WANHAI — Interim / Quarterly Report 2021

Dec 1, 2021

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Disclaimer

• The information contained in this presentation and its accompanying announcements, including content relating to business outlooks, financial operations, is based on information derived from internal corporate data and external economic developments as a whole.

• The company’s finance, business and Q&A made in this presentation could be different from the future actual results. This may be due to various factors including but not limited to market demand, changes in policies and regulations and overall economic conditions, and other factors or risks beyond the Company’s control.

• The Company is not responsible for updating or amending changes or adjustments made to the contents of this presentation, if such changes or adjustments should occur in the future.

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Outline

• Company Overview

• Performance Update

• Appendix

• Q&A

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Company Overview

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Global Service Network

• Operating 148 Vessels (As of end-Sep 2021)

• 416,585 TEUs of total Capacity (As of end-Sep 2021)

• Ranking as Top10 Global liner by Capacity

(Source from Alphaliner as of end-Sep 2021)

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Intra Asia Services

• 41 Dedicated Service Routes

• The Best in Service coverage and frequency

• 15% of Intra Asia Market Share

• 63% of Lifting Volume

(As of end-Sep 2021)

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High Percentage of Owned Vessels/Containers

Containers(TEU) Vessels(Ships)

• Operating high percentage of owned vessels (58%) and owned containers (79%) to control fixed cost effectively.

(As of end-Sep 2021)

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Strategic Highlights

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• Mitigating operation cost

• Low fixed cost structure

• Competitive handling costs driven by significant cargo volumes in key terminal hubs

• Comprehensive service network

• Intra Asia network leverages high-growth, multi-directional cargo volumes

• Long-haul volumes fueled by China exports and regional feeder network

• Yield Management

• Well diversified customer base

• Direct service network

• Volume growth nourished by Port-to-port cargoes

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Newbuild Vessel Orders	Newbuild Vessel Orders	Newbuild Vessel Orders	Newbuild Vessel Orders
	Shipyard	**Size(TEU) **	Total amount	Delivery
	JMU (Japan)*	8x 3,055	USD 334M	2020-21
	Wenchong	12x 2,038	USD 316M	2021-22
	JMU (Japan)	12x 3,013	USD 565.2M	2022-23
	Hyundai Heavy Industries	5x 13,200	USD 562M	2023
	Samsung Heavy Industries	4x 13,100	USD 445.6M	4Q22- 1Q23
	Samsung Heavy Industries	4x 13,100	USD474M ~USD500M	2Q23- 1Q24
	NSY/JMU (Japan)	12x 3,055	JPY 60.84Bn~ JPY 64.80Bn	Jul-23~

• 8 containerships built by JMU in a series of 3,055 teu have been delivered by May 2021.

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Newbuild Delivery Schedule

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Delivery
2021 2022 2023 2024 Total
(Year)
Ships 11 12 20 9 52
Capacity
26,486 52,630 162,298 37,640 279,054
(TEU)
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*9 newbuild vessels delivered as of end-Sep 2021, increasing capacity 22,410 TEU.

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Second-Hand Vessel Purchases

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	Vessel Name			Design (TEU)		Delivery
	WAN HAI 521/522/523			4,1782 4,2551		1H21
	WAN HAI 621/622/623			6,350*3		1Q21
	WAN HAI 625			6,030		3Q21
	WAN HAI626			5,642		1Q22
	WAN HAI 721/722			7,241*2		2Q21
	WAN HAI 723			7,241		4Q21
	Filia T			1,774		2Q22
	Box Express			1,708		4Q21
	Total Capacity			68,538

*9 second-hand vessels delivered as of end-Sep 2021, increasing capacity 52,173 TEU.

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New Container Purchases

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Containers(Teus) Total amount Delivery
4Q20-
52,000 USD101M
1Q21
50,000 USD142M 2Q21
32,000 USD100M 2Q21
50,000 USD152M 3Q21
38,000 USD127M 4Q21
222,000 USD622M
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Well-Diversified Customer Base

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• More than 300,000 clients that are diversified by geography and industry

• In 3Q21, no single customer accounted for more than 2% of WHL’s volume or consolidated operating revenues

• WHL’s customers include retailers, manufacturers of automobiles, automotive parts, chemicals, machinery and electronic products as well as freight forwarders and agents

• Both Taiwan- based enterprises as well as companies with multinational operations

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Key Terminal Investments

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1987 – Opened Pier 63 terminal in Kaohsiung

