LEIF HÖEGH & CO. Presentation 10.04.2003

LEIF HÖEGH & CO. Part 1: Market

World vehicle movements 2002 LEIF HÖEGH & CO. World vehicle movements 2002 Factory-new cars & light commercial vehicles, plus 2nd hand vehicles (estimated) Ex N America 0.4 mill. Ex Europe 1.8 mill. Ex Japan / Korea 6.5 mill. 30 1900 900 2825 150 80 550 To N. America 80 300 75 40 200 To S. America 350 370 120 580

Global car production is expected to grow by 19.5% from 1999 levels LEIF HÖEGH & CO. Global car production is expected to grow by 19.5% from 1999 levels

World PCC/PCTC fleet - age composition LEIF HÖEGH & CO. World PCC/PCTC fleet - age composition

LEIF HÖEGH & CO. Age distribution of world PCC / PCTC fleet Including confirmed NB contracts 2003: 437 vessels 2008: 472 vessels 72 NBs confirmed No scrapping 2002

PCC/PCTC supply/demand balance LEIF HÖEGH & CO. PCC/PCTC supply/demand balance O V E R C A P I T Y U N D E R C A P I T Y 72 newbuildings are confirmed to be delivered 2003-2005. The balance is based on volumes as estimated autumn 2002.

LEIF HÖEGH & CO. Part 2: HUAL

Chicago, Jacksonville) LEIF HÖEGH & CO. HUAL has a strong presence in all important Ro/Ro markets – HUAL FRANCE S.A.R.L. (Paris & Le Havre) UK LTD BENELUX B.V. GERMANY GMBH HUAL REP. COTONOU DUBAI SAN JUAN DURBAN KIWI CAR CARRIERS CHINA HUAL JAPAN K.K. (Yokohama & Tokyo) HUAL NORTH AMERICA INC. (New York, Baltimore, Chicago, Jacksonville)

– as well as a modern and flexible fleet – LEIF HÖEGH & CO. – as well as a modern and flexible fleet – HUAL operates ± 45 deep-sea ro/ro vessels at any given time 27 vessels are owned or chartered on long-term T/C Remaining on short or medium term charters

– and trade systems that span the globe – LEIF HÖEGH & CO. – and trade systems that span the globe – US - Europe Far East - Caribbean/ USEC/US Gulf Far East - Europe Europe - Middle East To North America Europe - Far East US - Middle East Europe - Caribbean/US To South America Europe - West Africa Far East - South America US - Africa Europe - South Africa / Australia Japan- New Zealand (KIWI)

– offering excellent services and frequencies LEIF HÖEGH & CO. – offering excellent services and frequencies USEU: 24 To North America FEUS: 36 EUME: 24 EUWA: 14 EUFE: 24 USME: 24 EUCA: 24 FEEU: 36 To South America FESA: 12 USAF: 12 KIWI : 36 EUAF+ EUAU : 30

Far East Outbound trades - 2002 LEIF HÖEGH & CO. Far East Outbound trades - 2002 Total volume: 365,000 CEUs Far East- Europe: 155,000 Far East-US: 104,000 Far East- South America 40,000 Japan- New Zealand 66,000

Europe outbound trades - 2002 LEIF HÖEGH & CO. Europe outbound trades - 2002 Total volume: 490,000 CEUs Europe - Caribbean 57,000 Europe- Far East: 93,000 Europe-Middle East: 135,000 Europe - Africa/Australia 205,000

US outbound trades - 2002 Total volume: 201,000 CEUs US-Europe: 25,000 LEIF HÖEGH & CO. US outbound trades - 2002 Total volume: 201,000 CEUs US-Europe: 25,000 US- Middle East: 148,000 US- Africa: 28,000

LEIF HÖEGH & CO. HUAL’s cargo portfolio is diversified, both in terms of cargo composition –

