Wallenius Wilhelmsen

Earnings Release • Feb 13, 2015

Wilh. Wilhelmsen ASA Fourth quarter 2014 >

Wilh.Wilhelmsen ASA 13 February 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.

> Volume highlights

Year-end auto sales lifted volumes

Million Cbm

• Volumes up from a seasonally low third quarter
• Volumes stable year-over-year, high year-end auto sales making fourth quarter seasonally strong
• Korean labour strikes continued into the fourth quarter

> Auto volumes outperformed High and Heavy

High and Heavy

• Mining volumes to Oceania remained weak
• Agricultural volumes continued to be impacted by low commodity prices
• Construction to the US remained strong

Auto

• Volumes from Asia and Europe to North America increased
• Cars to Oceania stronger than last year

> Foundation Trades still going strong

> Outlook

Ocean

• Overall volumes will be relatively flat
• Changes in trading patterns and continued unfavourable cargo mix
• Short term lift in volumes from Japan
• Low oil price mixed blessing
• Stink bugs challenge

Tonnage

• 1 post panamax delivered
• 1 to be delivered in Q2
• 2 vessels recycled during Q1
• Additional new-buildings are being evaluated

Logistics

• Continue to grow our global network

Hyundai Glovis

• Chung family reducing their stake to 29.9%

More clarity in WWL/EUKOR anti-trust investigations

The board of WWASA anticipates the group's volume development to be relatively flat, adjusted for seasonality.

The cargo mix will continue to be unfavourable. The demand for break bulk and construction equipment is not expected to outweigh low demand for mining and agriculture equipment. With current fuel prices, the net bunker cost will have a positive effect on operating profit, supported by the effect from cost reducing initiatives.

The logistics segment's contribution to group accounts is expected to be in line with the fourth quarter

Wilh. Wilhelmsen ASA Fourth quarter 2014 >

Wilh.Wilhelmsen ASA 13 February 2015 Benedicte B. Agerup, CFO

> WWASA Group – Key financials

Underlying EBIT on par with previous quarter

• Total income adjusted 2% q-o-q, 7% y-o-y
• EBIT adjusted -2% q-o-q, -23% y-o-y
• EBIT positively impacted by change in pension scheme in Q4 2014
• Negativ effect from unrealized losses on FX and interest rate hedging contracts in Q4 2014

> WWASA Group - Profit and Loss 2014

Proportionate method

USD mill	2014 Q4	2014 Q3	2014	2013	2013 Q4
Operating income	613	619	2 525	2 609	651
Gain on sale of assets				1	1
Share of profits from JV's and associates	10	30	66	62	19
Total income	624	650	2 592	2 673	671
EBITDA	118	110	413	445	105
Depreciation and impairments	(41)	(44)	(160)	(152)	(39)
EBIT	76	66	253	293	66
Financial income/(expense)	(75)	(9)	(131)	(8)	(8)
Profit/(loss) before tax	1	57	122	285	58
Net profit 1)	1 55	54	1 166	1 272	1 67
Earnings per share (USD)	0.25	0.25	0.75	1.23	0.30
1) after minority interest

Financial statements 2013 has been restated, ref, proportionate note 2

> WWASA Group - EBIT bridge Q4 2014

Net positive effect from non-recurring items

> WWASA EBITDA adjusted for non-recurring items On par q-o-q, but lower y-o-y

> WWASA Shipping – Key financials Underlying EBIT +9% q-o-q

• Total income, adjusted 2% q-o-q, 6% y-o-y
• EBIT adjusted + 9% q-o-q, 10% y-o-y
• Volume growth, reduced bunker costs and lower G&A cost negatively impacted by general rate pressure and negative cargo mix
• Cost efficiency and tonnage optimisation initiatives continuing

> WWASA Shipping – EBIT margin

Challenging market sentiment

• Increased volumes and higher utilization
• Lower operating and G&A cost
• General rate pressure and weak cargo mix

> WWASA Shipping – Bunkers

Reduced net bunker costs q-o-q

Q3 2014 Q4 2014

> WWASA Logistics – Key financials

Lower contribution from Hyundai Glovis

• Total income adjusted 4% q-o-q, 13% y-o-y
• EBIT, adjusted 26% q-o-q, 48% y-o-y
• Lower contribution from Hyundai Glovis q-o-q
• WWL operating profit stable q-o-q
• Market value of 12.5% ownership in Hyundai Glovis USD ~ 1,1 billion

> WWASA Group – Financial income (expense) breakdown

Impacted by unrealized losses on hedging contracts q-o-q

USD mill	2014 Q4	2014 Q3	2014	2013	2013 Q4
Net financial items	(2.6)	(0.4)	(0.5)	15.9	5.7
Net interest expenses	(23.1)	(24.7)	(91.2)	(99.3)	(29.3)
Interest rate derivatives - unrealised	(15.1)	10.3	(16.8)	71.2	18.7
Net financial - currency	(34.4)	6.0	(22.0)	7.7	(1.0)
Net financial derivatives bunkers	0.0	0.0	(0.3)	(3.2)	(2.5)
Financial income/(expense)	(75.3)	(8.8)	(130.9)	(7.7)	(8.4)

• Stable net interest expenses
• Lower interest rates and a strong USD has a positive impact on the underlying business
• Positive effect on non USD loans
• Unrealized losses on derivatives used to hedge FX and interest rate exposure on debt
• Negative M to M effect on four year rolling FX option hedging programme

> WWASA Group – Balance Sheet

Strong balance sheet

USD mill	31.12.2014		30.09.2014		31.12.2013
Assets
Non current assets	2 955	88 %	2 988	85 %	2 952	87 %
Current assets (excl liquid funds)	23	1 %	54	2 %	25	1 %
Liquid funds	375	11 %	465	13 %	411	12 %
Total assets	3 353	100 %	3 507	100 %	3 388	100 %
Equity & liabilities
Equity	1 707	51 %	1 709	49 %	1 632	48 %
Non current interest-bearing debt	1 236	37 %	1 309	37 %	1 320	39 %
Other non current liabilities	264	8 %	227	6 %	206	6 %
Current liabilities	145	4 %	262	7 %	229	7 %
Total equity and liabilities	3 353	100 %	3 507	100 %	3 388	100 %

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

> WWASA Group – Liquidity development

Continued high liquidity buffers

> WWASA Group – interest bearing debt Sound maturity profile

• Repayment of bond NOK 518 million in November.
• Ordinary instalments of USD 25 mill in Q4.
• Two post panamax vessels to be delivered in 2016, not yet financed.

> WWASA Group – Semi-annual dividend per share

Proposed dividend 1st half 2015

• WWASA BoD proposes a dividend payment of NOK1.00 per share in Q2 2015
• The WWASA BoD proposes to authorize an additional dividend for 2015 limited to 1.25 per share

> Thank you!

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