STAR REEFERS INC STRATEGY AND ACTION PLANS REVISITED STRONGER SERVICES AND EARNINGS RECOVERY OSLO 4 NOVEMBER 2003

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 2 Outline Reefer market fundamentals Brief introduction to the Reefer industry and its characteristics Star Reefers Inc Star Reefers in brief Fleet and market position Key financial figures Market drivers and outlook Demand and supply Structural changes Star Reefers – Strategy and action plans revisited

1.Reefer market fundamentals

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 4 Conventional reefer landscape MAJOR REEFER OPERATORS (Post split) Source: Drewry Source: Star

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 5 Market share – Reefer import & export Source: UN

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 6 Trade patterns (Banana trade) Source: UN

2.Star Reefers Inc

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 8 Star Reefers in brief A leading provider of reefer transportation services Operating a fleet of 37 large reefer vessels Leading market position

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 9 Historic highlights Jan.01:New equity USDM 44. Creditor write off USDM 55 Jul. 01:Acquisition Star Reefers London - Commercial operator - 6 owned and 18 chartered vessels Aug.01:Pool with NYK Nov.02:Renegotiation of long term t/c Nov.02:Dividend pay out of USD :Sold 11 vessels for USDM :Acquisition of 9 vessels (incl. 2 options) for USDM :Stand alone from Jan. 04 (Pool with NYK terminated)

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 10 Current fleet

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 11 Tonnage analysis – Sale & Purchase 2003 OLDNEW Swan classDurban Star Built Capacity cbft Revenue cent¢ 28,0¢ 54,0 Ships opex per day Revenue1,63,4 Opex excl. drydock-1,5-1,6 EBITDA0,11,8 Asset Value$ 2,7$ 11,0 EBITDA / Investment3,4 %16,2 % ROEnegative36 %

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 12 Fleet changes Disposal of Vessels Vessels nameCapacity (cbft.)BuiltPrice (USD million)Date Sold / Bought Canadian Reefer Nov-01 Ecuadorian Reefer Nov-01 Belgian Reefer ,5May-02 Brazilian Reefer ,5May-02 Anglian Reefer Mar-03 Argentinean Reefer Mar-03 Swan Lagoon ,65Aug-03 Swan Ocean ,65Aug-03 Swan Strean ,6Aug-03 Swan River ,4Dec-03 Swan Bay ,4Dec ,7 Acquisition of Vessels Chiquita Brenda Oct-02 Chiquita Joy Oct-02 Napier Star Oct-02 Nelson Star Oct-02 Tauranga Star Oct-02 Durban Star ,5Jul-03 Cape Town Star ,5Sep-03 Costa Rican Star ,9Option Caribbean Star ,9Option ,8

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 13. Profit & Loss Account

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 14. Balance sheet

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 15 Sensitivities Star Reefers – Sensitivities Revenue +/- 5% = +/- USD 0.78 per share Vessel opex. +/- 3% = +/- USD 0.16 per share

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 16 Star Reefers – 2004 platform Improved and modern fleet – Average 12 years / Banana Type Improved operational cost base Quality name Dedicated and energized staff Positive market outlook Termination of NYKSTAR Consolidation paused 37 ships fleet and ranked as a number 3 among reefer operators

3Market drivers and outlook

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 18 Factors influencing demand Consumer expenditures and general economic conditions A Theoretical Approach A B C GDP per capita Consumption pr. capita Russia 1930 Saudi Arabia 6870 Germany USA Other E. Eur Other W. Eur. 1) Other EU A)Low income, basic need coverage B)Rising income changing spending (eating) habit. Economy in focus by multinationals (Distribution network/promotion). C)Consumption reaches top point. Rising income triggers substitution to more sophisticated fruits

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 19 Factors influencing demand cont. Currency exchange rates Since the main export areas are USD economies and the largest import areas are EUR economies, USD/EUR fluctuations have a significant impact on consumers demand of reefer products Non economic variables Changes in consumer preferences/taste/trends The effect of political decisions (Import ban, taxes) Availability of domestic volumes either from own production or from volumes in continued improved storage facilities Climatic factors Banana regime up for revision in 2006 Market access for developing countries

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 20 Source: Orion Shipping The reefer fleet (above 300 cub. ft.) consists of around 505 vessels, equivalent to around 233 million cub.ft. (Source: Drewry) The reefer fleet reached its peek in 1993, and has slowly been reduced due to historic low rates in the period from 1998 – 2002, and consequently very limited newbuilding The order book is presently at 0.5 million cub.ft. The drop in second hand values for reefer ships has not been reflected in new building prices, hence little anticipated new building activity going forward Factors influencing supply – Reefer vessels order book vs scrap

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 21 SRI Owned Global Reefer fleet age distribution – 2003 Source: Orion Shipping AS, Oslo SRI Fleet Average – 11.7 years SRI Ch. In

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 22 Illustration of historic development of second-hand value Source: Orion Shipping

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 23 Strategic matrix – Reefers vs containers REEFERS SOUTH – NORTH LANE SPEED ADVANTAGE PORT TO PORT LOW DRAFT GEAR HIGH AVERAGE AGE QUALITY PAYS NO ORDER BOOK HIGH VOLUME – LOW VALUE BANANA TRADE CHANGE OF BANANA REGIME 06 WEAK SERVICE & CHAIN MANAGEMENT CONTAINERS EAST – WEST LANE SPEED IMPROVEMENTS TO COME TERMINAL TO TERMINAL / DOOR TO DOOR DRAFT LIMITATIONS NO GEAR LOW AVERAGE AGE ESTABLISHED QUALITY HIGH ORDER BOOK IN 3000 TEU RANGE LOW VOLUME – HIGH VALUE NO BANANA TRADE EXCEPT FOR BRAZIL/USWC NO IMPACT TO THE CONTAINER STRONGER LOGISTICAL BASE

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 24 Projected Seaborne Trade Developments Conventional reefer trade continues to grow steadily Source: Drewry

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 25 Projected Seaborne Trade Developments Reefers still dominate the important fruit trades Source: Drewry

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 26 Historic rate developments Influx of newbuildings during 80’s and mid 90’s Impacts of El Niño and La Niña USD appreciation of some 20% during 90’s EU enacted a restrictive quota system for bananas in 1993 Collapse of USSR during mid-90’s and Asian financial crisis Fruit majors suffering at end of 90’s Commission driven market players High tech storage technology - controlled atmosphere Container influx and penetration The market during the years 1998 –2001 experienced many negative events simultaneously which disrupted the supply/demand balance in the reefer market Source: Orion Shipping

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 27 Seasonal spot rates Steady increase in rates from historic low levels

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no Months T/C rates Size: cbft vessel Source: Orion Shipping

4.Strategy and action plans revisited

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 30 Star Reefers - Strategy revisited Ad hoc logistics / chain management Reorganisation – overhead reduction – adjustment to strategy execution Dedicated services Trade sectors Reefer services Creative customer solutions Rates on quality ships will increase Increase spot exposure Worldwide representation Improve operating efficiency Market growth Tapping the tonnage supply market Alert to consolidation – opportunity knocks Strategy of executing accretive acquisitions TRANSFORMATION TO A STRONGER SERVICE PROVIDER

STAR Reefers AS, as managers for STAR Reefers Inc Rådhusgaten 23, N-0158 Oslo, Norway slide no. 31 Impact to Star Reefers Improved operating margins Increased market control Increase in working capital needs Increase fleet efficiency Increased topline revenue growth Continued quality improvements Improved share liquidity and free float STAR more attractive as a consolidation partner