Wilh. Wilhelmsen ASA

Earnings Release • May 7, 2015

Wilh. Wilhelmsen Holding ASA First Quarter 2015

Thomas Wilhelmsen – group CEO and Nils P Dyvik – group CFO

7 May 2015

Disclaimer

This presentation 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 presentation.

• 1. Highlights for the quarter
• 1. Prospects
• 1. Financials Nils P. Dyvik, group CFO

WWH group Highlights for the quarter

Total income decreased

• Down 3% q-o-q

Positive EBIT development

• Adjusted EBIT up 17% q-o-q

Sales gain

Mixed net financials

WW ASA group

Highlights for the quarter

Improved contribution from shipping

• o Decline in volumes mainly seasonal
• o Improved cargo and trade mix
• o Effect from cost reductions

Logistics up on sales gain

• o Stable contribution from operation
• o Gain from 0.5% sell down in Hyundai Glovis

First WW Post-Panamax delivered

Ongoing antitrust investigation

MV Thalatta - second Post-Panamax delivered April'15

WMS group Highlights for the quarter

Total income decreased

• o Currency effect (USD up)
• o Reduced WTS income

Strong EBIT

• o Currency effect (USD up)
• o Product mix

Restructuring of WTS

• o Callenberg Technology Group
• o Indicative bids

New WSS office, Abidjan, Ivory Coast

WMS

7

Performance influenced by challenging market conditions

*Main "one-offs": Q1'12: Recall of UBWTS (included) - Q2'14: Sales gain (included) - Q4'14: Pension related accounting gain (not included) **Clarksea Index is a weighted quarterly average of earnings by tankers, bulkers, containerships and gas carriers (Source: Clarkson).

Ships service

Total income and daily income per vessel

Ship management Total income and vessels served

Technical solutions

Total income and order reserve

WSS global fleet penetration: 50,14% in Q1'15 (50,19% Q4'14)

Holding and Investments

Highlights for the quarter

Stable development in NorSea Group

• o Supply base activity stable
• o Loss on vessel chartering activity
• o Improved net financials
• o Statoil 7+2+2 year contract

Strong global equity market

• o Qube share value: USD 149 million 1)
• o Financial investments: USD 91 million 1)

Mongstad base, Oktober 2013. Source NSG

NorSea Group

Holding and Investments

Agreement with Norwegian Armed Forces

WilNor Governmental Services AS

• o 51% Wilh. Wilhelmsen Holding
• o 49% NorSea Group
• o Coordination cell

Logistics services (7 years / NSG)

• o Norwegian Home Guard
• o Host nation support

Photo: Courtesy Norwegian defence

WWH group prospects

The year started on a slightly positive note, with underlying results supported by a stronger USD and cost reductions. The board expects seasonality to support an uplift in activity level in the second quarter.

Wilh. Wilhelmsen Holding ASA First Quarter 2015

Nils Petter Dyvik – group CFO

7 May 2015

WWH group key figures (excluding Q4'14 pension gain)

Total income (q-o-q)

o USD 866 million o WWASA down 2% o WMS down 4%

EBIT (q-o-q)

o USD 123 million o WWASA up o WMS up o H&I up

EPS (q-o-q)

o USD 1.46, up 7%

*Main "one-offs included":

• Q3'12: Sales gain Hyundai Glovis

• Q1'15: Sales gain Hyundai Glovis

WWH group (excluding Q4'14 pension gain)

Key segment information

USD mill	WWASA group		WMS group			Holding and Investments		Total
Quarter	Q1'15	Q4'14	Q1'15	Q4'14	Q1'15	Q4'14	Q1'15	Q4'14
Total income	609	624	257	269	6	4	866	890
Operating profit	98	59	27	23	(2)	(3)	123	79
Financial income/(expenses)	-46	-75	7	32	4	8	-35	-35
Tax income/(expense)	5	55	-9	-15	0	-4	-4	36
Profit/(loss)	57	39	25	40	2	1	84	80
Minority interests	16	11	1	1	0	0	16	12
Profit/(loss) after minority
interests	41	28	25	39	2	1	68	63
Total equity	1761	1707	286	310	317	312	2364	2329
Minority	480	465	3	4			483	469
Equity after minority interests	1 281	1 242	284	307	317	312	1 881	1 860

Increased operating profit across all business segments

WWH group

*Main "one-offs":

**Based on proportionate method

• Capital employed: Equity plus interest bearing debt

• ROCE: EBT plus interest expenses / average capital employed

• Q4'14: Pension related accounting gain

• Q3'12: Sales gain Hyundai Glovis • Q1'15: Sales gain Hyundai Glovis

WWH group

Financial income/(expenses)

USD mill	Q1'15	Q4'14
Net financial items	13	2
Investment management	13	1 -1
Interest income	2	2
Other financial items	-2	1
Interest expenses	-18	-18
Interest rate derivatives - realised	-8	-9
Interest rate derivatives - unrealised	1	-15
Net currency - currency	-24	5
Net currency gain/(loss)	8	2 86
Net currency derivatives - realised	5	4 3
Net currency derivatives - unrealised	-37	4 -86
Financial income/(expense)	-35	-35

• 1. Increased contribution form Investment management
• 1. Net currency gain mainly WMS
• 1. Realised gain currency derivatives mainly WWASA
• 1. Unrealised loss currency derivatives mainly WWASA

WWH group Equity ratio *)

*Equity ratio: Equity in percent of total assets

WWH group –Liquidity development Q1'15 (Equity method)

WWH group

Interest bearing debt (Equity method)

Maturity profile

• WWH facilities maturing in 2017/18
• WMS facilities maturing in 2019
• WWHI facility maturing in 2017
• WWASA mixed maturity

NOK/share

• Dividend of NOK 3.00 per share to be paid 7 May 2015

• Board authorized to approve further dividend of up to maximum NOK 3.00 per share

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