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1

Capital Markets Day 2016

Wilh. Wilhelmsen ASA main topics

Global Tonnage Situation

Jan Eyvin Wang

President and CEO

Wilh. Wilhelmsen ASA

Rough Sailing – Global Market Intelligence

Ari Marjamaa

Vice President

Head of Global Market Intelligence

Wallenius Wilhelmsen Logistics

WWL’s Landbased logistics business

Rune Gisvold

Chief of Staff & CFO

Group Management, Central office


Capital Markets Day 2016

Wilh. Wilhelmsen ASA

Global tonnage situation

September 2016

Fleet composition by year of build, pure deep sea fleet

Number of vessels above 3500CEU, May 2016

0

5

10

15

20

25

30

35

40

45

50

55

60

65

70

250.000

200.000

400.000

300.000

100.000

50.000

0

350.000

150.000

2000

64.777

1990

5.234

29.250

57.07448.169

65.899

157.338

150.886

19951985

15.553 11.160

81.538

9.059

# o

f ship

s

58.131

2005

177.348

82.500

CE

U c

apacity

1982

102.530

25.562

141.845

48.204

112.900

20.39135.058

2015

133.900

46.800

316.026

2010

387.365

214.600217.015

119.300

226.260

145.550

311.830

260.791

219.157

311.308

UNCONFIRMEDORDEROPTIONACTIVE TOTAL NUMBER OF VESSELS

34 VESSELS

>25 YRS OLD

4.3% OF CAPACITY

ORDERBOOK 78

VESSELS

11.7% OF

CURRENT

CAPACITY

World deep sea fleet has grown significantlyTotal orderbook is at 11.3% in terms of capacity

Source: SeaWeb, Lloyds List Intelligence Unit, GMI

4

A steady growth in lifting capacityDriven by vessel size

Historical fleet development

Fleet in CEU and # of vessels, 1998-2015

Net fleet development

Deliveries, scrapping and net fleet addition in CEU, 1998-2015

Net fleet growth as

% of current fleet


10 % 10 % 3 % 2 % 4 % 7 % 9 % 10 % 10 % 4 % -3 % 5 % 7 % 5 % 2 % 3 % 2 %

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

3 000 000

3 500 000

4 000 000

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

20

15

20

14

20

13

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

20

00

19

99

19

98

Total PCTC: Start Year Fleet (Vessels)

Total PCTC: Start Year Fleet (CEU)

CEU

cap

acit

y

-450 000

-400 000

-350 000

-300 000

-250 000

-200 000

-150 000

-100 000

-50 000

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

20

15

20

14

20

13

20

12

20

11

20

10

20

09

20

08

20

07

20

06

20

05

20

04

20

03

20

02

20

01

20

00

19

99

19

98

5

The average vessel is getting bigger and youngerAverage size has grown by 21%, while average age has grown 9% last years

5.250

5.000

4.750

4.500

4.250

0

2010

2009

2008

2007

2006

2005

2004

2002

2001

2000

1999

1998

Ave

rage

siz

e, C

EU

+22%

2013

2012

2011

2003

Average size of vessels has grown by 22% in the last decade

Average size of vessels, in 1000 CEU, 1998-2014

Average age of vessels has increased 9% since the building boom

Average age of vessels, in years, 1998-2014


0

5

10

15

+9%

Ave

rage

age

2010

2009

2008

2007

2006

2005

2004

2002

2001

2000

1999

1998

2013

2012

2011

2003

6

Newbuildings & recycling

Average age of vessels being scrapped

has risen significantly last 20 years

195

Recycled vessels in 1000 CEU, average age of recycled vessels


Vessels are used much longer today than before

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32400

kCEU Capacity

350

300

250

200

150

100

5023

7 3

19 17 185 2 1 7

17

365

181

60

18

6249

30

55

0

Age in years

1995 2000 2005 2010 2015

7

Global Roll-on Roll-off Fleet

WW group is the largest operator group in the market72 vessels currently on firm orders, representing a 12,3% share of capacity

Current orderbook by operator

kCEU and number of vessels, share of total orderbook capacity in

%, firm orders

0

25

50

75

100

125

150

175

200

100

900

600

400

700

800

300

500

0

25(1%)

376(9%)

OTHER

Cap

acit

y, k

CEU

669(17%)

334(8%)

GLOVISWW GROUP

NYK

190(5%)

MOL

842(21%)

No

. of vessels

HAL

544(13%)

581(14%)

