1. Group chief executive officer
Lysaker, 27 October 2005
Ingar Skaug
Group chief executive officer

2. WW ASA Company Structure
SHIPPING SERVICES
LOGISTIC SERVICES
MARITIME SERVICES
Wilhelmsen Maritime Services
Car, ro-ro and project cargo
WW Solutions (50%)
Compagnie d’Affrètement et de Transport (CAT) (20%)
Distribution and Auto Service (DAS) (25%)
American Auto Logistics (AAL) (50%)
American Logistics Network (ALN) (50%)
Richard Lawson 50%
GLOVIS Korea (25%)
Ships service products
Wallenius Wilhelmsen Lines (50%)
EUKOR Car Carriers, Korea (40%)
ARC (American Roll-on/Roll-off Carrier (50%)
Wilhelmsen Lines
Wilhelmsen Lines Ship owning
EUKOR Car Carriers, Singapore (40%)
Ships service network
Ship management
Mark I Shipping, Singapore (50 %)
Wilhelmsen Lines Car Carrier (UK)
Vehicle processing centre
PVP (50%) US Pacific
AVP (50%) US Atlantic
OVP (50%) Australia
Ag – Ready (50%)
Ships equipment
Fidelio Ltd. Partnership USA (50%)
Maritime solutions and financial services
Other shipping
Terminals
Dockwise (21%)
Wilhelmsen Offshore & Chartering
Baltimore (50%)
Zeebrugge (50%)
Southampton (50%)
Pyongtaek (40%)
Kotka Euro Terminal
Express Offshore Transport
Sea Launch Logistics

3. WWL
Continuingly high ocean revenues, but as usual a seasonal slowdown in Q3
Continuingly strong High & Heavy and non containerized cargo volumes
Still high marginal costs, due to historically high bunker prices and a tight charter market

4. EUKOR Continues to deliver revenue and results above expectations
Strike in Korea in September lead to decrease in car volumes, negatively influencing the result
Even though the strike had a limited duration, it resulted in uplanned idle fleet time
HMC and KIA exports have increased 18 % first eight months of the year, compared to same period last year

5. American Roll-on Roll-off carrier (ARC)
Have increased the fleet from five to eight vessels during Q3
One vessel transferred from WW ASA and two from Walleniusrederierna
ARC has expanded its Middle-East Service
The ARC expansion is part of WW ASAs strategy to grow its US based activity

6. Fleet renewal
To secure tonnage-capacity, and an optimized fleet – there is an extensive new-building programme in place for EUKOR and WWL
25 ships on order, 14 for EUKOR and 11 for WWL
We are pleased with the timing of the contracts, in view of yard price developments
New-building prices have peaked, we are are currently observing price development
Source: Clarkson

7. Fleet renewal
New-building programme, and a less tight tonnage market will enable us to:
optimize fleet utlilization, sailing schedules
replace older vessels with newer and more efficient ones
A somewhat softer market holds opportunities and upside for WW ASA

8. Historically high bunker prices

9. Bunkers
Historically high bunker prices, direct bottom line effect and a challenge for dispositions forward
WWL is to a large extent covered through bunker adjustment factors in contracts, EUKOR through bunker hedging instruments
Clearly an area of continued focus for our operating companies

10. Logistics Companies perform well, apart from CAT WWL DAS (US based)
Richard Lawson Continent
Wallenius Wilhelmsen Solutions
Terminals
CAT: restructuring measures under way
Glovis
US companies
American Auto logistics
American Logistics Network
Vehicle processing centres

11. Glovis IPO GLOVIS Co Ltd 25 % owned by WW ASA
Storage
Transport
Packaging
Loading/unloading
GLOVIS Co Ltd 25 % owned by WW ASA
Plan IPO at Korean Stock Exchange at the end of the year
IPO to enable GLOVIS to keep up with HMC/KIA investment growth
Share issue will comprise 20 % of share capital after IPO
WW ASA positive to IPO, as it:
will increase liquidity of shareholding
will support further profitable growth
Our shareholding will be 20% after the IPO

12. Wallenius Wilhelmsen Solutions
Integrated Logistics from vision to reality
– current logistics contract counterparts
Australia: CNH, Peugeot, Porsche, Iveco, John Deere NZ, BMW, Nissan Trucks
USA: DaimlerChrysler, Ford, BMW, CNH, Nissan, Buehler, Van Hool
Europe: BMW
2wLogistics, Thailand: BMW, GMT, Honda, Toyota, Isuzu, Porsche, Jaguar, Ford, Nissan, Komatsu

13. Unitor compliments the WMS service offering and increases the customer base substantially
In addition we are reducing our
combined capacity cost by 10%
30 MUSD annual cost savings - full effect in 2007
Joint management
Joint location
Shared back-office functions and systems
28,1 MUSD in one-off restructuring charges (Q3 2005)
Wilhelmsen Maritime Services is moving towards the vision of
becoming the shaper of the maritime services industry

14. Wilhelmsen Maritime Services – key facts and figures
Key figures
WMS annual turnover approx 550 MUSD
Approx port calls
Around deliveries to some vessels per year
Service and delivery to more than ports and 145 shipyards
Approx 300 ships on management
Approx full time employees
Approx seafarers available through our crewing network

15. The world of WMS is organised in 8 regions
WMS geographical scope and presence Present in 72 countries and operations in approx 380 sites
The world of WMS is organised in 8 regions
Northern Europe & UK (Oslo)
Central Europe (Rotterdam)
Southern Europe & North Africa (Genoa)
Eastern Mediterranean (Piraeus)
Middle East & Black Sea (Dubai)
South East Asia (Singapore)
North East Asia & Oceania (Shanghai)
Americas (Houston)
WMS prior to Unitor acquisition
Unitor Agent
Unitor Office

16. WMS product and service offerings comprise...
New building services
Ship management
Port operation and cargo services
Dry docking services