Wilh.Wilhelmsen Second quarter 2015

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Wilh.Wilhelmsen ASA /// 6 August 2015 Jan Eyvin Wang, President and CEO

2

> 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.

3

> Healthy growth in car salesBut uncertainty in emerging markets

Region Q2 2015 Q1 2015QoQ

change Q2 2014 YoY change 2015 FY 2016 FY2016 FY/2015 FY

N America 5,43 4,63 17 % 5,23 4 % 19,90 20,30 2 %

Europe* 4,01 4,07 -1 % 3,89 3 % 15,00 15,40 3 %

Oceania 0,33 0,31 5 % 0,32 0 % 1,20 1,30 8 %

BRICs 7,58 8,13 -7 % 7,84 -3 % 32,90 35,00 6 %

.....Brazil 0,60 0,66 -8 % 0,82 -26 % 3,30 3,30 0 %

.....Russia 0,39 0,38 1 % 0,63 -38 % 1,60 1,60 0 %

.....India 0,71 0,79 -11 % 0,66 8 % 3,30 3,70 12 %

.....China 5,88 6,30 -7 % 5,73 3 % 24,70 26,40 7 %

*Excluding Russia and Turkey

Source; WWL GMI

4

> Korean car exports are holding up While Japanese exports is at a low level

Source; JAMA, KAMA, WWL GMI

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015

Japan Korea

Quarterly Light Vehicle Export from Japan and Korea ('000 units)

5

>

22

20

14

16

12

18

10

8

6

4

2

0

Q3

11

Q2

11

Q4

10

Q3

10

Q2

10

Q1

10

Q4

09

Q1

11

Q2

09

Q1

09

Q4

08

Million Cbm

Q3

09

Q1

13

Q2

12

Q3

12

Q4

12

Q1

12

Q4

11

+6%-5%

Q2

15

Q1

15

Q4

14

Q3

14

Q2

14

Q1

14

Q4

13

Q3

13

Q2

13

Group volumes up from a weak first quarter Volumes were up 6% q-o-q and down 5% y-o-y

Prorated ocean volumes – WW group (100%)

6

>

Index

Higher volumes but suboptimal cargo mix

High and Heavy

• Oceania up from a weak first quarter due to

cargo restrictions

• Construction volumes to North America

remained strong, however weaker than last

quarter

Auto

• All trades saw a lift in volumes, but Asia

to Europe remained flat

Unprorated ocean volumes – WWL and EUKOR (100%)

7

> TonnageOptimizing fleet

• EUKOR ordered 2 post panamax

vessels for delivery in 2017

• MV Thalatta delivered in April

• 8 total group deliveries 2016-17

• Net decrease of three vessels from last

quarter

MV Thalatta

8

> Fleet operation

• Total WW off-hire in Q2; 182 days (Q1 2015; 8 days)

– Planned 71.5 days

– Unplanned 110.5 days

• Normal planned off-hire during a year ~100 days

(7 dry dockings)

• Bunker price increase during the quarter led to

reduced margins

9

>

• 30 July, Wallenius Wilhelmsen Logistics (WWL), owned 50% by

Wilh.Wilhelmsen ASA, reached a settlement agreement with the Competition

Commission in South Africa.

• If the settlement is confirmed by the Competition Tribunal of South Africa, WWL

will pay an administrative penalty in the amount of R95 695 529 (approx. USD

7.7 million).

• WWL made an accrual for the penalty in the fourth quarter 2014. WWASA’s 50%

share of the fine will therefore not have an accounting effect in 2015.

Anti trust investigation

10

> Prospect

Based on the market outlook, the WWASA board expects seasonally lower auto volumes

and continued soft high and heavy volumes in the second half of 2015.

Logistics activities are anticipated to be on par with the first half of 2015.

