Wilson, Sons Institutional Presentation April 2011

Institutional Presentation 2011

Wilson, Sons is listed on the BM&F Bovespa in the form of BDRsBERMUDABRAZIL PORT & LOGISTICS MARITIME 2

Wilson, Sons at a glance Drivers Major Clients (% of 2010 Total Revenues) International PORT & LOGISTICS Trade Flow 57% of 2010 Revenues 51% Oil & Gas 28% MARITIME 43% of 2010 RevenuesDomestic Economy 21% 3

OUTLOOK: OUR DRIVERS

Trade Flow: BRIC’s economies are the biggest drivers of global demandBRAZILIAN TRADE FLOW HIGHLIGHTS GROSS DOMESTIC PRODUCT (USD Tri)Source: Source: Goldman Sachs 2010 2020 … 2050 3rd biggest Agricultural Exporter BRIC 8.6 20.3 128.3 9,148 km of Coast G7 30.4 36.8 66.0 Investments in Waterways by 2025 will reach 29% of Government Transportation Expenditures INCREASING CNTR HANDLING IN BRAZIL (# TEU M) NEW PORTS CREATE EXCELLENT OPPORTUNITIES Source: PGO - ANTAQ Source: Wilson, Sons 20.0 CAGR: 8.9% • Refinery Premium I(MA) • Terminal Ponta da Madeira (MA) 12.1 • Refinery Premium II (CE) 2023 • Refinery Abreu e Lima (PE) 7.2 • Porto Sul (BA) 2017 • Porto do Açu (RJ) • Embraport (SP) 2011 • Brasil Terminais Portuários (SP) • Itapoá (SC) Historical CAGR of 18%. 5

Oil & Gas: Very positive outlook for our businessPRE-SALT HIGHLIGHTS BRAZILIAN OIL RESERVESSource: Petrobras + OSX Source: Petrobras Shallow water stage Deep water stage Pre-salt 120,000 km2 (46,000 sq miles) Total Pre-salt Area Proven Reserves Forecast Billion barrels of oil equivalent 30 70 billion BOE (barrels of oil equivalent) 20 Pre-salt Estimated Resources 10 300 km (180 miles) 0 Distance from the coast to Pre-salt Oil Rigs 1978 1980 1984 1990 1996 2000 2002 2006 2015E Shallow Water Stage Deep Water Stage Pre-saltDRILLING + PRODUCTION UNITS OSVs DemandSource: Petrobras + OGX + IOCs estimates Source: Petrobras + OGX + Company estimates 553 17 32OGX 267 6IOCs OGX 7 504 IOCsPetrobras Petrobras 254 2009 2020 6

Domestic Economy: Brazil’s economy expandsBRAZILIAN ECONOMY HIGHLIGHTS STRONGER INDUSTRY: CAPEX PLANS INCREASINGSource: BNDES & Brazilian Treasury Source: BNDES 2006-2009 (USD B) 2011-2014 (USD B) 7th World Economy in 2010 based on GDP Oil & Gas Steel & Mining Chemical Pulp & Paper Reduced sovereign risk profile BBB- (S&P); BBB (Fitch); Baa3 (Moody’s) 5.8% average GDP growth until 2015 117 216 50 54 13 23 10 16CONSUMER INFLATION INDEX (IPCA) GOVERNMENT ACTIONS TO FIGHT INFLATIONSource: Central Bank Source: Central Bank Reducing BRL 50 Billion of government spendingTARGET % Increasing Brazilian interest rates Central Bank’s inflation target: 4.5% 7

PORT & LOGISTICS

Port Terminals Key Assets with Strategic Advantages• Container terminals concessions for 25 + 25 years in the ports of Rio Grande and Salvador• Third largest container operator in Brazil•Operates Oil & Gas terminals through Brasco, combining own assets and expertise in public ports OPERATIONAL INDICATORS (TEUs ‘000) CONTAINER MOVEMENT ESTIMATES (TEUs ‘000) (Wilson, Sons Tecon Rio Grande & Tecon Salvador) (Source: PGO-ANTAQ, sum of estimates for the Ports of Rio Grande and Salvador) 929 2,465 CAGR: 8.1% 888 CAGR: 7.6% 776 2010 1,593 2023 426 2009 1,000 2017 2003 2000 2011 MAIN CARGOES TECON RG TECON SSA BRASCO MAIN SERVICES Frozen Chemical Chicken Products Waste Warehousing Management General Rice Cargo Container Transportation Rental Tobacco Metals 9

Logistics Capacity, Intelligence, and Technical Know-How • Customized logistics projects based on customer needs and opportunities • Bonded warehousing concession providing operational support to international trade flow • Business grew more than industry since its inception 2010 NET REVENUES (USD M) NEW LOGISTICS OPERATIONS Cumulative Contribution by Service120% 100.0 100% 90.0 • Location: Ouro Branco/MG 94%100% 80.0 • Contract: 3 years 82% 70.080% 59.5 60.0 58% • Location: Catalão/GO and Cubatão/GO60% 50.0 • Contract: 5 years 40.040% 24.5 30.020% 12.7 20.0 • Location: Três Lagoas/MG 5.8 10.0 • Contract: 6 years 0% 0.0 In-house Operations Transportation EADI NVOCC FOCUS ON STRATEGIC INDUSTRIES Oil & Pulp & Gas Paper Steel & Pharmaceutical & Mining Cosmetics Chemical & Petrochemical 10

MARITIME

Towage Unrivalled Market Leader• Largest fleet in South America, 72 tugboats, 50% market share, operating in all major ports of Brazil• Regulatory protection ensures priority to Brazilian flag vessels• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-costSPECIAL OPERATIONS OPPORTUNITIES SUPPORT TO FPSO OCEAN TOWAGE SALVAGE LNG OPERATIONS SUPPORT TO FPSO SPECIAL OPERATIONS (% of Total Towage Revenues) 15.6% 14.3% 9.1% 7.6% 2007 2008 2009 2010 12 12

