Asia Northeast Asia

Unit: Millions NTD

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Financial Structure
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unit: NTD	2020/12/31	2021/3/31	2021/5/26
Net value-(thousand)	3,138,727	3,863,830	-(note 1)
NAV-(dollars)	27.36	31.49	-
P/B Ratio-(times)	1.50	1.75
OCI-(thousand)	309,363	408,331	1,105,422(note 2)

Note 1: The company has not revealed its financial forecast, so it`s not published here. Note 2: YML private equity price on May 21 is estimated to be 75% of the open market price.

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Future Operating Prospects

Riding the Winds and Waves to Embrace a Bright Future.

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Ocean Business Outlook: Strong market demand,
estimated continuous growth
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4000

SCFI (SHANGHAI CONTAINERIZED FREIGHT INDEX)

High point:3433

3500

Demand side with sustained strong demand:

1. The growing vaccination rate will speed up global economic recovery.

2. Going into the traditional ocean peak season.

3000

Supply side with tighter supply, high rates become normal:

2500

2000

1500

1000

Demand side:

1. Strong consumer demand & re-stocking. 2. Relief fund of the US continuously stimulates consumer growth.

Supply side:

1. Labor shortages and port congestions in the US and Europe, the blockage of Suez Canal resulting in global container and space shortages and increased rates.

2. As it was increasingly difficult to book space, the advantage of large-scale forwarders became clear.

3. GCSPI released by SCFI in April is 23.71%, decreased by 2.4% compared with last month.

4. As container and space shortages are alleviated, freight rates slightly decline.

5. Transformation of the industrial structure, the situation of three alliances become clear.

6. The implementation of carbon neutral in 2030 will lead to lower speed & less emissions of ships and ship turnover rate may decline.

500

0

Q1 Q2 Q3 Q4

2018

2019

2020

2021

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Europe & the US Long-haul with the strongest growth
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With the gradual recovery of Europe and the US, consuming demand will be pulled back. As over 70% of T3EX`s ocean business is longhaul, it will become the route with strongest growth.

Retail spending growth of the US reaching new high in last five years

Retail spending growth of the Euro zone reaching new high in last five years

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Data source: Business M Square

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Air Business Outlook: tight supply & active
demand lead to sustained high rates
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Supply side:

Global Capacity(%)

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2021/4 vs. 2019/4 2021/4 vs. 2020/4

Data source: CLIVE Data Service

1. According to the above chart, although global air space increased 62% compared with Apr. 2020, it still decreased 18% compared with 2019, so there is still a shortage of supply.

2. Before the lifting of international travel restrictions, space is still tight and rates will remain high.

Demand side:

Global demand for air cargo (CTKs) & PMI continue to grow

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1. Remote communication and new electrical products such as electric vehicles, 5G, and AI will continue to be launched, fueling a tremendous growth in the demands of the semiconductor industry and related electronic components.

2. The US’s stimulus check has triggered expenditure growth. 3. The Covid-19 pandemic caused a cut-off of the global supply chain, manufacturers have adjusted their inventory policy from “Just-in-Time” to "Safe Inventory” .

3. The transportation of global vaccines will take up most of the air capacity.

4. Lack of ship space will lead to the transfer from ocean to air.

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Rail Business Outlook : Continuous benefit from
order transfer, space being very tight
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Rail Demand Side:

1. Railway freight is much lower than air freight, which is the same as sea freight. The transportation time is only one third of sea freight. It has become the main means of transportation for many customers. Especially when there is a shortage of sea and air freight space, customers have transferred the goods to the China -Europe / China Russia railway, especially during the Suez Canal incident.

2. In 2020, China will become the largest bilateral trade partner of the European Union. In 2020, the total bilateral trade between China and the EU will reach 586 billion Euros, surpassing the 555 billion US dollars between the United States and the European Union.

Rail Supply Side:

Railway space is far less than sea & air freight. With the continuous benefit of order transfer, it is difficult to find one container. In 2020, the freight had doubled. Since the beginning of the year, the freight has increased by more than 20%, which is equivalent to that of sea freight.

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50%
75%
China-Europe/China Russia Trains
(compared with 2020Q1)
12,400
8,225
6,300
3,673 3,398
2,191
80 308 815
2013年 2014年 2015年 2016年 2017年 2018年 2019年 2020年 2021Q1
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Data resource: China State Railway Group Co., Ltd.

