Wilh. Wilhelmsen ASA

Earnings Release • Sep 17, 2014

Wilh. Wilhelmsen Holding ASA

Capital Markets Day 2014

Thomas Wilhelmsen – group CEO

Disclaimer

This and subsequent presentations may contain 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 Holding group undertake no liability and make no representation or warranty for the information and expectations given in the presentations.

Wilh. Wilhelmsen Holding ASA's goal is to provide shareholders with a high return over time through a combination of rising value for the company's shares and payment of dividend.

The objective is to have consistent yearly dividend paid twice annually.

The Wilhelmsen group

Three business segments

Consistent positive result/EPS

Main "one offs":

1997: Entry tonnage tax income 2006: Dockwise sales gain 2006: GAL/CAT write down 2007: Exit tonnage tax expense 2009: Glovis sales gain 2009: HO sales gain 2011: Qube restructuring gain 2012: Hyundai Glovis sales gain

Main "one-offs" - net effect

Profit after minorities; excluding main "one-offs" and unrealised financial derivatives

Results are not fully comparable due to changes in accounting standards (NRS 1996-2003, IFRS from 2004) Results for 2014 are 1st half

History of consistent yearly dividend paid twice annually

Second dividend for 2014 not yet decided; the board authorized to pay a second dividend of up to NOK 2.50

Long term shareholder return

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14

(including and excluding dividend)

Shareholder total return

Long term shareholder return in excess of Oslo Stock Exchange total index.

Short term return below index.

• 15 yr CAGR 12%
• 10 yr CAGR 9%
• 5 yr CAGR 10%

200

400

Shareholder return, rebased 2.1.1996=100

Wilh. Wilhelmsen Holding

Portfolio composition

WWASA still dominant

WMS stable

Increased equity value Holding & Inv.

• WW ASA dividend
• WMS contribution
• Increased value of investments

Wilh. Wilhelmsen ASA (car/ro-ro shipping and logistics) Continued growth potentials from a global platform base

	CMD 2013	12 months later…
t e k r a M	Global growth will drive future demand for cars and H&H Long term fundamentals	Long term fundamentals unchanged • Auto: 3-4% growth YTD • H&H: Mixed
e g a n n o T	Flexible fleet Ordering first Post Panamax PCTCs	Tonnage strategy unchanged • 2 vessels delivered • 8 vessels on order (4 WWASA)
s c ti s gi o L	Continued investments in logistics infrastructure Consistent financial contribution	Logistics strategy unchanged • WWL: Melbourne terminal • ASL: Lost contract • HG: Strong contribution
p hi ers n w O	WWH to remain a long term majority shareholder in WWASA Listing on OSE creates equity options	No change in ownership strategy

Wilhelmsen Maritime Services

Continued growth potentials from a global platform base

Short term - depressed shipping markets Increased optimism Underlying growth in global merchant fleet

Market

Growth

Ownership

Fragmented competitive environment Opportunities for further acquisitions

WWH to remain sole shareholder of WMS Open for partnership within individual business areas

CMD 2013 12 months later…

• Volatile 12 months
• Reduced optimism
• Fleet growth continues; #vessels up ~2%

No change in growth strategy :

• Competitive environment remains fragmented
• Acquired IES

No change in ownership strategy:

• WWH sole owner of WMS
• Seeking partner for certain WTS activities
• Sold WMF

Holding and investments

Financially strong holding company

	CMD 2013		12 months later…
G S N	Continuing growth Increased international activities Growth opportunities in emerging markets		No change in strategy: • Strong growth in operating revenue YTD • Acquired Danbor (Denmark/UK) WWHI shareholding increased to 40%
e b u Q	Strong performance WWH long term investor and operational partner		Continued strong performance Ownership policy unchanged • Lock-up period expired
n. v. n Fi I	Active financial management		No change in strategy
al t pi a C	Maintain financially strong parent company WWH Invest established on a stand alone financial basis		No change in strategy

Sustainability

2014 focus on anti-corruption and reduced environmental impact

Sustainability

WWH group compliance program

Sustainability Reduced environmental impact

Focus on high impact areas

Reduced emission to air

• Key measure: g fuel/tonne nm
• 2013: 18.2 g; 1H 2014: 16.3 g
• Low sulphur (2013:1.7%)
• Performance monitoring (Shippersys)

Fleet renewal

• Post-Panama (HERO) deliveries
• Old tonnage recycled (green recycling)

Capital Markets Day 2014

Wilh. Wilhelmsen Holding ASA main topics

Wilhelmsen Maritime Services

• The maritime services market and business portfolio
• The insulation market TI group

North Sea Group

• Energy/offshore supply base market
• NorSea Group presentation

Wilh. Wilhelmsen ASA main topics:

Global outlook for the automotive and ro-ro markets - WWL - anti-trust

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