Wilh. Wilhelmsen ASAFourth quarter 2016

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Jan Eyvin Wang, President and CEOWilh.Wilhelmsen ASA 09 February 2017

2

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• Developments during the

fourth quarter

• Merger update

• Outlook

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.

Agenda

3

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16 24115 215

16 743

15 475

18 27118 034

19 385

18 230

19 56018 708

20 535

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

20 000

22 000

Group ocean volume developmentTotal volumes up 7% in the fourth quarter, partly seasonal

Prorated ocean volumes – WW group (100%)

1 000 CBM

-11% +7%

2-14 3-14 4-14 1-15 2-15 3-15 4-15 1-16 2-16 3-16 4-16

4

>

40

50

60

70

80

90

100

110

120

130

20

08

-Q1

20

08

-Q2

20

08

-Q3

20

08

-Q4

20

09

-Q1

20

09

-Q2

20

09

-Q3

20

09

-Q4

20

10

-Q1

20

10

-Q2

20

10

-Q3

20

10

-Q4

20

11

-Q1

20

11

-Q2

20

11

-Q3

20

11

-Q4

20

12

-Q1

20

12

-Q2

20

12

-Q3

20

12

-Q4

20

13

-Q1

20

13

-Q2

20

13

-Q3

20

13

-Q4

20

14

-Q1

20

14

-Q2

20

14

-Q3

20

14

-Q4

20

15

-Q1

20

15

-Q2

20

15

-Q3

20

15

-Q4

20

16

-Q1

20

16

-Q2

20

16

-Q3

20

16

-Q4

Index

Cargo Type per quarter,

WW ASA ship operating companies*)

Auto (cbm)

H&H (cbm)

*) Unprorated ocean volumes – WWL and EUKOR (100 %)

Group ocean cargo segment developmentBoth auto and high&heavy volumes up in the fourth quarter

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> Merger updateOn track for April completion

• Merger approved by owners’ extraordinary general meetings in

January. Creditor period expires end March.

• Awaiting formal regulatory approvals. China and Japan pending.

• Organisational structure being planned

• Completing planned in April 2017

• Wallenius sell-down of 43 million Incremental Shares commences

thereafter

– At least 25 % within four weeks after Completion of merger

– Remaining no later than three weeks after second quarter reporting of WWLASA

• Wilhelmsen and Wallenius to end up with 38% each

6

> Outlook

• Market

– Sentiment improving slightly

– Exports out of Asia largely stable

• Group tonnage

– Order book of six newbuildings

– Redelivery capacity ten vessels

during 2017, two in 2018

– Balanced through 2017

• Political uncertainty

7

> Prospects

With continued rate pressure, the volume decline appears to have bottomed out and the board expects a soft volume recovery in the

first half of 2017.

In addition, the board expects the proposed merger and the

following effects, to have long-term positive impact for the group’s competitiveness.

Wilh. Wilhelmsen ASAFourth quarter 2016

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Wilh.Wilhelmsen ASA 09 February 2017 Benedicte B. Agerup, CFO

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• Total income reported +8% q-o-q, -11% y-o-y

• EBIT reported -87% q-o-q, -94% y-o-y

• Negative non recurring items in Q4 2016, mainly related to additional provision anti trust

• Ocean transported volumes increased by 7%

• Improved contribution from logistics segment q-o-q

0

500

400

300

200

100

900

800

700

600

827

559

Q2

508450

Q1

571525

+8%

Q4Q3

418

522

USD million

500

400

300

200

100

0

-100

-200

-87%

Q4

4

66

Q3

32

-134

Q1

12698

Q2

417

73

USD million

20162015Total income Total EBIT

WWASA Group – Key financialsUnderlying income and results improved q-o-q

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31

533

50

65

80

60

55

0

75

40

70

45

Pension

1

Severance packages

Anti trust provision

EBITDA Q4 adjusted

EBITDA Q4 reported

43

Cost allocation

Ocean

USD million

Cost allocation

LBO

80

WWASA Group – non recurring itemsAdditional anti trust provision negatively impacting earnings

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USD million 2016 Q4 2016 Q3 2016 2015 2015 Q4

Operating income 450 418 1,751 2,095 504

Gain on sale of assets 455 29 2

Share of profits from JV's and associates 13 36 2

Total income 450 418 2,219 2,159 508

EBITDA 43 69 728 262 108

Depreciation and impairments (38) (37) (148) (160) (41)

EBIT 4 32 580 103 66

Financial income/(expense) 0 0 (37) (128) (13)

