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LEIF HÖEGH & CO.

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 2nd hand vehicles (estimated). Ex N America 0.4 mill. Ex Europe 1.8 mill. Ex Japan / Korea 6.5 mill. 30. 1900.

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LEIF HÖEGH & CO.

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  1. LEIF HÖEGH & CO. Presentation 10.04.2003

  2. LEIF HÖEGH & CO. Part 1: Market

  3. 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 150 550 80 To N. America 80 300 75 200 40 To S. America 350 370 120 580

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

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

  6. 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

  7. 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.

  8. LEIF HÖEGH & CO. Part 2: HUAL

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

  10. 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

  11. LEIF HÖEGH & CO. – and trade systems that span the globe – US - Europe Far East - Europe Far East - Caribbean/ USEC/US Gulf 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)

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

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

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

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

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

  17. 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. Europe Outbound 490,000 CEUs Far East Outbound 365,000 CEUs North America Outbound 201,000 CEUs

  18. 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

  19. 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

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

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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

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