Wallenius Wilhelmsen

Investor Presentation • Nov 11, 2015

>Disclaimer

This presentation contains forward-looking expectations which are subjectto 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.

>Anti-trust investigation

WWASA makes USD 200 million provision in the third quarter

• • Investigation of the global car carrying industry started in September 2012 in several jurisdictions related to incidents prior to September 2012
• • WWL and EUKOR have cooperated and are cooperating with respective authorities. These processes are confidential.
• • Japanese and South African authorities have completed their investigations
• WWL were fined USD 34 million in Japan and USD 8 million in South Africa (WWASA share USD 16.5 million and USD 4 million respectively)
• • Final outcome of the investigations is uncertain and will take time
• Some further clarifications expected in Q4 2015 and 2016
• • The USD 200 million provision represents WWASA's share of the exposure related to the ongoing investigations

>Decline in group volumes Down of 7% q-o-q and 3% y-o-y

>Fall in both cargo segments

High and Heavy

• •Decline in all main trades
• • Construction volumes to North America remained strong, however weaker than first half of the year

Auto

• • Oceania stronger and Europe slightly better
• •Decline in all other trades

>Renewal of Ocean Carrier Contract

• • EUKOR secured contract for 4 more years
• • Volumes out of Korea;
• 50% in 2016 and 2017
• 40% in 2018 and 2019
• • In 2014, EUKOR transported approximately 4.6 million units of which 1.7 million where on behalf of Hyundai and Kia

>Making use of the tonnage flexibility

>Continued low commodity prices impact HH volumes

Lower growth in annual Chinese car sales

Light vehicle sales in key markets quarterly

ion Reg	Q3 201	5 Q2 201 5	QoQ cha nge	Q3 201 4	YoY cha nge	201 5 FY FC	201 6 FY FC	6/ 201 201 5
N A ica mer	5,29	5,44	3 % -	5,08	4 %	20,3 0	20,6 0	1 %
pe* Euro	3,74	4,22	11 % -	3,42	9 %	15,6 0	15,8 0	1 %
Oce ania	0,32	0,33	3 % -	0,31	4 %	1,30	1,30	0 %
BRIC s	7,02	7,55	8 % -	7,50	7 % -	31,4 0	33,3 0	6 %
razi l B	0,62	0,63	1 % -	0,83	26 % -	2,50	2,40	4 % -
R ussi a	0,41	0,40	3 %	0,55	25 % -	1,60	1,60	0 %
ndia I	0,77	0,73	5 %	0,75	3 %	3,20	3,50	9 %
C hina	5,22	5,79	7 % -	5,37	3 % -	24,1 0	25,8 0	7 %

[M Units] CAT - Resource industries sales quarterly [MUSD]

*excluding Russia and Turkey

Quarterly light vehicle exports [M Units]

John Deere - Q3 2015 industry outlook

	2015 Forecast	Previous Forecast *
U.S. and Canada Ag	Down $\sim$ 25%
EU 28 Ag	Down $\sim 10\%$
South America Ag (Tractors and Combines)	Down 20-25%	Down 15-20%
Asia Ag	Down moderately	Down modestly
CIS Countries Ag	Down significantly
U.S. and Canada Turf and Utility Equipment	Flat to up 5%

*Agriculture and Turf Retail Sales

>Outlook

Auto

• •Marginal growth in mature markets
• •Growth in China but at lower levels
• •Slow in other emerging markets

High and heavy

• •Construction to remain healthy
• •Mining and agricultural to remain weak

Tonnage

9

• Using tonnage flexibility to remain balanced

Increased focus on synergies and cost reductions in all companies

Continue to expand land based activities

>Prospect

The shipping activities in WWASA are expected to remain challenging, with added pressure on margins.

Logistics activities are expected to be on par with the 2015 levels.

The board will ensure a continuous focus on operational efficiency and costreducing initiatives.

>WWASA Group – Key financials

•

Provision impact shipping segment negatively in Q3

• •Total income reported - 6% q-o-q, - 14% y-o-y
• •EBIT reported negative USD 134 million, EBIT adjusted for non-recurring items USD 68 million
• •Shipping segment negatively impacted by a provision of USD 200 million