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1996 – Opened Pier 31 terminal in Taichung

2003 - Opened Ohi-5 Terminal in Tokyo, Japan

2009 – Opened Taipei Port project with JV partners, Evergreen and Yang Ming Lines

2010 - Opened Caimep, Vietnam Port project with JV partners, SNP, MOL and Hanjin Transportation

2018 -Opened Haiphong, Vietnam Port project with JV partners, SNP, MOL and ITOCHU

2019- Purchase Vietnam Da Nang Port Joint Stock Company stock (20%)

2023- Open Pier 79~81 terminals in Kaohsiung

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2 Performance Update-3Q21

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Income Statement Highlights

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ITEMS
1Q21~3Q21 1Q20~3Q20 YoY
(US$M)
Operating Revenue 5,645.25 1,816.25 +211%
Gross profit 3,195.47 246.22 +1,198%
Operating Income 3,009.72 141.89 +2,021%
Profit,attribute to
2,484.69 120.30 +1,965%
owners of the parent
EPS (NTD) 28.37 1.46 +1,848%
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*Weighted average outstanding shares were 2.44 bn units as of end-Sep 2021. (After Retrospective Adjustment)

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Financial Results (1Q21~3Q21 vs.1Q20~3Q20)

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Revenue
+211
5,645.25
%
USD$M
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Net Profit
2,484.69 +1,965
%
USD$M
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Gross Profit
+1,198
3,195.47
%
USD$M
EPS
1Q21~3Q21 1Q20~3Q20
NT$28.37 NT$1.46
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Volume & Revenue-Quarterly

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Revenue (USD$M) Volume ('000 TEU)
1,400
2,500
1,200
2,000
1,000
1,500 800
600
1,000
400
500
200
- -
3Q20 4Q20 1Q21 2Q21 3Q21
Revenue (USD$M)
Volume ('000 TEU)
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• 3Q21 Operating revenue YOY +279% (USD)

• 3Q21 Lifting Volume YOY +1%

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Revenue Breakdown

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1Q21~3Q21 1Q20~3Q20
Middle
Middle
East/India
East/India
16%
Intra Asia 21%
WCSA 31%
WCSA
Intra Asia
13%
8%
62%
USA
USA 9%
40%
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• USA+ WCSA accounted for 53% of 1Q21~3Q21 revenue

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Lifting Breakdown

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1Q21~3Q21 1Q20~3Q20
WCSA
3%
Middle
Middle
WCSA
East/India East/India
5%
17% 17%
Intra Asia
Intra Asia
USA
USA 76%
63%
4%
15%
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• USA+ WCSA accounted for 20% of 1Q21~3Q21 lifting volume

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Freight Rate

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USD
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6,000
WCSA USA Intra Asia Middle East/India
5,000
4,000
3,000
2,000
1,000
0
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
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Cost Structure

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1Q21~3Q21 1Q20~3Q20
Others Terminal Others
Terminal
23.0% Handling 19.7%
30.6% Handling
34.5%
Adm Cost
Adm Cost 6.2%
7.0%
Bunkerage
Container Bunkerage
21.8%
Container
Related 19.3%
Related Vsl Charter
9.0%
Vsl Charter 8.0% Hire
5.3%
Hire
5.0%
Port
Port Charges Charges
4.5% 5.9%
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Remark: Others includes items such as WHL terminal, vessel related, crew expenses, slottage and commission

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Bunker Costs

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Singapore Bunker Price:
USD/TON
Bunker Cost : USD $M
600
280
550
500 240
450
200
400
160
350
300 120
250
80
200
40
150
100 0
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
Singapore Bunker Price: USD/TON Bunker Cost (inc.all oil types)
( before 2020: IFO380 Singapore/
after 2020 : 0.5% VLSFO Singapore)
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Bunker Cost : USD $M

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Fuel Spread-VLSFO vs HSFO

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Source: Alphaliner Monthly Monitor Report October 2021

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Capital Expenditures Schedule

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USD$M
1,600
Actual Expected
1,400
$1,379M
1,200
1,000
$888M
800
$678M
600
400
200
-
2015 2016 2017 2018 2019 2020 2021 2022
Vessel Terminal Equipment Container Box Office
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Appendix
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ESG-Gas Emissions Management
(CO2)
2008 2020 2030 2050
• Base • Actual • Target • Target
Year Reduction Reduction Reduction
33% 41.5% 70%
Better than the IMO goal :
reduction 40% by 2030
Fleet CO2 emission rate(g/TEU-KM)
150.0
109.9
95.0
90.0
100.0
83.7
80.6 78.6
74.1
64.3
↓70%
50.0
27.6
0.0
2008 2010 2012 2014 2016 2018 2020 2030 2050
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ESG -Concrete Measures

