Wabash National Corporation · NYSE:WNC
Wabash National — Investor Presentation (November 2010)
32 slides from Wabash National's investor presentation, Nov 15, 2010
Slide 1: Investor Update Fall 2010
me £ WABASH, <r ‘OUR INNOVATION MOVES THE WORLD” Investor Update Fall 2010
Slide 2: Safe Harbor Statement
Safe Harbor Statement mee This presentation will contain certain forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are, however, subject to certain risks and uncertainties that could cause actual results to differ materia
Slide 3: Investment Highlights
Investment Highlights and Strong and Experienced Management Team Focused on Operational Excellence
Slide 4: Company At-A-Glance
Company At-A-Glance and #1 North American Designer, Manufacturer and Marketer of Truck Trailers and Related Transportation Equipment Key Fac + Founded as a start-up in 1985 IPO in 1991 — NYSE: WNC. Headquartered in Lafayette, IN 2,900 employees 2010 trailer production of 23,000 — 25,000 units
Slide 5: Leading North American Trailer Manufacturer
Leading North American Trailer Manufacturer and Top North American Designer, Manufacturer and Marketer of Truck Trailers and Related Transportation Equipment + Leading Market Share Over Years (") WABASHMMEMEVABASH + #1 in Dry Van Trailer production Ren. ant + #3 in Refrigerated Trailer production aa
Slide 6: Comprehensive Product Offering
Comprehensive Product Offering and OMA of Sales Refrigerated Vans DuraPlate® Dry Vans DuraPlate HD® Dry Vans <5 of Sales 3%.6% of Sales Sheet & Post Dry Vans nme DeEagle © Drop Deck <2% of Sa <2 of Sales Benson ™ Dumps Aluminum Platforms Dump Trailers (thot Sales, a Benson ™ Aluminum RoadRailer® Int
Slide 7: Premier Carrier Relationships
Premier Carrier Relationships and m © ASME SCHNEIDER. SAFEWAY FedEx England AVERITT ae { PRIME inc§ 34% of Top 100 For-Hire Fleets are Wabash customers 44% of Top 50 For-Hire Fleets are Wabash customers
Slide 8: Geographic Sales & Distribution Overview
Geographic Sales & Distribution Overview and vans + Factory Direct 4 salespeople * Independent Dealers * 25 Dealers - 57 Locations - 100+ salespeople FLATBEDS 2 FuLine -29 Dealers “2 cat locations WABASH NATIONAL TRAILER CEN +25 salespeople «15 stores (10 Ful Sevce, 1 Sales-Only, 4 sed Traler Covers
Slide 9: Key Initiatives
Key Initiatives and Sa ees + Product Portfolio Opportunities offi Neat metatagy TSE CRUCTCME - DuraPlate® Products Group OSIM | Lafayette Manufacturing Transformation Excellence + Purchasing Consortium Streamline Cost oe us + Cost Reduction Initiatives Recapitalization + Enhance liquidity
Slide 10: A Long History of Innovation
A Long History of Innovation boos ‘Wabash National was established in 1985 and holds 67 patents Introduced the aluminum plate trailer, becoming the leading industry producer Developed new technologies by working with the world's largest truckload carriers In 1996 the first composite dry van, DuraPla
Slide 11: Recent Industry Leading Innovations
Recent Industry Leading Innovations and Innovation Launch Date Bonded Skylight 2008 Recices mak nd snes pir DuraPiate® AeroSkit™ & Support 2009 efile improvement Bonding Technologies 2009 Stopwals and Logistics 35,000 pound floor ated trailer 2010 ha applications Ingoves boca! or ye Customer driven
Slide 12: Leveraging DuraPlate Innovation
Leveraging DuraPlate® Innovation and Pro-coated galvanize sel skin DuraPlate Composite Sidewall Panels + Higt y polyethylene (HDPE) core two sheets of high-strength stee! + Lower cost of ownership: Longer life + Lower maintenance cost + Increased durabil + Enhanced trade in values DuraPlate Products
Slide 13: Attractive Point in Trailer Cycle
Attractive Point in Trailer Cycle and Industry Trailer Net Orders 1991 - Present 40000 7 Industry Units ee nts Feb ot 7.855 Dec'9s ase uot gaa Doce 204 x PEeEee22e32 3 8 BFE souce:acr Research Jano anos fan 05, an06 lano7 Jan-10 Previous two cycles lasted 58 and 67 months. The most recent cycle reac
Slide 14: Historical Industry Volumes
