Broström Q1 Presentation 2008 Lennart Simonsson, CEO Anders Dreijer, Deputy MD

Agenda Q1 2008 in words Q1 2008 in figures Fleet development Market trends Outlook 2008 Summary

Q1 2008 in words

Q1 2008 in figures

Fleet development

Market trends

Outlook 2008

Summary

Q1 in words Volatile and weak freight market during first quarter of 2008 Unseasonably mild weather in the major consumption areas in Europe and North America led to lower consumption of fuel oil, with lower freight rates as a result, both in European and trans-Atlantic traffic. Due to the mild weather, the normally stronger winter market in the Baltic Sea did not transpire. Low export volumes of Russian oil products. Asian traffic in Small and Intermediate tonnage had stable development during the period, while the Medium Range segment was characterised by high volatility and lower freight rates. Earnings hurt by the high price of bunker oil and the weak US dollar. Overall favourable result of the renewal of contracts of affreightment during the first quarter.

Volatile and weak freight market during first quarter of 2008

Unseasonably mild weather in the major consumption areas in Europe and North America led to lower consumption of fuel oil, with lower freight rates as a result, both in European and trans-Atlantic traffic.

Due to the mild weather, the normally stronger winter market in the Baltic Sea did not transpire.

Low export volumes of Russian oil products.

Asian traffic in Small and Intermediate tonnage had stable development during the period, while the Medium Range segment was characterised by high volatility and lower freight rates.

Earnings hurt by the high price of bunker oil and the weak US dollar.

Overall favourable result of the renewal of contracts of affreightment during the first quarter.

Q1 in words Change in transport capacity The BRO ANNA and the BRO AGNES, both 17,000 dwt, were delivered during the first quarter and are now operating in European traffic. The GAN-SABRE, 51,000 dwt, was delivered in January and is operating in Asian traffic. An agreement was reached on the sale of the BRO ERIK (37,000 dwt) to a partner. Delivery will take place in May 2008. The sale will give rise to a gain of SEK 65 m and a cash contribution of SEK 140 m, which will be recognised in the second quarter report.

Change in transport capacity

The BRO ANNA and the BRO AGNES, both 17,000 dwt, were delivered during the first quarter and are now operating in European traffic.

The GAN-SABRE, 51,000 dwt, was delivered in January and is operating in Asian traffic.

An agreement was reached on the sale of the BRO ERIK (37,000 dwt) to a partner. Delivery will take place in May 2008. The sale will give rise to a gain of SEK 65 m and a cash contribution of SEK 140 m, which will be recognised in the second quarter report.

Income Statement

Broström – a global logistics company 57 vessels in European trade 23 vessels in Asia 9 vessels in the Atlantic 89 vessels + 13 vessels to be added within next 15 months

Fleet Growth

Broström’s Fleet of Tanker Vessels - April 2008

Market Trends

Oil Price

US Product Demand US Product demand is increasing and exceeds previous year !

US Gasoline Stocks US Gasoline stocks are coming down from historically high levels - requiring increased imports

Global Refinery Margins Refinery margins are in an upward trend !

Spot Market Earnings Increased demand for transportation contributes to increased vessel earnings

Baltic Clean Tanker Index Baltic Clean Tanker Index exceeds previous year and 4-year-average

Vessel Values Contributors to maintained strong vessel values Steel prices Strong dry bulk tonnage demand High ship yard capacity utilisation

Contributors to maintained strong vessel values

Steel prices

Strong dry bulk tonnage demand

High ship yard capacity utilisation

Ship Values

Surplus value of the Broström fleet Market valuation of Existing vessels Newbuilding contracts Call options of vessels Average based on two external brokers As per 31 December 2007 the market value exceeded book value by approximately SEK 2.7 billion SEK 41/share Booked values as per 31 December 2007 Equity incl equalisation reserve SEK 40/share Deferred tax SEK 7/share

Market valuation of

Existing vessels

Newbuilding contracts

Call options of vessels

Average based on two external brokers

As per 31 December 2007 the market value exceeded book value by approximately SEK 2.7 billion

SEK 41/share

Booked values as per 31 December 2007

Equity incl equalisation reserve SEK 40/share

Deferred tax SEK 7/share

Outlook 2008

Outlook 2008 The start of the second quarter of 2008 has been characterised by a continued weak freight market in Broström’s market segments, even though some improvement has been noted. Broström's strategic position for 2008 and onward has been further strengthened through acquisitions and investments made in recent years. The underlying long-term trend for Broström’s market segments is judged to be positive, even though major fluctuations may occur from time to time.

The start of the second quarter of 2008 has been characterised by a continued weak freight market in Broström’s market segments, even though some improvement has been noted.

Broström's strategic position for 2008 and onward has been further strengthened through acquisitions and investments made in recent years.

The underlying long-term trend for Broström’s market segments is judged to be positive, even though major fluctuations may occur from time to time.