四 維 航 業 股 份 有 限 公 司 SHIH WEI NAVIGATION CO., LTD.

四維航業股份有限公司Shih Wei Navigation Co., Ltd.

Stock Code:5608

2 四 維 航 業 股 份 有 限 公 司

2008 Market Outlook

Capesize wait and see Japanese and Korean steel mills agree 65% iron ore contract price increase.

Panamax wait and see Major bulks trade volume:+6%-7%

Handymax Positive Major bulks trade volume:+6%-7%

Handy Strong Small Handy:1000>25 years old

2008 2009 demand :stable increase

Logger Strong Very few small loggers (below 12,000DWT) in the market

50%>20 years old

Tween Decker

(General Cargo)

Strong 50%>20 years old

Japan refuses to use over age vessels

3 四 維 航 業 股 份 有 限 公 司

Global Fleet Development

Source: SSY

NO. DWT NO. DWT NO. DWT2,796 75,211,951 1,588 76,370,310 1,496 9,296,889

Orderbook 2008 146 4,175,143 152 8,247,231 76 5,980,634(sched.Delivery 2009 203 6,478,581 240 13,458,174 125 10,173,135

as at end Feb 2008) 2010 195 6,237,326 275 15,535,170 210 17,292,4292011 126 4,189,165 156 8,880,310 137 11,463,421

2012+ 29 987,007 30 1,700,220 35 2,658,800

Existing Bulk Fleet (endFeb 2008)

Handysize(10- 39,999)Handymax(40-59,999) Panamax(60-99,999)

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Supply and demand growth rate

2003 2004 2005 2006 2007 2008Supply 2.50% 6.70% 7.00% 7.00% 4.30% 6.30%

Demand 5.60% 7.20% 4.10% 4.10% 2.30% 4.10%

Excess Supply -3.10% -0.50% 2.90% 2.90% 2.00% 2.20%

Bulk Carrier Market is still bullish in 2008

Source: IBT

5 四 維 航 業 股 份 有 限 公 司

Spot rate for each type of bulker

Dry bulk rates rebound from their end-January 2008 with BDI gaining 53% (from 5, 615 to 8,600 )within just 1.5 months

Even each type faced its great slump at the end of 2007; however, our coaster rates are not directly affected

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Company Organization

Shih Wei Navigation Co., Ltd.

Dong Lien Maritime S.A. Panama

Fortunate Maritime S.A. Panama

39 Subsidiaries

100%investUSD20,851,392

100%investUSD31,715,000

100% invest

Market Capitalization: NTD3.37 billion

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Diversified and Young fleet

By Feb 29th, total 31vessels consisting with Coaster, Handy, Supramax and Panamax are under the management of SW.The company is now rated as the most diversified bulk shipping company with a young fleet (average age of 6 years). A 50-Vessel-fleet will be formed by 2012.

•Panamax 2

•Supramax 1

•Handy 6

•Logger 10

•Tween Decker(General Cargo) 12

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Diversified and Young Fleet

VesselYearBuilt

TypeDWT(MT)

GRT NRT Deck H/H

1 Brave Pescadores 1994 General Cargo 6,730 5,471 2,212 T 22 ID Commander 1995 General Cargo 6,730 5,471 2,212 T 23 Blossom Pescadores 1997 Log/G. Cargo 7,140 4,334 2,736 S 24 Best Pescadores 2000 General Cargo 8,572 6,102 3,131 T 25 Gallant Pescadores 1998 Log/G. Cargo 8,595 5,002 3,188 S 26 Genius Pescadores 1997 Log/G. Cargo 8,595 5,002 3,188 S 27 Grand Pescadores 1999 Log/G. Cargo 8,595 5,002 3,188 S 28 Shining Pescadores 1999 Log/G. Cargo 8,595 5,002 3,188 S 29 Glaring Pescadores 2004 General Cargo 10,976 7,243 3,602 T 2

