Wallenius Wilhelmsen

WWASA's partly owned company Wallenius Wilhelmsen Logistics received final cease and desist order

Wallenius Wilhelmsen Logistics (WWL), owned 50% by

Wilh. Wilhelmsen ASA (WWASA), has received the final

cease and desist order and final surcharge order from

the Japanese Fair Trade Commission (JFTC).

The JFTC states that WWL and other companies in the

industry, in the years 2008 - 2012, restrained

competition through jointly agreeing on raising or

maintaining rates, thereby breaching the Antimonopoly

Act. Todays' final order confirms the draft decision

received in January 2014.

For WWL, the surcharge is set to JPY 3 495 710 000

(approximately USD 34 million) and primarily related

to shipments of new cars from Japan to Europe. WWASA

made an accrual of USD 16.5 million in the fourth

quarter of 2013. The final order will therefore not

have any effect on the accounts for the first quarter

of 2014.

Cost of process management related to these

investigations is charged on an ongoing basis. For

2013, the fees to lawyers and other process related

expenses were estimated to USD 8-9 million (WWASA

share). Except the accrual of USD 16.5 million, no

other accruals or reserves have been charged to the

accounts.

EUKOR Car Carriers, owned 40% by WWASA, was initially

included in the investigation, but has been dropped

by the JFTC.

WWASA has not received any further information

through WWL and EUKOR on ongoing investigations in

other jurisdictions, but the joint ventures will

continue to cooperate with relevant authorities as

applicable.

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