Wallenius Wilhelmsen

Earnings Release • Aug 12, 2010

Second quarter and first half results 2010 for Wilh. Wilhelmsen ASA

Continued volume increase and higher capacity utilisation boosted the operating

profit for Wilh. Wilhelmsen ASA (WWASA) both for second quarter and first half

of 2010. Continued growth is expected going forward.

Total operating profit for WWASA amounted to USD 76.1 million for the first half

of 2010, up from USD 73.0 million in 2009. Adjusted mainly for the gain on sale

of shares in the Korean logistics company Glovis in the second quarter of 2009,

the operating profit is up almost 75%. Total income came to USD 920.4 million

compared with USD 800.7 million last year.

"Our shipping segment more than tripled its operating profit for the first half

of 2010 compared with 2009, while the total income increased by almost 20%,"

says Jan Eyvin Wang, president and CEO of WWASA. "The major drivers are 32%

increase in volumes year on year, with growth in all trades as well as higher

capacity utilisation. All our operating companies delivered solid earnings, with

Wallenius Wilhelmsen Logistics (WWL) showing the largest increase."

Higher volumes also resulted in stronger contribution from WWASA's logistics

activities, with especially solid contribution from Glovis and the American

Shipping and Logistics group.

"The factory-to-dealer concept in WWL has proven to be important when

renegotiating contracts and in order to secure new cargo contracts for shipping.

We are therefore looking into extending logistics services, especially in growth

areas," says Wang.

Group loss before tax and non-controlling interests was USD 33.6 million related

to unrealised losses on financial instruments in the first half of 2010 against

a profit of USD 153.4 million for the same period in 2009.

Commenting on WWASA's bottom line, Wang says: "Lower long term interest rates

created substantial unrealised losses on our financial hedging instruments. This

hit our bottom line for the first half, but lower interest rates will be

beneficial for our business going forward."

For the second quarter of 2010, the total operating profit totalled USD 54.0

million as against USD 57.8 million for the same period of 2009. Total income

was USD 501.1 million, compared with USD 416.8 million in the same period of

last year. Net loss before taxes and minority interests came to USD 18.8

million, compared with a profit of USD 131.5 million.

Based on the positive market development and the recent restructuring, the board

expects promising results for the group.

For further information, contact

Jan Eyvin Wang, president and CEO:  +47 67 58 47 05 (office), +47 900 20 200

(mob)

Benedicte Bakke Agerup, CFO:      +47 67 58 48 55 (office), +47 915 48 029 (mob)

Mitra Hagen Negård, head of        +47 67 58 69 52 (office), +47 957 93 631

(mob)

financial planning and IR:

Benedicte Gude, communication      +47 67 58 41 77 (office), +47 959 07 951

(mob)

manager:

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This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

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