K LINE GRIMALDI

475(12%)

SIEM

Number of vessels (Right hand axis)

Total capacity, CEU

0

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

140

150

130

60

50

70

40

120

110

0

30

20

10

80

90

100

15

140

30(6%)

35(100%)

35

HALK LINE

26(5%)

87(17%)

MOL

27(5%)

140(27%)

GLOVISNYKWW GROUP

55(11%)

SIEMGRIMALDI

120(23%)

Cap

acit

y, k

CEU

OTHER

No

. of vessels

40

WWL

EK

Current fleet by operator group

kCEU and number of vessels, share of current fleet capacity in %

WWL

Orderbook

Number of vessels (Right axis)

Source: SeaWeb, Lloyds List Intelligence Unit, GMI, as per Q1 2016

8

Fleet characteristics

WWL fleet characterised by stronger High &

Heavy capabilities compared to competitors

0

50

100

150

200

250

300

1 2 3 4 5

Average max ramp capacity

Average # of hoistable decks

WWL

NYKMOL

K LINE

HAL

GRIMALDI

GLOVIS

EUKOR

WWL still ahead on the characteristics of the fleet...

Ramp capacity in tons, # of hoistable decks and CEU capacity (size), July 2015


9

PCTC fundamentals, expected to remain weak for

another 2-3 yearsOpportunity for low TC tonnage

Source: Platou/Clarkson

Rough sailingGlobal Market Intelligence


September 2016

Rough sailing in global RoRo marketsSupport to be found in the fundamentals

The market is

under pressure

• Global trade

development

modest

• Fleet growth high,

but adjustments

being made

A changing auto

industry still

supports volume

• Auto industry facing

significant change,

but also opportunities

• Auto trades generally

see growth

Construction

keeps HH up..

• Weaker than

expected, but

outlook improving

..while mining see

mostly upside

• Shipments still

weak

• Pent up demand

building

Market under pressure

3

The RoRo markets are roughAuto volumes driving improvement, HH remains under pressure

Development in global cargo shipments has seen some improvement since fall 2015, led by automotive volumes

Automotive, HH and BB cargo, exports, y-o-y comparison of 12mo moving average, Q1 2015 – Q1 2016

Note: Total export volume of roro type cargo, not distinguishing on mode of transportation

Source: GTA, GMI


The market is

under pressure

A changing auto

industry still

supports volume

Construction

keeps HH up..

..while mining see

mostly upside

• Global trade

development

modest


but adjustments

being made


significant change,



see growth

• Weaker than

expected, but

outlook improving

• Shipments still

weak

• Pent up demand

building

A changing auto industry still supports volume

5

The automotive industry is rapidly changingThe shift from a product centric to a service driven model creates opportunities for a logistics operator

New technology and user habits has the impact to change the auto industry…

Hum

an d

riven

Auto

nom

ous

Asset owned Asset shared

«Today»

• 100 year old model

• No computer tech

«Owned Autonomy»

• Sensors,

algorithms,

mechatronics

«Autopia»

• Autonomous PODS

• On-demand public

transport

«Shared Mobility»

• Human driven

mobility on-demand

via software

1 2

3 4

Source: Morgan Stanley, McKinsey

41

23

10

115

87

20302015 Urbanization and

macro-economic

growth

Less private

vehicles

New shared

vehicles

New drivers added

might be people

without driving

license, elderly or low

income groups

…but growth in user base, new drivers will lead to more kilometers consumed

McKinsey’s High-Disruption scenario for automotive industry, Global auto sales in mill

Larger middle

class


6

Electric vehicles to see significant growthManufacturers appear to have made the technology choice

Source: GMI

Strong growth in number of fully electric car models offered in the global auto market, outgrowing any other alternative technology

EV models, number on offer in the market, 2013-2022FC

138137132

124

116

100

174170169

159

150

140

116

87

6660

20222015 2018 202120202016 20192014 20172013

+95%

+59%

FC Apr16

FC Oct15


7

Deepsea LV volume to expected to growth with a CAGR of 1.5% going forwardAS-NA only major trade expected to see decreases

Source: GMI

…while AS-NA is the only major trade with decrease

Volume with potential for deepsea –total volume in 2015, growth per trade and total volume in 2023

Global auto sales to develop positively going forward…

Sales, domestic production and possible deepsea transport, million units, 2015-23FC

