Conference Call and Webcast

May 2008

2

Legal Advice

This presentation may include forward-looking statements about future events or

results in accordance with Brazilian and international regulations governing stock

markets. Such statements are based on assumptions and analyses made by the

Company based on its experience and the economic climate and on market

conditions and expected future events, many of which are beyond the Company’s

control. Important factors which can lead to significant differences between real

results and these forward-looking statements include the Company's business

strategy, national and international economic conditions, technology, financial

strategies, developments in the fertilizer industry, financial market conditions,

uncertainty regarding the results of the Company’s future operations, plans,

objectives, expectations, intentions, and other factors described in "Risk Factors" in

the Preliminary Prospectus filed with the Brazilian Securities Commission. Because

of these factors, the real results of the Company may differ substantially from those

expressed or implied in forward-looking statements.

15.0 16.7 16.2

82.6

121.2104.5

14.9

82.6

1Q07 1Q08 1Q07* 1Q08*

Operating Profit Net Revenues

12.0

13.2

1Q07 1Q08

Net Profit

3

Consolidated

Comments:

Increase in volumes Focus on more profitable services Price readjustment Third party services in Shipyard

Operational

Margin 18.2% 13.8% 15.5%18.0%

46.7%26.5%

11.4% 8.8%

19.2

21.7

19.1

21.2

1Q07 1Q08 1Q07* 1Q08*

EBITDA

EBITDA

Margin 23.2% 17.9% 20.3%

12.9% 11.0%

23.1%

* Excluding Shipyard Effects

* Excluding Shipyard Effects

14.5% 10.9%

10.0%

Net

Margin

US$ MM

US$ MM US$ MM

4

Port Terminals Expansion Tecon Rio Grande: 3rd berth - civil work expected to be concluded in 2H08; 2 STS and 4 RTG being assembled, some of them got operational in 2Q08; Tecon Salvador: 2 RTG and other equipment started operations in 2Q08.

Price Increase Mainly in Port Terminals and Towage.

Offshore 4 new PSVs – 1 delivered in May 14, 2008, 1 to be delivered in 2H08, 1 in 2009 and 1 in 2010. Contracts already settled with Petrobras.

Highlights

Shipyard Construction of 3 PSVs to WSL fleet; Construction of 4 PSVs to a Chilean Company, in an amount of approximately US$100MM, that will be delivered until 2011.

Logistics New clients and more profitable operations.

5

2.5

1.4

1Q07 1Q08

Chg. =2.8%

Chg. =26.3%

Port Terminals

Chg. =24.7%

3.6%

8.4%

371

30,0

37,9

1Q07 1Q08

TEUs (‘000)

NET REVENUES (US$MM)OPERATIONAL INDICATORS

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

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

9.5 11.8

31.6% 31.2%

1Q07 1Q08

Chg. =-45.7%

29 28

52 51

90 95

24 26

1Q07 1Q08

Others Cabotage

Empty Cntrs Deep Sea Full Cntrs Deep Sea

195 201

5.9%

6

EBITDA (US$MM) & EBITDA MARGIN (%)Revenues (US$ MM) & Special Operations

Participation (%)

Towage

Chg. =2.3%

10.3

11.5

35.3%31.7%

1Q07 1Q08

29.3

36.3

1Q07 1Q08

Chg. =24.0%

Chg. =11.4%

14,305 14,640

1Q07 1Q08

Chg. =24.0%

29.336.3

3.4%

7.4%

1Q07 1Q08

NET REVENUES (US$MM)OPERATIONAL INDICATORS

# Manoeuvres

# Containers Transported

7

Logistics

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

15,12217,420

1Q07 1Q08

14.8

22.1

1Q07 1Q08

2425

1Q07 1Q08

Chg. =49.6%

Chg. =77.8%

1.1

2.0

7.4%

8.8%

1Q07 1Q08

NET REVENUES (US$MM)OPERATIONAL INDICATORS

1.4 1.5

1Q07 1Q08

8

Bills of Lading Issued (‘000)

Containers Controlled (‘000)

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

Shipping Agency

4.5 4.9

1Q07 1Q08

26.3 22.7

1Q07 1Q08

50.8 46.4

1Q07 1Q08

Chg. = 6.9%

Chg. =-60.2%

1.6

0.6

34.7%

12.9%

1Q07 1Q08

Vessel Calls (‘000)

NET REVENUES (US$MM)OPERATIONAL INDICATORS

9

Offshore

EBITDA (US$MM) & EBITDA MARGIN (%)Days of Operation

2

3

1Q07 1Q08

1.8

3.2

1Q07 1Q08

180

273

1Q07 1Q08

Chg. =76.2%

Chg. =41.8%

1.2

0.8

36.4%45.2%

1Q07 1Q08

# PSVs

NET REVENUES (US$MM)OPERATIONAL INDICATORS

10

Non-Segmented Activities - EBITDA

-4.1

-0.7-0.2

-0.4

-0.4

-5.4

1Q

07 E

BIT

DA

No D

ragaport

Results

Thir

d P

art

y S

erv

ices

Ship

yard

Pro

vis

ion f

or

Phanto

m S

tock

Options

Pro

vis

ion f

or

Pro

fit

Shari

ng t

o

Executives

Oth

ers

1Q

08 E

BIT

DA

1Q08 x 1Q07 (US$MM)

+0.5

11

13.2

12.0

38.6 15.2

10.6

0.89.9

0.5 0.1 0.7

1Q

07 N

et

Incom

e

Net

Revenues

Raw

Mate

rials

and

Consum

able

s U

sed

Pers

onnel Expenses

Depre

cia

tion a

nd

Am

ort

isation

Oth

er

Opera

ting

Expenses

Pro

fit

on D

isposal of

Pro

pert

y,

Pla

nt

and

Equip

ment

Net

Fin

ancia

l Results

Incom

e T

ax

Expenses

1Q

08 N

et

Incom

e

Net Income

1Q08 x 1Q07 (US$MM)

CAPEX LEVERAGE

12

2007/12/31

Total Debt

R$ Denominated

US$ Denominated

CAPEX EVOLUTION (US$ MM)

Net Debt / Cash

Cash & Equivalents

Total Debt

Long Term

Short Term

Consistent Investment & Low Leverage Ratios

(US$ MM)

CURRENCY BREAKDOWN

LEVERAGE INDICATORS

(US$ MM) 2008/03/31 2007/12/31

2008/03/311Q07

CAPEX BREAKDOWN

Offshore

Port Operation

Logistics

Towage

Shipping Agency

Non Segmented Activities

1Q08Port

Terminals 37.0%

Shipping Agency1.0%

Towage 18.0%

Logistics0.0%Non

Segmented Activities

2.0%

Offshore 42.0%

17.013.0

1Q07 1Q08

Var. =30.2%

Offshore

Port Operation

Logistics

Towage

Shipping Agency

Non Segmented Activities

Port Terminals

27.0%

Shipping Agency1.0%

Towage 30.0%

Logistics2.0%

Non Segmented Activities

1.0%

Offshore 39.0%

(48.2)

(197.7)

149.5

134.8

14.7

0.1

149.4

149.5144.1

144.0

0.1

(48.4)

(192.5)

144.1

130.1

14.0

13

Investor Relations

Felipe Gutterres – CFO of the Brazilian subsidiary, Legal Representative & Investor Relations

Tel: 55(21)2126-4222

Sandra Calcado – Investor Relations Manager

Tel: 55(21)2126-4263

BOVESPA: WSON11

Bloomberg: WSON11 BZ

Reuters: WSON11.SA

www.wilsonsons.com/ir ri@wilsonsons.com.br