1. LEIF HÖEGH & CO Marine Money Week Opportunities in Marine & Energy Equities New York, 21 June 2001 Thor Jørgen Guttormsen President

2. LEIF HÖEGH & CO History  Established in 1927  Listed as AS Atlantica on Oslo Stock Exchange in 1927  Stock listed on consolidated basis in 1987  Highly diversified until 1990’s  Recent focus on Ro/Ro and LNG (Contract Shipping)

3. LEIF HÖEGH & CO LHC is being positioned for profitable growth Contract Shipping LNG/Bulk Ro/Ro Business Restructuring Reefer / Open Hatch 1992Spun off tankers and OBO into Bona 1992Sold the West Africa Line 1994Started acquisition of Cool Carriers 1997Acquired cape size bulkers against long term contracts 1998Liner Service sold (delivery 2001) 1999Acquired 100 % of Unicool (Cool Carriers), closing 2000 2000Acquired 100% of HUAL 2000Cool Carriers sold 2001Gorthon Lines sold 199520001990 LNG LPG W.Africa Höegh Lines Open Hatch HUAL OBO Tank Cruise

4. LEIF HÖEGH & CO Combined, Ro/Ro and Contract Shipping account for close to 80% of the business 2000 EBITDA by activity 2000 invested capital by activity

5. LEIF HÖEGH & CO Source: Platou/Drewry5 HUAL lifts more cargo relative to its fleet size than any of the other large players 0510152025 HUAL K-LINE HMM MOSK WWL NYK Volume Fleet

6. LEIF HÖEGH & CO An important reason for this is HUAL’s strong position in cross trades and Far East exports % HUAL’s market share - Far East and cross trades (EUR/N Am export) 1996-2000

7. LEIF HÖEGH & CO Source: DRI/JAMA7 Total demand for deep sea Ro/Ro shipments of new vehicles will continue to grow modestly

8. LEIF HÖEGH & CO HUAL has a growing share of used cars and high & heavy - cargo that is paying better than new cars 68 %53 % 24 %27 % 20 % 8 % HUAL’s cargo mix  HUAL’s presence in the used cars and high and heavy markets is strong  With a series of recent new- buildings, tailor-made to carry high and heavy cargoes, HUAL is well positioned to grow further in this segment

9. LEIF HÖEGH & CO LHC’s fleet of LNG carriers  Höegh Gandria (x) (125 000 m 3 ) on t/c to Pertamina to 2006  Norman Lady (x) (87 600 m 3 ) on t/c to Enagas to 2012/2019  Höegh Galleon (87 600 m 3 ) on t/c to Enron to 2017  Matthew (126 000 m 3 ) on technical management from Cabot LNG (x) 50% joint ownership with Mitsui OSK Lines

10. LEIF HÖEGH & CO Source: EIA/Cedigaz/Ocean Shpg. Consultants bcmmtoe The world’s LNG trade is forecast to continue its strong growth

11. LEIF HÖEGH & CO Balance sheets

12. LEIF HÖEGH & CO Statements of income

13. LEIF HÖEGH & CO Dividend policy and history (1) No dividend due to equity issue (2) No dividend due to 11% temporary tax

14. LEIF HÖEGH & CO Share buy-back programme  10% of outstanding shares were bought back in 2000/2001, and cancelled at the AGM in April 2001  New authority was given to buy back an additional 10%