Profit/(loss) before tax 4 32 543 (25) 53

1 1 1 1 Net profit

1) (21) 25 500 (4) 82

Earnings per share (USD) (0.09) 0.11 2.27 -0.02 0.37

1) after minority interest

• Total income adjusted +8% q-o-q and -11% y-o-y

• Total EBIT adjusted +30% q-o-q and -35% y-o-y

WWASA Group – Profit and Loss Q4 2016Proportionate method

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• Total income reported +8% q-o-q, -16% y-o-y

• EBIT reported -76% q-o-q, -90% y-o-y, negatively affected by non recurring items

• Increase in ocean transported volumes, mainly within the auto segment

• Net bunker cost stable for the quarter and compared with full year 2015

• Pressure on rates and unfavourable cargo and trade mix

600

500

400

300

200

100

0

357

Q3

470

372

Q2

437

365

Q1

433

337

USD million

+8%

Q4

460

100

0

50

-50

-100

-150

USD million

Q2

3858

Q1

28

59

-76%

Q4Q3

6

62

-150

26

2015 2016

Shipping income Shipping EBIT

WWASA Shipping – Key financialsIncrease in both auto and HH volumes

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

+ Reduced OPEX - Rate pressure

+ Increased volumes

*) Q3 2015 EBIT margin -34.4%, large negative non-recurring item

*)

WWASA Shipping – EBIT marginImproved underlying EBIT margin q-o-q

14

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180

160

140

120

100

80

60

40

20

0

+4%

Q4

9283

Q3

8993

USD million

Q2

8896

Q1

175

117

0

20

80

60

40

100

120

Q4

66

-17%

Q2

818

USD million

Q1

100

40

Q3

818

20162015

Logistics income Logistics EBIT

WWASA Logistics – Key financialsImprovement in underlying results q-o-q

• Total income reported +4% q-o-q, +11% y-o-y

• EBIT reported -17% q-o-q, stable y-o-y

• Reallocation of costs between shipping and logistics segment recorded in Q4

• Underlying results improved q-o-q

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• Positive return from investment portfolio

• Unrealised gains on financial instruments

• Realised losses on hedging contracts in the fourth quarter, particularly connected

to repayment of bond debt in NOK

Proportionate

USD million 2016 Q4 2016 Q3 2016 FY 2015 FY 2015 Q4

Net financia l i tems 7.8 5.2 18.3 (6.3) 2.5

Net interest expenses (24.4) (24.7) (98.0) (91.4) (23.5)

Interest rate derivatives - unrea l i sed 30.0 10.6 25.1 24.3 19.7

Net financia l - currency (15.8) 8.9 10.1 (48.7) (8.5)

Net financia l derivatives bunkers 2.1 (0.1) 7.1 (6.3) (3.7)

Financial income/(expense) (0.3) 0.0 (37.4) (128.3) (13.5)

WWASA Group – Financial income/(expense)Low net financial expenses

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USD million

Assets

Non current assets 2 708 90 % 2 925 89 %

Current assets (excl liquid funds) 22 1 % 24 1 %

Liquid funds 283 9 % 349 11 %

Total assets 3 013 100 % 3 299 100 %

Equity & liabilities

Equity 1 435 48 % 1 655 50 %

Non current interest-bearing debt 1 205 40 % 1 135 34 %

Other non current liabilities 169 6 % 225 7 %

Current liabilities 204 7 % 285 9 %

Total equity and liabilities 3 013 100 % 3 299 100 %

31.12.2016 31.12.2015

Equity

• NAL AS (including Hyundai Glovis ownership) demerged in 2016

• 2 new vessels delivered 2016

WWASA Group – Balance sheetContinued strong balance sheet

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0

50

100

150

200

250

300

350

400

450

USD million

74

2020

83

2019

307

2018

292

2017

115

2022 ->

449

2021

Export financing

Financial lease

Banks

Bonds

• Ordinary instalments of approx

MUSD 35 in Q4

• Bond maturity in November 2016 of

MUSD 67 financed from cash position

• Realised loss on cross currency

hedge of MUSD 18

WWASA Group – Interest bearing debtBalloons to be refinanced in 2018/2019

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105

18

28

15

11

16

14

360

380

340

320

300

280

0

420

440

460

400

JVsEBITDA*) Other

283

Liquidity Q4 2016

USD million

Dividend received from JV’s

Other financial

derivatives

Interest and

interest

derivatives

Capex

3

Net financing

Liquidity Q3 2016

411

*) Equity

WWASA Group – Liquidity developmentRepayment of debt reduced liquidity

Thank you!>

www.wilhelmsenasa.com