Thomas Wilhelmsen, group CEO

Wilh. Wilhelmsen Holding ASACapital Markets Day 2016

15 September 2016

2

Wilh. Wilhelmsen Holding

WWH’s value proposition

• Balanced portfolio

• Bet on the world economy and merchandise trade

• Long term value creation

• Solid balance sheet

• History of consistent yearly dividend

3

Wilh. Wilhelmsen Holding

Portfolio of market leading companies

Marine products

Agency services

Ship management

Car/ro-ro shipping

Logistics services

Investments

Holding activities

WSS(100%)

WWL(50%)

NorSea Group(40%)

WSM(100%)

EUKOR(40%)

Survitec Group(20%) 1)

ASL(50%)

Financial investmentsQube (~5%) Inv. portfolio

Treasure ASA (~72.7%)

Hyundai Glovis (~12%)

1) Planned Q4’16 implementation

WILHELMSENMARITIME SERVICES

WILH. WILHELMSEN ASA (~72.7%)

WILH. WILHELMSEN HOLDING ASA

HOLDING AND INVESTMENTS

4

Wilh. Wilhelmsen Holding

A bet on the world economy and merchandise trade

0

1 000

2 000

3 000

4 000

0

5 000 000

10 000 000

15 000 000

20 000 000-25%

2014

2015

17%

15%

-22%

2013

2012

WWH

income

MUSD

World Export

MUSD

-13%

-10%

1%

2%

21%

2011

2010

2009

2008

2007

2006

2005

2004

16%

WWH total income (right)World merchandise export (left) 1)

1) Export value measured at current prices. Source: WTO

5

Wilh. Wilhelmsen Holding

Exposure to full range of merchandise trade

Finished goodsCommodities

WWASA

WMS

QubeNSG HG

TreasureASA

6

Wilh. Wilhelmsen Holding

A balanced business portfolio

Growth vs. dividend

Introduction

Growth

MaturitySaturation

Decline

Investment

portfolio

Ship-owning

Industrial vs. financial

7

Wilh. Wilhelmsen Holding

Active ownership

Long term owner in WWASA – listing creating options

Sole shareholder of WMS

• Open for partnerships within individual WMS business areas

• Sales process for Callenberg AB

CMD 2015

WWASA demerger - Treasure ASA listing

WWASA “Letter of Intent”

WMS safety JV - Sale of Callenberg

…since then

WWASA consolidation

Seek growth opportunities within WMS

Investments within group business scope direction…

8

Wilh. Wilhelmsen ASAJoin forces to create a global car/ro-ro champion

Steady volumes – negative cargo mix – margin pressure

Flexible fleet – renewal program

Focus on global logistics footprint

CMD 2015

Flat shipping market – WWASA fleet renewal program completed

Expanding land based logistics (North America and South Africa)

…since then

Create a common management structure

Seek full operational synergies within global shipping network

Targeting accelerated growth of the land-based logistics businessdirection…

9

Positioning for change with WWL ASA

WWH ASA

Wallenius Wilhelmsen Logistics ASA

Wallenius Lines AB

~ 40%

Highlights

• Enhancing our world-leading shipping and

logistics platform

• Will be listed on Oslo Stock Exchange based

on the Wilh. Wilhelmsen ASA structure

• Head office will be in Norway and Craig

Jasienski will become CEO

• Balanced shareholder agreement

• Sub-optimal governance model in old

structure

• Current market conditions require an agile

and efficient business model

• Synergy potential of USD 50-100m

Rationale

Market

~ 20% ~ 40%

SHIPPING LOGISTICS

TERMINALS

INLAND DISTRIBUTION

PROCESSING CENTRES

WWL100%

ARC100%

EUKOR80%

VESSELS

10

Wilhelmsen Maritime ServicesStage one soon completed – now focus on growth areas and operational efficiency

Continued fleet growth, but mixed markets with fall in offshore

Focus on portfolio «clean-up»

CMD 2015

No market recovery

Portfolio “clean-up”

…since then

Grow core business streams

• Marine products; Ships agency; Ship management

Focus on operational efficiency and scalabilitydirection…

11

Holding and investmentsInvestments focused on few market leading companies within group business scope