103,6

83,9

2017

Domestic

2022 20232021

Global auto market growth2,1%

99,6

15,7

87,4

2020

Imported

2019

16,2

201820162015

88,0

73,7

14,4

CAGR

2015-2023

+2.1%

+1.5%

0,3

0,4

EU

-OC

EU

-ME

AS

-SA

16,2

EU

-AS

0,3

0,2

Oth

0,4

0,2

OC

-ME

AS

-EU

+1,9(+13%)

14,4

2023

#N

/A

0,1

AS

-NA

0,1

2015

0,1

EU

-NA

0,1

0,4N

A-E

U

Forecast


8

China still largest light vehicle (LV) market, Indian LV market set to soarDeepsea volume growth below market growth, excluding JP/KR-NA volumes volume growth on par with total market

Source: IHS, GMI

…but the big markets to develop slower in the next five years than in the previous five

Size of circle indicate size of market in 2015, CAGR 2010-2015 and CAGR 2015-2020

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

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

W EUROPE

JAPAN

MIDDLE EAST

NAFTA

S E ASIA

ARGENTINA/BRAZIL

CHINA

RUSSIA

INDIA

OTHER L AMERICA

TURKEY

Other

SOUTH KOREA

SOUTH AFRICA

OTHER AFRICA

OCEANIA

OTHER E EUROPE

CAGR 10-15

CAGR 15-20

ME AF

EUR

OTH

APAC

AM


The market is

under pressure

A changing auto

industry still

supports volume

Construction

keeps HH up..

..while mining see

mostly upside

• Global trade

development

modest


but adjustments

being made


significant change,



see growth

• Weaker than

expected, but

outlook improving

• Shipments still

weak

• Pent up demand

building

Construction keeps HH up..

10

Industry forecaster sees construction equipment sales growing by 5% in ’17China returning to growth, developed markets see turn of cycle

Source: Global Volume & Value Service, Off-Highway Research, August 2016

804

690

754

2013

1.025

920

2020

655

20172015

875

800

201820122011

+12%

+5% 770

+22%

790

20162014 2019

Global sales of construction equipment set to recover significantly

1000 units, 2011-2020FC

Construction keeps HH up..

11

Seeing the bottom of the cycleConstruction equipment manufacturers’ sales are anticipated to bottom out in 2016, seeing growth in 2017-18

5%

30%

1%

10%

2%

30%

1%

11%

10%

2%

2015

4%

27%

2%

2014

26%

4%

1%

-9%+1%

3%

2016

53.563

4%

10%

-10%

2017

1%

11%

27%

4%

9%

30%

54.031

11%

2%

26%

2%

2018

55.712

9%

11%

4%

11%

2%

31%

3%

+3%9%

3%

4%

58.891

28%

2%

11%

65.421

3%

10%

9%

4%

26%

11%

2%

Terex Corporation (TEX-US) - Cranes

Hitachi Construction Machinery Co., Ltd. (6305-JP) - Cons

Komatsu Ltd. (6301-JP) - Construction, Mining and Utility

Sandvik AB (SAND-SE) - Construction

Volvo AB Class B (VOLV.B-SE) - Construction Equipment

Deere & Company (DE-US) - Construction & Forestry

Caterpillar Inc. (CAT-US) - Construction Industries

Terex Corporation (TEX-US) - Aerial Work Platforms

Terex Corporation (TEX-US) - Construction

CNH Industrial NV (CNHI-US) - Construction Equipment

Construction equipment producers revenue forecast

Consensus forecasted revenue by sell side analysts, Factset 2016-09-12, Real USD

Source: Factset, GMI


The market is

under pressure

A changing auto

industry still

supports volume

Construction

keeps HH up..

..while mining see

mostly upside

• Global trade

development

modest


but adjustments

being made


significant change,



see growth

• Weaker than

expected, but

outlook improving

• Shipments still

weak

• Pent up demand

building

..while mining see mostly upside

13

Mining commodity prices remain pressured, but the resource industries appear to have turned a corner

Source: Factset, IHS Global Insight

Commodities appear to have turned a corner

Total return metal indices, Coal price index USD based

S&P: Metals and Mining index have fallen significantly since the high valuations in

2011

Total return index, U.S


14

The mining companies still working hard to improve profitabilityMiners are addressing cash flow challenges with cost initiatives and restructuring programmes

