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1 Wilh. Wilhelmsen ASA Third Quarter 211 Benedicte B. Agerup - CFO Wilh. Wilhelmsen ASA 8th November 211, Lysaker 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 ASA group undertake no liability and make no representation or warranty for the information and expectations given in the presentation. 2 1

2 Key financials, WW ASA group Q3 211 highlights: Rebound in auto export out of Japan stronger than expected. Slight shortfall in total volumes were positively off set by improved trade mix and high fleet utilisation. Strong logistics performance headed by Hyundai Glovis. Delivery of three new vessels to operating companies, one for WWASAs account Secured financing for LCTC to be delivered in Q Total income, adjusted EBITDA, adjusted EBIT, adjusted % % % Profit & Loss WW ASA Group Q3 Q2 Q3 YTD Q3 YTD Q3 Full year Total income Operating expenses (5) (488) (1 444) (1 194) (414) (1 625) EBITDA Depreciation and impairments (37) (35) () (99) (34) (137) EBIT Financial income/(expense) (57) (44) (122) (161) (51) (133) Profit/(loss) before tax (26) 7 67 Taxes (5) 2 (6) (63) (75) (54) Profit/(loss) before minority interests (89) (68) 14 1 Total income = Operating revenue + Share of profit from associates and joint ventures 4 2

3 Key financials, Shipping Q3 211 highlights: In accordance with seasonal variations volumes fell slightly with 3 percent q-o-q, q, but were up 9 percent y-o-y. Trade mix particularly favourable this quarter. WWL enjoyed continued strong demand for high and heavy cargo supported by their new vessels. Bunker prices still at high level, but bunker adjustment factors limit the impact on margins. New deliveries of operational and fuel efficient vessels lifted operating profit. 21 Total income, adjusted EBITDA, adjusted EBIT, adjusted % % % Key financials, Logistics Q3 211 highlights: Strong performance from all operating companies within the logistics segment Hyundai Glovis continued its profitable growth and contributed with USD 11.8 million to EBIT, up from 1.4 million q-o-q WWL logistics volumes increased by 1 percent q-o-q, with positive development within technical and inland services. ASL s contribution to EBIT improved q-o-q 21 Total income, adjusted EBITDA, adjusted EBIT, adjusted % % %

4 Slight increase in net interest expenses q-o-q, with fluctuation in valuation of hedging portfolio Q3 211 Q2 211 YTD 211 YTD 21 Q3 21 Net financial items, 3, 5,7 3,4 3,6 Net interest expenses 1) (3,5) (28,6) (87,4) (71,1) (17,7) Interest rate derivatives unrealised (42,) (16,4) (49,) (82,9) (31,3) Net financial currency 18,4 (3,7) 6,8 (16,7) (1,) Net financial derivatives bunkers (2,9) 1,9 2,2 6,1 3,8 Financial income/(expense) (57,) (43,9) (121,6) (161,2) (51,5) 1) Including interest rate deri vatives realised USD 13,8 mill Cash flow effect USD 3.8 mill Unrealised USD 26.1 mill CF effect: Other financial items, Interest expenses and financial instruments realised. Non CF effect: Financial Investments, interest income, net currency gain/loss & financial instruments unrealised 7 Growth in total assets according to newbuilding program Assets Fixed assets % % % Current assets (excl liquid funds) 47 2 % 45 2 % 4 1 % Liquid funds % % % Total assets % % % Equity & liabilities Equity % % % Long-term Interest bearing debt % % % Other long-term liabilities 29 1 % % % Short-term liabilities % % % Total equity and liabilities % % % 8 4

5 Majority of 211 CAPEX paid during the three first quarters of Committed CAPEX (WW ASA excl. JVs) Paid YTD 211 Q Competitive return through combination of rising share price and dividend payout Dividend payout of NOK.5 per share in Q2 211 The WWASA BoD proposes to pay a dividend of NOK.5 per share in Q

6 Shaping the maritime industry Thank you for your attention For more information:

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