Presentation 11 February 2003 ProfitProfit && lossloss statementstatement

MUSD 1.10-31.12 1.10-31.12 2002 2001 2002 2001

Gross revenue 321 206 1,024 817 EBITDA 55 26 169 146 Depreciation/write-downs (32) (20) (90) (79) EBIT 23 6 79 67 Net financial items 2 (4) (19) (36) Pre-tax profit 25 2 60 31 Taxes (4) 1 (6) (4) Net Profit 21 3 54 27 Of which minority interests 3 EBITEBIT variancevariance analysisanalysis

MUSD 2002 2001 EBIT 79 67 Sales gains (32) (3) Goodwill write off 6 Riga terminal write off 2 Restructuring Car&Liner 5 3 Container contribution/exit 5 1 Offshore Heavy Transport (8) Tanker (5) Adjusted EBIT 65 55 New and ongoing activities 2002- substantial EBIT improvement ProfitProfit && lossloss statementstatement

MUSD 1.10-31.12 1.10-31.12 2002 2001 2002 2001

Gross revenue 321 206 1 024 817 EBITDA 55 26 169 146 Depreciation/write-downs (32) (20) (90) (79) EBIT 23 6 79 67 Net financial items 2 (4) (19) (36) Pre-tax profit 25 2 60 31 Taxes (4) 1 (6) (4) Net Profit 21 3 54 27 Of which minority interests 3 NetNet financialfinancial itemsitems

MUSD 2002 2001

Affiliated companies 11 7 Interest income 6 7 Investment management (12) (1) Agio/disagio 10 (4) Interest expenses (31) (44) Other financial items (3) (1) Total (19) (36) EBITDAEBITDA // PrePre--taxtax profitprofit

MUSD

60

50

40

30 EBITDA Pre-tax profit 20

10

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2001 2001 2001 2001 2002 2002 2002 2002 EarningsEarnings perper shareshare

2.5

2

1.5 USD Full year 1

0.5

0 1998 1999 2000 2001 2002 CashCash flowflow perper shareshare

7

6

5

4 USD Full Year 3

2

1

0 2000 2001 2002 Balance sheet

MUSD 31.12.2002 31.12.2001 Assets Fixed assets 1,075 932 Current assets 544 359 Total assets 1,619 1,291

Equity and liabilities Equity 509 469 Long-term liabilities 826 668 Short-term liabilities 284 154 Total equity and liabilities 1,619 1,291 LinerLiner andand carcar carrierscarriers

Q402 Q401MUSD 2002 2001

287 171 Gross revenue 907 674 55 26 EBITDA 164 122 (28) (15) Depreciation (78) (62) 27 11 EBIT 86 60 (8) (8) Net financials (26) (38) 19 3 Pre-tax profit 60 22 (3) Taxes (8) (4) 16 3 Net profit 52 18 LinerLiner andand carcar carrierscarriers

MUSD

60 300

50 250

40 200

30 150

20 100

10 50

- - Q100 Q200 Q300 Q400 Q101 Q201 Q301 Q401 Q102 Q202 Q302 Q402

EBITDA Net profit Gross revenue (right axis) BarwilBarwil

Q402 Q401MUSD 2002 2001

23 14 Gross revenue 70 63 2 - EBITDA 4 4 (4) (2) Depreciation (7) (5) (2) (2) EBIT (3) (1) 1 3 Net financials 7 9 (1) 1 Pre-tax profit 4 8 Taxes (1) (1) (1) 1 Net profit 3 7 BarwilBarwil5 25

4 MUSD 20

3

15 2

1 10

0 Q100 Q200 Q300 Q400 Q101 Q201 Q301 Q401 Q102 Q202 Q302 Q402 5 -1

-2 0 Net profit Gross revenue (right axis) BarberBarber InternationalInternational

Q402 Q401MUSD 2002 2001

9 8 Gross revenue 34 30 1 1 EBITDA 6 6 - - Depreciation (1) (1) 1 1 EBIT 5 5 - - Net financials 1 1 1 1 Pre-tax profit 6 6 Taxes 1 1 Net profit 6 6 BarberBarber InternationalInternational