Source: Factset, Rio Tinto, GMI

Miners’ share price and return on assets have both declined significantly

Miners’ free cash flow margin took a dive, but now back in positive territory

Illustration of miners’ actions following investor pressure on returns

Note: Different time scale from above

CAPEX cuts continue

with most mining

companies reducing

their mining

investments

Production volumes

continue to be high,

consuming

equipment at higher

pace than before

Shipments remain

very low


15

Replacement demand building upThe equipment contraction significantly exceeds the CAPEX drop while production is record high

Source: Factset


16

Australia’s investment phase may be slowing, while the production phase has just started – and production will drive equipment demand

100

350

300

200

150

50

0

250

85

2013-10

27147

187

289

160

40

303

24

14

6496

Australian mining projects,

pre-committed

capital (AUDbn)

52

2013-04

37

17

2015-04

-19%(-52)

-11%(-32)

-15%(-32)

2014-04

186

117 113

42

+5%(+15)

169

2012-10

-9%(-17)

68

126146

218

2014-10

Publicly announced (low case)

Publicly announced (high case) Feasibility stage

Value of Australian mining projects in pipeline

All major projects under development, est CAPEX

Note: Net change in committed capital reflects both newly committed projects and changes in CAPEX estimate of existing projects. Projects at the committed stage have completed their planning activities, have received all necessary Government regulatory

approvals and finalized the financing of the project to allow construction (in most cases projects at this stage of development have already started construction), most projects that progress to the committed stage will eventually commence production

according to Bree

Source: BREE, ABS, GMI

Following an investment boom is the production boom

Value of projects and estimated mining exports

71%

29%


17

Significant share of Global Mining Project Pipeline stems from OceaniaLargest unused potential of all regions, representing future demand if conditions are right

Global Project Mining Development Pipeline

Strong pipeline, particularly in Oceania and South Asia

Global Mining Projects by Commodity and Type

Coal represents largest share, with 2,848 pipeline projects at a total value of 350bn USD

Source: Industrial Info Resources, January 2016

9%

91%

Europe Turkey & Stans East Asia Russia

SEA

US & Canada

Latin America

Africa

Middle East

South Asia

Oceania

PlannedUnder Construction Size of bubble = relative size of total

88%

12%

37%

63%

11%

66%

91%

10%

81%

19%

82%

18%

88%

12%

7%

93%

95%

5%731 699 667

342401155

1826

59597278

218

350

9

0

50

100

150

200

250

300

350

0

2.000

2.500

1.000

1.500

3.000

500

Coal Iron Ore

1.275

2.848

Oil

Sands

225

Heavy

Metals

Precious

Metals

Potash

40

Copper

Ore

110

Other

Metals

108

23

89309

Uranium Phos-

phate

Rock

Other

Mineral

Mines

Quarries

TIV ($Billions) # Projects


18

World Coal production and consumption will continue to grow towards 2040, Australia fourth largest producer

World coal consumption by region, 1980-2040

Quadrillion Btu

Source: U.S. Energy Information Administration – International Energy Outlook 2016

Coal Production 2015, top 10 production countries

Mt

86139186248349387

764

62107

471

820

3.500

4.000

500

2.000

2.500

1.000

1.500

0

3.000

GermanySouth

Africa

ColombiaRussiaIndone-

sia

Kazakh-

stan

PolandIndiaUSChina

3.538

CanadaAustr-

alia


19

Parker Bay expects mining equipment shipments to have bottomed outThe increased demand in 2016-2020 will be driven mainly by the need to sustain existing capacity

Parker Bay mining equipment population and shipments

Active loading and haulage mining equipment population and shipments (1000 units), additional capacity and replacements

60

55

50

45

40

35

5

30

25

0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

20

10

15

’10

3.6

’09

2.9

’08

4.3

’07

3.7

’06

3.2

’05

2.9

’13

3.2

’12

5.8

’11

5.4

’16E

2.0

’15(E)

2.0

’20E

4.2

’19E

2.4

’18E

3.1

’17E’14

2.2

3.7

Surplus reapplied

Additional capacity

Replacement

Shipments (Right axis)

Population 01.01

Active m

inin

g e

quip

ment

popula

tio

n (

1000 u

nits)

Units s

hip

ped (

1000 u

nits)

Over the next five years, more than 10.000

trucks and 2.000 excavators/loaders are

needed to replace machines deemed unfit for

continued operations due to age and wear

Capacity increases represent an additional

2.800 trucks and 400 excavators

Of the total demand, only 500 excavators and

nearly three times as many trucks are

expected be re-commissioned, representing

less than 40% of the idled population

Note: Emerging/regional suppliers from India and China are excluded from the analysis

Source: Parker Bay


The market is

under pressure

A changing auto

industry still

supports volume

Construction

keeps HH up..

