Wilh. Wilhelmsen ASA

Investor Presentation • Sep 17, 2015

Wilh.Wilhelmsen Capital Markets Day >

Wilh.Wilhelmsen ASA /// 17 September 2015

This presentation contains 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 ASA group undertake no liability and make no representation or warranty for the information and expectations given in the presentation.

Capital Markets Day 17 September 2015

EUKOR – The Untold Story

EUKOR Car Carriers Inc. President & CEO, Craig Jasienski

Main drivers for OW/WW investing in EK

EUKOR business model at inception

Capital Markets Day 17 September 2015

• Revenue doubled from \$1 to \$2 billion.
• Volume gone from 2.4 to 4.6 million CEU.

(Non-prorated basis, US\$ million, 1,000's CEU)

Growth and diversification

Capital Markets Day 17 September 2015

* HMG: Hyundai Motor Group

EUKOR – The Untold Story

• Average vessel capacity has gone from 4400 to 6100 AEU
• Average vessel age is down from 14 to 10 years

• Broad use of TC vessels under 1 year

• * AEU: Accent(Hyundai motor) Equivalent Unit

• ** All vessel (Own+T/C over 1Y) redelivery option exercised and vessels recycled at 25 years
• *** All vessel (Own+T/C over 1Y) redelivery option extended and vessels recycle postponed

• **** T/C vessels: Time Charter over 1Y

• Tonnage efficiency

• Frequency
• Vessel utilization

			(CEU, No. of vessels)
--	--	--	-----------------------	--

	2011	2012	2013	2014
Cargo support (EUKOR↔WWL)	144,806	127,853	102,598	210,489
Tonnage swap /Chartering	22	39	54	44

EBITDA & EBITDA Margin

*IFRS basis

Building a strong balance sheet

Acqusition Debt Other Debts Equity

	2003	2014
Liabilities	\$1,040	\$1,657
└ Acquisition debt	\$895	\$ 0
└ Others	\$ 145	\$1,657
Equity	\$299	\$1,285
Equity Ratio	22%	44%

*Acquisition debt was fully repaid in 2014

*Total sum of dividend from EUKOR Car Carriers Inc./EUKOR Car Carriers Singapore/EUKOR Shipowning Singapore included.

From a Korean company working internationally to a global company based in Korea

Thank you!

Presentation

Navigating for Growth: Global Automotive Opportunities and Pitfalls

Wilh.Wilhelmsen - Capital Markets Day

Oslo, Norway | 17 September 2015

ihs.com

Mike Jackson Director, Vehicle Production Forecasting +1 248 465 8912, mike.jackson@ihs.com

© 2015 IHS

Video 1 – Think About a Car

ihs.com

IHS Customer Care:

Presentation Outline Presentation Outline

• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary

World: Economic growth rates

Global outlook worsens slightly

United States: West Texas crude-oil forecast

Strong supply keeping prices low now; greater demand drives prices longer term

Source: IHS Economics, current quarterly forecast

Light Vehicle Sales Forecast

Automotive world changing quickly

Source: IHS Automotive, Mature Markets = US, Canada, Japan, S Korea, Australia, NZ, W Europe

Mature Markets LV Sales Forecast

Replacement demand is key driver – loyalty critical to OEMs

LV Sales Forecast (millions, 2005 – 2022)

Source: IHS Automotive

Emerging Markets LV Sales Forecast

Recent declines only temporary – fundamentals remain positive

LV Sales Forecast (millions, 2005 – 2022)

Source: IHS Automotive

China Light Vehicle Sales Forecast

Weakening market conditions forces large adjustment

Vehicle Penetration Rates

Although volatile, BRIC markets still offer the most growth potential

Light Vehicles in Operation Per 1000 People (2006 - 2022)

