presentation 2 q08

Conference Call and Webcast

August 2008

Legal Advice

This presentation may include forward-looking statements about

future events or results, in accordance with Brazilian and internationalregulations governing stock markets. Such statements are based onassumptions and analyses made by Wilson, Sons (“the Company”),based on experience, economic environment, market conditions, andexpected future events, many of which are beyond the Company’scontrol.

Important factors, which can lead to significant differencesbetween real results and these forward-looking statements, include theCompany's business strategy, national and international economicconditions, technology, financial strategies, developments in thefertilizer industry, financial market conditions, uncertainty regarding theresults of the Company’s future operations, plans, objectives,expectations, intentions, and other factors described in the sectionentitled "Risk Factors“, in the Company’s Preliminary Prospectus filedwith the Brazilian Securities Commission. As a result of these factors,real results of the Company may differ substantially from thoseexpressed or implied in forward-looking statements.

2

3

35.3

52.6

1H07 1H08

49.0%

19.3% 21.2%

16.1

30.9

2Q07 2Q08

EBITDA

91.8%

EBITDA

Margin16.1% 24.3%

21.2

38.8

1H07 1H08

83.1%

11.6% 15.6%

9.2

25.6

2Q07 2Q08

Net Income

178.6%

Net

Margin9.2% 20.1%

182.7

248.4

27.0 42.0

1H07 1H08

36.0%

55.3%

14.8% 16.9%

100.1

127.2

12.025.2

2Q07 2Q08

Net Revenues Operating Profit

27.1%

110.2%

Operational

Margin 12.0% 19.8%

Consolidated Results – 2Q08 & 1H08

Double-digit growth in 2Q08

EBITDA +178.6%, Net Income +91.8%

Focus on high profit services

Delivery of one PSV and one tugboat

Third-party services at the shipyard

Reversal of provisions and fiscal credit

Port Terminals Expansion Tecon Rio Grande: 3rd berth - civil work expected to be concluded in 2H08; All necessary equipment in place and operational: 2 STSs and 3 RTGs (1 additional to be delivered); Tecon Salvador: Capacity expansion plan under negotiation with the Port Authority.

Highlights

Towage Diversification of activities - special operations, through the support to offloading and to salvage;

Shipyard Construction Construction of 3 PSVs to be added to WSL fleet; Construction of 4 PSVs for a Chilean Company, in the approximate amount of US$100 million, to be delivered by 2011.

Offshore - PSV Launching Contracts already signed with Petrobras; Total of 4 new PSVs: 1 delivered on May 14, 2008 (spot service), 1 to be delivered in September 2008, 1 in 2009; and 1 in 2010.

Logistics - Dry Port and Perspectives Bonded-warehouse results strengthened by increase in imports and IRS strike.

New Projects Projects currently under evaluation in all business segments; Project development: Opportunity Stage, Approach Stage; Data Gathering; Negotiation; and Final Stage; Project targets in Brazil and South America; Shipyard Expansion Plan – outlook given upcoming Petrobras bid.

11.6

16.6

31.5%

37.1%

2Q07 2Q08

21.1

28.4

31.6%

34.4%

1H07 1H08

36.9

44.8

2Q07 2Q08

66.9

82.7

1H07 1H08

31 29

27 31

6643

101

95

2Q07 2Q08

Full Deep Sea Empty Deep Sea Cabotage Others

224

198

60 57

52 57

118 94

190190

1H07 1H08

420399

5

Chg. = -11.7%

Chg. =21.3%

Chg. =42.7%

TEUs (‘000)

NET REVENUES (US$MM)

Brasco Revenues (US$ MM) & Participation (%)

Chg. =-9.4%

31 29

27 31

6643

101

95

2Q07 2Q08

Full Deep Sea Empty Deep Sea Cabotage Others

224

198 Chg. = -4.9%

Chg. =23.6%

Chg. =34.7%

Chg. =-14.4%

OPERATIONAL INDICATORS

7.0

6.0

10.5%

7.2%

1H07 1H08

3.5

3.2

9.6%

7.2%

2Q07 2Q08

EBITDA (US$MM) & EBITDA MARGIN (%)

Port Terminals

6

Special Operations Participation (%)

Chg. =3.5%

Chg. =15.0%

Chg. =48.8%

Chg. =2.9%

Chg. =19.1%

Chg. =30.4%

27,76328,568

1H07 1H08

13,45813,929

2Q07 2Q08

35.4

40.7

2Q07 2Q08

64.6

77.0

1H07 1H08

10.7

15.9

30.2%

39.0%

2Q07 2Q08

21.0

27.4

32.5%35.6%

1H07 1H08




# Manoeuvres

Towage

5.7%

9.9%

Harbour Manoeuvres Special Operations

4.7%

8.5%

2Q08

2Q07

1H08

1H07

31,928

33,668

1H07 1H08

16,80616,248

2Q07 2Q08

7

Chg. =54.9%

Chg. =-14.1%

Chg. =5.4%Chg. =-3.3%

Chg. =52.2%

Chg. =4.2% Chg. =4.2%

2.1

2.8

7.0%6.2%

1H07 1H08

1.00.8

6.6%

3.7%

2Q07 2Q08

Chg. =35.1%




# of Trips

# of Operations

24

25

1H07 1H08

24

25

2Q07 2Q08

14.5

22.5

2Q07 2Q08

29.3

44.6

1H07 1H08

Logistics

5.2 5.1

2Q07 2Q08

9.8 9.9

1H07 1H08

50.845.8

2Q07 2Q08

101.692.2

1H07 1H08

52.946.0

1H07 1H08

26.523.3

2Q07 2Q08

1.3

1.5

2Q07 2Q08

2.7

3.0

1H07 1H08

8

Chg. =-2.9%

Chg. =-36.9%

Chg. = 17.8%

Chg. = -9.9%

Chg. = -12.1%

Chg. = 10.3%

Chg. = 1.7%




Vessel Calls (‘000)