5.0 10 4.5 9 MUSD 4.0 8 3.5 7 3.0 6 2.5 5 2.0 4 1.5 3 1.0 2 0.5 1 0.0 0 Q100 Q200 Q300 Q400 Q101 Q201 Q301 Q401 Q102 Q202 Q302 Q402 EBITDA Net profit Gross revenue (right axis) OtherOther // HoldingHolding

2002 Heavy MUSD Corporate Transport Tank Total

EBIT (13.1) 4.5 (8.6) Net financials (4.6) 4.4 - (0.2) Net Income (15.5) 4.4 4.5 (6.6) Minorities - - 2001 Heavy MUSD Corporate Transport Tank Total

EBIT (10.1) 7.8 5.5 3.2 Net financials (5.0) (2.3) (0.8) (8.1) Net Income (14.0) 5.4 4.7 (3.9) Minorities - 2.6 2.6 Dividend proposal 2002

6.00 60%

5.00 50%

4.00 40%

3.00 30%

2.00 20% Utdelingsforhold

Utbytte pr. aksje (NOK) 1.00 10%

- 0% 1998 1999 2000 2001 Utbytte Utbytte/Res. pr. Aksje Dividend proposal 2002

Dividend: NOK 5.50 pr. share

Direct return: 5.3% ( =7.3% pre-tax) compared to Yield on Bonds : 3.9% (= 5.4% pre-tax)

Limited downside: Market value/BV Equity = 70% (Rebate 30%) • Excess values to Book Values • Strong historical Cash Flow Presentation 11 February 2003 Konsernsjefen kommenterer

ƒ EUKOR Car Carriers Inc. (HMM CCD)

ƒ Bil- og RoRo markedene

ƒ New service Asia - Middle East

ƒ TRICOLOR EUKOR Car Carriers Inc.

1. Background 2. Milestones 3. Objectives 4. Transaction structure 5. Business model 6. Key figures 7. Financing 8. Accounting 9. Risk profile 10. Management EUKOR Car Carriers Inc. (HMM CCD)

Background Ocean Vehicle Carrier Market

Global Volume of Global Fleet Vehicles Handled

Others Wallenius OthersOthers WalleniusWallenius Others Wallenius 10% Wilhelmsen 7%7% WilhelmsenWilhelmsen Grimaldi 10% Wilhelmsen HUALHUAL Grimaldi Lines LinesLines 4% Lines 8%8% 4% 16% 20%20% 16% HUALHUAL KawasakiKawasaki 8%8% HyundaiHyundai KisenKisen MerchantMerchant KaishaKaisha MarineMarine 15% 15% HyundaiHyundai 15%15% MerchantMerchant Kawasaki MarineMarine Kawasaki 12%12% KisenKisen Kaisha Kaisha 13%13%

Mitsui O.S.K. NYKNYK Mitsui O.S.K. Mitsui O.S.K. 18% NYKNYK Mitsui O.S.K. 20%20% 18% 14% 20%20% 14%

Source: SSB research. Background Global65,000 Vehicle Production and Shipments 10,000

60,000 9,200

55,000 Global vehicle production(left hand scale) 8,400 Deep sea shipments(right hand scale)

50,000 7,600

45,000 6,800

1000 UNITS 40,000 6,000

35,000 5,200

30,000 4,400 81 84 87 90 93 96 99 02 05 Source: Wallenius Wilhelmsen Lines.

Source: Wallenius Wilhelmsen Lines. ƒ Stable correlation between: - Vehicle production & Vehicle shipments ƒ Despite industry trend of : - Consolidation & Transplant production ƒ This trend led to fragmentation of global shipping patterns – requiring shipping companies to become global in order to maintain profitability Milestones

ƒ January 02 - Approached by HMM - Meetings Stockholm, London, Singapore and Hong Kong ƒ February 02 - MOU signed with HMM ƒ March 02 - Due Diligence ƒ May 02 - LOI signed with HMC / Kia ƒ August 02 - OCC & Shareholders agreement signed ƒ October 02 - Loan agreements signed ƒ November 02 - EU approval ƒ December 02 - Closing Objectives

ƒ Creation of the largest player in the vehicle carrier market - Wallenius and Wilhemsen will control 130 vessels (30% of the global fleet)

