Offer by Aequitas Holdings AS for Leif Höegh & Co. ASA

Aequitas Holdings controls 83.2% Agreements in place: –Related parties: 66.3% –Leif and Lucy Høegh’s stiftelser: 3.0% –Premier Ltd: 13.9% The agreed price is NOK 124 per share Transaction fully financed by DnB, Nordea and Hamburgische Landesbank Aequitas Holdings AS: –Leif O. Høegh, Chairman –Morten W. Høegh, Director

Voluntary offer – all shares in Leif Höegh & Co. Subsequent voluntary offer for remaining shares The offer price will be NOK 124 per share The offer period expected to start during the week of 5 th May Offer document to be distributed prior to offer period If successful, a de-listing of LHC will be sought The independent directors are expected to provide opinion

Changes in ownership, not in strategy Head office remains in Oslo Westye Høegh to remain Chairman Business continues as usual Acquisition prompts no changes in management or staff

Key Financials Offer price: NOK 124 per share 26% premium over closing April 25 th (NOK 98.50) 31% premium over 1 month average (NOK 94.59) Book value per share (before tax): NOK * Implied market cap.: NOK 3,592m (USD 505m**) Implied enterprise value: NOK 6,616m (USD 929m**) *LHC quarterly report for Q **NOK/USD = , as of April 25 th 2003

Offer price vs. share price Source: DnB Markets Leif Höegh & Co. ASA – Share price (NOK)

Leif O. Høegh (39) Managing Director of Leif Höegh (UK) Ltd (since 1994) Vice Chairman of Leif Höegh & Co. Chairman of Höegh Capital Partners, London Director of Teekay Shipping Corporation Ltd. Prior experience as management consultant with McKinsey & Company and investment banker with the Royal Bank of Canada Group MBA from Harvard Business School MA in Economics from the University of Cambridge Norwegian national, resides in London

Morten W. Høegh (29) Partner, Höegh Capital Partners, London Experience as investment banker with Morgan Stanley, London BS and MS in Ocean Engineering from Massachusetts Institute of Technology MBA from Harvard Business School (Baker Scholar) Norwegian Military Russian Program Norwegian national, resides in London

Shareholders who have sold Pomor Holdings B.V.9,153, % Gadus International B.V.9,153, % Premier Ltd.4,067, % Leif Höegh's Stiftelse845,8332.9% Fraternitas AS602,7662.1% Ajavoff AS287,9611.0% Argon Investments Ltd.241,6660.8% Lucy Höegh's Stiftelse48,3340.2% Parkveien 55 AS18,6020.1% Sum24,418, %

10 largest shareholders (proforma*) 83.2% Aequitas Holdings 4.2% Folketrygdfondet 1.6% Skagen Vekst 1.3%Leif Höegh & Co. 0.6% Vital Forsikring 0.6% SEB Merchant Banking 0.5% JP Morgan Chase Bank 0.4% Norsk Kjøttsamvirke 0.4% Bjørgvin 0.3% DnB Norge *Based on registered owners 24 April 2003