World economic conditions in 2009 had a notably adverse

effect on the markets for automotive, agricultural and construction vehicles.

Consequently, revenues at Wallenius Wilhelmsen Logistics suffered across business segments as

demand for shipping and logistics services dropped. However, even in times of global crisis, we must continue to build value for our customers. An efficient supply chain, with reduced environmental impact in every possible step,is one of the surest ways to cut costs and, at the same time benefit the environment.

Value is our goal -- expanding value for our customers, our employees, and contributing sustainable environmental improvements for the future of the world we all share.

How we build value is what sets us apart.

At Wallenius Wilhelmsen Logistics, we are continuing to build and improve our efficient and sustainable factory-to-dealer business model. We have encouraged customer and supplier collaboration to implement efficiencies through creative and innovative solutions in the supply chain. We have adopted new ideas and ways to maximize how our people perform. We remain deeply committed to the notion that a sustainable supply chain means minimal environmental impacts and risks, and that progress and accountability require that we firmly declare our objectives and measure our performance.

Building upon this formula for creating value, and based upon our sense of responsibiity to our stakeholders, the following report details our commitment to the 10 principles of the U.N.Global Compact.

Most certainly, 2009 will be remembered in history as a year of crisis and economic turbulence. But at Wallenius Wilhelmsen Logistics, this past year will be remembered more for how we transformed these challenges into value.

Arild B. Iversen
CEO
Wallenius Wilhelmsen Logistics