10 Majestic Pescadores 2002 Log/G. Cargo 11,594 6,683 4,494 S 311 Fodas Pescadores 2001 Log/G. Cargo 11,600 6,664 4,494 S 312 Advance Pescadores 2000 General Cargo 11,612 8,588 3,763 T 213 Oceanic Pescadores 2000 General Cargo 11,612 8,588 3,763 T 214 Nordana Mathilde 2006 General Cargo 11,967 8,479 3,825 T 215 Noble SW 2003 General Cargo 11,982 8,451 3,696 T 216 Honor Pescadores 2003 General Cargo 11,982 8,451 3,696 T 217 Superior Pescadores 2005 General Cargo 11,987 8,479 3,825 T 218 Brilliant Pescadores 2005 General Cargo 12,004 8,479 3,825 T 219 Paragon Pescadores 1999 General Cargo 12,126 8,438 3,931 T 220 Sunny Pescadores 2004 Log/G. Cargo 12,535 7,271 4,796 S 321 Venture SW 2007 Log/G. Cargo 12,614 7,271 4,859 S 325 Harmony SW 2008 Log/G. Cargo 12,616 7,271 4,859 S 322 Royal Pescadores 1997 Handy 18,369 11,246 6,835 S 423 Excellent Pescadores 2002 Handy 18,383 11,228 6,673 S 424 Luxury SW 1999 Handy 23,519 14,762 8,075 S 426 Golden Kiku 2005 Handy 29,858 17,958 10,266 S 527 Pharos SW 2007 Handy 32,311 20,236 10,947 S 528 Beacon SW Bulker 2007 Handy 32,327 20,236 10,947 S 529 Bianco Bulker 2001 Supramax 52,193 30,008 17,843 S 530 Great Pescadores 1998 Panamax 70,529 36,356 23,471 S 731 Buenos Aires 1998 Panamax 71,671 37,709 23,950 S 7

9 四 維 航 業 股 份 有 限 公 司

Future New Force: 2008-2012 Delivered One after AnotherVessel

Est.Delivery

TypeDWT(MT)

GRT

1 Poseidon SW / 卓維輪(#10487) Apr 2008 Supramax 55,600 31,000

2 Lake Valor SW / 禮維輪 (#1037) Apr 2008 Handy 29,000 18,000

3 Yamanishi S-1055 Oct 2008 Handy 19,000 11,700

4 Higaki H-625 Jan 2009 General Cargo 11,700 8,479

5 Higaki H-627 Apr 2009 General Cargo 11,700 8,479

6 Yamanishi S-1056 May 2009 Handy 19,000 11,700

7 Vigor SW (Kanda H-495) May 2009 Handy 32,000 20,250

8 Higaki H-631 Sep. 2009 Log/G. Cargo 12,500 7,200

9 Higaki H-638 Apr. 2010 General Cargo 11,700 8,479

10 Tsuneishi H-117 Jun 2010 Supramax 58,000 32,600

11 Shikoku H-1058 Jul 2010 Handy 29,000 18,000

12 Tsuneishi H-118 Jan 2011 Supramax 58,000 32,600

13 Oshima H-10555 Feb 2011 Panamax 75,700 40,800

14 Saiki SH- 1202 Jun 2011 Handy 37,000 22,850

15 Saiki SH- 1203 Aug 2011 Handy 37,000 22,850

16 Oshima H-10563 Jun. 2012 Panamax 75,700 40,800

17 Shikoku H-1077 Apr. 2012 Handy 35,000 21,100

18 Tsuneishi H-1474 May 2012 Kamsarmax 82,100 43,500

19 Saiki SH- 1221 Dec 2012 Handy 37,000 22,850

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Second Hand Vessels are very expensive now

Handysize Handymax Supramax Panamax Capesize45-47 62-64 70-72 80-82 140-150

Representative Second Hand Prices- 5yrs old (USD Mill)

SW group has many cheap and good-quality vessels

Source: Maersk Broker

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Market Value is Much Higher than Book Value

Book Value Sale Price

Scan Bulker

(2008 January Sold)

USD11,850,000(07.12.31)

USD29,850,000

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2007 Revenue Percentage

34%

27%

19%

16%2%2%

General Cargo

Logger

Handy

Panamax

Supramax

Others

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On Charter and Spot Trading / TCT Percentage

