1

WWL ASA SEB IG Seminar

August 2017

Market and business outlook

Agenda

2

Q&A

WWL ASA in brief

WWL ASA financials

Executive summary

Why we believe WWL ASA is attractive for bond investors

3

1 Global market leader in the vehicle logistics segment

3

4

Improving market fundamentals – positive signals ahead

5

6

Diversified and solid customer base with long term contracts2

7 Clear target to strengthen balance sheet (limited capex plans)

Strong cash position and good access to several sources of funding

Profitable and positive cash flow despite challenging market

Realization of USD 100m synergy target will support profitability

4

WWL ASA in brief

5

WWL ASA – Among the largest listed shipping / logistics companies

Source: Factset as of 22-Aug-20171) APMM adjusted to reflect transport and logistics share of market cap

6th largest listed shipping / logistics company globally (Market cap USD billion)

29.9

5,4

3,8

3,4

3,1

2,7

2,5

2,1

1,3

1,3

1,3

1,1

1,1

0,9

0,8

0,8

0,8

0,60,6

A.P. Moller Maersk

Glovis

Mitsui OSK Lines

Nippon Yusen K.K.

DFDS

WWL

Kawasaki Kisen Kaisha

Golar LNG

Teekay LNG

GasLog

Ocean Yield

Golden Ocean Group

Euronav

Frontline

Stolt-Nielsen

Höegh LNG

Scorpio Tankers

TORM

Navigator Gas

1)

Total assets of about 7.5 billion

6

We have a proud history of 156 years with solid and stable owners

Wilhelmsen Group founded in Tønsberg, Norway by Morten W.

Wilhelmsen

Wallenius Lines founded in Stockholm,

Sweden by Olof Wallenius

American Roll-on Roll-off Carrier founded by Wilhelmsen Group and

Wallenius Shipping jointly

Merger between Wilhelmsen group and Wallenius Shipping to

form Wallenius Wilhelmsen Lines

EUKOR formed as Wilhelmsen Group and

Wallenius Shipping acquires the car carrier unit Hyundai Merchant

Marine

Wallenius Wilhelmsen changes its name from

Lines to Logistics, signaling the shift

towards fully integrated logistics

services from factory to dealer

Merger to create Wallenius Wilhelmsen Logistics ASA as a listed company incl. EUKOR,

WWL, American Roll-on Roll-off Carrier (ARC), as well as Wilhelmsen and Wallenius vessels

1861

1934

1990

1999

2006

2017

2002

WWL ASA consisting of two main segments within vehicle logistics

7

1 2LANDBASED SERVICESOCEAN TRANSPORTATION

“Accelerated Growth”“Market Leader”

Note: ARC retains a separate and independent management structure

WWL ASA is the undisputed market leader for vehicle logistics globally

8

OUR PRODUCTS & SERVICES1)

MARINE TERMINAL SERVICES

PORT-BASEDTECHNICAL SERVICES DISTRIBUTION

TO DEALER

PLANT -BASEDTECHNICAL SERVICES

DISTRIBUTION TO PORT

OCEANTRANSPORTATION

3

1

3

2

4

4

1 OCEAN

Revenue

~3bn USD

EBITDA

~550 MUSD

2 LANDBASED2)

Revenue

~700 MUSD

EBITDA

~90 MUSD

MARINE TERMINAL SERVICES

2

3

4

6,500~1,500 Office workers~5,100 Production workers

127127 vessels servicing >15 trade routes to six continents

KEY FACTS & FIGURES

>18M~4.5M units for Ocean ~13.5M units in Landbased

1) Proforma figures Q2 2016 – Q1 2017 and Adjusted EBITDA and revenues for Q2 2017. Not including Holding segment of negative USD 15 million

WWL ASA is a clear market leader and the #1 operator globally, both in terms of CEU capacity and number of vessels

9

#1 player in the RoRo industryCurrent fleet by operator group

0

300

900

600

700

500

200

100

800

400

NYK GLOVISWWL ASA SIEM OTHERHALK LINE GRIMALDIMOL

Cap

acit

y, k

CEU

Total capacity, CEU

0

50

100

150

200

250

300

1 2 3 4 5

Average # of hoistable decks

Average maxramp capacity

NYK

GLOVIS

K LINE EUKORHAL

WWL

MOL

GRIMALDI

Well positioned for H&H and Breakbulk cargoFleet characteristics

1

WWL ASA has a combined fleet of 127 vessels

10

Group fleet of 127 vessels with more than 800,000 CEU capacity

- No further CAPEX planned past four post Panamax newbuildings with expected delivery in 2017/ 2019 (installments of USD ~170 millions remaining)

