Wilh. Wilhelmsen ASA

Investor Presentation • Sep 17, 2014

SHAPING THE MARITIME INDUSTRY

Dag Schjerven, President & CEO • WMS portfolio strategy

Philip Bannerman, VP Business Development WTS

• The insulation market, TI group

WWH Capital Markets Day 17 September 2014

Wilhelmsen Maritime Services

A UNIQUE GLOBAL NETWORK

An integrated maritime service provider offering solutions, products and services through the most comprehensive network in the industry

World largest maritime network

WMS overview 2013

Estimated revenue split (MUSD)

Key driver for volume growth (#1) - Economic recovery expected to differ by region

Actual and projected GDP growth (CAGR) for selected countries/regions, 2008-2018F

Source: International Monetary Fund (IMF), Apr 2014. Size of circles are GDP current prices in USD for 2013, while placement in chart is based on historical and predicted CAGR on GDP current prices in USD

Key driver for volume growth (#2) - World fleet continues to grow

Total fleet development

• World fleet both in terms of number of vessels and DWT is expected to contiue to grow
• Vessel deliveries ~2 500 per year
• Vessel recycling ~1 200 per year

The world fleet is predicted to grow with ~1 300 vessles per year (2.0-2.5%)

Key driver for volume growth (#3) - Challenging market conditions for WMS customers

Robust financial performance

-Average revenue growth of 8% - stable margin

Asset growth ≈ Income growth -Stable equity ratio of 25-30%

Equity and liabilities (USD mill.) 207 156 363 341 337 249 142 79 30.06.14 1 270 428 Equity Liabilities 238 31.12.06 773 Current Non current 29% Equity 27% Equity for the period USD 347 mill.

Interest bearing debt

Equity

WMS portfolio ambition

The current BA structure is largely reflecting the product scope originating from the Unitor and Callenberg acquisitions

The WMS portfolio analysis has been based on a set of new criteria:

• Customer needs and expectations
• Growth and profitability potential
• Investment needs / capital allocation
• Total value chain
• Business drivers / competitors

WMS' ambition is to regain some of the strong growth experienced from 2005 to 2008 through a revised portfolio strategy

• Make acquisitions and/or establish strategic partnership in core areas
• Reduce ownership in non-core areas
• Develop business area synergies across current structures
• Revise the business areas structure where needed to support growth

WMS portfolio strategy

Situation today

• Not directly core of what we do in WMS
• Business area well positioned for further growth in attractive segments

Strategic direction

• Seek a partner to gain access to new and required competence
• Grow and develop the company to maximize value
• Review ownership over time

WMS portfolio strategy

Situation today

• Closer to core of what we do in WMS
• Strong belief in regulatory driven business (Solas)

Strategic direction

• Bring WTS Safety and WSS Technical services under one management structure
• Realise both cost and revenue synergies
• Consider structural alternatives and further consolidation

WMS portfolio strategy

Situation today

• Core business with full utilization of global network
• Fundamental driver of our competitive advantage

Strategic direction

• Continue to develop the business through organic growth and innovation
• Broaden both product range and global network
• Actively pursue further growth opportunities through acquisitions

THANK YOU

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INTRODUCTION TO THE INSULATION MARKET

Ti Group

WWH Capital Markets Day Lysaker, 17 September 2014

Philip Bannerman, Wilhelmsen Technical Solutions Vice President Business Development, Marketing & Communication

WILHELMSEN TECHNICAL SOLUTIONS

Four business streams with full ownership of the value chain

Fully engineered insulation solutions for new builds, retrofits & terminals

• Cryogenic spherical tank insulation
• Spray foam
• In situ foam
• Prefabricated panels
• Cryogenic insulation for terminals
• Rotating Generation (RG) LNG pipe insulation
• Thermal insulation
• Acoustic insulation
• Fire insulation
• Deck coverings
• Architectural outfitting
• Site services

MAJOR MILESTONES

Long heritage of product development and innovation

INTERNATIONAL PRESENCE

Traditional focus on UK and Asian markets

LNG / LPG FLEET DEVELOPMENT

Strong growth driven by dramatic changes in the global energy market

• •Whilst LNG freight rates have dropped from their peak in 2012, rates are expected to recover within the next few years as transportation demand increases.
• •The LNG tanker fleet (390 vessels) will grow at an annual rate of 10% until year-end 2018 from an average annual rate of 5% for the last 5 years.

• •In the period 2014-2018 new build contracts are expected to be 168 vessels.

• •LPG shipping rates reached an all time high in 2014 and are expected to remain strong.

• •The LPG fleet (1274 vessels) will also grow at an annual rate of 10% until year-end 2018 from an average annual rate of 3.3% for the last 5 years.
• •As with LNG, in the period 2014-2018 new build contracts are expected to be 168 vessels.

Source: maritime insight shipbuilding outlook report, Sept 2014

FOCUS ON MARKET SEGMENTS

Some segments are particularly attractive for TI Group

Cryogenic Tank Insulation

Global demand for LNG is on the rise, driving increase in new build orders.

The scale and complexity of LNG tank insulation favors suppliers with a proven track record.

•TI Group has a proven track record in an industry where product performance and quality is seen as critical.

• •Cutting edge technology delivers exceptionally low boil off performance, generating significant lifetime savings.
• •High degree of prefabrication and well-coordinated installation management minimizes risk of delays during ship construction.

LNG Infrastructure Projects

Demand for LNG bunkering and terminals in the US and other ECA areas is leading to new opportunities for tank insulation and terminal pipe insulation.

• •Spray foam insulation technology and unique applications techniques deliver lower upfront investment, lower lifecycle costs.
• •TI Group proven track record provides confidence to inexperienced buying influences in a rapidly expanding market.

UK Navy Insulation & Site Services

In addition to the current QE class aircraft carrier program, the Type 26 Global Combat Ship program represents good potential for TI Group through 2035.

• •Strong local relationships have built a high level of trust.
• •Local presence and ability to scale up site services at short notice.
• •Robust project management controls costs and maintains ontime delivery.

RESEARCH & DEVELOPMENT

Continuous product development is essential

FINANCIAL DEVELOPMENT

Acting on the strong insulation trend and positioning TI Group as # 1 supplier in target markets

* 2014 revenue is 1H 2014 annualised

With high quality solutions we add value throughout the lifecycle of your vessels, rigs

s and platforms