Presentation at Shippingklubben 29 October, 2004

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1 Presentation at Shippingklubben 29 October, 2004

2 Profit & loss statement - Total WW Group MUSD Quarter Year Gross revenue EBITDA Depreciation/write-downs (18) (19) (55) (55) (75) EBIT Net income from associates 10 (8) 24 (1) 4 Profit after associates Net financial items (5) (2) (3) (7) (3) Pre-tax profit Taxes (6) (4) (12) (7) (7) Net profit

3 Net income from associates Quarter Year Assets MUSD pr EUKOR 5,7 (11,0) 10,7 (11,0) (8,0) 134,1 CAT/GAL - (0,2) 0,7 1,7 2,0 53,3 Other Liner - 0,2 0,4 0,2 0,5 0,3 Barwil TS 2,8 1,8 6,8 5,2 7,2 20,4 Barber TS 0,2 0,1 0,4 0,2 0,2 2,0 Dockwise 1,6 0,6 5,1 2,4 2,3 44,1 Total 10,3 (8,5) 24,1 (1,3) 4,2 254,1

4 Net financial items MUSD Quarter Year Investment management 0,6 2,5 8,4 5,2 11,1 Interest income 1,2 0,9 3,5 3,3 4,6 Interest expenses (5,0) (6,0) (16,5) (18,3) (24,2) Agio/disagio (0,7) 0,8 1,3 2,1 4,2 Other financial items 0,1 (0,3) 0,1 0,9 1,3 Net Financial (3,8) (2,1) (3,2) (6,8) (3,0)

5 EBITDA incl. Net income from associates / Pre-tax profit MUSD 70,0 60,0 50,0 40,0 30,0 20,0 10,0 0,0 EBITDA incl. TS Pre-tax profit Q Q Q Q Q Q Q Q Q Q Q Q Q3 2004

6 Earnings per share USD 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0, Full year YTD

7 Dividends Dividend per share NOK 8,00 7,00 6,00 5,00 4,00 3,00 2,00 1, Dividend Distribution ratio 50 % 40 % 30 % 20 % 10 % 0 % Distribution Ratio

8 Balance sheet MUSD Assets Fixed assets % % % Current assets (ex. liquid funds) % % % Liquid funds % % % Total assets % % % Equity and liabilities Equity % % % Long-term interestbearing debt % % % Other long-term liabilities 55 4 % 55 4 % 54 4 % Short-term liabilities % % % Total equity and liabilities % % % Capital Employed

9 Liner and car carriers MUSD Quarter Year Gross revenue 246,2 214,7 698,8 616,9 839,7 EBITDA 59,5 43,7 147,4 116,4 152,6 Depreciation/write-downs (15,4) (16,0) (46,8) (47,0) (63,0) EBIT 44,1 27,7 100,6 69,4 89,6 Net income from associates 5,8 (11,0) 11,8 (9,1) (5,5) Profit after associates 49,9 16,7 112,4 60,3 84,1 Net financial items (3,8) (5,4) (10,0) (11,9) (15,6) Pre-tax profit 46,1 11,3 102,5 48,4 68,5

10 Liner and car carriers Gross revenue MUSD (20) Q102 Q202 Q302 Q402 Q103 Q203 Q303 Q403 Q104 Q204 Q304 EBITDA Income from associates

11 Barwil MUSD Quarter Year Gross revenue 22,1 18,5 64,3 55,0 76,8 EBITDA 2,5 2,2 6,1 5,1 5,5 Depreciation/write-downs (1,7) (1,7) (5,2) (5,0) (7,3) EBIT 0,8 0,5 1,0 0,1 (1,8) Net income from associates 2,7 1,8 6,8 5,2 7,2 Profit after associates 3,5 2,3 7,8 5,3 5,4 Net financial items (0,7) 0,5 (0,4) 0,7 0,9 Pre-tax profit 2,8 2,8 7,4 6,0 6,3

12 Barwil Gross revenue MUSD ,0 4,0 2,0 0,0 Q102 Q202 Q302 Q402 Q103 Q203 Q303 Q403 Q104 Q204 Q304 EBITDA incl. TS

13 Barber MUSD Quarter Year Gross revenue 10,0 9,7 29,8 27,2 37,6 EBITDA 1,6 2,3 5,4 5,6 5,9 Depreciation/write-downs (0,5) (0,4) (1,5) (1,2) (2,8) EBIT 1,1 1,9 3,9 4,4 3,1 Net income from associates 0,2 0,1 0,4 0,2 0,2 Profit after associates 1,3 2,0 4,3 4,6 3,3 Net financial items - (0,1) 0,1 (0,0) 0,3 Pre-tax profit 1,3 1,9 4,4 4,6 3,6