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ITEMS	What We Do
Newbuild vessels	The EEDI for new ships is the most important technical measure and aims at promoting the use of more energy efficient (less pollution) equipment and engines.
	Adopt new EFI main engine, combined with high- efficiency propeller, propeller boss cap-fin and new efficiency bulbous bow. All above measures not only meet environmental regulation but also achieve the goal of energysavingand carbon reduction.
High-Performance Paint	The use of high-performance paint on the outer plate of vessel to reduce resistance, fuel saving is approx. 7%/yr of whole fleet.
Voyage Optimization	Under the premise of safety, formulate the most optimal voyage plan according to the service specific feature and data from weather routing software. Ship sail with the most economical RPM to exert the higher efficiencyand save the fuel.
Low-sulfur fuel adoption	All fleet using low-sulfur fuel to reduce SOx emissions andprevent environmentalpollution.

ESG-Gas Emissions Management (NOX)

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Fleet NOX intensity in 2020 was 1.14 (g/TEU-KM) Compared with 2008, it decreased by 47.6%。

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Fleet NO
X intensity
2.50 2.17 (g/TEU-KM)
2.00
1.52 1.47 ↓47.6%
1.40
1.50
1.14 1.14
1.06
1.00
0.50
0.00
2008 2010 2012 2014 2016 2018 2020
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ESG-Gas Emissions Management (SOX)

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Fleet SO X intensity in 2020 was 0.22 (g/TEU-KM) Compared with 2008, it decreased by 91%。

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Fleet SO
X intensity
3.00
(g/TEU-KM)
2.46
2.50
2.12
2.01
1.88
2.00
1.49
1.38
1.50
↓91%
1.00
0.50
0.22
0.00
2008 2010 2012 2014 2016 2018 2020
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ESG-Smart Ship Notation

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•
New ship design is aimed to offer significant benefits in efficiency and reducing CO2 emissions.
•
Smart ship system can monitor our fleet and transmit to Wan Hai Eagle-eye during the voyage for
safe operations.
•
Implement a digital management platform to prevent and detect irregularities.
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ESG-Crew Management

• Human-centered

• Precautions Crew health management

• • Compensated for pre• Provides Access • Advocate for sign on quarantine to VSAT/Internet Unencumbered and testing protocols Crew Changes

• • Strictly implement • Provide Medical • Average service time gangway control Consultation at of 9 months (Less sea

• • Sufficient epidemicthan MLC regulation prevention supplies of 12 months)

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ESG-We carry, We care!

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Love
without
Borders
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ESG-We carry, We care!

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Concern For Human Rights

Wan Hai subscribes to and complies with international human rights norms and principles, including the

“Universal Declaration of Human Rights proclaimed by the United Nations” and the core labor standards laid down in the “Fundamental Conventions of the International Labor Organization".

Employee Benefits and Training

In 2020, the company provides training course 12.2 hours per head for staff ashore and 91 marine specialized courses for sea crew. Moreover, the company offer the best salaries and benefits superior to others in marine industry. During the Covid-19 outbreak, Wan Hai also free provides all kinds of prevention materials to employees, crew, volunteers, disadvantaged families and other societies.

Charity

Wan Hai Anti-epidemic donated medical supplies (masks, protective clothing, gloves, shoe covers, respirator oxygen generators, medical beds) to 84 public hospitals in India, Thailand, Indonesia, Vietnam, Malaysia and other countries with severe epidemics, and provided free transportation for medical assistance Materials to India, donated 37 Japanese negative pressure isolation chambers in Taiwan, disinfection materials (alcohol, wet wipes, hand sanitizer, mask filters, equipment, etc.) and donated to the needy units (medical, education, disadvantaged), the total cost is more than NT$193 million, and the donation is currently ongoing. In addition, WAN HAI LINE has funded NT$18 million to build 24 Wells in eight Countries in Africa.

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CSR- Charity Containers

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Container study room @Taiwan

Container classrooms @Africa

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CSR- Charity Containers

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Provide free port-to-port delivery of public welfare materials and disaster relief materials

A container is converted into a women's training classroom in Eswatini.

