LEIF HÖEGH & CO. HUAL operates a modern fleet owned deep-sea vesselsCapacity cars 2 owned short-sea vesselsCapacity 800 cars At any time HUAL operates10-15 charter vessels Total operated fleetAbt. 40 ships Number of deep-sea trades12 Annual transportation volumeAbt. 1 million CEUs

LEIF HÖEGH & CO....in global trade systems

LEIF HÖEGH & CO. HUAL has a growing share of used cars and High/Heavy – cargo which is paying better than new cars

LEIF HÖEGH & CO. Market trends – HUAL trades FAR EAST OUTBOUND Spectacular financial recovery for Nissan, HUAL’s main customer “Nissan 180 plan”: Increase sales by 1 million units/year while maintaining profitability –Significant export volumes from Nissan’s plants outside Japan Daewoo likely to survive as part of GM group Increased export of used cars from Japan/Korea HUAL’s increased service & frequency FE-US give us improved possibilities to develop the market –Factory-new cars to North America –Second-hand vehicles to Central America / Caribbean –High/Heavy rolling stock

LEIF HÖEGH & CO. Market trends – HUAL trades EUROPE OUTBOUND Strong growth in European vehicle exports –New cars: Middle East, Southeast Asia/Japan, North America –Used cars: West Africa, Middle East –High/Heavy: Middle East HUAL has strong position & market shares in the most profitable trades ex Europe HUAL has deliberately chosen to stay away from the high volume but low-rate North Atlantic vehicle trade –Concentrating instead on building up a strong position in the more profitable trade Europe-Caribbean The Africa trade gives HUAL’s trade pattern substantial flexibility –Can adjust capacity to West and South Africa according to requirements –Can return vessels Africa - Europe or proceed to Far East

LEIF HÖEGH & CO. Market trends – HUAL trades US OUTBOUND HUAL maintaining position and market share in our traditional stronghold in the Middle East USA - Africa trade has considerable long-term potential –West Africa significant potential market for used vehicles ex US –Additional possibility to cater for RSA vehicle export USA - Europe trade currently suffering due to strong dollar / low shipment volumes

LEIF HÖEGH & CO. Market trends – HUAL trades RECENT DEVELOPMENTS Acquisition of Kiwi Car Carriers has given HUAL entry to profitable POV trade and state-of-the-industry land-based services Cosco deal strengthening HUAL’s position in China’s ro/ro market Australia interesting market for HUAL –Import / Export Ambitious export programmes from RSA with increased volumes from 2003/2004 –HUAL well positioned in RSA

Ex N America 0.5 mill. Ex Europe 1.6 mill. Ex Japan / Korea 5.8 mill. To N. America To S. America Factory-new cars & light commercial vehicles, plus 2nd hand vehicles (estimated) LEIF HÖEGH & CO. World deep-sea vehicle movements 2001

LEIF HÖEGH & CO. Market trends – Macro Economic downturn less severe than many anticipated – vehicle sales holding up better than expected after September 11 –US sales now forecast at million units vs million in 2001, with imports taking increasing share of total –Sales in Europe forecast to decline 4-5% compared to 2001 –Strong sales in the Middle East Asian countries (excl. Japan) on resumed growth path, with positive effect for vehicle sales China joining WTO, liberalising tariffs and import restrictions for vehicles

LEIF HÖEGH & CO. Market trends – Macro Conclusion: 2002 low point in global light vehicle sales in the current cycle –Estimated decline : - 3.3% –Several markets expect robust growth also in 2002 Overall growth in global vehicle sales expected from 2003 onwards DRI WEFA forecast: 10 million vehicles / 18.6% growth Emerging markets forecast to take lion’s share of the growth: –Asia (incl. China / India)+ 3.8 million –C & S America million –East Europe million

LEIF HÖEGH & CO. Age distribution of the world PCC / PCTC fleet and newbuildings on order...

LEIF HÖEGH & CO. Average-sized vessels – intake capacity 4,200 units...indicate a reasonable PCTC tonnage balance in the various lifespan/scrapping scenarios