1

Thomas Wilhelmsen – group CEO and Christian Berg – group CFO

Wilh. Wilhelmsen Holding ASAFirst Quarter 2016

May 2016

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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.

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Agenda

1. Highlights for the first quarter

2. Prospects

3. Financials – Christian Berg, group CFO

4

WWH groupHighlights for the quarter

Improved total income and EBIT

• USD 80 million gain – WWASA logistics

Reduced underlying EBIT

• Decline in WWASA shipping volumes

• Weaker performance in WMS

EPS down (USD 1,73)

Photo: MV Theben, the latest edition to the growing number of HERO vessels being introduced by WWL

Source: WWL

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WWASA groupHighlights for the quarter

Shipping volumes down

• Renewed Hyundai Kia contract – from 60% to 50%

• Seasonality

• Logistics up

• Acquisition gain (VSA/CAT-WWL)

• Increased contribution from WWL

• Rebound in contribution from Hyundai Glovis

Underlying EBIT down

General sentiment

• Further slow down in world economy

Photo: WWL acquires full ownership of South Africa-based CAT-WWL

Source: WWL

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WMS groupHighlights for the quarter

Total income down q-o-q

• General decrease across business areas

• Some impact from new ERP system

implementation (WSS)

Weak underlying EBIT margin

General sentiment

• FX uncertainty

• Challenging shipping environment

0

50

100

150

200

250

300

350

0%

2%

4%

6%

8%

10%

12%

14%

Q1’16

USD millEBIT

margin

Q1’15Q1’13 Q1’14

Total income EBIT margin

WMS group –Total income and EBIT margin*

*Main “one-offs”:Q4’15: Pension related accounting gain (not included)Q3’15: Impairment charge (not included)Q4’14: Pension related accounting gain (not included)

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WMS groupBusiness area development

Ships serviceTotal income and daily income per vessel

Ship managementTotal income and vessels served

Technical solutionsTotal income and order reserve

WSS global fleet penetration:49,57% in Q1’16 (50,23% Q4’15)

0

50

100

150

200

0

15

30

45

60

USD/dayUSD mill

Q1’16Q1’15Q1’13 Q1’14

Total income

Daily sales pr merchant vessel (right scale)

0

4

8

12

16

0

150

300

450

600

Q1’15 Q1’16

VesselsUSD mill

Q1’13 Q1’14

Total income

Vessels served (right scale)

0

20

40

60

80

100

0

100

200

300

400

500

USD millUSD mill

Q1’14 Q1’15 Q1’16Q1’13

Order reserve (right scale)

Total income

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Holding and investmentsHighlights for the quarter

Increased contribution from NSG

• Sale of properties

• Increased supply base activities

Operation Cold Response (NSG/WGS)

Investment

• Participated in Qube share entitlement offer

General sentiment

• Slight rebound in commodity prices

• Continued weak offshore industry

Photo: Moorebank, Sydney. Source: Qube

Photo: Dusavik Base. Source: NorSea Group

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WWH group prospects

The board expects the underlying business performance in

the second quarter to remain in line with the first quarter.

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Christian Berg – group CFO

Wilh. Wilhelmsen Holding ASAFirst Quarter 2016

May 2016

11

WWH groupReturn on capital employed

*Main “one-offs” (included):• Q4’14: Pension related accounting gain• Q1’15: Sales gain Hyundai Glovis• Q3’15: Anti-trust accrual WWASA and impairment charge WMS• Q4’15: Pension related accounting gain • Q1’16: Sales gain related to WWASA logistics

0

1 000

2 000

3 000

4 000

5 000 15%

10%

5%

0%

-20%Q3 ’14Q2 ’14Q1 ’14Q4 ’13Q3 ’13Q2 ’13Q1 ’13

USD mill ROCE

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

**Based on proportionate method• Capital employed: Equity plus interest bearing debt (average for period)• ROCE: EBT plus interest expenses / average capital employed