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CSR -First container mobile kitchen

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Charity Container Offers Immediate Relief!

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Business History

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• Started container liner services with Taiwan - Japan Trade in 1976

• Expanded Intra Asia services to include the entire East Asian market by 1993, establishing itself as the largest container liner operator in the region

• Launched East Asia- Middle East/India Service in 1998

• Launched TransPacific service in 2000 via slot purchase followed by the launch of own service the following year

• Launched Far East-Europe service in 2004

• Launched Black Sea service in 2007

• Launched East Africa service in 2010

• Launched S. Africa/East Coast S. America Service in 2010

• Launched West Coast S. America Service in 2011

• Launched Independent Mindanao Service, Far East to Pakistan / Mundra Express Service in 2014

• Launched Independent Kansai / Haiphong Service II, Independent South China / Vietnam / Malaysia Service in 2015

• Launched China – India Service II (CI2) in 2016

• Launched Independent Cambodia Service in 2017

• Launched Red Sea Service/ Indonesia-Malaysia/Japan-Korea/New China-Vietnam service in 2018

• Launched Haiphong-Pacific service/China-Philippines service/China-Vietnam and Cambodia service in 2019

• Launched Straits ‒ Bangladesh Express/China –Thailand and Vietnam Service in 2020

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Core Values of WAN HAI

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1. Top the global liner schedule reliability survey.

2. Seven-time winner of “ CONTAINER SHIPPING LINE OF THE YEAR – FAR EAST TRADE LANE “ & Award “HALL OF FAME-CONTAINER SHIPPING LINE OF THE YEAR” in 2019.

3. Four-time winner of “ CONTAINER SHIPPING LINE OF THE YEAR “ from Lloyd's List Maritime Asia Award.

4. Winner of “ BEST SHIPPING LINE – INTRA ASIA “ in 2015 and “ BEST GREEN SHIPPING LINE “in 2016 from Asia cargo news, AFLAS.

5. Two-time winner of “ MOST ADMIRED COMPANY “ in maritime shipping category from Common Wealth

Magazine.

1. Five - time winner of “GREEN FLAG “ from port of Long Beach , CA.

2. Younger average container age ( 4.2 years ) than that of the industry ( 6.8 years ) from Drewry 2019.

3. Widely -recognized with most comprehensive service network in intra Asia.

4. 9.Balanced financial structure and steady operating status.

10.Integrity and People-oriented service.

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Awards

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證券代號	公司名稱	證券代號	公司名稱	證券代號	公司名稱	證券代號	公司名稱
1102	亞泥	2356	英業達	2834	臺企銀	3231	緯創
1216	統⼀	2357	華碩	2845	遠東銀	3443	創意
1301	台塑	2362	藍天	2855	統⼀證	3596	智易
1303	南亞	2376	技嘉	2880	華南金	3702	大聯大
1326	台化	2377	微星	2881	富邦金	3703	欣陸
1477	聚陽	2379	瑞昱	2882	國泰金	4915	致伸
1722	台肥	2382	廣達	2883	開發金	4919	新唐
2002	中鋼	2385	群光	2884	玉山金	4938	和碩
2013	中鋼構	2388	威盛	2885	元大金	5434	崇越
2103	台橡	2392	正崴	2886	兆豐金	5876	上海商銀
2204	中華	2395	研華	2887	台新金	5880	合庫金
2207	和泰車	2404	漢唐	2889	國票金	6166	凌華
2227	裕日車	2408	南亞科	2890	永豐金	6176	瑞儀
2301	光寶科	2412	中華電	2891	中信金	6196	帆宣
2303	聯電	2454	聯發科	2892	第⼀金	6202	盛群
2308	台達電	2458	義隆	2897	王道銀行	6277	宏正
2312	金寶	2464	盟立	3005	神基	6412	群電
2317	鴻海	2603	⻑榮	3006	晶豪科	6505	台塑化
2324	仁寶	2609	陽明	3008	大立光	6669	緯穎
2330	台積電	2610	華航	3010	華立	8016	矽創
2337	旺宏	2615	萬海	3014	聯陽	8163	達方
2344	華邦電	2618	⻑榮航	3033	威健	8213	志超
2352	佳世達	2801	彰銀	3034	聯詠	9910	豐泰
2353	宏碁	2812	台中銀	3035	智原	9933	中鼎
2354	鴻準	2823	中壽	3036	文曄	9940	信義

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資料來源：證交所

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Environment -Safety and Health

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4 Q&A

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