1

Thomas Wilhelmsen – group CEO and Nils P Dyvik – group CFO

Wilh. Wilhelmsen Holding ASAFourth Quarter 2014

13 February 2015

2

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.

3

Agenda

1. Highlights for the quarter and the year 2014

2. Prospects

3. Financials – Nils P. Dyvik, group CFO

4

WWH groupHighlights for the quarter

Total income decreased

• Down 4% q-o-q, down 5% y-o-y

Adjusted EBIT flat q-o-q

• Reported EBIT up

Pension related accounting gain

Increased financial expenses

5

WW ASA groupHighlights for the quarter

Mixed shipping

o Seasonal upswing in shipping volumes

o Cargo mix

o Reduced bunker cost

Logistics

o Flat WWL

o Drop in ASL activity

o Lower contribution form Hyundai Glovis

Ongoing antitrust investigation

6

WMS groupHighlights for the quarter

Marginal decline in total income q-o-q

o Continued growth in WTS

o Reduced income in WSS and WSM

Improved underlying EBIT margin 1)

o Cost cutting initiatives

o Strong dollar

1) Excluding pension gain

7

*Main “one-offs”:• Q1’12: Recall of UBWTS (included)• Q2’14: Sales gain (included)• Q4’14: Pension related accounting gain (not included)

0

50

100

150

200

250

300

0%

2%

4%

6%

8%

10%

12%

Q2

2013

Q4

2011

Q4

2012

Q2

2012

EBITmargin

Q2

2014*

Q4

2014*

Q4

2013

USD mill

EBIT marginTotal income

20

5

10

0

15

Q2 2014

Q2 2011

Q4 2014

Q4 2012

Q2 2013

Q2 2012

Q4 2013

Q4 2011

Clarksea index

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

WMS group –Total income and EBIT margin

WMSPerformance influenced by challenging market conditions

Clarksea Index**

8

WMS group

Ships serviceTotal income and daily income per vessel

Ship managementTotal income and vessels served

Technical solutionsTotal income and order reserve

WSS global fleet penetration:50,19% in Q4’14 (50,09% Q3’14)

0

50

100

150

200

0

15

30

45

60

USD/day

Q4’14Q4’13

USD mill

Q4’12Q4’11

Daily sales pr merchant vessel (right scale)

Total income

0

4

8

12

16

0

150

300

450

600

Q4’12Q4’11

Vessels

Q4’14Q4’13

USD mill

Vessels served (right scale)

Total income

0

20

40

60

80

100

0

100

200

300

400

500

USD mill

Q4’12Q4’11 Q4’14Q4’13

USD mill

Order reserve (right scale)

Total income

9

Holding and InvestmentsHighlights for the quarter

NorSea Group

o Seasonal slowdown

o Statoil contact

o 6+2+2 years, NOK 4-5 billion contract value

Further Qube expansion

o Value USD 131 million 1)

Stable investment portfolio

o Steady performance above benchmark

New warehouse and office, Dusavika base, Norway

Source: NorSea Group

Stevedoring operation, Qube/ISO Limited, New Zealand

Source: ISO Limited1) As per 31.12.2014

10

The year 2014

The group: o Flat total income and results development

o Paid dividend of NOK 5.00 per share

o Continued governance focus

Wilh. Wilhelmsen ASA: o Stable volumes overall - mix not optimal

o Reduced ASL activity

o Terminal expansion

Wilhelmsen Maritime Services:o Record high total income – USD 1.1 billion

o Strongest growth within WTS

o EBIT margin 7.9%

Holding and investments:o Shareholding in NSG increased to 40%

o NSG acquired Danbor

New ro-ro terminal, Melbourne, Australia

Source: WWL

11

WWH group prospects

The year ended on a slightly positive note, with underlying

results supported by a stronger USD and lower fuel cost.

The board expects the activity level

to continue into 2015.

12

Nils Petter Dyvik – group CFO

Wilh. Wilhelmsen Holding ASAFourth Quarter 2014

13 February 2015

13

WWH group key figures (excluding Q4’14 pension gain)

0

500

1 000

1 500

20122011

-4%

20142013

USD

Total income *)

EBIT *)

EPS*)

*Main “one-offs”:• Q3’12: Sales gain Hyundai Glovis

Total income (q-o-q)

o 4% decrease in total income o WWASA down 4% o WMS down 2%

EBIT (q-o-q)

o EBIT down o WWASA stableo WMS upo H&I down

EPS (q-o-q)

o EPS up 38% to USD 1.36

0

100

200

300

20122011 20142013

USD

-4%

0,00

1,00

2,00

3,00

4,00

2014201320122011

+38%

USD

14

WWH group (excluding Q4’14 pension gain)

Key segment information

Stable operating profit in WWASA (adjusted for one-offs)

Improved operating profit in WMS

Reduction in operating profit from Holding and Investments

USD mill

Quarter Q4'14 Q3'14 Q4'13 Q4'14 Q3'14 Q4'13 Q4'14 Q3'14 Q4'13 Q4'14 Q3'14 Q4'13

Total income 624 650 671 269 273 264 4 9 6 890 924 934

Operating profit 59 66 66 23 17 20 (3) (1) (4) 79 83 82

Financial income/(expenses) -75 -9 -8 32 -9 1 8 1 7 -35 -17 -1

Tax income/(expense) 55 -3 9 -15 -2 -12 -4 0 4 36 -4 2

Profit/(loss) 39 55 67 40 6 10 1 1 7 80 62 83

Minority interests 11 15 18 1 1 1 0 0 0 12 16 19

Profit/(loss) after minority

interests 28 39 48 39 5 9 1 1 7 63 46 64

Total equity 1707 1709 1633 310 348 362 312 338 291 2329 2395 2286

Minority 472 466 445 4 3 4 475 469 449

Equity after minority interests 1 236 1 243 1 188 307 345 358 312 338 291 1 854 1 927 1 837

