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About the JV
• 50:50 Logistics JV between Wilhelm
Wilhelmsen and Wallenius Lines in
Norway
Practice description
• Putting in place of a set of mechanisms to address the Board and shareholders’ JV-related information needs, including (in this case):
– Monthly information-clearing meetings
– Streamlined monthly report
– Corporate online information portal
Scaling of shareholder information management
Source: WWL (with permission) Joint Venture Advisory Group © Water Street Partners. All rights reserved 1

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Information-sharing mechanisms that WWL put into place
Scaling of shareholder information management
Monthly “clearing” meetings
• Anyone in the shareholders that has the right to know about the JV is invited, including Board
• Q&A format; participants can ask any operational, financial, or commercial questions
• Only forum for getting additional JV data; questions asked outside this meeting are referred to the next one (and not answered until then)
• Purely informational; no decisions made
The right information, to the right people, in an efficient way
• Board members and others in the shareholders have access to the information they need
• Number of information requests dramatically reduced (by more than 50%)
• JV time spent on responding to information requests/reporting significantly lower. For example, CEO time spent on responding to shareholder information requests reduced by 1-1.5 days per week
Source: WWL (with permission)
Streamlined monthly report for the Board
• Only the high-level
JV information that is “need to know” for the Board
• Reduced from what was previously a 45 page report (which included lots of information the
Board wasn’t interested in) to 5 pages
Corporate information online portal
• Direct shareholder access to WWL financial systems
• Shareholder staff can query WWL monthly financial results independently (instead of asking JV employees)
Joint Venture Advisory Group © Water Street Partners. All rights reserved 2

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Scaling of shareholder information management
Evolution of shareholder reporting and information management
Source: WWL (with permission)
Disparate reporting
Standardization of global and regional reporting, extensive content
“Compass” online (financial information system/ database with querying capability)
Forward looking & actions alerts
12 month rolling forecast implementation
Transparency with
Owners, both ways
“Full transparency with the shareholders has removed a lot of the burden of reporting and answering questions from the JV…it might sound a bit militant – it has to be”
Arild Iversen, CEO, WWL
2002 2003 - 2007 2008 - 2009 2010 - 2012 2012
Joint Venture Advisory Group © Water Street Partners. All rights reserved 3