North America Outbound LEIF HÖEGH & CO – and customers General Motors Ford DaimlerChrysler Caterpillar Deere & Co. Bayliner etc. etc. DaimlerChrysler BMW Renault/Nissan PAG (Ford/Volvo/LR/Jaguar) Peugeot/Citroën VW etc. etc. Nissan Subaru GM DAT (Daewoo) Komatsu Kobelco Hitachi etc. etc. North America Outbound 201,000 CEUs Europe Outbound 490,000 CEUs Far East Outbound 365,000 CEUs

KIWI Car Carriers Major player in Japan-New Zealand used-car trade LEIF HÖEGH & CO KIWI Car Carriers Major player in Japan-New Zealand used-car trade Profitable company Strong infrastructure and systems for shipping used vehicles, including 4 Terminal Receiving Stations in Japan Transfer of know-how – sharing of best practices in POV trade Potential for significant synergies with regard to Trade pattern Tonnage www.kiwicar.com

CETAM services 2002 transportation volume: 275.000 car equivalents LEIF HÖEGH & CO CETAM services 2002 transportation volume: 275.000 car equivalents CETAM currently operates five separate services: Between Turkey and France/Spain with 2 sailings per month Between France and Tunis with 3 sailings per week Between Santander, Le Havre, Zeebrugge, Teesport, Newcastle, Amsterdam, Le Havre, Santander in joint operation with EMC Amsterdam. Between Southampton and Santander with one sailing per week Between Barcelona, Marseilles and Algiers with one sailing per week

HUAL’s Caribbean service LEIF HÖEGH & CO HUAL’s Caribbean service Deep-sea service ex US Deep-sea service ex Far East Deep-sea service ex Europe Feeder service USA Mexico Dominican Republic Guadeloupe Jamaica Puerto Rico Martinique Costa Rica Venezuela Colombia French Guyana Guyana Surinam

HUAL highlights 2002 First full year with Kiwi under LHC ownership LEIF HÖEGH & CO. HUAL highlights 2002 First full year with Kiwi under LHC ownership Record volume (66,000 CEUs), good financial results Contracts for 3 PCTC newbuildings for delivery 2005 Contracts for long-term charters of 3 PCTC newbuildings for delivery in 2003 Contract for Airbus newbuilding at Jingling HUAL EUROPE grounding Oct. 1, later declared total loss

HUAL highlights 2003 - so far LEIF HÖEGH & CO. HUAL highlights 2003 - so far Nissan contracts to Europe and North America renewed from 01.04.2003 GMDAT contract Korea-Europe fixed for 2 years from 01.01.2003 Purchased KIWI BREEZE in order to ensure stable tonnage supply to Kiwi Main challenge going forward: Market imbalance between European inbound and outbound trades and impact for availability of tonnage to serve European auto industry

Market trends – HUAL trades LEIF HÖEGH & CO. Market trends – HUAL trades FAR EAST OUTBOUND The recovery of main HUAL customer Nissan continues Ambitious growth plans, significant export volumes from plants outside Japan – USA, UK, Spain. China likely to follow. GMDAT consolidating and gearing up for export growth Europe, North & South America Record NZ import of used vehicles, strong performance by Kiwi New foothold in China generates exports and imports Breakdown of Conference car carrying arm – no impact for HUAL short/medium term EUKOR: Based on external and internal studies, EUKOR will require substantial replacement tonnage during the coming 1-5 years

Market trends – HUAL trades LEIF HÖEGH & CO. Market trends – HUAL trades EUROPE OUTBOUND Strong growth in European vehicle exports expected to continue HUAL enjoys a strong position and market shares in the most profitable trades ex Europe End of Iraq war expected to provide strong impetus for growth in shipments to the Middle East Reconstruction of Iraq Consumer confidence in neighbouring countries HUAL increasing its frequency Europe-Australia to 2 sailings per month Australia increasingly interesting market for Ro/Ro import/export

Market trends – HUAL trades LEIF HÖEGH & CO. Market trends – HUAL trades US OUTBOUND HUAL maintaining position and market share in our traditional stronghold in the Middle East “Peace dividend” after Iraq war ends? USA - Africa trade has long-term potential USA - Europe trade suffering from low shipment volumes