1. 四 維 航 業 股 份 有 限 公 司 SHIH WEI NAVIGATION CO., LTD. 四維航業股份有限公司 Shih Wei Navigation Co., Ltd. Stock Code:5608

2. 2 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 2008 Market Outlook Capesizewait and seeJapanese and Korean steel mills agree 65% iron ore contract price increase. Panamaxwait and seeMajor bulks trade volume:+6%-7% HandymaxPositiveMajor bulks trade volume:+6%-7% HandyStrong Small Handy:1000>25 years old 2008 2009 demand :stable increase LoggerStrongVery few small loggers (below 12,000DWT) in the market 50%>20 years old Tween Decker (General Cargo) Strong50%>20 years old Japan refuses to use over age vessels

3. 3 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Global Fleet Development Source: SSY

4. 4 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Supply and demand growth rate Bulk Carrier Market is still bullish in 2008 Source: IBT

5. 5 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Spot rate for each type of bulker Dry bulk rates rebound from their end-January 2008 with BDI gaining 53% (from 5, 615 to 8,600 )within just 1.5 months Even each type faced its great slump at the end of 2007; however, our coaster rates are not directly affected

6. 6 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Company Organization 100%invest USD20,851,392 100%invest USD31,715,000 100% invest Market Capitalization: NTD3.37 billion

7. 7 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Diversified and Young fleet By Feb 29 th, total 31vessels consisting with Coaster, Handy, Supramax and Panamax are under the management of SW. The company is now rated as the most diversified bulk shipping company with a young fleet (average age of 6 years). A 50-Vessel-fleet will be formed by 2012. Panamax2 Supramax1 Handy6 Logger 10 Tween Decker(General Cargo) 12

8. 8 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Diversified and Young Fleet

9. 9 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Future New Force: 2008-2012 Delivered One after Another

10. 10 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Second Hand Vessels are very expensive now SW group has many cheap and good-quality vessels Source: Maersk Broker

11. 11 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Market Value is Much Higher than Book Value Book ValueSale Price Scan Bulker (2008 January Sold) USD11,850,000 (07.12.31) USD29,850,000

12. 12 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 2007 Revenue Percentage

13. 13 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 On Charter and Spot Trading / TCT Percentage On Charter 70% Spot Trading/TCT 30%

14. 14 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Types of our on-order book 20082009201020112012Total Kamsarmax11 Panamax112 Supramax11 13 Handy22 1229 Tween Decker213 Logger 11 Total3534419 Future Delivery of Handies Accounts for 50% of New Buildings

15. 15 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 2008 New Time Charter Daily Hire for each type of vessel has 15%-50% Growth

16. 16 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 2008 New Building Vessels (until Feb 20 th, 2008) Harmony SW TypeLogger Tonnage12,616 Delivery Date2008/Jan/31th Daily HireUSD15,000 USD16,250 Period 6+6 months

17. 17 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 2008 New Buildings on Order (Fixed on Long Term Charter) Oshima H-10487 Shikoku H-1037 Yamanishi S-1055 TypeSupramaxHandy Tonnage55,60029,00019,000 Delivery Date 2008/Apr/172008/Apr/282008/Oct HireUSD22,900USD18,750USD16,700 Period3 years

18. 18 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Daily Cost of Each Type of Vessel (including depreciation) Vessel TypeDaily Cost/USD Panamax8,500-10,000 Handy6,500-8,000 Tweeh Decker3,500-4,500 Logger3,500-4,500

19. 19 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Fleet Operation and Management Panamax, Handy: Long Term Charter Tween Decker, Logger: Spot Trading/TCT/ 1 year charter Long Term Charter for European / Japanese charterers / worldwide trading Short Term Charter for Japanese Charterers ； Spot Trading/TCT in Asia Quality Control: ISM, ISPS management All vessels are built by Japanese yards. We have good ability for negotiating better prices. Japanese built vessels are known as excellent quality. Sell old vessels at the right time and good prices. Purchase new and good vessels constantly for replacement

20. 20 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 For Flexible and Aggressive Freight Revenue, Spot Trading Focuses on Wood Pulp and Log Markets in Asia. Gross Margins are 20%-30% and 40% to 50% Respectively. For Stable Hire Revenue, 30% of vessels on spot trading/TCT in Asia and 70% of vessels on long term charter trading worldwide. Business Strategy

21. 21 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Historical Revenue and Net Income (Billion NTD) Unit: billion NTD 2007 unaudited consolidated revenue=3.4 billion NTD 2007 unaudited consolidated net income=1.97 billion NTD 2007 unaudited EPS=6.01

22. 22 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 2007 Historical EPS and Dividend We are planning to pay more dividends than last year

23. 23 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Historical Consolidated ROA and ROE 2007 ROA&ROE are not yet disclosed until March 31th

24. 24 四 維 航 業 股 份 有 限 公 司四 維 航 業 股 份 有 限 公 司 Perspective Focus on Shipping – what we are good at! Confident of being able to Continue Our Success Story for a Century Ahead. Become One of the Most Niche Shipping Companies in Asia, and First Choice for Customers, Employees and Investors Worldwide.