Wilh. Wilhelmsen ASA

Investor Presentation • Feb 13, 2015

Wilh. Wilhelmsen Holding ASA Fourth Quarter 2014

Thomas Wilhelmsen – group CEO and Nils P Dyvik – group CFO

13 February 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.

• 1. Highlights for the quarter and the year 2014
• 1. Prospects
• 1. Financials Nils P. Dyvik, group CFO

WWH group Highlights for the quarter

Total income decreased

• Down 4% q-o-q, down 5% y-o-y

Adjusted EBIT flat q-o-q

• Reported EBIT up

Pension related accounting gain

Increased financial expenses

WW ASA group

Highlights for the quarter

Mixed shipping

• o Seasonal upswing in shipping volumes
• o Cargo mix
• o Reduced bunker cost

Logistics

• o Flat WWL
• o Drop in ASL activity
• o Lower contribution form Hyundai Glovis

Ongoing antitrust investigation

WMS group Highlights for the quarter

Marginal decline in total income q-o-q

• o Continued growth in WTS
• o Reduced income in WSS and WSM

Improved underlying EBIT margin 1)

• o Cost cutting initiatives
• o Strong dollar

WMS Performance influenced by challenging market conditions

**Clarksea Index is a weighted quarterly average of earnings by tankers, bulkers, containerships and gas carriers (Source: Clarkson).

WMS group

Ships service

Total income and daily income per vessel

Technical solutions

Total income and order reserve

0 100 200 Q4'11 Q4'12 Q4'13 Q4'14 Order reserve (right scale) Total income

300 400 500

USD mill

Holding and Investments

Highlights for the quarter

NorSea Group

• o Seasonal slowdown
• o Statoil contact
• o 6+2+2 years, NOK 4-5 billion contract value

Further Qube expansion

o Value USD 131 million 1)

Stable investment portfolio

o Steady performance above benchmark

New warehouse and office, Dusavika base, Norway Source: NorSea Group

Stevedoring operation, Qube/ISO Limited, New Zealand Source: ISO Limited 1) As per 31.12.2014

The year 2014

The group:

• o Flat total income and results development
• o Paid dividend of NOK 5.00 per share
• o Continued governance focus

Wilh. Wilhelmsen ASA:

• o Stable volumes overall mix not optimal
• o Reduced ASL activity
• o Terminal expansion

Wilhelmsen Maritime Services:

• o Record high total income USD 1.1 billion
• o Strongest growth within WTS
• o EBIT margin 7.9%

Holding and investments:

• o Shareholding in NSG increased to 40%
• o NSG acquired Danbor

New ro-ro terminal, Melbourne, Australia Source: WWL

WWH group prospects

The year ended on a slightly positive note, with underlying results supported by a stronger USD and lower fuel cost. The board expects the activity level to continue into 2015.

Wilh. Wilhelmsen Holding ASA Fourth Quarter 2014

Nils Petter Dyvik – group CFO

13 February 2015

WWH group key figures (excluding Q4'14 pension gain)

Total income (q-o-q)

o 4% decrease in total income o WWASA down 4% o WMS down 2%

EBIT (q-o-q)

• o EBIT down o WWASA stable
• o WMS up
• o H&I down

EPS (q-o-q)

o EPS up 38% to USD 1.36

*Main "one-offs":

• Q3'12: Sales gain Hyundai Glovis

WWH group (excluding Q4'14 pension gain)

Key segment information

USD mill		WWASA group			WMS group			Holding and Investments			Total
Quarter	Q4'14	Q3'14	Q4'13	Q4'14	Q3'14	Q4'13	Q4'14	Q3'14	Q4'13	Q4'14	Q3'14	Q4'13
Total income	624	650	671	269	273	264	4	9	6	890	924	934
Operating profit	59	66	66	23	17	20	(3)	(1)	(4)	79	83	82
Financial income/(expenses)	-75	-9	-8	32	-9	1	8	1	7	-35	-17	-1
Tax income/(expense)	55	-3	9	-15	-2	-12	-4	0	4	36	-4	2
Profit/(loss)	39	55	67	40	6	10	1	1	7	80	62	83
Minority interests	11	15	18	1	1	1	0	0	0	12	16	19
Profit/(loss) after minority
interests	28	39	48	39	5	9	1	1	7	63	46	64
Total equity	1707	1709	1633	310	348	362	312	338	291	2329	2395	2286
Minority	472	466	445	4	3	4				475	469	449
Equity after minority interests	1 236	1 243	1 188	307	345	358	312	338	291	1 854	1 927	1 837

Stable operating profit in WWASA (adjusted for one-offs)

Improved operating profit in WMS

Reduction in operating profit from Holding and Investments

Changes in pension scheme and adjustments Q4'14

Main changes in financial assumptions for pension calculations

o Return on assets and discount rate reduced from 4.0% to 2.3%

Termination of Norwegian defined benefit scheme

• o Previously two pensions schemes for Norwegian employees
• o "Defined benefit scheme" terminated 31st December 2014
• o Improved "defined contribution scheme" for all employees from 1st January 2015

Changes in pension scheme – Q4'14 accounting impact

Net equity impact

Total EBIT impact

(USD 63 million)

Adjustment in reserve due to changes in financial assumpt

16

*Main "one-offs":

**Based on proportionate method

• Q3'12: Sales gain Hyundai Glovis
• Q4'14: Pension related accounting gain
• Capital employed: Equity plus interest bearing debt • ROCE: EBT plus interest expenses / average capital employed

WWH group Financial income/(expenses)

USD mill	Q4'14	Q3'14	Q4'13	YTD'14	YTD'13
Net financial items	2	0	15	16	43
Investment management	-1	2	11	18	29
Interest income	2	2	2	8	10
Other financial items	1	-3	2	-10	4
Interest expenses	-18	-16	-20	-76	-80
Interest rate derivatives - realised	-9	-9 1	-14	-29	-39
Interest rate derivatives - unrealised	-15	10	19	-17	71
Net financial - currency	5	-2 2	1	-2	18
Net financial derivatives bunkers	0	0	-2	-3	-2
Financial income/(expense)	-35	-17	-1	11	-105
1. Net interest rate derivatives expense
2. Limited net financial currency, material balance sheet impact

Currency accounting impact - Year 2014 - Equity method

WWH group Equity ratio *)

^*Equity ratio: Equity in percent of total assets

WWH group –Liquidity development Q4'14 (Equity method)

Interest bearing debt (Equity method)

Maturity profile

• WWH facilities maturing in 2017
• WMS facilities maturing in 2019

2016

WWASA WWH/WWHI/WMS

185

• WWHI facility refinanced in Q4 2014, maturing in 2017

Maturity profile (USD mill.)

2017

118

280

• WWASA mixed maturity

Split by business segment (USD mill)

2015

103

NOK/share

• Proposed dividend of NOK 3.00 per share to be paid May 2015

• Proposed Board authority to approve further dividend of up to maximum NOK 3.00 per share

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NorSea Group

Operating revenue and operating margin *)

*) Excluding share of profit from associates and gain on sale of assets

Operating