Wilh. Wilhelmsen ASA

Investor Presentation • Sep 17, 2015

WWH Capital Markets Day

17 September 2015

Dag Schjerven, President & CEO

• WMS portfolio strategy

Neal De Roche, Regional VP Asia Pacific WSS

• Wilhelmsen Ships Service and the Asia Pacific Region

The world's largest maritime network

~ 25% fleet penetration (equipment)

WMS revenue overview 2014

WMS Revenue split (MUSD)

WMS 2014 revenue: 1101 MUSD

Robust financial performance

• Stable activity – strong margin

Key driver for future growth (#1)

• Emerging markets continue to drive growth

Actual and projected GDP growth for selected countries / regions, 2009-2020F

5 *) Based on purchasing power parity (PPP) for 2015. **) Australasia is Australia, New Zealand and Papua New Guinea. ***) Latin America and Caribbean excl. Brazil. Source: IMF, WEO April 2015

Key driver for volume growth (#2)

- Global fleet continue to grow

World fleet development

	Fleet size (#) 2015F	CAGR
		2009-14	2015-20
Tanker	12 322	2.5 %	2,4 %
Of which:
Crude	1 965	2.2 %	2.6%
Chemical / Products	2 588	2.7 %	0.7%
LPG & LNG	1 576	3.0 %	4.4%
Bulk & general cargo	22 962	2.2%	1.2%
Container & ro-ro	6 741	0.7%	1.8%
Of which:
Vehicle	820	2.5%	1.4%
Passenger	2 695	0.5%	-0.2%
Of which:
Cruise	530	0.5%	1.4%
Offshore & services	9 022	6.0%	2.2%
Of which:
PSV & AHTS	4 121	9.1%	3.2%
Misc.	8 579	1.2%	-0.1%
Total	62 321	2.3%	1.4%

Key driver for volume growth (#3)

• Still challenging market conditions for many WMS customers

Clarksea Index* 1990-2015 (YTD Aug)

1991 1992 1993 1994 1996 2000 2011 2014 2015 2001 2002 2003 2004 1998 1999 2005 2006 2008 2013 2009 2010 2012

7 *Clarksea Index is a weighted average of earnings by tankers, bulkers, containerships and gas. Source: Clarkson.

Ambition to regain some of the strong growth experienced from 2005 to 2008

• Seek growth through acquisitions and partnership in core areas
• Reduce ownership in non-core areas
• Continue to develop business areas synergies across current structures

Strategic direction

• Divest or JV
• Ongoing process

Strategic direction

• Under consideration

• Regulatory driven

• Right-size both organisations

• Bundle the offers and seek more agreement based contracts

Strategic direction

• Growth through acquisitions and solution development

• Strengthen the position in Asia / emerging markets

• Leverage existing global network and transform the supply chain

• Rationalise the product portfolio and develop digital solutions

Strategic direction

• Reinforce fundamental business model

• Organic growth combined with acquisitions

• Ensure quality and consistency

• Improve efficiency through better utilization of global network
• Develop new customer interfaces on digital platforms

Strategic direction

• Organic growth through sales and customer partnerships

• Acquisitions of industry related companies

• Invest in training and competence building of seafarers

• Develop new services and evaluate new segments

Wilhelmsen Ships Service

• Standardised products and services
• Exceptional supply

Wilhelmsen Ships Service and the Asia Pacific Region

Neal De Roche – Regional VP Asia Pacific WSS

WWH Capital Markets Day 17 September 2015

Offering you the industry's most comprehensive portfolio

Emerging region hosting most of the major ports in the world

WSS Asia Pacific - regional capabilities

68 operational offices

• ~ 900 major ports covered
• ~ 1 000 employees
• ~ 200 sales professionals
• ~ 29 000 port calls p.a.
• ~ 12 500 vessels receiving product deliveries

Countries	PORT CALLS p.a.	# PORT DELIVERY (2014)
Singapore	~3 700	25 698
China	~4 500	8 090
Oceania	~8 000	3 590
Korea	~2 500	6 764
Japan	~2 900	5 160
Others	~7 400	8 074
Total	~29 000	57 376

The importance of China?

Strong presence in China dating back to 1996

• 9 port offices covering 73 ports
• 7 bonded operations sites
• 3 service stations
• 160 staff
• Strongest international ships agent

Slow steady progress = solid structure

Intra-regional dependencies

• China's need for energy within Asia
• Australia China commodity trade
• We are viewed as strategic "partners"
• Strong agency competence & network

Using export ports as entry to Chinese markets

PORT HEDLAND Port Hedland

• Terminal planning & co-ordination
• Cargo planning & loading
• Husbandry co-ordination
• 24 / 7 service

CARGO HOLD CLEANING

• Quicker turnaround
• Environmentally & crew friendly
• Significant cost improvements
• Same products worldwide
• Game changer for certain commodity trades

PORT GLADSTONE

• Increase in Australian LNG exports to Asia
• WSS expertise and specialised knowledge
• Long term contracts
• Network dependent
• Future solution sales

Governance and transparency

The right results the right way!

Thank you!