Investor PresentationH1 2020 Results

September, 2020

CSAV

Mainly from its stake in the container shipping business through Hapag-Lloyd

The US$350 million will be used to pay back loans taken out by CSAV to obtain a 30% stake in HLAG in January

After ending its last remaining direct shipping operations in July 2020

Hapag-Lloyd, CSAV’s main investment

Surpassing 2019 figure by 90.3% despite decrease in activity, especially in May

Measures focused on personnel safety, cost control, reassessing all investments and financial contingencies

Ratio of net debt to EBITDA decreased to 2.6, and strengthened liquidity position

Highlights

2

3

0%

10%

20%

30%

40%

50%

60%

70%

0

4

8

12

16

20

24

28

2005 2008 2011 2014 2017 2020

Orderbook-to-fleet (%

)

TEU

mn

World fleet (TEU mn) Orderbook (TEU mn) Orderbook-to-fleet (%)

Orderbook-to-fleet2005-2008 average

54.8%

Orderbook-to-fleetAugust 2020

8.9%(~ 3.0 – 4.0% annual equivalent)

Record low orderbook

1.8

0.4

2.0

1.1

2.2

0.2

0.81.2

0.8

0.2

2011 2012 2013 2014 2015 2016 2017 2018 2019 7M 2020

Newly placed orders (TEU mn) Orders-to-fleet (%)

0.10.3 0.4 0.4 0.2

0.70.4 0.1 0.2 0.2

2011 2012 2013 2014 2015 2016 2017 2018 2019 7M2020

Scrapping (TEU mn) Desguace-sobre-flota mundial (%)

Hardly new orders placed Scrapping still at low levels

Source: Clarksons (August 2020) Notes:(1) Assumes a useful life of 25 years for vessels

4.0% 4.0%

Long-term no-growth level to maintain current supply⁽¹⁾(orders-to-fleet,%)

Long-term no-growth level to maintain current supply ⁽¹⁾(scrapping-to-fleet,%)

3

IndustrySupply evolution throughout the years

4

(0%)(4%)

(10%) (11%)

(21%)(17%) (15%)

(8%)(5%)(5%)

(14%) (13%) (16%)

(5%)(0%)

7%

Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020 Jun-2020 Jul-2020 Aug-2020

Far East Transpacific

0%

2%

4%

6%

8%

10%

12%

14%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Idle-to-world fleet (%

)TE

U m

n

Idle fleet (TEU mn) Idle-to-world fleet (%)

Source: Alphaliner (August 2020)

Adjustment capacity in major trades (YoY %)

Recent increase in idle fleet levels

Idle-To-Fleet as of May 11, 2020: 11,3%Carriers account for 65% of the idle fleet

4

IndustryEffective measures to mitigate COVID impact

5

0

200

400

600

800

1,000

1,200

1,400

1,600

Jan-2010 Jan-2011 Jan-2012 Jan-2013 Jan-2014 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2020

USD

/ TE

U

SCFI⁽¹⁾ SCFI - Bunker Consumption Margin IFO 380⁽²⁾ (3,5%) VLSFO⁽²⁾ (0,5%)

Avg. 2015612 Avg. 2016

562

Avg. 2017706

Avg. 2018686

Avg. 2019675

Avg. 2020 YTD 846Avg. 2014

812

Avg. 20101.123

Avg. 2011657

Avg. 2012893

Avg. 2013778

Notas:(1) The SCFI represents: spot rates for main haul trade exports from Shanghai

port.(2) The Rotterdam Platts index represents: spot bunker price per metric ton

(IFO 380 or VLSFO) on Rotterdam port, including yearly consumption factor(ton / TEU) registered by Hapag-Lloyd. As of december 2019, VLSFO isused to calculate margin ex-bunker due to new IMO 2020 regulation.

(3) SCFI – Bunker Consumption margin is only referential.

Monthly marginJan 20 786Feb 20 737Mar 20 786Apr 20 765May 20 781Jun 20 870Jun 20 929Aug 20 1,118

Margin Jan-Jun2019 6812020 787

Source: Platts (August 2020) and SCFI 5

IndustryEvolution of ex-bunker freight rate

38.7

50.8

(3.9)(4.5) (0.3)

(11.3)(3.1)

0.5

66.9

CSAV Net IncomeH1 2019

Share ofHLAG'sResult

Effect ofPPA onResults

Badwill SG&A Financial result DeferredTaxes

Discontinuedoperations

CSAV NetIncomeH1 2020

CSAV Net Income H1 2019 vs H1 2020

6

Figures in USD million

Equity-accounted investees (HLAG)

CSAV’s resultsH1 2020

Results H1 2020 H1 2019 Var.

