Wilh. Wilhelmsen ASA

Investor Presentation • Nov 11, 2014

Wilh. Wilhelmsen Holding ASA Third Quarter 2014

Thomas Wilhelmsen – group CEO and Nils P Dyvik – 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.

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

WWH group Highlights for the quarter

Seasonal slowdown

Total income decreased

• Down 4% q-o-q, up 1% y-o-y

Reported EBIT up q-o-q

• Down adjusted for one offs

Reduced financial expenses

EPS up

WW ASA group Highlights for the quarter

Reduced shipping income

• o Seasonal decline in shipping volumes
• o Unfavourable trade and cargo mix
• o Challenging market

Mixed logistics

• o Slight reduction from WWL
• o One-off gain in Hyundai Glovis
• o Reduction in ASL activity
• impairment and restructuring costs

Ongoing antitrust investigation

WMS group Highlights for the quarter

Continued growth in total income y-o-y

o Underlying income stable q-o-q

Reduction in EBIT margin

o Unfavourable product mix

Challenging market conditions

Restructuring of WTS ongoing

WMS Performance influenced by challenging market conditions

*Main "one-offs":

• Q1'12: Recall of UBWTS

• Q2'14: Sales gain

**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

Ship management

Total income and vessels served

Daily sales pr merchant vessel (right scale)

Total income Vessels served (right scale)

Technical solutions

Total income and order reserve

WSS global fleet penetration: 50,09% in Q3'14 (50,25% Q2'14)

Total income

Holding and Investments Highlights for the quarter

Steady development in NorSea Group

• o Total income up
• − Full impact of Danbor acquisition
• o Contribution down q-o-q

Continued growth in Qube

• o Strong full year results (FY 2013/14)
• o Share price further up
• o WWHI lock up expired September

Gain from investment portfolio

o Steady performance above benchmark

Dusavik base, Norway Source: NorSea Group

Heavy lift operation, Dampier, Western Australia Source: Qube

NorSea Group

Operating revenue and operating margin *)

• Share of operating revenue joint ventures
• Operating revenue NorSea Group
• Operating margin (weighted)

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

WWH group prospects

The board expects the market sentiment to remain challenging for the group's main activities. However, the group's underlying performance is anticipated to improve in the fourth quarter.

Wilh. Wilhelmsen Holding ASA

Third quarter 2014 – Financials

Nils Petter Dyvik – group CFO

WWH group Key financial figures

Total income (q-o-q)

o 4% decrease in total income o WWASA down 5% o WMS down 3%

EBIT (q-o-q)

o 3% increase in reported EBIT o WWASA up; WMS down o 18% decrease adjusted for one-offs

EPS (q-o-q)

o Up 52% to USD 0.99

WWH group Key segment information

USD mill	WWASA group			WMS group			Holding and Investments			Total
Quarter	Q3'14	Q2'14	Q3'13	Q3'14	Q2'14	Q3'13	Q3'14	Q2'14		Q3'13		Q3'14	Q2'14		Q3'13
Total income	650	682	667	273	281	243	9		10	9		924		965	913
Operating profit	66	57	78	17	23	20	-1		0	-1		83		80	96
Financial income/(expenses)	-9	-31	-14	-9	-13	-2	1		4	9		-17		-40	-7
Tax income/(expense)	-3	0	-4	-2	-2	-5	0		1	1		-4		-2	-8
Profit/(loss)	55	26	60	6	7	13	1		6	8		62		39	81
Minority interests	15	8	17	1	1	2	0		0	0		16		8	18
Profit/(loss) after minority interests	39	18	43	5	6	11	1		6	8		46		30	63
Total equity	1 709	1 658	1 600	348	363	362	338		343	287		2 395		2 365	2 249
Minority	466	453	436	4	3	6						470		456	442
Equity after minority interests	1 243	1 205	1 164	344	360	356	343		343	287		1 926		1 908	1 807

Operating profit in WWASA impacted by one-offs, decline in underlying contribution Reduced operating profit in WMS Slight reduction in operating profit from Holding and Investments

*Figures in red circles represent consolidated figures including minorities. Figures in green circles represent figures after minorities.

WWH group Return on capital employed **)

*Main "one-offs":

• **Based on proportionate method
• Q3'11: Gain Qube restructuring
• Q3'12: Sales gain Hyundai Glovis

• Capital employed: Equity plus interest bearing debt

• ROCE: EBT plus interest expenses / average capital employed

WWH group Financial income/(expenses)

USD mill	Q3'14	Q2'14	Q3'13
Net financial items	0	5	19
Investment management	2	1 5	14
Interest income	2	2	2
Other financial items	-3	-2	3
Interest expenses	-16	-24 2	-20
Interest rate derivatives - realised	-9	-9	-9
Interest rate derivatives - unrealised	10	-6	2
Net financial - currency	-2	-6	1
Net financial derivatives bunkers	0	0	-1
Financial income/(expense)	-17	-40	-7

• 1. Positive contribution from investment management (equity/bonds)
• 1. Reduced interest expenses (one-off cost Q2'14)

WWH group Equity ratio *)

WWH group –Liquidity development (Equity method)

WWH group Interest bearing debt (Equity method)

Maturity profile

• WWH facilities maturing in 2017
• WMS facilities maturing in 2019
• WWHI facility refinanced in October, new maturity 2017
• WWASA mixed maturity

Split by business segment (USD mill)

WWH ASA Dividend per share

NOK/share

• Second dividend of NOK 2.00 per share to be paid on or about 27 November
• First dividend of NOK 3.00 per share was paid in May 2014

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WWASA group Key financial figures

Total income (q-o-q)

o Reduced shipping volumes o Volume decline in most trades o Decline in logistics

EBIT (q-o-q)

o 16% increase in reported EBIT o 19% decrease in adjusted EBIT

Total income (USD mill)

SUPPLEMENTARY SLIDE

WMS group Key financial figures

Total income (USD mill)

Total income (q-o-q)

o Total income slightly down o WSS slightly down o WSM stable o WTS stable

EBIT (q-o-q)

• o Negative development
• o WSS down
• o WSM slightly down
• o WTS stable

Holding and Investments Key financial figures

Total income (q-o-q)

o Lower contribution from NorSea Group

Total income (USD mill)

Net profit (q-o-q)

o Reduction in contribution from financial investments

Net profit after minority (USD mill)

WWH group Balance sheet (Equity method)

USD mill	30.09.2014		30.06.2014		31.12.2013
Assets
Non current assets	3 797	74 %	3 795	74 %	3 728	75 %
Current assets (excl liquid funds)	542	11 %	570	11 %	484	10 %
Liquid funds	778	15 %	749	15 %	734	15 %
Total assets	5 117	100 %	5 114	100 %	4 946	100 %
Equity & liabilities
Equity	2 395	47 %	2 364	46 %	2 286	46 %
Interest-bearing debt	1 869	37 %	1 876	37 %	1 852	37 %
Other non current liabilities	382	7 %	379	7 %	355	7 %
Other current liabilities	471	9 %	495	10 %	454	9 %
Total equity and liabilities	5 117	100 %	5 114	100 %	4 946	100 %
Capital employed	4 265		4 240		4 137

47% book equity ratio