- Additional capacity need will be acquired in the charter market

- WWL ASA strives to have fleet flexibility through combination of owned and chartered tonnage

1

Average age ~11 years

127

Owned Group Total1)Short T/CLong T/C Long B/B

WWL ASA has an unrivalled global RoRo network and unique agility to meet changing demand

11

WWL trade routes

EUKOR trade routes

ARC trade routes

127 vessels with more than 1,300 sailings and 9,000 port calls per year Overview of key trade routes

1

Diversified customer portfolio with long term contracts

12

Main customers include all main OEMs globally

Main customers include all major OEMs globallySize of Cargo Segments

Main customers include all main OEMs globally

- Majority of volume from Auto

- High & Heavy and Breakbulk maximize cubic utilization

- Unique handling capabilities of High & Heavy and Breakbulk cargo

Auto

High & Heavy

Breakbulk

AUTO HIGH & HEAVY BREAKBULK

~77% of CBM

~23% of CBM

1

The landbased services network is also global

13

In-plant vehicle processing centres

In-plant equipment processing centres

Terminals

Vehicle processing centres

Equipment processing centres

Inland distribution networks

2

Our Landbased service portfolio

14

Main customers include all main OEMs globally

Main CustomersLandbased Services Portfolio1)

Marine Terminals Technical Services Inland Distribution Auto

High & Heavy

Breakbulk

Stevedoring

Custom clearance

Receive and delivery

Cargo handling

Port distribution

Storage

Accessory fitting

Pre delivery inspections

Repairs and rectifications

Storage management

Receipt and dispatch

Vehicle preparation

Trucking

Rail

Primarily procurement model

2

WWL ASA Financials

15

Financial performance – First Half Year 2017

16

• Total income adjusted was USD 1 864 million, up 4% from

the same period last year driven by increased ocean

volumes in the second quarter

• EBITDA adjusted was USD 331 million, an underlying

improvement of 10% compared with same period

previous year driven by a strong second quarter

• Positive development for ocean results driven by

higher volumes and reduced SG&A costs

• The positive development for landbased continues

with an underlying improvement of ~20%

compared to first half 2016

• Organizational restructuring and synergies well on the

way with approximately half of the USD 100 million

synergy target confirmed (USD 5 million realized in Q2)

CommentsConsolidated results - Total income and EBITDA1, 2

USD million

Total income EBITDA

1 802

1 794

1H 2016 1H 2017

62

+4%

1 864

249

82

301331

1H 2016

+10%

1H 2017

Extraordinary items

1) Adjusted for extraordinary items; Merger accounting loss of USD 62 million and organizational restructuring cost of USD 20 million2) Comparable numbers for H1 2016 and Q1 2017 are pro forma numbers as if the transaction had taken place back in time

Free cash flow from operations

17

89

138

18

62

106

186

-48

Merger loss Interest and financial

derivatives

Other1 Free cash flow before financing

-49

EBITDA Cash flow before repayment of debt

Free Cash flow from operations

CAPEX

Cash flow Q2 20172

USD million

1) Includes tax, change in working capital and Share of (profit)/loss from joint ventures and associates2) Proceeds from sale of financials investments not included

ASSETS EQUITY & LIABILITIES

Balance sheet

18

Unaudited Balance Sheet 30.06.2017USD billion Comments

• Net interest bearing debt of USD ~3.2 billion,

of which cash and cash equivalents of USD 755

million

• Equity ratio at 34.7%

• USD ~310 million in provisions remain to cover

extraordinary costs in jurisdictions with

ongoing anti-trust investigations

• Fair value of assets and liabilities at merger

date (except 100% owned WW ASA entities)

• USD 288 million goodwill element after

allocation of merger consideration to fixed and

intangible assets

Non current assets

1.3

7.7

Current assets

6.4

1.3

Equity

Non current liabilities 3.8

Current liabilities

2.7

7.7

WWL ASA debt overview

19

WWL ASA group interest bearing debt 30.06.2017USD billion

• Investments and operations funded from

several capital sources, including the

commercial bank market (incl. export credit

agencies), through financial lease structures

and from the Norwegian bond market

3.2

Net Debt

3.9

Cash and Cash Equivalents

Total DebtFinancial Lease BondsCommercial Banks

Comments

Debt Maturity profile

20

0.4

2021

0.5

2020

0.8

2019

0.7

2022 ->

1.4

2018

0.2

2017

Financial lease

Bonds

Banks

Debt Maturity profile 30.06.2017

USD billion

WWL ASA bonds

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Ticker Name Currency Max. nominal, NOKm