Wilh. Wilhelmsen ASA

Second quarter 2015

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Wilh.Wilhelmsen ASA 6 August 2015 Benedicte B. Agerup, CFO

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> WWASA Group – Key financialsUnderlying (adjusted) EBIT in line with previous quarter

• Total income reported - 2% q-o-q, - 13% y-o-y

• EBIT reported - 25% q-o-q, + 29% y-o-y

• EBIT adjusted in line with Q1

• Lifting capacity reduced by 2% and one newbuilding delivered in April

600

500

400

300

200

100

0

700

596

682

Q1

609637 624

-2%

Q4Q3

650

Q2

USD mill

100

80

60

40

20

0

USD mill

76-25%

Q4Q3

66

Q2

73

57

Q1

98

54

20152014

Total income Total EBIT

13

> WWASA EBIT bridge q-o-q

Q1 2015 Q2 2015

Underlying profit stable q-o-q

26

98

72

0

10

20

30

40

50

60

70

80

90

100

Gain on share

reduction in

Hyundai Glovis

EBIT reported

Q1 2015

MUSD

EBIT adjusted

Q1 2015

7473

EBIT adjusted

Q2 2015

Sales lossEBIT reported

Q2 2015

1

14

>

WW ASA Group

USD mill 2015 Q2 2015 Q1 2015 YTD 2014 YTD 2014 Q2 2014 FY

Operating income 583 573 1 156 1 292 667 2 525

Gain on sale of assets 26 27

Share of profits from JV's and associates 14 9 23 26 15 66

Total income 596 609 1 205 1 318 682 2 592

EBITDA 113 136 249 185 95 413

Depreciation and impairments (40) (38) (78) (75) (38) (160)

EBIT 73 98 171 111 57 253

Financial income/(expense) 4 (46) (42) (47) (31) (131)

Profit/(loss) before tax 77 52 129 64 26 122

1 1 1 1 1 Net profit

1) 70 56 126 56 25 166

Earnings per share (USD) 0.32 0.26 0.57 0.26 0.11 0.75

1) after minority interest

WWASA Group - Profit and Loss 2015Proportionate method

1st quarter 2015: Sales gain of USD 26 million from a reduction in the shareholding of Hyundai Glovis from 12.5% to 12.0%

15

> WWASA EBITDA adjusted for non-recurring itemsIn line with previous quarter and same period last year

114110106102

116

91

121118120

104

120

150154

135

0

50

100

150

200

Q1

2014

Q4

2014

Q1

2015

4%-2%

USD mill

Q4

2013

Q3

2013

Q2

2013

Q1

2013

Q4

2012

Q3

2012

Q3

2014

Q2

2014

Q2

2012

Q1

2012

Q2

2015

16

> WWASA Shipping – Key financialsPerformance on par with previous quarter

• Total income reported + 2% q-o-q, - 13% y-o-y

• EBIT reported - 3% q-o-q, + 56% y-o-y

• Higher shipped volumes but unfavourable cargo mix

• Higher net bunker costs and negative impact from off hire q-o-q

600

500

400

300

200

100

0

499460

USD mill

502

+2%

Q4Q3

512

Q2

470

539

Q1

0

10

20

30

40

50

70

60

Q4

-3%55

USD mill

47

Q3Q2

58

37

Q1

59

37

20152014

Shipping income Shipping EBIT

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> WWASA Shipping – EBIT marginShipping margins continue to be under pressure

+ Higher volumes transported - Reduced BAF surcharges

+ Lower G&A cost base - Weaker cargo and trade mix

- Negative impact from off hire

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

10.0 %

12.0 %

14.0 %

16.0 %

18.0 %

-

100

200

300

400

500

600

700

Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

USD millOperating revenue - Shipping EBIT margin EBIT margin adjusted

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> WWASA net bunker costs (WWASA share)

-41

45

-85

-55

20

-75

Voyage costs Operating income EBIT

MUSD

Voyage costs Operating income EBIT

Q1 2015 Q2 2015

Negative EBIT impact

MUSD -14 q-o-q

EBIT margin negatively impacted by increased net bunker costs q-o-q

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> WWASA Logistics – Key financialsUnderlying EBIT improved q-o-q

