Lysaker, 27 October 2005

Ingar SkaugGroup chief executive officer

WW ASA Company Structure

MARITIME SERVICESWilhelmsen Maritime Services

Car, ro-ro and project cargo

Other shipping

Express Offshore TransportSea Launch Logistics

LOGISTIC SERVICES

Terminals

Baltimore (50%)Zeebrugge (50%)Southampton (50%)Pyongtaek (40%)Kotka Euro Terminal

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%)

SHIPPING SERVICES

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%)

Dockwise (21%)Wilhelmsen Offshore & Chartering

Mark I Shipping, Singapore (50 %)Wilhelmsen Lines Car Carrier (UK)

Fidelio Ltd. Partnership USA (50%)

Vehicle processing centre

PVP (50%) US PacificAVP (50%) US AtlanticOVP (50%) AustraliaAg – Ready (50%)

Ships equipment

Ships service network

Ship management

Ships service products

Maritime solutions and financial services

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

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

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

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 pricedevelopments

New-building prices have peaked, we are are currently observing price development

Source: Clarkson

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

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WTI $/bbl

50

100

150

200

250

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350380cst $/tonne

WTI 380cst bunker prices, Rotterdam

Historically high bunker prices

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

Logistics

Companies perform well, apart from CAT

WWL DAS (US based) Richard Lawson Continent Wallenius Wilhelmsen Solutions Terminals o CAT: restructuring measures under way

Glovis

US companies American Auto logistics American Logistics Network

Vehicle processing centres

Storage

Transport

Packaging

Loading/unloading

Glovis IPO

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

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

Wallenius Wilhelmsen Solutions Integrated Logistics from vision to reality– current logistics contract counterparts

Unitor compliments the WMS service offering and increases the customer base substantially

Shared Services & Support

Key Account ManagementAt Shipyards

Ships ServiceShips Service

In ports On shipsOn ships

• 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)

In addition we are reducing our combined capacity cost by 10%

Wilhelmsen Maritime Services is moving towards the vision of becoming the shaper of the maritime services industry

Wilhelmsen Maritime Services – key facts and figures

Key figures

• WMS annual turnover approx 550 MUSD• Approx 45 000 port calls• Around 170 000 deliveries to some 15 000 vessels per

year• Service and delivery to more than 1 200 ports and 145

shipyards• Approx 300 ships on management

• Approx 4 500 full time employees

• Approx 8 500 seafarers available through our crewing network

WMS geographical scope and presencePresent in 72 countries and operations in approx 380 sites

WMS prior to Unitor acquisitionUnitor AgentUnitor Office

• 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)

The world of WMS is organised in 8 regions

WMS product and service offerings comprise... New building services

Dry docking servicesPort operation and cargo services

Ship management