Net outstanding, NOKm

Coupon Final maturity

WWI22 FRN 13/18 NOK 1 000 700 3M NIBOR + 2.35% 13.06.18

WWI23 FRN14/19 NOK 800 800 3M NIBOR + 1.80% 09.04.19

WWI09 FRN 05/20 NOK 1 000 78.5 3M NIBOR + 1.05% 30.03.20

WWI19PRO FRN 07/22 NOK 1 000 108.5 3M NIBOR + 1.05% 25.01.22

N/A 6% 17/22 USD 80 - 6% (PIK) 31.12.22

Grand total USD 281m outstanding per 30.06.2017

WWL ASA dividend policy

22

DIVIDEND POLICY

“Wallenius Wilhelmsen Logistics ASA’s (“WWL ASA”) objective is to provide shareholders with a competitive return over time through a combination of rising value for the WWL ASA share and payment of dividend to the shareholders. The Board targets a dividend which over time shall constitute between 30 and 50% of the company’s profit after tax. When deciding the size of the dividend, the Board will consider future capital requirements to ensure the implementation of its growth strategy as well as the need to ensure that the Group’s financial standing remains warrantable at all times. Dividends will be declared in USD and paid out semi-annually”

FINANCIAL TARGETS

Key ratios Target

Equity ratio >35%

Return on capital employed («ROCE») >8%

23

Market and Business Outlook

The T/C market is distressed due to some overcapacity, but for an industrial player the “rates” are much more stable

24

WWL Net freight / CBM vs. Time Charter rate development

Indexed to 100 per Q2 2014

50

60

70

80

90

100

110

Q3’14 Q1’16Q4’15Q3’15Q2’15 Q3’16Q2’16 Q2’17Q1’17Q4’16

RoRo TC rates

WWL net freigh / CBM

Q2’14 Q4’14 Q1’15

Improving market fundamentals

25

Auto – steady growth

AMARKET TREND

H&H – turning point

B

Market balance – firmer

C

Continued positive growth in auto trade volumes

Mining and agriculture at a turning point

Limited orderbook and ageing fleet

Investment highlights

Total light vehicle sales in the first quarter increased by 4% y-o-y

13

Global auto sales development forecastMillion units, 2016-2021E

2020E

Deepsea

84,5

16,2

2019E 2021E

1,8%

Domestic 77,5

2018E2017E

92,1

14,6

2016

Global auto sales per main sales region1

CAGR 2016-2021, CAGR Q1’17 vs Q1’16

Source: IHS1) Size of circle indicates auto sales Q1 2017

2.1%

CAGR

1.7%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

-5% 0% 5% 10% 15% 20%

CAGR ’16-21

East Europe

West Europe

Central Europe

Japan/Korea

Greater China

Middle East & Africa

Q1’17 vs Q1’16

South America

ASEAN

NAFTA

India & Pakistan

Oceania

ME AFEUR APAC AM

Positive outlook for all main High & Heavy segments

14

Improving outlook for mining shipments000s, 2005-2020E1

1) Source: Parker Bay (Mining)2) Source: IHS Construction3) CEMA (AG machinery association Europe) Business Barometer. Index = sum of 1) evaluation of the current business situation & 2) turnover expectation, scale from -100 to +100

4.5

5.5

3.5

2.5

3.0

5.0

6.0

4.0

1.5

2.0

1.0

0.5

0.0’09 ’10’08

2.9

’13 ’16’14 ’15

3.2

’12’11

2.0

5.8

2.2

2.0

’06 ’07

3.7

2.9

3.6

3.2

4.3

’05

3.1

’17E

2.4

’19E

5.4

’20E

4.2

3.7

’18E

Continued solid growth for construction2007-2020E2

Down-cycle about to turn for AgricultureCEMA business barometer3

Perc

enta

ge g

row

th (y

/y)

• The global demand for mining equipment remained

low in the first quarter but the sentiment is

improving backed by a further increase in

commodity prices

• Global construction markets continued their overall

positive development into 2017

• Particularly Asia, Middle East and Africa see strong

growth going forward (>4% per year)

• Global demand for agriculture equipment continued

the weak trend in the first quarter, but early

indications that the down-cycle in Agriculture might

be about to turn (particularly in Europe)

