Wallenius Wilhelmsen

Investor Presentation • Aug 4, 2016

> Agenda

• Developments in the second quarter
• Market outlook
• Prospects

Disclaimer

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.

> Group ocean volume development

Seasonal rebound in the second quarter

1 000 CBM

> Group ocean Foundation Trades' share of total

1 000 CBM

Dropping in the second quarter, from a very high level

4 Prorated ocean volumes – WW group (100%)

> Group ocean cargo segment development

Seasonal rebound in the second quarter, both for Auto and High & Heavy

Auto

High & Heavy

• Seasonality
• Increased volumes in most main trades

• European imports strong

• Seasonality

• Mainly driven by agriculture segment
• Overall volumes still at a low level

> On-going anti trust investigation

• WWL
• reached a settlement with the US DoJ in July, whereby they will pay USD 98.9 million in fines
  • WWASA share 50 %
  • No accounting effects for WWASA
• EUKOR

6

– not fined by the US DoJ

> Market outlook Increased uncertainty and volatility

• Brexit
• US election
• Geo political instability
• Protectionism

Leading to a soft volume development

> Our response

• Creating a more agile structure
• Tonnage optimization 2016-2017
• Newbuildings
  • 2 vessels delivered (WWASA), 6 vessels remaining (4 OW, 2 EUKOR)
• Recycling of old vessels
  • 4 vessels recycled (3 WWASA, 1 EUKOR), 3 vessels planned Q3 (OW)
• Redelivery of charter vessels
  • 1 vessel redelivered (EUKOR), 3 vessels planned Q3 (EUKOR)
• Redelivery flexibility
  • 9 vessels July 2016-June 2017 (EUKOR)

> Prospects

The board expects volume growth to remain weak over the next period.

The current global political landscape adds further uncertainties.

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> Wilh Wilhelmsen ASA Post demerger NAL AS

• Effective on 8 June 2016
• Significant non-recurring gain of USD 375 million (recorded in the holding segment)
• BV of equity reduced by USD 730 million (incl accounting gain)
• Demerged entity Treasure ASA listed on Oslo Stock Exchange 8 June 2016

> WWASA Group – Key financials

Non-recurring gain lifted operating profit significantly

• Total income reported + 49% q-o-q, + 52% y-o-y
• EBIT reported + 230% q-o-q, + 471% y-o-y
• Non-recurring gain of USD 375 million in the holding segment
• Ocean transported volumes increased by 8%
• Two new Post Panamax vessels delivered for WWASA's account

> WWASA Group – Profit and Loss Q2 2016

Proportionate method

USD mill	2016 Q2	2016 Q1	2016 YTD	2015 YTD	2015 Q2	2015 FY
Operating income	530	515	1,046	1,156	583	2,243
Gain on sale of assets	375	80	455	26		29
Share of profits from JV's and associates		13	13	23	14	36
Total income	905	608	1,514	1,205	596	2,308
EBITDA	455	161	616	248	113	262
Depreciation and impairments	(38)	(35)	(72)	(78)	(40)	(160)
EBIT	417	126	543	171	73	103
Financial income/(expense)	(21)	(15)	(36)	(42)	4	(128)
Profit/(loss) before tax	396	111	507	129	77	(25)
Net profit 1)	1 392	104	1 496	1 126	1 70	1 (4)
Earnings per share (USD)	1.78	0.47	2.26	0.57	0.32	-0.02
1) after minority interest

Q2 2016 includes non-recurring net gain of USD 373 million

• Gain of USD 375 million in holding segment and loss of USD 1.5 million in shipping segment

> WWASA Group – Total income bridge

Total income slightly positive q-o-q

*) non recurring gain of USD 80 million related to the acquisition of full ownership of Vehicle Servi ces Americas and CAT-WWL in South Africa (both previously joint ventures), and the sale of Vehicle Services Europe (VSE)

15

> WWASA Group – EBIT bridge

Total EBIT adjusted up 19% from a weak Q1

• Hyundai/Glovis contribution discontinued in Q2

*) non recurring gain of USD 80 million related to the acquisition of full ownership of Vehicle Servi ces Americas and CAT-WWL in South Africa (both previously joint ventures), and the sale of Vehicle Services Europe (VSE)

16

> WWASA Shipping – Key financials

Increase in both auto and HH volumes

• Total income reported + 4% q-o-q, 21% y-o-y
• EBIT reported + 36% q-o-q, 34% y-o-y
• Increased volumes combined with improved cargo and trade mix, but still suboptimal mix
• Increased net bunker cost due to reduced bunker compensation and increased bunker price
• Non-recurring loss of USD 1.5 million related to recycling of one vessel

> WWASA Shipping – EBIT margin

Improvement in underlying margin q-o-q

18

> WWASA Logistics – Key financials

Underlying result on par q-o-q

• Total income reported 35% q-o-q, + 25% y-o-y
• EBIT reported 92% q-o-q, 57% y-o-y
• Underlying result on par with previous quarter
• Contribution from Hyundai Glovis discontinued 17 March 2016 following the demerger of NAL AS

> WWASA

Committed capex ending in Q2 2016

• CAPEX program finalized Q2 2016 with delivery of 2 post panamax vessels in April and June
• Both vessels financed through sale leaseback
• Positive cash effect in Q2 of USD ~ 35 million (at time of delivery)

> WWASA Group – Financial income/(expense)

Slight increase in net financial expenses q-o-q

USD mill	2016 Q2	2016 Q1	2015 Q2	2015 FY
Net fi nanci al items	5.0	1.0	(0.8)	(6.3)
Net interest expenses	(26.1)	(22.8)	(23.3)	(91.4)
Interes t rate derivatives - unrealis ed	(1.1)	(14.4)	18.5	24.3
Net fi nanci al - currency	(3.2)	20.1	8.6	(48.7)
Net fi nanci al derivatives bunkers	4.3	0.7	0.9	(6.3)
Financial income/(expense)	(20.9)	(15.4)	4.0	(128.3)

Proportionate

• Increased net interest expenses due higher interest bearing debt
• Positive return from investment portfolio

> WWASA Group – Balance Sheet

Continued strong balance sheet post demerger of NAL AS

USD mill	30.06.2016		31.12.2015
Assets
Non current assets	2,759	87%	2.925	89%
Current assets (excl liquid funds)	21	1%	24	1%
Liquid funds	406	13%	349	11%
Total assets	3.186	100%	3,299	100%
Equity & liabilities
Equity	1.430	45%	1,655	50%
Non current interest-bearing debt	1,245	39%	1,135	34%
Other non current liabilities	211	7%	225	7%
Current liabilities	300	9%	285	9%
Total equity and liabilities	3.186	100%	3.299	100%

Equity

Equity ratio reduced to 45% due to demerger of NAL AS (Hyundai/Glovis)

> WWASA Group – interest bearing debt

Refinancing of balloons in 2018/2019

> WWASA Group – Liquidity development

Continued high liquidity buffers

> WWASA Group – Semi-annual dividend per share

No dividend payment in H1 or planned in H2 2016