出租70%

自營30%

On Charter70%

Spot Trading/TCT30%

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Types of our on-order book2008 2009 2010 2011 2012 Total

Kamsarmax 1 1

Panamax 1 1 2

Supramax 1 1 1 3

Handy 2 2 1 2 2 9

Tween Decker 2 1 3

Logger 1 1

Total 3 5 3 4 4 19

Future Delivery of Handies Accounts for 50% of New Buildings

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2008 New Time Charter

Daily Hire for each type of vessel has 15%-50% Growth

Old Hire New Hire When PeriodBuenos Aires(Panamax) 24,200 28,000 2007/Nov 3 years

Excellent Pes(Handy) 11,500 16,750 2007/Nov 6m+6mRoyal Pes(Handy) 11,300 14,000 2007/Oct 2 years

Honor Pes(Tween Decker) 8,000 12,000 2007/Dec 1 yearNordana Mathilde (Tween Decker) 13,500 14,750 2008/Apr 1 year

Sunny Pes (Logger) 8,300 13,850 2008/Apr-Jun 1 year

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2008 New Building Vessels (until Feb 20th, 2008)

Harmony SW

Type Logger

Tonnage 12,616

Delivery Date 2008/Jan/31th

Daily Hire USD15,000

USD16,250

Period 6+6 months

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2008 New Buildings on Order (Fixed on Long Term Charter)

Oshima

H-10487

Shikoku

H-1037

Yamanishi S-1055

Type Supramax Handy Handy

Tonnage 55,600 29,000 19,000

Delivery Date

2008/Apr/17 2008/Apr/28 2008/Oct

Hire USD22,900 USD18,750 USD16,700

Period 3 years 3 years 3 years

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Daily Cost of Each Type of Vessel (including depreciation)

Vessel Type Daily Cost/USD

Panamax 8,500-10,000

Handy 6,500-8,000

Tweeh Decker 3,500-4,500

Logger 3,500-4,500

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Fleet Operation and Management

Panamax, Handy: Long Term CharterTween Decker, Logger: Spot Trading/TCT/1 year charter

Long Term Charter for European /Japanese charterers / worldwide trading Short Term Charter for Japanese Charterers ； Spot Trading/TCT in Asia

Quality Control: ISM, ISPSmanagement

All vessels are built by Japanese yards. We have good ability for negotiating better prices. Japanese built vessels are known as excellent quality.

Sell old vessels at the right time and good prices .Purchase new and good vessels constantly for replacement

20 四 維 航 業 股 份 有 限 公 司

• For Flexible and Aggressive Freight Revenue, Spot Trading Focuses on Wood Pulp and Log Markets in Asia. Gross Margins are 20%-30% and 40% to 50% Respectively.

• For Stable Hire Revenue, 30% of vessels on spot trading/TCT in Asia and 70% of vessels on long term charter trading worldwide.

Business Strategy

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Historical Revenue and Net Income (Billion NTD)

Unit: billion NTD

2.182.57

3.5 3.25

0.230.89

1.46 1.41

0

1

2

3

4

2003 2004 2005 2006

ConsolidatedRevenue

Consolidated NetIncome

2007 unaudited consolidated revenue=3.4 billion NTD

2007 unaudited consolidated net income=1.97 billion NTD

2007 unaudited EPS=6.01

22 四 維 航 業 股 份 有 限 公 司

2007 Historical EPS and Dividend

1.5

4.645.78

5.07

2.32

4.53.5

4.16

0

2

4

6

8

2003 2004 2005 2006

EPS(After Tax)

Dividend

We are planning to pay more dividends than last year

23 四 維 航 業 股 份 有 限 公 司

Historical Consolidated ROA and ROE

2002 2003 2004 2005 2006ROA 2.96% 4.53% 13.01% 18.43% 15.26%ROE 4.48% 9.75% 31.06% 37.74% 28.17%

2007 ROA&ROE are not yet disclosed until March 31th

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Perspective

• Focus on Shipping – what we are good at!

• Confident of being able to Continue Our Success Story for a Century Ahead.

• Become One of the Most Niche Shipping Companies in Asia, and First Choice for Customers, Employees and Investors Worldwide.