ƒ Expanded presence in Asian market to complement established businesses of Wallenius and Wilhelmsen

ƒ Strategic cargo base in a key auto manufacturing production area

ƒ Stable, predictable revenue stream for EUKOR under 7-year OCC

ƒ Potential synergies between WWL and EUKOR

ƒ HMC/KMC: quality clients with fast growing export sales Transaction Structure

‘) Any amounts raised above US$ 500 Mill. In Tranche B will reduce the Seller’s Note accordingly. Transaction Structure

ƒ 5 year exclusive contract (“Initial Term”) - HMC/KMC shall purchase from EUKOR transportation services for 100% of the total volume of Vehicles transported to their market of sale by ocean vessels ƒ Additional 2 years (“Extended Term”) right to transport 80% of vehicles - Within overall 80% ceiling, EUKOR to carry 100% of volume to Europe and East Coast North America ƒ Right of First Refusal for the following 2 years (8th and 9th years) for a significant majority of HMC/KMC’s export volume

ƒ Timely, mutual exchange of production and sailing schedule information between carrier and producer

ƒ Fixed rates during the contract period (i.e., 7 years) - Subject to good faith negotiation to adjust by mutual agreement the freight rates in case of significant impact to the cost of EUKOR in performing the transportation service to HMC/KMC Business Model

ƒ Single customer concentration HMC / KMC accounted for 77% of ’01 revenues Risk mitigated by long term contract ƒ Lean operation Focused on customer service and efficient fleet planning Low overhead ƒ Low capital intensity Rely on medium to long term chartering of vessels New ships / space can be chartered in, limit new building ƒ Limited “leakages” from cash flow EBITDA already net of charter payments Limited incremental working capital needs Business Model

1997 1998 1999 2000 2001 2002(1)

Number of Vessels Own 25 27 23 21 21 11 BBC 5 7 7 9 T/C 18 19 31 38 44 56 Total 43 46 59 66 72 76

Contracts Expiring / Year

14

12

10 BBC 8 T/C

6

4

2

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Key Figures

Cars transported (CEU) ~ 2 million

Revenue ~ USD 1.000 Mill.

EBITDA ~ USD 200 Mill.

EBITDA Margin ~ 20%

EV / EBITDA ~ 6.5

IRR (Book value equity) ~ 9%

IRR (Terminal value) ~ 19% Financing

Tenor Average life Lenders Amount

Tranche A 3 years 2 years Offshore USD 300 mill.

Tranche B 6 years 5 years Onshore USD 650 mill.

Equity USD 300 mill.

Purchase price USD 1.250 mill.

Tranche C 1-3 years On-&Offshore USD 1.000 mill. Accounting

Equity method (TS) – But not as Financial Income – “Result from Affiliated Companies” specified between Operating Result and Finance RISK Profile

1. Interest rate - N/A (Fixed)

2. Volumes - Minimal

3. Freight rates - Marginal

4. Bunker cost - High - USD 10/t ~ USD 7 mill. - Hedging in process Management

CEO - Carl-Johan Hagman (ex. CEO Wallenius Lines)

CFO - Steinar Forberg (ex. WW)

Headquarters Seoul - 96 employees

Local offices ROK - 10 employees

Overseas offices - 32 employees Global Light Vehicle Sales

1000 VEHICLES 0 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 18 000 20 000 22 000

NAFTA

W EUROPE

E EU RO P E

JAPAN 2001 2002 OTHER ASIA 2003

S/C AMERICA

OCEANIA/S AFR

OTHER WORLD Vehicle Production and Deep Sea Vehicle Shipments

Global vehicle production(left hand scale) 62 500 10 000 Deep sea shipments(right hand scale) 60 000 9 600

57 500 9 200

55 000 8 800 52 500 8 400 8 000 50 000 7 600 47 500 7 200 45 000 6 800 1000 UNITS 1000 42 500 6 400 40 000 6 000 37 500 5 600 35 000 5 200 32 500 4 800 30 000 4 400 27 500 4 000 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 Vehicle Shipment Growth by Main Trades