14 Barber Gross revenue MUSD ,5 2,0 1,5 1,0 0,5 0,0 Q102 Q202 Q302 Q402 Q103 Q203 Q303 Q403 Q104 Q204 Q304 EBITDA incl. TS

15 New building program Financial tonnage providers GROSS TONNAGE CAPACITY INCREASE Wallenius Wilh. Wilhelmsen Operational tonnage providers Lease (260 MUSD) 72% WW NB FINANCING Equity share (68 MUSD) 19 % NEW BUILDING PROGRAM # Vessels Size Operational tonnage providers Financial tonnage providers Wallenius Wilh.Wilhelmsen Sum Bank Loan (33 MUSD) 9 %

16 WW- Group vessel investments MUSD 250 Bank loan Financial lease Equity Q Vessel Delivery Total Sum

17 Comments by President & GCEO Ingar Skaug

18 Global light vehicle sales through Total vehicle sales - right hand scale Million vehicles NAFTA W EUROPE OTHER ASIA JAPAN S/C AMERICA E EUROPE OTHER WORLD OCEANIA/S AFR

19 Vehicle imports and transplant sales in North America TOTAL MARKET (RIGHT H SCALE) vehicles OTHER IMP FROM EUROPE IMP FROM KOREA IMP FROM JAPAN EUR TRANSPL ASIAN TRANSPL

20 Vehicle imports and transplant sales in Western Europe TOTAL MARKET (RIGHT H SCALE) vehicles OTHER IMP FROM N AMERICA IMP FROM OTH ASIA IMP FROM JAPAN JAP TRANSPL

21 Vehicle shipments by production regions vehicles Grand total JAPAN S KOREA EUROPE N AMERICA OTHERS

22 Vehicle shipments by main trades vehicles Grand total (right hand scale) Asia-N America Asia-Eur/Med Oth Jap trades Atl trades Oth Trades Oth Kor trades Eur-East/Southbound

23 Deep sea vehicle shipments by main trades 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % Oth trades Oth Kor trades Oth Jap trades Eur-East/Southbound Atl trades Japan-Eur/Med Oth Asia-Eur/Med Korea-Eur/Med Japan-N America Korea-N America 0 %

24 H&H shipment development (total market) % grow th year-per-year -10% 0% 10% 20% 30% 40% 50% 36.9 % Asia-N America -2.5 % 0.9 % 14.1 % Asia-Europe 6.8 % 3.7 % 24.5 % Europe-N America 2.8 % -0.9 % 10.1 % N America-Europe 5.4 % 1.5 % 3.5 % Europe-Oceania 3.9 % 0.0 % 38.4 % N America-Oceania 4.5 % -0.3 % 22.3 % Total 3.7 % 1.1 % ASNA/EUNA: US Housing start-ups will level off in Tax incentive program on new equipment ends in January Public spending on infrastructure to remain high. ASEU/NAEU: Continued economic growth in 2005 will lead to increased construction projects, particularly in Germany and East European/Russian markets. EUOC/NAOC: High mineral prices support a continued strong construction & mining equipment demand. Good harvest and general high demand for agricultural product indicate a continued high demand for agricultural equipment also in US-Australia free trade agreement supports US sourcing

25 NCC Key Market Trends relevant for WWL Asia s demand for energy is highest in the world. - Nuclear energy increasing in importance Global mining exploration is on the rise for the first time since China has become the world s largest consumer and importer of machine tools. The country develops its machine tools production base as well. Japanese machinery manufacturers shift their exports focus to Asia. Wind power energy will have further growth. Demand for railcars (freight wagons, locomotives) booming in resource rich countries (Australia, Brazil). Aircraft parts sourcing is getting more diversified (geographically), and more modular (size-wise). NCC includes the following cargo segments: Machinery (incl. machine tools), power generation equipment, wind mills, railcars, pleasure boats, natural rubber and forestry.

