Wilh. Wilhelmsen ASA

Investor Presentation • Nov 11, 2015

Wilh. Wilhelmsen Holding ASA Third Quarter 2015

Thomas Wilhelmsen – group CEO

11 November 2015

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

Results reflecting "non operating items"

• USD 200 mill. anti-trust provision (WWASA)
• USD 50 mill. impairment charge (WMS)

Reduced underlying EBIT

• Adjusted EBIT down 10% q-on-q
• Seasonal slowdown in shipping
• Strong performance in WMS

Increased net financial expenses

Negative EPS (USD -4,00)

Equity and liquidity remain strong

WWH EBIT*

*Main "one-offs":

• Q3'12 and Q1'15: Sales gain Hyundai Glovis

• Q4'14: Pension related accounting gain
• Q3'15: Anti-trust provison WWASA; impairment charge WMS

Key segment information

USD mill	WWASA group		WMS group			Holding and Investments		Total
Quarter	Q3'15	Q2'15	Q3'15	Q2'15	Q3'15	Q2'15	Q3'15	Q2'15
Total income	558	596	236	254	6	10	795	854
Anti-trust/impairment	-200		-50				-250
Operating profit	-134	73	-21	28	-2	2	-157	103
Adjusted operating profit	66	73	29	28	-2	2	93	103
Financial income/(expenses)	-73	4	3	-13	0	1	-69	-8
Tax income/(expense)	-5	-7	-11	-4	0	2	-16	-9
Profit/(loss)	-212	70	-29	11	-2	5	-243	86
Minority interests	-58	19	0	0	0	0	-57	20
Profit/(loss) after minority
interests	-155	51	-29	11	-2	5	-186	66
Total equity	1 588	1 806	211	278	292	338	2 091	2 422
Minority	433	492	0	2			434	494
Equity after minority interests	1 155	1 314	210	276	292	338	1 657	1 928

Loss for the period reflecting WWASA anti-trust provision, WMS impairment and financial expenses

WWH group Financial income/(expenses)

USD mill	Q3'15	Q2'15
Net financial items	-15	0
Investment management	-9	1 -2
Interest income	2	2
Other financial items	-8	2 1
Interest expenses	-17	-17
Interest rate derivatives - realised	-9	-10
Interest rate derivatives - unrealised	-15	3 19
Net financial - currency	-9	-1
Net financial derivatives bunkers	-4	1
Financial income/(expense)	-69	-8

• 1. Loss from Investment management (WWASA & H&I)
• 1. Termination fee (WWASA tax lease)
• 1. Net interest rate derivatives loss (WWASA)

Return on capital employed – impacted by non-interest financials **)

*Main "one-offs":

**Based on proportionate method

• Q3'12: Sales gain Hyundai Glovis
• Q4'14: Pension related accounting gain

• Q1'15: Sales gain Hyundai Glovis

• Capital employed: Equity plus interest bearing debt (average for period)

• ROCE: EBT plus interest expenses / average capital employed

• Q3'15: Anti-trust accrual WWASA and Impairment charge WMS/Technical Solutions

WWASA group

Highlights for the quarter

Drop in ocean transported volumes

o Partly seasonal

Stable contribution from logistics

Antitrust provision

o USD 200 mill.

EUKOR – HMG contract renewal

• o 2016/17: 50%
• o 2018/19: 40%

WMS group Highlights for the quarter

Reduced total income

• o Stable WSS and WSM
• o Reduced WTS, partly seasonal

Strong underlying EBIT

• o Improved margin
• o USD impact

Impairment charge

• o USD 50 mill.
• o Callenberg acquisition goodwill

0 50 100 150 200 250 300 350 0% 2% 4% 6% 8% 10% 12% 14% USD mill Q3'12 Q3'13 Q3'14 Q3'15 EBIT margin Total income EBIT margin WMS group –Total income and EBIT margin*

*Main "one-offs":

Q4'14: Pension related accounting gain (not included) Q3'15: Impairment charge (not included)

WMS group Business area development

Ships service

Total income and daily income per vessel

Ship management Total income and vessels served

Technical solutions

Total income and order reserve

WSS global fleet penetration: 50,18% in Q3'15 (50,19% Q2'15)

WMS group Strategic direction update

Holding and Investments

Highlights for the quarter

Steady development in NSG

• o Seasonality uplift for supply bases
• o Restructuring cost
• o Viking Fighter in lay-up

NorSea Group

Qube

11

• o Share value down later rebound
• o Asciano in play

WWH group Equity ratio *)

Cash and current financial investments (including share of JVs)

Interest bearing debt (Equity method)

Maturity profile

• WWH facilities maturing in 2017/18

1 358 WWASA group Export financing 198 Bonds 280 Split by source (USD mill)

1 226

314

32

Split by business segment (USD mill)

Holding & investments

WMS group

Bank debt

NOK/share

• Second dividend of NOK 2.00 per share to be paid on or about 26 November (ex. date 12 November)
• First dividend of NOK 3.00 per share was paid 7 May 2015

WWH group prospects

The board expects the market sentiment to be slightly weaker in the fourth quarter

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