Capital employed ROCE

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USD mill

Quarter Q1'16 Q4'15 Q1'16 Q4'15 Q1'16 Q4'15 Q1'16 Q4'15

Total income 608 545 235 263 11 6 848 807

Operating profit 126 66 14 32 2 -2 143 96

Financial income/(expenses) -15 -13 -5 5 -2 3 -23 -5

Tax income/(expense) -6 30 -2 7 -2 0 -10 37

Profit/(loss) 105 82 7 45 -2 2 110 129

Minority interests 29 23 0 1 0 0 29 23

Profit/(loss) after minority

interests 76 60 6 44 -2 2 80 105

Equity majority 1 282 1 204 311 273 292 278 1 885 1 754

Equity minority interests 480 451 1 0 0 0 481 452

Total Equity 1 762 1 655 312 273 292 278 2 366 2 206

WWASA group WMS groupHolding and

Investments Total

WWH groupKey segment information Q1’16

• USD 80 million sales gain WWASA logistics

• Weak underlying WWASA/WMS operating income and profit

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USD mill Q1'16 Q4'15 Q1'16 Q4'15 Q1'16 Q4'15 Q1'16 Q4'15

Net financials 1 2 0 0 -2 3 0 5Investment management 1 0 2 0 0 -2 1 -1 4

Interest income 2 1 1 1 0 0 2 2

Other financial items -1 -1 -1 -1 0 1 -2 0

Interest expenses -15 -15 -3 -1 0 0 -19 -16

Interest rate derivatives - realised -7 -9 0 0 0 0 -7 -9

Interest rate derivatives - unrealized -14 20 0 0 -14 20

Net financial currency 20 -9 -2 7 0 1 18 -1

Net financial derivatives bunkers 1 -4 0 0 0 0 1 -4

Financial income (expenses) -15 -13 -5 5 -2 3 -23 -5

WWASA

group

WMS

group

Holding and

Investments Total

WWH groupFinancial income/(expenses)

1. Net interest rate derivatives loss (WWASA)

2. Net currency gain (WWASA)

1

2

14

WWH groupEquity ratio *)

0

1 000

2 000

3 000

4 000

5 000

6 000 60%

55%

50%

45%

40%

35%

5%

0%Q2’13Q1’13Q4’12

USD mill

Q1’16

49%

Q4’15Q3’15Q2’15Q1’15Q4’14Q3’14Q2’14Q1’14Q4’13

Equity ratio

Q3’13

Equity ratio

Total assets

Equity

*Equity ratio: Equity in percent of total assets (equity method)

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WWH – Liquidity development (Equity method)

160

80

28

43

24

20

700

800

0

650

600

750

Other

612

Liquidity

Q1’16

Net

financing

Capex

USD mill

Interest

1

TaxDiv to

share

holders

0

Dividend

from JVs

and ass.

1

JVs/

associates

Sales

gain

EBITDALiquidity

Q4’15

638

9

16

WWH groupInterest bearing debt (Equity method – excluding JVs)

1 299

289

WWASA group

WMS group48

Holding & investmentsMaturity profile

• WWH facilities maturing in 2017/19

• WMS facilities maturing in 2019

• WWHI facility maturing in 2017

• WWASA mixed maturity

Bank debt

186

Bonds

1 178

Export financing

273

Maturity profile (USD mill.)

Split by source(USD mill)

Split by business segment(USD mill)

2019

413

632

2020 and later

142164

2016

285

2017 2018

WWASA WWH/WWHI/WMS

17

WWH groupDividend per share

• AGM approved first dividend of NOK 3.00 per share to be paid 13 May 2016

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

0

2

4

6

8

2011 2012

8.00

5.505.00

20142013

5.50

2015

5.00

3.00

2016

NOK/share

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Hyundai Glovis reporting“Associate” in WWH – “Available-for-sale” in Treasure ASA

1) Share of profit in Hyundai Glovis is accounted for one quarter in arrears as “Income from associate and joint ventures”

2) Value of share in Hyundai Glovis restated to reflect market value of shares (share price and FX) immediately prior to demerger. Difference in book

value and market value accounted for as “Gain on sale of assets”

3) Change in market value (share price and FX) accounted for under “Comprehensive income”; dividend, realized gain/loss and any material

impairment accounted for as “Financial income/(expense)”

Q1’16 Q2’16 Q3’16

WWH No change («as is»):• Associated company 1)• WWASA segment

Pre-demerger:• As for Q1’16

Post-demerger:• As for Q3’16

Change in segment only:• Associated company 1)• Holding and investments

WWASA No change («as is»):• Associated company 1)

Demerger gain based on market value at date of IPO2)

Treasure ASA

Opening balance:• Market value at

demergerPost-demerger:• As for Q3’16

Available for sale financial asset 3)

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