Wallenius Wilhelmsen

Earnings Release • Aug 6, 2015

Wilh.Wilhelmsen Second quarter 2015 >

Wilh.Wilhelmsen ASA /// 6 August 2015 Jan Eyvin Wang, President and CEO

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.

> Healthy growth in car sales

But uncertainty in emerging markets

Region	Q2 2015	Q1 2015	QoQ change	Q2 2014	YoY change	2015 FY	2016 FY	2016 FY/ 2015 FY
N America	5,43	4,63	17 %	5,23	4 %	19,90	20,30	2 %
Europe*	4,01	4,07	-1 %	3,89	3 %	15,00	15,40	3 %
Oceania	0,33	0,31	5 %	0,32	0 %	1,20	1,30	8 %
BRICs	7,58	8,13	-7 %	7,84	-3 %	32,90	35,00	6 %
Brazil	0,60	0,66	-8 %	0,82	-26 %	3,30	3,30	0 %
Russia	0,39	0,38	1 %	0,63	-38 %	1,60	1,60	0 %
India	0,71	0,79	-11 %	0,66	8 %	3,30	3,70	12 %
China	5,88	6,30	-7 %	5,73	3 %	24,70	26,40	7 %

*Excluding Russia and Turkey

> Korean car exports are holding up

While Japanese exports is at a low level

> Group volumes up from a weak first quarter

Volumes were up 6% q-o-q and down 5% y-o-y

Prorated ocean volumes – WW group (100%)

> Higher volumes but suboptimal cargo mix

Index High and Heavy • Oceania up from a weak first quarter due to cargo restrictions • Construction volumes to North America remained strong, however weaker than last quarter Auto • All trades saw a lift in volumes, but Asia to Europe remained flat

• EUKOR ordered 2 post panamax vessels for delivery in 2017
• MV Thalatta delivered in April
• 8 total group deliveries 2016-17
• Net decrease of three vessels from last quarter

MV Thalatta

> Fleet operation

• Total WW off-hire in Q2; 182 days (Q1 2015; 8 days)

–	Planned	71.5 days
–	Unplanned	110.5 days

• Normal planned off-hire during a year ~100 days (7 dry dockings)
• Bunker price increase during the quarter led to reduced margins

> Anti trust investigation

• 30 July, Wallenius Wilhelmsen Logistics (WWL), owned 50% by Wilh.Wilhelmsen ASA, reached a settlement agreement with the Competition Commission in South Africa.
• If the settlement is confirmed by the Competition Tribunal of South Africa, WWL will pay an administrative penalty in the amount of R95 695 529 (approx. USD 7.7 million).
• WWL made an accrual for the penalty in the fourth quarter 2014. WWASA's 50% share of the fine will therefore not have an accounting effect in 2015.

Based on the market outlook, the WWASA board expects seasonally lower auto volumes and continued soft high and heavy volumes in the second half of 2015.

Logistics activities are anticipated to be on par with the first half of 2015.

Wilh. Wilhelmsen ASA Second quarter 2015 >

Wilh.Wilhelmsen ASA 6 August 2015 Benedicte B. Agerup, CFO

> WWASA Group – Key financials

Underlying (adjusted) EBIT in line with previous quarter

• Total income reported 2% q-o-q, 13% y-o-y
• EBIT reported 25% q-o-q, + 29% y-o-y
• EBIT adjusted in line with Q1
• Lifting capacity reduced by 2% and one newbuilding delivered in April

13

> WWASA Group - Profit and Loss 2015 Proportionate method

WW ASA Group

USD mill	2015 Q2	2015 Q1	2015 YTD	2014 YTD	2014 Q2	2014 FY
Operating income	583	573	1 156	1 292	667	2 525
Gain on sale of assets		26	27
Share of profits from JV's and associates	14	9	23	26	15	66
Total income	596	609	1 205	1 318	682	2 592
EBITDA	113	136	249	185	95	413
Depreciation and impairments	(40)	(38)	(78)	(75)	(38)	(160)
EBIT	73	98	171	111	57	253
Financial income/(expense)	4	(46)	(42)	(47)	(31)	(131)
Profit/(loss) before tax	77	52	129	64	26	122
Net profit 1)	1 70	56	1 126	1 56	1 25	1 166
Earnings per share (USD)	0.32	0.26	0.57	0.26	0.11	0.75
1) after minority interest