-25 % -20 % -15 % -10 % -5 % 0 % 5 % 10 % 15 % 20 %

2 % Asia-N America 11 %

-20 % Asia-Eur/Med 1 %

4 % N Atlantic trades 5 % 2001

15 % 2002 Europe-East/Southbound 4 %

3 % Oth trades 5 %

-2 % TOTAL 6 % Global Vehicle Shipment Growth Developments by Production Regions 2002-2007

-400 -300 -200 -100 0 100 200 300 400

EUROPE

KOREA

N AMERICA

JAPAN 1000 VEHICLES

OTHERS Global Deep Sea Vehicle shipments - Developments towards Fragmentation

100 %

90 % OTH TRADES OTH KOR TRADES 80 % OTH JAP TRADES 70 % EUR-EAS T/S OUTH BOUND ATL TRADES 60 % JAPAN-N EU/MED 50 % OTH AS IA-N EU/MED 40 % KOREA-N EU/MED JAPAN-N AM 30 % KOREA-N AM 20 %

10 %

0 % 1982 1987 1992 2002 2007 WWL Shipments by Category (2002)

Containers 8 %

NCC 22 %

Light Vehicles 49 %

High/Heavy 21 % PCC/PCTC Fleet: Capacity by Carrier

OTHERS NMCC 7 % NYK GRIMALDI 2 % 18 % 5 %

HUAL 8 %

WWL 16 %

EUKOR 16 %

MOS K K-LINE 14 % 14 % Supply and Demand Projection 1999 Capacity Utilisation Assumed

Number of vessels 475 Capacity supply - including 450 newbuildings - if no further recycling (hypothetical) 425 400 Capacity supply if vessels recycled at 25 years 375 350 Capacity supply if vessels 325 recycled at 24 years CAPACITY DEMAND 300 FORECAST (1999 CAP. 275 UTILISATION) Capacity supply if vessels recycled at 23 years 250 225 200 2001 2002 2003 2004 2005 2006 2007 EUKOR - Vehicle Carrier Network

Far East to Europe ƒ 28 ports of call ƒ 9-10 voyages / month Europe to Asia ƒ 9 ports of call ƒ 4 voyages / week Europe to West & East Africa ƒ 13 ports of call ƒ 2 voyages / week Far East to North America ƒ West Coast 5 ports of call 9-10 voyages / month ƒ East Coast 8 ports of call 5-6 voyages / month Far East to South America ƒ West Coast 5 ports of call 1 voyages / month ƒ East Coast 3 ports of call 1 voyages / month Far East to Middle East and Africa ƒ 13 ports of call ƒ 3 voyages / month Far East to Pacific Area ƒ 12 ports of call ƒ 7-8 voyages / month Intra - Asia ƒ 8 ports of call ƒ 2 voyages / month EUKOR and Wallenius Wilhelmsen Synergies

ƒ Tonnage Optimization

ƒ Purchasing

ƒ Logistics

ƒ Organization/agents

ƒ Long-term tonnage strategy Wallenius Wilhelmsen Lines Routes / Offices Routes - EUKOR and Wallenius Wilhelmsen

EUKOR Wallenius Wilhelmsen Wallenius Wilhelmsen Regions and Own Offices

AMERICAS “EUROPE” ASIA OCEANIA

OSLO STOCKHOLM

NEW JERSEY ACKWORTH KATOWICE ALIGSE KIRRIEMUIR BANGKOK TOKYO BRUNSWICK ANTWERP LAGE BEJING CHA RLESTON BA RNSLEY LE HA V RE KOBE CHICA GO BATHGATE LIVERPOOL NINGBO DETROIT BERLIN LUTON QINGDAO GALVESTON BISHOFSHEIM MANNHEIM SEOL HA LIFA X BREMEN MOSEL SHANGHAI JACKSONVILLE BREMERHA V EN OTIGHEIM SINGAPORE MANZANILLO BRISTOL PARIS TIANJING MIA MI CARRINGTON PORTBURY YOKOHAMA MOBILE CORBY RURFLEET NEW ORLEA NS DERBY RUSSELSHEIM NORFOLK DUNDEE RY TON PORT HUENEME DUNDEE SHEERENESS SAVANNAH A UCKLA ND EMDEN SINDELFINGEN ST JOHN BRISBANE GOTHENBURG SOUTHAMPTON SYDNEY TACOMA FREMANTLE HA MBURG TURLEIGH V ERA CRUZ MELBOURNE HA MSHA LL UPPER HEY FORD TOWNSVILLE HA NKO WA SHINGTON HA RTH WOLFSBURG HELSINKI ZEEBRUGGE IMMINGHA M ZULPICH (APPROX. 80 OFFICES) EUKOR - Ports