Offshore JV Capturing Growth• Regulatory protection ensures priority to Brazilian flag vessels• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-cost• Wilson, Sons 100%-owned shipyard is a key competitive advantage INCREASING # OF BRAZILIAN-FLAGGED VESSELS (Source: Abeam) 43% 51% 2010 2015E OSV FLEET DEVELOPMENT PLAN (Source: Wilson, Sons) 49% 57% 24* 14 12 10 2015 2012 7 2011 2010 2009 *Number of vessels under financing contracts with BNDES as agent for the FMM. 13

Shipyard Increasing Capacity• Providing great competitive advantage to the Company’s Towage and Offshore businesses• Friendly funding available from FMM (Fundo da Marinha Mercante) – Long-term, Low-cost• Construction plan for 23 vessels (14 OSVs + 9 Tugboats) by 20152 NEW SHIPYARD FACILITIES GUARUJÁ II (SP) RIO GRANDE (RS) Area: 17,000 sqm Area: 120,000 sqm Capex: USD 40 M Capex: USD 140 M Steel processing capacity: 4,000 Steel processing capacity : 13,000 tons/year tons/year BRAZILIAN NAVAL CONSTRUCTION OPPORTUNITIES (Source: CESPEG) Brazilian shipbuilding Avg. OSVs demand per year Avg. OSVs demand between capacity of OSVs (per year) between 2011 - 2020 (Petrobras) 2011-2020 (Total) 45 IOCs 5 OGX 24 OSVs Demand 25 15 > Shipyards Capacity 21 PETR 13 25 # OSVs # OSVs Actual Future* (~ 2015) (Yearly Demand) (Yearly Demand) 14

Shipping Agency Strategic Synergy with our other Businesses• Independent Shipping Agency operating in all major ports of Brazil• Low capital investment and high return on equity• Specialized services for liner, tramp, and offshore vessels UPSIDE EXISTS FOR THE BRAZILIAN PARTICIPATION IN INTERNATIONAL TRADE FLOW Source: World Bank 15 15

FINANCIAL HIGHLIGHTS

Resilience and growth among all of our businessesCONSOLIDATED NET REVENUES (USD M) REVENUES BY BUSINESS (USD M)CAGR: 15% 228.0 2009 575.6 2010 498.3 477.9 175.4 156.0 404.0 145.7 331.1 285.2 102.4 75.8 38.1 43.3 28.0 27.4 15.2 17.6 0.2 0.2 Port Towage Offshore Shipyard Shipping Logistics Corporate 2005 2006 2007 2008 2009 2010 Terminals AgencyCONSOLIDATED EBITDA (USD M) EBITDA BY BUSINESS (USD M)CAGR: 24% 128.4 2009 122.7 76.3 121.4 2010 61.3 58.3 53.4 91.1 76.2 19.2 13.1 9.9 6.1 13.1 2.3 0.8 7.1 42.1 -29.7 -41.5 Port Towage Offshore Shipyard Shipping Logistics Corporate Terminals Agency 2005 2006 2007 2008 2009 2010 17

Consistent investment and low leverage ratiosCAPEX LEVERAGE INDICATORS(USD M) (USD M as of Dec/10) 166.7 Net Debt / EBITDA = 1.4 149.6 - 154.9 99.2 93.5 325.3 42.2 36.2 170.4 2005 2006 2007 2008 2009 2010 Total Debt Cash and Equivalents Net DebtDEBT SOURCE PROFILE DEBT CURRENCY PROFILE(as of Dec/10) (as of Dec/10) FMM FMM Others USD BRL Outros 15% 24% 22% 76% 78% 85% 18

Corporate Governance at a glance Voluntarily follow the majority of BOVESPA’s NOVO MERCADO rules: 100% TAG ALONG for all minority shareholders One class of Share with equal voting rights Board of Directors with 20% of independent members Free-float more than 25% of total capital Audit Committee Arbitrage held in the London Court of Arbitrage Management alignment with shareholders: •Cash-settled stock options for top management •Remuneration program for management and employees based on EVA, EBITDA, and individual performance 19

Investor Relations Contact Info & Disclaimer Felipe Gutterres CFO of the Brazilian Subsidiary and Investor Relations www.wilsonsons.com.br/IR Twitter: @WilsonSonsIR ri@wilsonsons.com.br Youtube Channel: WilsonSonsIR +55 (21) 2126-4122 Michael Connell Guilherme Nahuz Eduardo Valença micr@wilsonsons.com.br guin@wilsonsons.com.br evb@wilsonsons.com.br +55 (21) 2126-4107 +55 (21) 2126-4263 +55 (21) 2126-4105 This presentation contains statements that may constitute “forward-looking statements”, based on current opinions, expectations and projections about future events. Such statements are also based on assumptions and analysis made by Wilson, Sons and are subject to market conditions which are beyond the Company’s control. Important factors which may lead to significant differences between real results and these forward-looking statements are: national and international economic conditions; technology; financial market conditions; uncertainties regarding results in the Company’s future operations, its plans, objectives, expectations, intentions; and other factors described in the section entitled "Risk Factors“, available in the Company’s Prospectus, filed with the Brazilian Securities and Exchange Commission (CVM). The Company’s operating and financial results, as presented on the following slides, were prepared in conformity with International Financial Reporting Standards (IFRS), except as otherwise expressly indicated. An independent auditors’ review report is an integral part of the Company’s condensed consolidated financial statements. Version: April/2011 20

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Wilson, Sons Institutional Presentation April 2011

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