1st quarter 2015: Sales gain of USD 26 million from a reduction in the shareholding of Hyundai Glovis from 12.5% to 12.0%

> WWASA EBITDA adjusted for non-recurring items

In line with previous quarter and same period last year

Performance on par with previous quarter

• Total income reported + 2% q-o-q, 13% y-o-y
• EBIT reported 3% q-o-q, + 56% y-o-y
• Higher shipped volumes but unfavourable cargo mix
• Higher net bunker costs and negative impact from off hire q-o-q

> WWASA Shipping – EBIT margin

Shipping margins continue to be under pressure

• • Higher volumes transported Reduced BAF surcharges
• • Lower G&A cost base Weaker cargo and trade mix
• Negative impact from off hire

> WWASA net bunker costs (WWASA share)

EBIT margin negatively impacted by increased net bunker costs q-o-q

> WWASA Logistics – Key financials

Underlying EBIT improved q-o-q

• Total income reported -14% q-o-q, 9% y-o-y
• EBIT reported 56% q-o-q, 22% y-o-y
• Adjusted EBIT higher q-o-q
• Increased contribution, primarily driven by Hyundai Glovis
• Market value of 12.0% ownership in Hyundai Glovis USD was 816 million on 30 June 2015

> WWASA Group – Financial income (expense)

Improved financial income q-o-q

USD mill	2015 Q2	2015 Q1	2014 Q1	2014 FY
Net financial items	(0.8)	7.8	5.0	(0.5)
Net interest expenses	(23.3)	(22.6)	(18.0)	(91.2)
Interest rate derivatives - unrealised	18.5	1.4	(5.6)	(16.8)
Net financial - currency	8.6	(33.4)	2.9	(22.0)
Net financial derivatives bunkers	0.9	0.7	(0.2)	(0.3)
Financial income/(expense)	4.0	(46.1)	(16.0)	(130.9)

• Weaker result from investment management
• Stable net interest expenses
• Unrealized gains on interest rate- and currency derivatives
• Unrealised net currency revaluation losses from non USD assets/liabilities

USD mill	30.06.2015		31.03.2015		31.12.2014
Assets
Non current assets	3 080	88 %	2 995	86 %	2 955	88 %
Current assets (excl liquid funds)	31	1 %	61	2 %	23	1 %
Liquid funds	408	12 %	408	12 %	375	11 %
Total assets	3 519	100 %	3 464	100 %	3 353	100 %
Equity & liabilities
Equity	1 806	51 %	1 761	51 %	1 707	51 %
Non current interest-bearing debt	1 277	36 %	1 231	36 %	1 236	37 %
Other non current liabilities	249	7 %	296	9 %	264	8 %
Current liabilities	187	5 %	176	5 %	145	4 %
Total equity and liabilities	3 519	100 %	3 464	100 %	3 353	100 %

> WWASA Group - Committed CAPEX, incl. dry-docking Stable CAPEX the next two years

• One vessel delivered 7. April 2015, MV Thalatta

> WWASA Group – Liquidity development

Continued high liquidity buffers

> WWASA Group – interest bearing debt Sound maturity profile

• New debt in Q2 to finance second post panamax vessel Thalatta.
• Ordinary instalments of USD 26 million in Q2.
• Refinancing of three vessels previously on UK tax lease to ordinary bank financing in July.
• Renewal of revolving credit facility of USD 50 million in July.

> WWASA Group – Semi-annual dividend per share

Dividend of NOK 1.00 per share in H1 approved by AGM

• Board of directors authorized to pay additional dividend up to NOK 1.25 per share.
• The autorization is valid until next AGM, no later than 30 June 2016.

> Thank you!

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