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Presentation 27 October 2005

Presentation 27 October 2005. Consolidated WW-group ( Management report ). HIGHLIGHTS Quarter EBIT adjusted for one off items and Unitor contribution is in line with Q3 2004 which was last years strongest quarter

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Presentation 27 October 2005

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  1. Presentation 27 October 2005

  2. Consolidated WW-group (Management report) HIGHLIGHTS • Quarter EBIT adjusted for one off items and Unitor contribution is in line with Q3 2004 which was last years strongest quarter • Shipping; Continued strong volumes throughout Q3, somewhat offset by the high bunker oil and space charter costs as well as strikes in Korea (EUKOR) • Logistics; Weak CAT performance leads to write down of 14 MUSD in Q3 – eased off by strong contribution from other investments • Maritime Services; Restructuring costs of 28.1 MUSD related to the Unitor acquisition is included in Q3 (one off), and Unitor is consolidated from July 15th • Financial instruments changes in market valuations of bunker hedging, interest and currency swaps contribute with 13.6 MUSD in Q3 and 29.7 MUSD YTD

  3. One-off items

  4. Net financial items • Net financials (excl. financial instruments) improvement of 27.1 MUSD from YTD 2004 • FX improvement of 15.1 MUSD from YTD 2004. However, negative market valuation of certain financial instruments related to this gain. • Financial instruments improvement of 11.5 MUSD from YTD 2004

  5. Financial instruments • Unrealized gain on bunker hedge contracts MUSD 16.9 for Q3 and MUSD 51.0 YTD 2005 • Cash received on bunker hedge contracts reduces voyage expenses by MUSD 12.3 for Q3 and MUSD 26.6 YTD 2005 • Interest rate swaps not qualifying for hedge accounting – IAS 39. gain Q3 MUSD 7.3/ gain YTD MUSD 8.6 • Loss (YTD MUSD 29.8) on cross currency interest rate swaps partially offset by agio gain (MUSD 16.1)

  6. Consolidated Balance Sheet – WW-group Effect of UNITOR 245 90 220 115

  7. Earnings per share USD • Unrealized gain on financial instruments 0,29 (Q3) / 0,62 (YTD) USD per share 2005 vs 0,14 (Q3) / 0,38 (YTD) USD per share 2004 • Option expense equal to 0,05 USD per share Q1 2005

  8. Dividend per share

  9. Shipping (Management report) EUKOR • Expected strike in HMC/KMC (Korea) at end August through mid September produced negative Q3 and full year EBIT effect of approx. 5 MUSD (WW Share) – However EUKOR EBIT Q3 2005 vs Q3 2004 was only negative by MUSD 1.0 • 10% increase in cargo loaded vs YTD 2004 • Note: Change of accounting estimate boosted Q1 revenue and profit by approx. 7 MUSD (WW-share) WWL • 15% revenue increase from YTD 2004 • Increased revenues in all cargo segments; cars, High & Heavy and NCC • All main trades remain strong in terms of both volumes and earnings • High bunker prices, transshipment and T/C costs for short term hired tonnage continue to offset revenue increases

  10. Shipping (Management report) COMMENTS TO KEY FIGURES • EBIT has increased by 17% vs Q3 2004 and increased 32% vs YTD 2004 • Sales gains of MUSD 8.2 in Q3 2005 from the sale of 2 vessels from 100% owned companies to 50% owned Fidelio Ltd. Partnership • Gain from revaluation of unrealized portion of financial instruments of MUSD 18.0 in Q3 2005 (MUSD 50.1 YTD) vs MUSD 6.9 in Q3 2004 (MUSD 18.1 YTD) • Net profit is up 39% vs Q3 2004 and up 63% vs YTD 2004 • Fleet utilization is still very high while the charter market for tonnage is tight • 2 new PCTCs have been added to WW fleet capacity YTD 2005 (Toledo & Toronto) • Additional 25 new and rebuilt vessels are scheduled to strengthen the WWL/EUKOR fleet over the next 2-3 years

  11. Logistics (Management report) • CAT / GAL is continuing to perform weaker than expected and several initiatives have been implemented to improve the situation • Total revenues up in spite of Richard Lawson deconsolidated from Q3 2004 • US operations are performing very well. revenue increase of 21% vs Q3 2004 (12% vs YTD 2004) • Terminals are performing well. Increase in revenues (volume) • Distribution and Auto Service (DAS) included from June 2005 • Glovis contribution is above expectations and is expected to continue its growth. WW-group ownership will be reduced in connection with an Initial Public Offering (IPO) of the company at the end of Q4 2005

  12. Logistics (Management report) • CAT/GAL is performing weaker than expected and several initiatives have been implemented to improve the situation – write down of investment in CAT/GAL of MUSD 14.0 included in Q3 2005 • US operations are performing very well. EBIT increase of 34% vs Q3 2004 (24% vs YTD 2004) • Terminals are performing well over all and according to expectations • Distribution and Auto Service is performing well and according to expectations • Richard Lawson (European Continent) is performing well and according to expectations • Glovis contribution is above expectations and is expected to continue its growth. WW-group ownership will be reduced in connection with an Initial Public Offering (IPO) of the company at the end of Q4 2005

  13. Maritime services (Management report) • Unitor consolidated from July 15th • Growth in ongoing operations – mainly driven by strong growth in Port Service & Logistics • Ships Equipment and Ship Service division are main drivers going forward • EUKOR ship management contract for 11 vessels secured and LNG breakthrough • Maritime services merge and restructuring according to plan

  14. Maritime services (Management report) • Weaker overall result due to expenses from the incorporation of WMS (Start-up and project expenses) and inclusion of restructuring costs (MUSD 28.1) in Q3 2005 • Ongoing operations better than last year – driven by very good results from Port Service & Logistics • Unitor results consolidated from July 15th and performing well. EBIT MUSD 6.1 included in Q3 • In addition, expenses related to option program in Q1 2005 (MUSD 1.2)

  15. Holding (Management report) • Continuing strong results from Dockwise. Share of profit 6.2 MUSD YTD 2005 vs 5.1 MUSD YTD 2004 (3rd Quarter 2005 1.6 MUSD vs. 1.5 MUSD) • Abeer Marine Services (AMS) to create a new JV with Svitzer Wijsmuller • AMS crew vessel business performing according to plan • Expenses related to option program in Q1 2005 (MUSD 1.0) • USD/NOK change has negative impact compared to prior year (Avg. NOK/USD: YTD 2005: 6.38 vs. 6.87 YTD 2004)

  16. P&L Official accounts vs Management report

  17. Presentation 27 October 2005

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