WWASA group WMS groupHolding and

Investments Total

15

WWH groupChanges in pension scheme and adjustments Q4’14

Main changes in financial assumptions for pension calculations o Return on assets and discount rate reduced from 4.0% to 2.3%

Termination of Norwegian defined benefit scheme o Previously two pensions schemes for Norwegian employees

o “Defined benefit scheme” terminated 31st December 2014

o Improved “defined contribution scheme” for all employees from 1st January 2015

16

WWH groupChanges in pension scheme – Q4’14 accounting impact

17

35

11

0

140

150

130

120

110

100

90

80

79

Reported

EBIT

142

H&IWMSWWASAEBIT ex

pension

gain

MUSD

12

-60

-50

-40

-30

-20

-10

0

10

20

Net equity

impact

19

WWASA

24

WMS

8

H&I

63

Total EBIT

impact

MUSD

Total EBIT impact(USD 63 million)

Net equity impact

Adjustment in reserve due to changes in financial assumpt

Termination impact

17

WWH group Return on capital employed **)

*Main “one-offs”:• Q3’12: Sales gain Hyundai Glovis• Q4’14: Pension related accounting gain

0

1 000

2 000

3 000

4 000

5 000

0%

5%

10%

15%

20%

25%

Q3 ’13 Q1 ’14Q4 ’13Q2 ’12 Q2 ’14Q4 ’11 Q1 ’13Q1 ’12 Q4 ’12Q3 12* Q2 ’13

USD mill

Q3 ’14 Q4 ’14*

ROCE

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

ROCE WWH

ROCE excl. pension gain

Capital employed (net)

18

WWH groupFinancial income/(expenses)

1. Net interest rate derivatives expense

2. Limited net financial currency, material balance sheet impact

USD mill Q4'14 Q3'14 Q4'13 YTD'14 YTD'13

Net financial items 2 0 15 16 43

Investment management -1 2 11 18 29

Interest income 2 2 2 8 10

Other financial items 1 -3 2 -10 4

Interest expenses -18 -16 -20 -76 -80

Interest rate derivatives - realised -9 -9 -14 -29 -39

Interest rate derivatives - unrealised -15 10 19 -17 71

Net financial - currency 5 -2 1 -2 18

Net financial derivatives bunkers 0 0 -2 -3 -2

Financial income/(expense) -35 -17 -1 11 -105

1

2

19

WWH groupCurrency accounting impact - Year 2014 - Equity method

-20

0

20

19

1

WMSWWASA

17

WWH

(group)

2

H&I

MUSD

-180

-160

-140

-120

-100

-80

-60

-40

-20

0

20

MUSD

2

5

112

WWASA P&LH&I Net equity

impact

51

166

WMS

Net equity impact(Balance Sheet)

Net financial currency (P&L)

Currency translation differences

Main underlying currency exposure:• WWASA: USD

• WMS: USD / multicurrency

• H&I: NOK & AUD

Net financial currency(Profit & loss)

20

WWH groupEquity ratio *)

0

1 000

2 000

3 000

4 000

5 000

6 000

5%

40%

35%

30%

0%

50%

55%

60%

45%

Q3 ’14 Q4 ’14Q1 ’12Q4 ’11 Q2 ’12 Q3 12 Q4 ’12 Q1 ’13 Q2 ’13 Q3 ’13 Q4 ’13

USD mill

Q1 ’14

Equity ratio

Q2 ’14

Total assets Equity Equity ratio

*Equity ratio: Equity in percent of total assets

21

WWH group –Liquidity development Q4’14(Equity method)

30

23

31

32

119

63

153

55

850

750

700

950

900

0

800

Liquidity

Q3 2014

778

Dividend

from JV’s

and ass.

Dividend to s.holders

Other

15

JV’s/

associates

Liquidity

Q4 2014

688

Change

in net

pension

gain

Capex Interest

1

TaxNet

financing

EBITDA

Positive cash flow effect Negative cash flow effect

22

WWH groupInterest bearing debt (Equity method)

WWASA group1 325

WMS group328

Holding & investments

40

Maturity profile

• WWH facilities maturing in 2017

• WMS facilities maturing in 2019

• WWHI facility refinanced in Q4 2014, maturing in 2017

• WWASA mixed maturity

Export financing

220Fin. leases

82

Bank debt1 072

Bonds

319

Maturity profile (USD mill.)

Split by source (USD mill)

Split by business segment (USD mill)

2019 and later

1 008

2018

280

2017

118

2016

185

2015

103

WWASA WWH/WWHI/WMS

23

WWH ASADividend per share

• Proposed dividend of NOK 3.00 per share to be paid May 2015

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

0

2

4

6

8

NOK/share

2014

5.00

2013

5.50

2011 2012

5.50

3.00

8.00

2010

5.50

2015

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25

NorSea GroupOperating revenue and operating margin *)

0

250

500

750

1 000

1 250

0%

5%

10%

15%

20%

25%

Q4’14Q3 ’14Q1 ’14 Q2 ’14Q4 ’13

Operatingmargin

Q3 ’13Q3 12 Q2 ’13Q1 ’13Q4 ’12

NOK mill

Share of operating revenue joint ventures

Operating revenue NorSea Group

Operating margin (weighted)

*) Excluding share of profit from associates and gain on sale of assets

Source: NorSea Group