Maintain financially strong parent company

Continued expansion of Norsea group and Qube activities

Active financial management

CMD 2015

Treasure ASA listing – main asset outside WWASA/WMS

Underlying cash positive operation – strong USD impacting net asset value

…since then

Maintain financially strong parent company

Diversified but focused portfolio within group business scope

direction…

12

Treasure ASAHyundai Glovis – smaller slice of a bigger cake

25%20%

12%

OtherES Chung/MK ChungWW/Treasure ASA

Dec’04(WW investment)

HG net asset value:

USD 400M

2001Glovis

established

Dec’05(KSE listing)

HG market cap.:

USD ~800M

June’16(Treasure ASA listing)

HG market cap.:

USD ~6000M

8

6

4

2

0

+131%

20152004

Light vehicles

Million units 1)

Hyundai global sales

Kia global sales

1) Source IHS Automotive/WWL

13

Treasure ASAStrategic investor in Hyundai Glovis

Objective to generate total shareholder return from investment in HG

Prospectus

Listed on 8 June 2016

Trading at 35-40% discount

…since then

Treasure ASA a strategic shareholder in Hyundai Glovis

May consider attractive opportunities

direction…

14

Wilh. Wilhelmsen Holding

Long term value creation – consistent positive results/EPS

100

50

0

-250

350

300

250

200

150

-200

MUSD

1H’160807060504030201009998 1196 12 13 14 15100997

Main non-recurring items:

1997: Entry tonnage tax income

2006: Dockwise sales gain

2006: GAL/CAT write down

2007: Exit tonnage tax expense

2009: Glovis sales gain

2009: Head office sales gain

2011: Qube restructuring gain

2012: Hyundai Glovis sales gain

2014: Change in pension scheme

2015: Hyundai Glovis sales gain

2015: Anti-trust accrual

2015: Callenberg write down

2016: WWL logistics gain

Results are not fully comparable due to changes in accounting standards (NRS 1996-2003, IFRS from 2004)

Profit after minorities - excl. main non-recurring items and unrealized interest rate derivatives

Main non-recurring items - net effect (WWH share)

15

Wilh. Wilhelmsen Holding

Long term shareholder return

0

200

400

600

800

1 000

1 200

Index 1)

1098 06 0800 02 0496 14 1612

WWI total return

OSEBX

Compound annual

growth rate (CAGR) 2)

• 15 yr CAGR 14%

• 10 yr CAGR -1%

• 5 yr CAGR 5%

1) Monthly total returns since 2 January 1996 (dividend re-invested)

2) Annual as per 31 August 2016

Source: Bloomberg/OSE/WWH

16

Wilh. Wilhelmsen Holding

Solid balance sheet

331

1 430

1 425

Other liabilitiesBook equity Interest bearing debt (IBD)

WWASA(MUSD – 100%) 1,2)

300380

170

WMS(MUSD – 100%) 1,3)

687

Treasure ASA(MUSD – 100%) 1)

WWHI(MUSD – 100%) 1)

35

193

Wilh. Wilhelmsen Holding ASA (MUSD) 1)

WWL (50%)

EUKOR (40%)

ASL (50%)

Survitec (20%) Hyundai Glovis (~12%)NorSea group (40%)

Qube (~5%)

12585

47Fin.inv.

Cash

Cred.facilities

1) As per 30.6.2016.

2) Equity method.

3) Adjusted for Callenberg and Safety transactions

17

Wilh. Wilhelmsen Holding

History of consistent yearly dividend paid twice annually

0

2

4

6

8

10

5,00

4,00

3,00

2,00

1,00

0,00

10,00

9,00

8,00

7,00

6,00

1H’1620152014201320122011

Yield (%)NOK/ Share

Dividend yield (right axis)

1st payment

2nd payment

Dividend payments 2)

1) Dividend from WWASA; net contribution from WMS; dividend, interest and net gain from Qube, NSG and WWH portfolio

2) Yield calculated based on previous year median closing price for WWI and WWIB share

0

100

200

300

400

500

600

700

800

900

1 000

1H’162015

MNOK

2014201320122011

WWASAWMSInvestments

Upstream cash 1)

18

Wilh. Wilhelmsen Holding

WWH’s value proposition

• Balanced portfolio

• Bet on the world economy and merchandise trade

• Long term value creation

• Solid balance sheet

• History of consistent yearly dividend

Follow us on wilhelmsen.com | Twitter | Facebook | LinkedIn | Instagram | YouTube

Thank you!

20

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.