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China Domestic Logistics: Import and export trade volume
soared, global trucking shortage, freight increased
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Us rail demand growth

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US trucking freight increases

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Warehousing: Robust domestic demand in China, driving the domestic
warehousing and distribution business to increase greatly
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China's overall economic / policy orientation:

1. Since the third quarter of 2020, China's consumer demand has continued to grow, driving the growth of import, customs declaration, warehousing and transportation business.

2. The GDP growth rate of mainland China reached 18% in the first quarter of this year, which was the highest in the quarter since 1992. Besides the factors of low base period, it also showed the strong impetus of economic recovery.

3. The Sino US trade war and covid-19 have resulted in the restructuring of the global supply chain, forming a "double circular economy" of production and consumption in mainland China, which is regarded by the Chinese government as the 14th five year plan and the long-term goal in 2035.

T3EX`s Operational performance / future layout :

1. T-CUBE, a subsidiary mainly engaged in warehousing and distribution in China, made an annual profit of 155% in the first quarter.

2. It has a complete warehouse and transportation and distribution network. It has built logistics warehouses in Shanghai, Hong Kong, Suzhou, Guangdong and other important cities. Its inland transportation routes cover nearly 400 cities in China.

3. Embracing the business opportunities of China's domestic consumption and develop the one-stop logistics service of China's import (import + customs declaration + warehousing + distribution + supply chain finance).

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Southeast Asia: Becoming the most
explosive region for performance growth
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Overall economic / policy orientation of Southeast Asia :

1. The Sino US trade war and the covid-19 resulted in the restructuring of global supply chain, forming Taiwan and Southeast Asia production and American consumption layout.

2. Demographic dividend advantage: the ten ASEAN countries have a population of 650 million, of which Indonesia, Malaysia, Thailand, the Philippines and Vietnam have rapid population growth and young structure.

3. Tax advantages: "ASEAN 10 + 3" and "regional comprehensive economic partnership agreement" (RCEP)

T3EX`s Operational performance / future layout :

1. In the first quarter of 2021, the YoY revenue growth of Southeast Asian sites are as follows:

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Vietnam Thailand Singapore Malaysia Cambodia Philippines
+419% +225% +6.6% +130% +158% +987%
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2. Future layout:

• Ocean business:

• 1) To expand the market scale by means of joint venture or merger, acquisition and strategic alliance with the same industry.

• 2) Looking for downstream suppliers, such as trailer or storage industry, to extend service depth through cooperation or merger and acquisition.

• 3) Take Vietnam as the major city to build a one-stop logistics service.

• Air business: Continue to invest in human resources, expand air transport business team, increase the proportion of air transport business in Southeast Asia.

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Summary

Logistics demand is still strong, The supply of sea, air and railway transport space is tight, The outlook is optimistic.

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Operating Development Plan

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Raising Sufficient Capital to fully prepare
for the crisis and expand market share
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 After the challenge and impact of the epidemic, some freight forwarders and logistics companies, which are short of funds and talents, are facing bankruptcy and exit the market.

 NTD$615 million capital which raised from capital market, with much health and completed financial structure and sufficient cash flow to ally with strategic partners to merge or joint-venture strategy for integrating vertical industry as well as expanding market share in order to achieve the purpose of keeping the T3EX’s profit growing.

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The Operating Strategy of Duo Headquarters
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Shanghai Headquarter Taipei Headquarter (China Market) (Non-China Market)

1. Enhance one-stop logistics service in China 1. Capture the opportunity of returning

(Import + Custom Clearance+ Warehousing + Transportation + Supply Chain Finance), Taiwanese manufacturers from China, and increase investment in import logistics business increase investment in Taiwan

1. Develop Africa and Latin America market via JV 2. Increase investment in Southeast Asia market and closer partnerships with overseas agents 3. Strengthen long haul route business from Asia

2. Develop comprehensive China-Russia / Chinato USA and Europe Europe railway business 4. Expand network locations within Asia

3. Expand supply chain finance business 5. Deepen collaborations with WPG Holdings 5. Build digital B2B2C warehouses 目標

Target

1. Average gross margin increases 20% in the next five years

2. Ocean freight, air freight and domestic logistics will each account for 30% of total gross profit 3. China and Non-China revenue will each account for 50% of total revenue

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Thank You
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