Lower ocean profitability q-o-q, partly seasonal, logistics stable

>WWASA Group - Profit and Loss 2015

Proportionate method

WW ASA Group

U S D i l l m	2 0 1 Q 3 5	2 0 1 Q 2 5	2 0 1 Y T D 5	2 0 1 4 Y T D	2 0 1 4 Q 3	2 0 1 4 F Y
Op ing inc t era om e	4 6 5	8 3 5	1 0 2 7	1 9 1 2	6 1 9	2 2 5 5
Ga in o le o f as ts n s a se			2 6
S har f p f i from J V 's a d a ia ts tes e o ro n sso c	1 2	1 4	3 5		3 0	6 6
To ta l inc om e	5 5 8	5 9 6	1 7 6 3	1 9 6 8	6 5 0	2 5 9 2
E B I T D A	( 9 4	) 1 1 3	1 5 5	2 9 5	1 1 0	4 1 3
De ia t ion d imp irm ts p rec an a en	( 1 4	) ( 0 4	) ( 1 1 8	) ( 1 1 8	) ( ) 4 4	( 1 6 0 )
E B I T	( 1 3 4	) 3 7	3 6	1 7 7	6 6	2 3 5
F ina ia l inc / ( ) nc om e ex p ens e	( 7 3	) 4	( 1 1 5	) ( 5 6	) ( 9 )	( 1 3 1 )
Pr f i t / ( los ) be for tax o s e	( 2 0 7	) 7 7	( 7 8	) 1 2 1	5 7	1 2 2
1) Ne t p f i t ro	1 ( 2 1 3	) 7 0	1 ( 8 6	1 ) 1 1 1	1 5 4	1 1 6 6
( S ) Ea ing ha U D rn s p er s re	( 0. 9 7	) 0. 3 2	( 0. 3 9	) 0. 5 0	0. 2 5	0. 7 5
1) a fter mino rity i nter est

>WWASA EBITDA adjusted for non-recurring items

Down 6% q-o-q, partly seasonal

>WWASA Shipping – Key financials

Significantly impacted by a provision in connection with anti-trust investigations

• •Total income reported - 7% q-o-q, - 15% y-o-y
• EBIT reported negative USD 150, EBIT adjusted for non-recurring items USD 53 million
• Transported volumes down 7%, decline of both autos and H/H cargo
• Suboptimal cargo and trade mix
• •Margins under pressure

>WWASA Shipping – EBIT margin

Underlying margins stable q-o-q

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>WWASA Logistics – Key financials

Underlying EBIT flat q-o-q

>WWASA Group – Financial income (expense)

Unrealised losses on derivatives

S U D m i l l	Q 2 0 1 5 3	Q 2 0 1 5 2	2 0 1 5 Y T D	2 0 1 4 Y T D	Q 2 0 1 4 2	2 0 1 4 F Y
t fi al Ne nci ite na ms	( ) 15. 9	( ) 0.8	( ) 8.8	2.1	( ) 2.4	( ) 0.5
Ne t i nte t e res xpe ns es	( ) 22. 0	( ) 23. 3	( ) 67. 9	( ) 68. 1	( ) 25. 4	( ) 91. 2
e d eri ive ali ed Int st rat vat ere s - u nre s	( ) 15. 3	18. 5	4.6	( ) 1.7	( ) 6.4	( ) 16. 8
t fi al Ne nci na - cu rre ncy	( ) 15. 2	8.6	( ) 40 .1	12. 3	3.5	( ) 22. 0
t fi al de s b ke Ne nci ri ive vat na un rs	( ) 4.2	0.9	( ) 2.6	( ) 0.3	( ) 0.1	( ) 0.3
/ ( ) F ina ia l inc nc om e exp ens e	( ) 7 2. 6	4. 0	( ) 1 1 4. 8	( ) 5 5. 6	( ) 3 0. 8	( ) 1 3 0. 9

Proportionate

• • Net financial items
• •Negative return on investment management
• •Termination fee of USD 9 million for the deferred tax inherent in UK tax leases
• •Stable net interest expenses
• • Unrealised losses on both interest rate- and currency derivatives, due to a stronger USD and lower medium to long term USD interest rates

>WWASA Group – Balance Sheet

Continued strong balance sheet

U SD ill m	3 0. 0 9. 20 15		3 0. 0 6. 20 15		3 1.1 2.2 0 14
Ass ets
No nt a ts n c urre sse	2 9 0 0	8 8 %	3 0 8 0	8 8 %	55 2 9	8 8 %
Cu t as sets ( l liq uid fund ) rren exc s	2 4	1 %	3 1	1 %	23	1 %
fund Liqu id s	3 8 7	11 %	40 8	12 %	375	11 %
To tal ets ass	3 3 0 2	10 0 %	3 5 1 9	10 0 %	3 35 3	10 0 %
Equ ity & liab iliti es
Equ ity	1 5 8 8	% 48	1 8 0 6	1 % 5	1 70 7	1 % 5
No nt in st-b ing deb tere t n c urre ear	1 2 3 9	3 8 %	77 1 2	3 6 %	1 23 6	37 %
Oth t lia bilit ies er n on cur ren	2 7 5	8 %	249	7 %	264	8 %
Cu t lia bilit ies rren	2 0 1	6 %	187	% 5	145	4 %
To tal ity and lia bili ties equ	3 3 0 2	10 0 %	3 1 9 5	10 0 %	3 35 3	10 0 %

Equity

Effect of provision of USD 200 million

•Reduction in investment in joint ventures and associates

•Reduction in equity

>WWASA Group - Committed CAPEX, incl. dry-docking

>WWASA Group – Liquidity development

Continued high liquidity buffers

>WWASA Group – interest bearing debt

Sound maturity profile

22

>WWASA Group – Semi-annual dividend per share

Dividend of NOK 0.50 per share in H2 2015