..while mining see

mostly upside

• Global trade

development

modest


but adjustments

being made


significant change,



see growth

• Weaker than

expected, but

outlook improving

• Shipments still

weak

• Pent up demand

building

21

Thank you!

WW Capital Markets Day

WWL’s Landbasedlogistics business

Rune Gisvold

13 September 2016 at 15:00

1

2

WWL’s Landbased business

Over the past 12 years we have built a

> USD 1,2 Bn Landbased logistics business

We have grown with our customers into

their value chain as they expand globally

Less volatility and different business

drivers from Ocean services

Global products in a network of locations in

key markets - supported by best practice

processes and systems

Asset light with good cash flow

We are set to continue our expansion with a

combination of organic growth and M&A

3

Landbased business is rapidly approaching50 % of WWL’s global turnover

Terminals11 %

Tech Services

31 %

Distribution58 %

LandbasedMUSD 637;

47 %

OceanMUSD 720;

53 %

REVENUES 1H 2016Landbased revenues have grown

by 20 % annually since 2009

Terminals volumes and revenues

vary with trade volumes, but

without the BAF impact

Tech Services have seen steady

volume and rate up-lifts

Distribution is mainly pass-

through revenues with limited

bottom-line impact

Values based on WWL management accounts

4

A global network serving outbound logistics needsof global (auto & HH) equipment manufacturers

Yard management and distribution

at the Thailand FordMazda factory

Yard management and processing

for VW at the US/Chattanooga plant

Zeebrugge RoRo terminal H/H equipment processing

in Mebourne

A Siemens transformer

on the way up a vessel ramp

Volvo wheelloader

washing at Singapore EPC

PDI at Mumbai VPC

Landrovers stored at Shanghai VPC

6

We provide services to our customers throughout their outbound supply chain

Terminal services

Receipt and delivery

Storage

Stevedoring

Customs clearance

Technical services

Repairs and rectifications

Accessory fitting

Storage management

Pre Delivery Inspections

Inland Distribution

Truck

Rail

Barge

….. based on procurement

7

The customers are the same as those we serve on the Ocean side

Cars High & Heavy BreakBulk

Established > 10 years ago as a defensive strategyevolving into a global service provider

A strategy shift towards fully integrated logistics services from factory to dealer

Castor Green Terminal – our zero emission vision for terminal and processing services

MIRRATterminal concession won

- 2005: Defensive strategy

2005 – 2013: From lines to Logistics

2013 –The growth engine

VSA and CAT-WWL 100% takeover Landbased business reaches USD 1.2 bnrevenues

2006

2016

2014

2009

8

Southamton and Port Huemne

Early 1990sDAS acquired from Nissan North America (known as VSA)

2005

Pyoengteakterminal in Korea & Investments in two Chinese terminals

2009

Zeebrugge in 1999

Baltimore (2001)

Kotka (2003)

“2000”

EPC ‘s in Panama, Galveston and Dubai

2010/11

0

200

400

600

800

1000

1200

1400

2009 2010 2011 2012 2013 2014 2015 2016

Revenues

9

The Landbased business has shown consistent growth since the financial crisis

0

20

40

60

80

100

120

140

160

180

Nissan Ford Toyata VW JLR BMW Subaru Volvo GM

Top 10 customers

Revenues MUSD

Forecast

Revenues MUSD

Revenue growth and margin improvements Nissan largest customer, but good diversity

Excluding distribution revenues


WWL acquired 50% of DAS from Nissan in 2005 together with a financial investor– Low acquisition price + profit sharing

