Wilh. Wilhelmsen ASA

Earnings Release • Sep 15, 2016

Wilh. Wilhelmsen Holding ASA Capital Markets Day 2016

Thomas Wilhelmsen, group CEO

15 September 2016

Wilh. Wilhelmsen Holding WWH's value proposition

• Balanced portfolio
• Bet on the world economy and merchandise trade
• Long term value creation
• Solid balance sheet
• History of consistent yearly dividend

Wilh. Wilhelmsen Holding Portfolio of market leading companies

1) Planned Q4'16 implementation

Wilh. Wilhelmsen Holding A bet on the world economy and merchandise trade

Wilh. Wilhelmsen Holding Exposure to full range of merchandise trade

Wilh. Wilhelmsen Holding A balanced business portfolio

Wilh. Wilhelmsen Holding Active ownership

Long term owner in WWASA – listing creating options Sole shareholder of WMS

• Open for partnerships within individual WMS business areas
• Sales process for Callenberg AB

…since then

CMD 2015

WWASA demerger - Treasure ASA listing WWASA "Letter of Intent" WMS safety JV - Sale of Callenberg

WWASA consolidation Seek growth opportunities within WMS Investments within group business scope direction…

Wilh. Wilhelmsen ASA

Join forces to create a global car/ro-ro champion

Steady volumes – negative cargo mix – margin pressure Flexible fleet – renewal program Focus on global logistics footprint

…since then

CMD 2015

Flat shipping market – WWASA fleet renewal program completed Expanding land based logistics (North America and South Africa)

Create a common management structure Seek full operational synergies within global shipping network Targeting accelerated growth of the land-based logistics business direction…

Positioning for change with WWL ASA

Highlights

• Enhancing our world-leading shipping and logistics platform
• Will be listed on Oslo Stock Exchange based on the Wilh. Wilhelmsen ASA structure
• Head office will be in Norway and Craig Jasienski will become CEO

• Balanced shareholder agreement

• Sub-optimal governance model in old structure

• Current market conditions require an agile and efficient business model
• Synergy potential of USD 50-100m

Wilhelmsen Maritime Services

Stage one soon completed – now focus on growth areas and operational efficiency

Holding and investments

Investments focused on few market leading companies within group business scope

Maintain financially strong parent company Continued expansion of Norsea group and Qube activities Active financial management

…since then

CMD 2015

Treasure ASA listing – main asset outside WWASA/WMS Underlying cash positive operation – strong USD impacting net asset value

Maintain financially strong parent company Diversified but focused portfolio within group business scope

Treasure ASA

Hyundai Glovis – smaller slice of a bigger cake

Hyundai global sales

2004 2015

2 0

12

Treasure ASA

Strategic investor in Hyundai Glovis

Wilh. Wilhelmsen Holding

Long term value creation – consistent positive results/EPS

Main non-recurring items: 1997: Entry tonnage tax income 2006: Dockwise sales gain 2006: GAL/CAT write down 2007: Exit tonnage tax expense 2009: Glovis sales gain 2009: Head office sales gain 2011: Qube restructuring gain 2012: Hyundai Glovis sales gain 2014: Change in pension scheme 2015: Hyundai Glovis sales gain 2015: Anti-trust accrual 2015: Callenberg write down 2016: WWL logistics gain

Main non-recurring items - net effect (WWH share)

Profit after minorities - excl. main non-recurring items and unrealized interest rate derivatives

Wilh. Wilhelmsen Holding Long term shareholder return

Compound annual growth rate (CAGR) 2)

• 15 yr CAGR 14%
• 10 yr CAGR -1%

• 5 yr CAGR 5%

• 1) Monthly total returns since 2 January 1996 (dividend re-invested)

• 2) Annual as per 31 August 2016
• Source: Bloomberg/OSE/WWH

Wilh. Wilhelmsen Holding Solid balance sheet

3) Adjusted for Callenberg and Safety transactions

Wilh. Wilhelmsen Holding History of consistent yearly dividend paid twice annually

Upstream cash 1)

Dividend payments 2)

17 1) Dividend from WWASA; net contribution from WMS; dividend, interest and net gain from Qube, NSG and WWH portfolio 2) Yield calculated based on previous year median closing price for WWI and WWIB share

Wilh. Wilhelmsen Holding WWH's value proposition

• Balanced portfolio
• Bet on the world economy and merchandise trade
• Long term value creation
• Solid balance sheet
• History of consistent yearly dividend

Thank you!

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Disclaimer

This presentation may contain forward-looking expectations which are subject to risk and uncertainties related to economic and market conditions in relevant markets, oil prices, currency exchange fluctuations etc. Wilh. Wilhelmsen Holding group undertake no liability and make no representation or warranty for the information and expectations given in the presentation.