Global Production – Regional Growth

Global Production – Segment Growth

Top 22 Automakers – 2022

Opportunity – Top 15 Gainers

Global Sourcing Variance 2015 - 2022

OEM	Unit Δ (Mil)	Units (Mil)	South Asia	South America	North America	MEast Africa	Japan/ Korea	Greater China	Europe
VW	+1.9	12.1	.3	.2	.4	-	-	.7	.3
Toyota	+ 1.0	10.9	.7	-	.1	.1	-.3	.3	.1
GM-Wuling	+1.1	10.8	.4	.1	-	-	.1	.9	.2
GM	+ .9	8.5	.2	.1	-	-	-.2	.7	.2
Ren/Nissan	+2.5	10.7	.6	.1	-	.2	-.1	.7	.9
Hyundai	+1.1	9.1	.2	-	.5	-	-.2	.4	.2
Ford	+ .6	7.0	.3	.1	-	-	-	.2	-
Honda	+1.1	5.6	.5	.1	.2	-	.1	.3	-
FCA	+ .7	5.4	.1	.2	-.3	-	-	.4	.4
PSA	+ .6	3.8	-	-	-	-.1	-	.4	.3
Suzuki	+ .7	3.7	.7	-	-	-	-.1	.1	-
Global Output	+19.0	107.0	13.0	4.2	19.0	2.8	12.5	32.3	23.6
Regional Δ			+5.1	+1.0	+1.4	+.6	-.8	+8.4	+2.9

Presentation Outline Presentation Outline

• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary

Greater China Output

South Asia Output

North America Output

China of the West

13 FTAs 45countries

South America Output

Japan/Korea Output

Global Vehicle Flows By Region

Presentation Outline Presentation Outline

• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary

Global Demand for Premium/Luxury brands

© 2015 IHS

'80/20 Rule' Volkswagen Global Profile

Expansive Brand Portfolio

2014 • 20% luxury / 80% volume

• 2.0 million / 8.1 million
• Volume vs. niche luxury
• Other OEMs strive to replicate
• Dramatic product proliferation
• 'Decades long' journey
• Must withstand boom/bust

32

Currency Depreciation Impacts

Global Super Sets

© 2015 IHS

Global Super Sets

• One to Many Relationship
• Economies of Scale and Scope
• Flexibility: Vehicle, Sourcing
• Development Efficiency
• Bigger, But Fewer Opportunities
• Double Edged Sword:
• Reduced Costs, Increased Scale
• Easier to Shift Sourcing
• Increased Exposure to Defects
• Continuous Development

Presentation Outline Presentation Outline

• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary

Global Outlook – Production-Based Powertrain Forecast

(% Share - Electrified Vehicles Only, no internal combustion engines)

Global Outlook – Production-Based Powertrain Forecast

(Electrified Vehicles Only, no internal combustion engines)

Forecast Production: EV/Fuel Cell Projected Nameplates

© 2015 IHS. ALL RIGHTS RESERVED.

Top Global Electric Nameplates with >100,000 Units Total Production Volume from 2013-2021

Global Super Sets

Global Super Sets IHS Automotive Conference | September 2015

Autonomous Driving: When, Not If

Comprehensive sensor coverage

Google & Uber Strategy & Goals

Uber

• Google
• create the software and content infrastructure for SDC
• Solve personal mobility for 6B+

• Solve shipping issues for packages and ecommerce

• Solve and enhance personal mobility

• Facilitate transportation as a service personal and commercial (UberEats) and become a logistics master
• "kickstart autonomous taxi fleet development" unnamed source
• "bringing safe, reliable transportation to everyone, everywhere"
• research and development, primarily in the areas of mapping and vehicle safety and autonomy technology
• "improving access to transportation"
• "The reason Uber could be expensive is you're paying for the other dude in the car," Kalanick said, according to Business Insider. "When there is no other dude in the car, the cost of taking an Uber anywhere is cheaper. Even on a road trip."
• "new research partnership with the University of Arizona focused on mapping and optics"
• "work with researchers at the university specializing in lens design "to improve the imagery of what we capture and use to build out mapping and our safety features," Uber's Brian McClendon told the Associated Press. The company will also test its mapping vehicles in Tuscon"
• "The company acquired San Jose mapping startup deCarta earlier this year and Uber later acquired some of the team and technology behind Bing Maps from Microsoft."

Autonomous Driving: When, Not If

Building Blocks of Highway Autopilot

Compelling Opportunities Emerge in Advance of Autonomous Vehicles

Presentation Outline Presentation Outline

• Global Outlook
• Regional Forecasts
• Market Dynamics
• Technology Trends
• Summary

Risk Hedge

• Varied Risk Hedges
• Exports
• Localization
• Throughput
• Life Stage
• Growth vs Saturation
• Content Requirements

Navigating for Global Success

• Robust Growth Remains: Invest today for Tomorrow
• All Growth Involves Risk: Prepare well to capture growth and expand capabilities
• Leverage luxury…carefully
• Not a Sprint…a Marathon: Drive a Process culture; promote learning / risk taking
• Prioritize Customer Capacity: Protect against future upside and downside thereafter

IHS Customer Care:

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