• Total income reported -14% q-o-q, - 9% y-o-y

• EBIT reported - 56% q-o-q, - 22% y-o-y

• Adjusted EBIT higher q-o-q

• Increased contribution, primarily driven by Hyundai Glovis

• Market value of 12.0% ownership in Hyundai Glovis USD was 816 million on 30 June 2015

140

160

0

20

40

120

100

60

80

Q2

134

155144

Q1

147

USD mill

126

Q3 Q4

143-14%

45

40

35

30

5

0

15

20

10

25 22

Q1

40

20

USD mill

14

Q2

18

22

Q3 Q4

-56%

20152014

Logistics income Logistics EBIT

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> WWASA Group – Financial income (expense)Improved financial income q-o-q

• Weaker result from investment management

• Stable net interest expenses

• Unrealized gains on interest rate- and currency derivatives

• Unrealised net currency revaluation losses from non USD assets/liabilities

USD mill 2015 Q2 2015 Q1 2014 Q1 2014 FY

Net financia l i tems (0.8) 7.8 5.0 (0.5)

Net interest expenses (23.3) (22.6) (18.0) (91.2)

Interest rate derivatives - unreal ised 18.5 1.4 (5.6) (16.8)

Net financia l - currency 8.6 (33.4) 2.9 (22.0)

Net financia l derivatives bunkers 0.9 0.7 (0.2) (0.3)

Financial income/(expense) 4.0 (46.1) (16.0) (130.9)

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>

USD mill

Assets

Non current assets 3 080 88 % 2 995 86 % 2 955 88 %

Current assets (excl liquid funds) 31 1 % 61 2 % 23 1 %

Liquid funds 408 12 % 408 12 % 375 11 %

Total assets 3 519 100 % 3 464 100 % 3 353 100 %

Equity & liabilities

Equity 1 806 51 % 1 761 51 % 1 707 51 %

Non current interest-bearing debt 1 277 36 % 1 231 36 % 1 236 37 %

Other non current liabilities 249 7 % 296 9 % 264 8 %

Current liabilities 187 5 % 176 5 % 145 4 %

Total equity and liabilities 3 519 100 % 3 464 100 % 3 353 100 %

30.06.2015 31.12.201431.03.2015

WWASA Group – Balance SheetStrong balance sheet

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> WWASA Group - Committed CAPEX, incl. dry-dockingStable CAPEX the next two years

297

145152

-141-150

-100

-50

0

50

100

150

200

250

300

2015 FY

USD mill

Acc 2015-20162016 FYPaid capex 1st half 2015

• One vessel delivered 7. April 2015, MV Thalatta

23

> WWASA Group – Liquidity developmentContinued high liquidity buffers

40

73

15

28

38

33

85

420

410

400

0

490

480

470

460

450

440

10

430

510

530

500

520

408

Liquidity

Q2 2015

408

Liquidity

Q1 2015

EBITDA*) JV’s/

associates

Dividend

received

from JV’s

and ass.

Capex

USD mill

Net

financing

Interest Dividend to

shareholders

*) Equity consolidation

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>

0

50

100

150

200

250

300

350

400

450

2015

52

USD mill

2020 ->

421

2019

344

2018

286

2017

101

2016

189

WWASA Group – interest bearing debtSound maturity profile

Tax leases

Banks

Bonds

Export financing

• New debt in Q2 to finance second post

panamax vessel Thalatta.

• Ordinary instalments of USD 26 million

in Q2.

• Refinancing of three vessels previously

on UK tax lease to ordinary bank

financing in July.

• Renewal of revolving credit facility of

USD 50 million in July.

25

> WWASA Group – Semi-annual dividend per shareDividend of NOK 1.00 per share in H1 approved by AGM

1,01,01,0

0,8

4,0

1,0

0,70,50,5

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

H1

2015

H2

2014

H1

2014

H2

2013

H1

2013

H2

2012

H1

2012

H2

2011

H1

2011

NOK/share

• Dividend payment of

NOK 220 million 7 May

2015.

• Board of directors

authorized to pay

additional dividend up to

NOK 1.25 per share.

• The autorization is valid

until next AGM, no later

than 30 June 2016.

Thank you!>

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