26 NCC shipment development (total market) % growth year-per-year -10% -5% 0% 5% 10% 15% 20% 25% Asia-N America Asia-Europe 5.9 % 0.6 % 5.1 % 3.0 % 10.7 % 19.1 % EU-OC: Shipments of machinery and power generation equipment will improve due to planned mineralrelated expansion projects. Europe-Oceania Europe-N America N America-Europe N America-Oceania TOTAL -7.6 % -2.0 % 4.0 % 2.5 % 2.2 % 2.5 % 0.6 % 5.1 % 1.7 % 1.8 % 0.9 % 3.4 % 1.1 % 8.3 % 20.2 % AS-EU: Strong growth in 2004 relates mainly to shipments of railcars from Korea to Greece ahead of the Olympics. Shipments of plant equipment to Japanese and Korean auto-related plants in Eastern Europe are to be strong. NA-OC: Shipment growth to level off in 2005/

27 Vessels Contr. newbuildings Capacity: Car Equivalent Units PCC/PCTC fleet by age Updated as per

28 PCC/PCTC fleet recycling forecast o Vessels to be recycled during are assumed to be found in the life time span years. Accumulated total number of vessels in these age categories is 102 with a combined capacity of CEU. o Only a proportion of vessels belonging to this age range is expected to be recycled. Our assumptions are summarised in table below. Assumed recycling by year Total Vessels CEU Assumed recycling by operator NYK MOL K-Line WWL EUKOR HUAL Others Vessels

29 Global PCC/PCTC fleet: Supply & demand projection Vessels CAPACITY DEMAND FORECAST (2003 CAP. UTILISATION) Capacity demand incl. assumed used vehicle shipm ents Capacity supply including assumed recycling Capacity supply - including newbuildings - if no further recycling (hypothetical) Projection is based on new vehicles. Base year 2003 was characterized by a pronounced under-capacity situation.

30 Vehicle shipments - WWL: Supply & demand projection Vessels CAPACITY DEMAND FORECAST (2003 CAP. UTILISATION) Capacity supply - including newbuildings - if no further recycling Capacity supply including recycling/redelivery forecast Base year 2003 was characterized by a pronounced under-capacity situation. Expected WWL shipment decrease in 2004 is the result of actions taken to reduce our presence in Atlantic trades and discontinued WWL-activities in Europe-M East/ Asia

31 Wilh. Wilhelmsen will be a leading, global provider of maritime services We have defined our vision as being a leading, global provider of maritime services The maritime services industry is changing, with increased consolidation among customers and competitors, emphasis on industrialised delivery and focus on value for money services globally In a changing market, Wilh. Wilhelmsen must adapt and improve in order to take out opportunities and maintain and strengthen our position Short term, we need to increase our cost efficiency through our operations and take the benefits out of our total size and strength In the long term, we will shape the market through our competencies, network and combined business areas Fulfilling the vision means changing according to market changes.

32 We need to capitalise fully on the potential and strengths of the two companies Global infrastructure Operational competence and know-how within defined business Local knowledge and presence Local entrepreneurship Established as quality agent International structure, global processes and applications, and ability to integrate between business areas Operational competence and know-how within defined business Established as quality supplier one among others in the crowd of leading players Utilise joint strengths for the benefit of the customer Take out synergies from shared and joint services Improve cooperation, innovation and learning Shape the future together

33 Amalgamation of the Barber and Barwil organisations will be a key in transforming and improving maritime services We propose the establishment of a new company structure comprising the service offerings from Barber and Barwil.

34 In the future, we believe customers will integrate our solutions into their operations Customer Value - Uniform approach towards customers - Improved geographical network - Global solutions, streamlined delivery - Product packaging, tailor made solutions - Wider range of service offerings and products - Proactive partnerships with customers, integrated solutions Technology will be a major force in changing how we interact and integrate with customers - New WMS enterprise architecture - Investment in new CRM system A combined product range will strengthen our possibility to integrate with customers.

35 Wilhelmsen Maritime Services Supermarket analogy Your One-Stop-Shop Marine Supermarket Wilhelmsen Maritime Services Wilhelmsen Marine Services Key Account Management Organisation SHIP MANAGEMENT MARINE CONSULTING FREIGHT FORWARDING & LOGISTICS PORT & MARINE CREWING INSURANCE BUNKERING LINER & NVOCC SOFTWARE Shared Services & Support Organisation

36 Presentation at Shippingklubben 29 October, 2004

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