LEIF HEGH CO Presentation 10 04 2003 LEIF

LEIF HÖEGH & CO. Presentation 10. 04. 2003

LEIF HÖEGH & CO. Part 1: Market

LEIF HÖEGH & CO. World vehicle movements 2002 Factory-new cars & light commercial vehicles, plus 2 nd hand vehicles (estimated) Ex N America 0. 4 mill. Ex Europe 1. 8 mill. 150 80 80 75 370 30 1900 2825 Ex Japan / Korea 6. 5 mill. 40 200 350 550 To N. America 300 To S. America 120 580

LEIF HÖEGH & CO. Global car production is expected to grow by 19. 5% from 1999 levels

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

LEIF HÖEGH & CO. PCC/PCTC supply/demand balance O V E R C A P A C I T Y U N D E R C A P A C 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

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

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

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

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

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

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

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

LEIF HÖEGH & CO KIWI 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

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

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 Dominican Republic Mexico Martinique Venezuela Su rin am an a Colombia uy Costa Rica Puerto Rico G Jamaica Guadeloupe French Guyana

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

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. 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

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 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

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

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