AMERICAS “EUROPE” AFRICA MIDDLE EAST ASIA OCEANIA

Bremerhaven Savona Los Angeles Yokohama Hamburg Piraeus Benicia Chiba Rotterdam Tartous New Ws tmins ter Toyohashi Amsterdam Tarragona KOREA: Tacoma Nagoya Guanta Antw erp Algier Uls an Portland Sakai Port of Spain Gothenburg Alexandria Inchom Dubai Mizushima New ark Fort de France Pyungtaek Fredericia Valencia Adu Dhabi Brunsw ick Singapore Hiros hima Pointe a Pitre Tilbury Santander Kunsan Dammam Nakanoseki Jacksonville San Juan Keelung Mas an Southampton Setubal Kuw ait Baltimoer Taichung Shanghai Santo Domingo Brixham Istanbul Mokpo Aqaba Huangpu Maz atlan Rio Haina Colombo JA PA N/CHINA : Sheerness Limasol Bandar Abbas P. Quetzal Port Kelang Dalian Kingston Dublin Koper Yokohama Djibouti HONG KONG Acajutla Phiipsburg Laem Chabang Liverpool Suez Canal Port Sudan San Lorenzo Oranjestad Jakarta Dr ammen Jeddah Corinto Buena Ventura Maura Emden P.S. Qaboos Puerto CalderaEs mer alda India Sharjah Balboa Matarani Lome Bahrain Panama Callao Cotonou Umm Qas r Iquique Tema Doha San Antonio Douala Mesaieed AUSTRALIA: Mazallan St. Durban Sydney Dae es Salaam Melbourne Buenos Aires P.D. Galets Brisbane Montevideo Mombas a Adelaide Sao Paulo Lagos Fremantle Wallenius Wilhelmsen - Hubs

AMERICAS “EUROPE” ASIA OCEANIA

Gothenburg Southampton Bremerhaven ? China ? Zeebrugge Port Baltimore Japan ? Hueneme Brunswick

Manzanillo Singapore

Oceania ? EUKOR CC – WWL SYNERGIES

TONNAGE ƒ We have identified a potential saving of between 4 and 5 PURCHASING vessels in the combined fleets of EUKOR and WWL, based on space chartering arrangements between the two Further cost efficiencies companies in the main trade lanes. identified within: 1. Agency work ƒ Currently studying a number of other schedule 2. Terminal handling opportunities relative to: • Atlantic 3. Stevedoring • Europe to Far East 4. Inland Services/Logistics • Asia to Europe services • Asia to N. America 1. Insurance ƒ A work group has been established and will meet 2. Canal costs fortnightly, until further. 3. Ship management ƒ Seeking for tonnage to cover Mexico/USEC, potential swap 4. Bunkering of tonnage with EUKO 5. Equipment (I.e lashing, mafi-trailers) ASME service - Port Coverage

INCHON/MASAN TIANJIN

YOKOHAMA/KOBE/OSAKA SHANGHAI DAMMAM KEELUNG HONG KONG DUBAI

LAEM CHABANG

SINGAPORE Presentation 11 February 2003 MV TRICOLOR Tricolor - oppdatering

ƒ Kollisjon - Lørdag 14.12. 2002 01:15 UTC TRICOLOR - KARIBA - Prioritet: 1) Mannskap 2) Miljø - oljesøl 3) Navigasjonsmessig sikkerhet 4) Vrakfjerning ƒ Mannskap - Alle berget og i god behold ƒ Vrakets sikkerhet - påkjørt av NICOLE og VICKY ƒ Tømming av olje ƒ Vær- og strømforhold ƒ Vrakfjerning ƒ Forsikring - KASKO - Kollisjonsansvar og totaltapsertstatning ƒ P&I - Ansvar - Olje og vrakfjerning Presentation 11 February 2003