Wilh. Wilhelmsen ASA

Earnings Release • Aug 4, 2016

Wilh. Wilhelmsen Holding ASA Second Quarter 2016

Thomas Wilhelmsen – group CEO

August 2016

• 1. Highlights for the second quarter
• 1. Prospects
• 1. Financials Christian Berg, group CFO

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.

WWH group Highlights for the quarter

Continued slow growth in world economy

Improved results excluding one-offs

WWASA/Treasure ASA de-merger

Delivering on WMS strategy

Photo: Liferafts service – Marine Safety Source: WWH - WSS

WWASA group Highlights for the quarter

Soft shipping market

De-merger completed

Improved results excluding one-offs

• Shipping volumes up mainly seasonal
• Stable logistics performance

Ongoing anti-trust investigation

• Settlement with DoJ in the US (post Q2)

Photo: MV Themis – WWL/WWASA's fourth Post-Panamax class vessel Source: WWASA - WWL

Photo: Expanded Panama Canal – inaugurated June 26 Source: Panama Canal Authorities

WMS group Highlights for the quarter

Market sentiment unchanged

Flat total income

Improved EBIT margin

• Continued support from strong USD

Marine safety merger ⁰

*Main "one-offs":

Q4'15: Pension related accounting gain (not included)

Q3'15: Impairment charge (not included)

Q4'14: Pension related accounting gain (not included)

WMS group Delivering on portfolio strategy

Ambition to regain historical strong growth

• Seek growth through acquisitions within core areas
• Continue to develop business area synergies across current structures
• Further develop our global platform
• Pursue organic growth

WMS group

Consolidating the safety market

Merging Wilhelmsen safety with Survitec Group Ltd

• Agreement signed 23 June
• WMS will take 20% ownership stake in Survitec
• Completion expected in Q4'16
• USD ~60 mill. sales gain
• USD ~110 mill. net cash proceed Photo: Liferaft exchange WSS service station Marine Safety

Survitec Group Ltd

• ~2300 employees worldwide
• USD 400 mill. revenue
• 10 manufacturing locations
• 46 owned service stations, 450+ partner owned
• Covering 2000+ ports

Wilhelmsen Safety

• ~700 employees worldwide
• USD 210 mill. revenue
• Consisting of WSS Technical Services, WSS Safety products and WTS
• 33 in-house service stations and 30 subcontracted

Source: WWH - WSS

Product portfolio in the safety area	Wilhelmsen 'Maritime Services	survitecgroup "Today"	survitecgroup "Tomorrow"
Lifeboats
Rescue boats
Life rafts
Safety clothing
Life-saving appliances
Fire-fighting equipment
Inert gas system
Fire suppression system
Detection systems			$\sim$

Holding and investments

Highlights for the quarter – Treasure ASA/Hyundai Glovis

Treasure ASA listed on 8 June

• Reported under Holding and investment
• WWH shareholding 72,7%

Increased contribution Hyundai Glovis

• Q1'16 net result up 40% (WWH Q2'16)

Listing of Treasure ASA on June 6 Photo: Thomas Brun/ NTB Scanpix

Photo: Hyundai Glovis

Holding and investments

Highlights for the quarter

Reduced contribution from NSG

• Weak oil and gas market
• Stable adjusted for one-offs
• Increased participation in shareholder loan

Gain from Qube investment

• Sale of 3.5 million shares
• 70 million shares (4,8% ownership)

Patrick Port Botany, Sydney, Australia, Container Terminal Photo (video): Asciano/Patrick

WWH group prospects

The board expects the general business environment to remain soft, impacting most group activities and performance.

Wilh. Wilhelmsen Holding ASA Second Quarter 2016

Christian Berg – group CFO

August 2016

WWH group Return on capital employed

*Main "one-offs" (included):

• Q4'14: Pension related accounting gain
• Q1'15: Sales gain Hyundai Glovis
• Q3'15: Anti-trust accrual WWASA and impairment charge WMS

• 12 • Q4'15: Pension related accounting gain

• **Based on proportionate method

• Capital employed: Equity plus interest bearing debt (average for period)
• ROCE: EBT plus interest expenses / average capital employed

WWH group

New WWH segment reporting – Restatement of historic figures

• 1) Hyundai Glovis is reported as "associate" in WWH's accounts, with share of net result reported as "share of profit from associates" one quarter in arrears. WWH's segment reporting is restated, with Hyundai Glovis reported under Holding and investment segment also for previous periods.
• 2) WWASA's own reporting include NAL/Hyundai Glovis ownership until date of de-merger. WWH's segment reporting for WWASA will for period up to de-merger therefor deviate from WWASA's own reporting.
• 3) Treasure ASA's own reporting treat shareholding in Hyundai Glovis as "available for sale financial assets". WWH segment reporting for Hyundai Glovis will therefor deviate from Treasure ASA's own reporting.

WWH group Key segment information Q2'16

USD mill	WWASA group		WMS group		Holding and Investments		Total
Quarter	Q2'16	Q1'16	Q2'16	Q1'16	Q2'16	Q1'16	Q2'16	Q1'16
Total income	531	595	235	235	32	23	792	848
Operating profit	42	113	17	14	17	15	77	143
Financial income/(expenses)	-21	-15	-7	-5	3	-2	-25	-23
Tax income/(expense)	-3	-6	-3	-2	1	-2	-5	-10
Profit/(loss)	18	105	8	7	21	11	47	110
Minority interests	6	29	0	0	5	4	11	29
Profit/(loss) after minority interests	12	76	7	6	16	8	36	80
Equity majority	1 142	1 282	253	311	490	292	1 885	1 885
Equity minority interests	288	480	0	1	204	0	492	481
Total Equity	1 430	1 762	252	312	695	292	2 377	2 366

• Improved operating profit all segments adjusted for WWASA Q1'16 gain
• Weak underlying WWASA/WMS operating income and profit

WWH group Equity ratio *)

*Equity ratio: Equity in percent of total assets (equity method)

WWH group

Interest bearing debt (Equity method – excluding JVs)

Maturity profile

• WWH facilities maturing in 2019 (post July refinancing)
• WMS facilities maturing in 2019
• WWHI facility maturing in 2017
• WWASA mixed maturity

WWH – Liquidity development (Equity method)

USD mill

• First dividend of NOK 3.00 per share paid 13 May 2016
• Board authority to approve further dividend of up to maximum NOK 3.00 per share (valid until next AGM or 30.6.2017)

Thank you!

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