Q3’17Q2’11

Total light vehicle sales expected to show modest growth

26

Global auto sales development forecastMillion units, 2016-2021E

2020E

Deepsea

84,5

16,2

2019E 2021E

1,8%

Domestic 77,5

2018E2017E

92,1

14,6

2016

Global auto sales per main sales region1

CAGR 2016-2021, CAGR Q2’17 vs Q1’17

Source: IHS1) Size of circle indicates auto sales Q1 2017

2.1%

CAGR

1.7%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

-14% -12% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% 12%

South Korea

Japan

CAGR ’16-21

Q2’17 vs Q1’17

North America

South Asia

Middle East/Africa

Greater China

South America

Europe

Moderately improving outlook for Construction and Agriculture

271) Source: IHS Construction and IMF (International Monetary Fund) | World Construction Spending (% growth y/y in real terms ($2010))2) Source: CEMA (European Agriculture Machinery)) | Business Barometer (Index = sum of 1) evaluation of the current business situation & 2) turnover expectation, 100/-100)

Construction growth picking up World construction spending (% y/y), 12-20E1

Mixed outlook for Agriculture equipment

European business climate (Index 100/-100), 10-172

• World construction growth is picking up, and infrastructure projects look

increasingly important in mid-term spending prospects

• Equipment sales in the China-driven Asian market is the current growth

engine

• Low crop and dairy prices put pressure on the agricultural equipment segment,

but sentiment is improving in some key regions

• Mixed outlook for equipment market, with South America outperforming the

other regions in the short term

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

’19E’14 ’17E’15 ’18E ’20E’13 ’16’12

% y/y

Total

Emerging and developing economies

Advanced economies

-100

-80

-60

-40

-20

0

20

40

60

80

100

Business climate

1Q171Q161Q151Q141Q131Q121Q10 1Q11

Index Present Future

The recovery for the mining segment is still slow

28

Continued uptick in global equipment deliveriesGlobal surface mining equipment shipments (Index ‘07 = 100), 07-171

1) Source: Parker Bay | Surface Mining Equipment Index (Indexed value of surface mining equipment shipments in real terms ($2010), 2007 = 100) 2) Source: IHS Global Trade Atlas | Non-rolling mining equipment deliveries in regions as reported by customs for individual cargo values > USD 20.000.

(12 month rolling average (L12M) units) (Data edge: 04.2017)

0

25

50

75

100

125

150

175

200

1Q14 1Q15 1Q16 1Q171Q10 1Q12 1Q131Q111Q091Q07 1Q08

• Average mining equipment age is at a level not observed since the 1990’s, and the older fleet is driving higher demand for parts and eventually replacements

• OEMs are reporting significantly growing sales with Asia looking the strongest, but much of the growth is related to aftermarket or smaller machines for coal mining activity

• The increase in mining shipments are mainly driven by intraregional shipments of smaller machines in Europe (Russia) and South Asia

• Larger equipment for more traditional regions (Australia, Canada, Peru) also expected to slowly recover, but no significant improvement expected before 2019/2020

Several regions have seen imports bottom outCustoms trade flows of non-rolling mining machines (L12M avg units), 12-172

0

100

200

300

400

500

600

Avg. monthly units

1Q15 1Q161Q13 1Q141Q12 1Q17

Oceania

North America

Latin America

Europe

Asia

Source: SeaWeb, Lloyds List Intelligence Unit

Moderate net fleet growth forecasted going forward

29

3% of fleet are recycling candidates…Fleet by year of build, 1000 CEU

..contributing to moderate net fleet growthForecasted net fleet growth, % p.a.

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

Net fleet growth, %

400

350

300

100

200

50

150

0

250

61

333

20

00

142

72

215

146

321319

84

176

134124

268

20

05

20

20

4561

130

279

227

15

185

388

155

20

15

20

10

1

52

1

118

443026

19

90

19

85

18

161

65

38

19

95

61

112522

12

ACTIVE

OPTION UNCONFIRMED

ORDER

~40 FIRM VESSELS 7-8% OF FLEET CEU

36 VESSELS >25 YRS OLD

3% OF FLEET CEU

• Five vessels were delivered and seven vessels were sold for recycling during the quarter

• The current global order book counts ~40 vessels representing 7-8% of global fleet capacity

• No new orders or negotiations to postpone deliveries were reported, but four newbuildings were converted to tankers during the second quarter

Q&A

30

31

Thanks