– The Nissan based network was set to grow with new customers

Expansion to Mexico in 2008

Multiple new customers and operating sites added every year

Profit sharing with Nissan ended 2012

In January 2016 we called the shares of our financial investor partner

Nissan now represent around 50 % of VSA’s Tech Services revenues

The Nissan contract was extended to 2027 in March this year

10

The VSA quantum leaps1) Acquisition 2) End of profit-share 3) 100 % ownership

The VSA story The VSA network

Established to secure land

access and priority birthing

– Efficient time in port is key

to voyage financial

performance

Has proven to be a robust and

profitable business model on

it’s own merits

– Offering valuable storage

capacity as a hedge against

fluctuating sales volumes

60 – 80 % of volumes in our

ports are WWL shipments

– Mutual ocean/land

dependencies create long

term win-win situations

11

The terminal business has grown into a truly global services provider

Pyeongteak

Ownership: 50%

Tianjin

Ownership: 6%

Shanghai

Ownership: 5%

Singapore

Ownership: 100%

Port Hueneme

Ownership: 100%

Kotka

Ownership: 100%

Southampton

Ownership: 100%

Baltimore

Ownership: 100%

Zeebrugge

Ownership: 100%

Panama

Ownership: 100%

Dubai

Ownership: 100%

Bremerhaven

Ownership: 50%

Melbourne

Ownership: 100%

Melbourne RoRo Terminal

12

MIRRAT is our new RoRo terminal in Melbournecompleted on time & budget and now in operations

Tender: Q2 2012 – Q2 2014

WWL awarded the 25 year concession period to build and operate the new RoRo terminal with capacity potential of up to 1 million units annually (size of terminal is ~350 Ha)

Construction period: Q3 2014-Q1 2016

MIRRAT established

Construction started in August 2014 and the construction work will be completed in Q1 2016

Interim period: April 2016 – Jan 2018

MIRRAT will be operational from April 1st 2016

Until Jan 2018, both Webb Dock West and Appleton Dock will also be operational and compete for volumes

Exclusive operator : Jan 2018

From Jan 2018, MIRRAT will take over operations at Webb Dock West and all RoRo vessels will be routed to the new combined terminal

13

3 distinct “products”with differing financial characteristics

Terminal services

“Captive business” with high

margins and long concessions

Either somewhat capital

intensive and/or with material

lease commitments

Capacity utilization drives

financial performance

Technical services

“Nickels & dimes” business

with variable costbase

Efficient use of labor force

drives financial performance

Margins vary with service &

value-add content

In-port or in-land/in-plant

Inland Distribution

Generally a low margin

business

Competitive environment with

low entry levels

WWL apply a low-risk

“Procurement model”

14


0

5

10

15

20800

700

600

500

400

300

200

100

0

Revenues

USD M

EBIT

Percent

2016F

143

2015

138

2014

130

2013

120

Revenue

EBIT margin

0

5

10

15

20

600

500

400

700

800

300

200

100

0

EBIT

Percent

Revenues

USD M

2016F

384

2015

258

2014

257

2013

237

0

5

10

15

20800

700

200

600

300

100

500

400

0

2013 2014

452495

EBIT

Percent

Revenues

USD M

2016F2015

734

501

MIRRAT ramp up cost

VSA acquisition

Fixed fees on growing

revenues

Terminal services Technical services Inland Distribution


15


Terminal services Technical services Inland Distribution

Toyaota

BMW

VW

JLR

Diamler

CNH

Volvo

Caterpillar

John Deere

Other

Nissan

Komatsu

BMW

Ford

Volvo

VW

Porche

John Deere

Diamler

Other

Nissan

Subaru

Ford

JLR

Toyota

GM

VW

Porche

CNH

Other

Initially established as a defensive ocean trades strategy : Port rationalization and priority birthing

The customer base provided opportunities

Growth created size and scale

Advanced process management was required to solidify competitiveness

The environmental profile opened doors to new opportunities

Portfolio management will further optimize yield

Continued growth will be based on OEM’s expansion and a combination of organic growth and M&A

16

Strategies have changed over timeSize matters also on land

The Landbased strategy has

common touch-points with

Ocean - but separate targets

KPI’s are tailored to market

characteristics and business

drivers

Financing & funding is non-

recourse to parent and

owners

Shared services create

efficiency and scale

17

The legal & financial structureallows focus and continued growth

WW Landbased Holding AS (WWLH)

WWL AS

WW Inland Services Holding AS (WWISH)

WW Terminals Holding AS (WWTH)

WWL Ocean

2W Americas Holding (VSA)

WWL China Ltd1

1 To be finalized in 2016

18

Strategies going forwardsreflect the level of maturity

Portfolio management

The Landbased portfolio

includes >50 individual sites in

a truly global network

WWL will maximize value

creation with active portfolio

management (grow, fix or exit)

Organic growth & M&A

Organic growth will continue

with new customers and sites

… and M&A will expand the

network, fill holes and support

the overall growth strategy

New services in a digital age

WWL continuously evaluate

technology developments amongst

customers and as a supplier

Alternative fuel vehicles

Car sharing

3D printing

19

WWL’s Landbasedlogistics business

The Baltimore terminal and processing center

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