Historical Industry Volumes and Historical Industry Production 350,000 300,000 250,000 150,000 100,000 ~MaM | ° 2 se 2 se 2 e 2 ‘Source: 1974-1988:SHCC/TBB: 19992009: ACT Research 2009 Was the Lowest Trailer Industry Volume Since 1975
Slide 15: Truck Tonnage
Truck Tonnage Kd ATA's Truck Tonnage Index (TTI) | aa ee A W oh : : ' 8 § $ 3 ¢ 3 8 ¢ § § 8 § § § § § § 8&8
Slide 16: Trailer Loadings
Trailer Loadings and Loadings by Trailer Type [thous; SA] 25,000 Te ee ne ee ee 20,000 r loadings expected to increase 3.7% in 2010, 2011, and 2012, respectivel
Slide 17: Industry Outlook
Industry Outlook and 2011 2012 2013 2014 ACT 117,745 171,100 225,600 241,000 225,350 FIR 128,785 149,962 210,262 225,000 227,250 2010 2014 2012 2013 2014 ‘ACT 57,400 { 90,000 } { 125,000) 145,000 130,000 % Change 91.7% \568%/ \38.0%/ 16.0% 10.3% + Replacement demand is expected to rise every year in
Slide 18: Transportation Industry Legislation
Transportation Industry Legislation boos + CSA2010: Overhaul c and fleet in rules take effect. HOS Rule: I 2010, 1" to 10 hours. In addition, the driver “re-start” requirement is expected to be lengthened from the Pl y the first year by approximately 6% + Highway Bill t0 97,000 Ibs. z a equipment, t
Slide 19: Financials
Financials
Slide 20: Financial Highlights
Financial Highlights and ($ milions) ($ milions) Revenue ‘20s 2008” 2007” 2008, Operating Income) 00 * ‘ sao $288 ~Bee | sue S388 "000 2010 5 ea) wy 2 10 Gross Margin _ oe om a a ” sr ao far te wor ta Operating EBITDA Margin®) _ i. 2 Scr S ses 2005 2008 2007 2008 2009 S010 vo
Slide 21: Cost Actions Implemented to Date
Cost Actions Implemented to Date and ‘Compensation & Benefit Reductions + Headcount reductions of 250+ salaried positions; down 40% since 2007 19% reduction in all salary compensation; 17% for executives + Approximately 10% effective hourly pay reduction + Reduction of standard work week hours for m
Slide 22: Quarterly Financial Highlights
Quarterly Financial Highlights and 0 yon —_ I | iii Operating EBITDA 50 85° S19 ss 00 s => | ea Ge Zz 60) 29 8 49) 3) ($60) 09 _ (20.0) (25.0) 1008 © 3008. 1009» 3a09 Stato 3a10
Slide 23: Equity Offering Summary May 2010
Equity Offering Summary May 2010 and mun Primary - Wabash National Corporation (NYSE / WNC) Secondary - Trailer Investments, LLC Shares Sol 27.9NM shares (11.8MM primary / 16.1MM secondary) Redemption of 100% outstanding Preferred Stock and pay- down of other debt Use of Proceeds: Closed on May 28,
Slide 24: Equity Offering Summary Sept 2010
Equity Offering Summary Sept 2010 and Trailer Investments, LLC 93MM shares Use of Proceeds: WNC did not receive any for the proceeds from this offering September 17, 2010 at $6.75 per share Common Stock: 68,294,834 shares outstanding at October 28, 2010 The Warrant held by Trailer Investments, LLC i
Slide 25: Capitalization and Liquidity
$MM Cash Total Debt & Capital Leases Preferred Stock Stockholders’ Equity Total Capitalization Liquidity September 30, 2010 13.4 56.0 @
Slide 26: Investment Highlights
Investment Highlights and Strong and Experienced Management Team Focused on Operational Excellence
Slide 27: Appendix
Appendix
Slide 28: Consolidated Income Statement
Consolidated Income Statement ‘5 in 0008) NETSALES CosTORSALEs ros rt etSaee GENERAL & ADMINISTRATIVE EXPENSES SetSaes SELLING EXPENSES. SeSaes LOSSON GOODWILL IMPAIRMENT etSaee Inoue fiom pete OTHER INCOME (EXPENSE) nore nfae va of warct leave expe Otten rat Ince (bee icee a RNCOME TAX (GENER EXPEN
Slide 29: Consolidated Balance Sheet
Consolidated Balance Sheet mee bison en hy ss use ¢ oe § um |__ aos
Slide 30: Consolidated Cash Flows
Consolidated Cash Flows mee === es
Slide 31: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures mee Sinmions) Netincome (loss) Income tax (benefit expense Increase in ive of warrant Operting EBITDA, Operating EBITDA -% of ales “Twelve Months Ended December 31 2007 2008, TF Ts Tay 69 84 m 69 38 06 195 40 44 Isa ‘ 03 ay Ses Fos F 139% 16%
Slide 32: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures mee jeg HTD toe TN fate
Wabash National — Investor Presentation (November 2010) on 6ix