Bills of Lading Issued (‘000)

Containers Controlled (‘000)

1.9

1.2

36.0%

23.4%

2Q07 2Q08

3.5

1.8

35.4%

18.3%

1H07 1H08

Chg. =-47.5%

Chg. = -13.0%

Chg. = -9.3%

Shipping Agency

254

301

2Q07 2Q08

434

574

1H07 1H08

1.7

3.2

36.7%

42.9%

1H07 1H08

0.9

2.1

31.3%

47.7%

2Q07 2Q089

Chg. =63.9%

Chg. =137.8%

2.8

4.4

2Q07 2Q08

4.6

7.6

1H07 1H08




# PSVs

Days in Operation

3

4

1H07 1H08

3

4

2Q07 2Q08

Chg. =33.3% Chg. =33.3%

Chg. =18.4% Chg. =32.2%

Chg. =55.9%

Chg. =91.4%

Offshore

10

1H08 X 1H072Q08 X 2Q07

Non-Segmented ActivitiesEBITDA – quarterly and year-to-date

-14.0

+2.5 -0.21.0

-0.3

-11.1

1H

07 E

BIT

DA

Results fro

m s

hip

yard

opera

tions

Results fro

m o

wners

hip

sta

ke in

Dra

gaport

Absence o

f C

PM

F tax

charg

es O

thers

1H

08 E

BIT

DA

-9.9

+2.0+0.5

+0.8+0.5

+0.5

-5.6

2Q

07 E

BIT

DA

Result

s fro

m s

hip

yard

opera

tions

Result

s fro

m o

wners

hip

sta

ke i

n

Dra

gaport

Net eff

ect

from

revers

al

of

pro

vis

ions

Absence o

f C

PM

F t

ax c

harg

es

Oth

ers

2Q

08 E

BIT

DA

9.2

25.6

27.2 -6.3

-8.6

2.3 -1.6 0.2

5.3 -2.2

Net In

com

e 2

Q07

Net Revenues

Raw

mate

rials

and

consum

able

s u

sed

Pers

onnel

expenses

Oth

er

opera

ting

expenses

Depre

cia

tion a

nd

am

ort

isation

expense

Pro

fit on d

isposal

of pro

pert

y, pla

nt

and e

quip

ment

Net Fin

ancia

l

Results

Incom

e t

ax

expense

Net In

com

e 2

Q08

11

2Q08 x 2Q07 (US$MM)

Net Income2Q08 vs 2Q07

21.2

38.8

65.8 -21.4

-19.2

-7.6

-2.3 -0.3

5.5 -2.8

Ne

t In

com

e 1

H0

7

Ne

t R

eve

nu

es

Raw

mat

eri

als

and

co

nsu

mab

les

use

d

Pe

rso

nn

el e

xpe

nse

s

Oth

er

op

era

tin

g e

xpe

nse

s

De

pre

ciat

ion

an

d

amo

rtis

atio

n e

xpe

nse

Pro

fit o

n d

isp

osa

l o

f p

rop

ert

y, p

lan

t an

d

eq

uip

me

nt

Ne

t Fi

nan

cial

Re

sult

s

Inco

me

tax

exp

en

se

Ne

t In

com

e 1

H0

8

12

1H08 x 1H07 (US$MM)

Net Income1H08 vs 1H07

CAPEX LEVERAGE

13

CAPEX EVOLUTION (US$ MM) CURRENCY BREAKDOWN

LEVERAGE INDICATORSCAPEX BREAKDOWN

2Q08

Var. =37.8%

2Q07

26,8%

27,1%

2,7%

2,5%

39,2%1,7%

Offshore Port Terminals Shipping Agency

Logistics Towage Non-Segmented Activities

26,8%

27,1%

2,7%

2,5%

39,2%1,7%



26,8%

27,1%

2,7%

2,5%

39,2%1,7%



Var. =34.2%

Consistent Investment & Low Leverage Ratios

14.1

19.5

2Q07 2Q08

27.2

36.4

1H07 1H08

21.9%

35.1%

0.6%

17.1%

23.9%

1.4%

Offshore

Port Terminals

Shipping Agency

Logistics

Towage

Non-Segmented Activities

26.8%

27.1%

2.7%

2.5%

39.2%1.7%

Offshore Terminais Portuários Agenciamento Marítimo

Logística Rebocadores Atividades não segmentadas

Net Debt (USD million) 06/30/2008 03/31/2008

Short Term 15.6 14.0

Long Term 146.0 130.1

Total Debt 161.6 144.1

( - ) Cash and Equivalents -201.0 -192.5

( = ) Net Debt/Cash -39.4 -48.4

TOTAL DEBT (USD million) 06/30/2008 03/31/2008

R$ Denominated 6.0 0.1

USD Denominated 155.6 144.0

Total Debt 161.6 144.1

IR website:

www.wilsonsons.com/ir

IR e-mail address:

[email protected]

Felipe Gutterres

CFO of the Brazilian subsidiary, Legal Representative & Investor Relations

E-mail: [email protected]: + 55 (21) 2126-4222

Sandra Calcado

Investor Relations Manager

E-mail: [email protected]: + 55 (21) 2126-4263

BOVESPA: WSON11Bloomberg: WSON11 BZReuters: WSON11.SA

Investor Relations

Conference Call and Webcast

August 2008

presentation 2 q08

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