SG&A (3.6) (4.1) 0.5

Other incomes 0.8 1.6 (0.8)

Operating income (loss) (2.8) (2.5) (0.3)

EBITDA (w/o equity-accounted investees) (2.7) (2.4) (0.3)

Equity-accounted investees 89.6 47.2 42.4

Financial result & ex. rate diff. (14.7) (3.4) (11.3)

Taxes (5.4) (2.3) (3.1)

Discontinued operations 0.2 (0.3) 0.5

Net income 66.9 38.7 28.2

Note: EBITDA = Operating income (loss) + Depreciation + Amortization

7

Figures in USD million

CSAV’s resultsH1 2020

0.270.13

Jun 2020 Dic 2019

Leverage

2,9042,517

Jun 2020 Dic 2019

Total assets

4.3

10.1

Jun 2020 Dic 2019

Free Asset Ratio

8

Covenant: 1,615

Covenant: >1.3

606.4 127.1

479.3

Deuda financiera Efectivo y efectivoequivalente

Deuda neta

Net debt (Jun 2020)

CSAV’s financial positionH1 2020

Figures in USD million

Financial debt Cash & cashequivalent

Net debt Jun 2020 Dec 2020

Jun 2020 Dec 2020Jun 2020 Dec 2020

9

Capacity H1 2020 Financial results H1 2020

2020 H1 2019 H1

EBITDA(USD mm)

EBIT(USD mm)

Net profit(USD mm)

∆% 2019 FY

1,287

563

314

1,080

440

165

19.2%

90.3%

28.0%

Average freight rate (USD/TEU) 1,104 1,071 3.1% 1,072

2,223

908

418

239Total

vessels

1,736 TTEUVessels’ aggregate

capacity

2,621 TTEUContainers’ aggregate

capacity

Average bunkerprice (USD/ton) 448 429 4164.4%

Transported volume (TTEU) 5,755 5,966 12,037(3.5%)

Revenue(USD mm) 7,005 7,047 (0.6%) 14,115

Transport expenses (USD mm) 5,210 5,451 10,867(4.4%)

Hapag Lloyd’s resultsH1 2020

Launched to safeguard earnings and liquidity related to COVID-19

Costs savings

Substantial capacity measures taken in coordination with ourTHE Alliance partners to mitigate variable costs

Reduction of variable transport expenses and fixed costs(e.g. return of chartered ships, SG&A)

Savings in the range of a mid three-digit million USD figure expected

Q3 2020Q2 2020 Q4 2020

Realized Target

Investment prioritization

Investment plan reviewed Postponement of growth and unnecessary maintenance

investments Continuous review going forward

Financial contingency Additional liquidity secured

Different financial measures executed, e.g. draw-down ofUSD 400 m from RCF & USD 160 m ABS

Further actions taken (e.g. vessel re-financing) to enhanceliquidity and secure necessary investments

Hapag-Lloyd: Perfomance Safeguarding Program (PSP)

Outlook

11

HLAG’s 2020 Guidance

Extracted from HLAG’s Investor Report H1 2020, available at https://www.hapag-lloyd.com/en/ir.html

Average bunker price

EBITDA

Transport volume

2019

EBIT

12,037 TTEU

416 USD/mt

EUR 1,986 m

EUR 811 m

EUR 1.7 – 2.2 bn

EUR 0.5 – 1.0 bn

Outlookfor 2020

Outlook

CSAV has focused exclusively on the container shipping business since early 2020, after close itsvehicle transport business.

CSAV has started its capital increase of US$350 million to obtain its final debt structure which,combined with the absorption of the accumulated losses, will allow the Company to distributedividends in the next few years.

Given current supply conditions, estimates predict that the container shipping industry is in abetter position with respect to the 2009 crisis to deal with declining economic activity anduncertainty stemming from COVID-19.

In order to ensure profitability and good liquidity levels, Hapag-Lloyd has implemented itsPerformance Safeguarding Program (PSP), which includes active cost management, reevaluatinginvestments and increasing loans, in addition to continuing with its 2023 Strategy.

Hapag-Lloyd’s projections remain within the EBIT guidance range expected for 2020, despite stilluncertain market conditions related to the spread of COVID-19.

12

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