1. LEIF HÖEGH & CO.
Presentation

2. LEIF HÖEGH & CO.
Part 1:
Market

3. 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

4. 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

5. World PCC/PCTC fleet - age composition
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. 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
The balance is based on volumes as estimated autumn 2002.

8. LEIF HÖEGH & CO.
Part 2:
HUAL

9. 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)

10. – 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

11. – 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)

12. – 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

13. Far East Outbound trades - 2002
LEIF HÖEGH & CO.
Far East Outbound trades
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

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

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

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

17. 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

18. 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

19. CETAM services 2002 transportation volume: 275.000 car equivalents
LEIF HÖEGH & CO
CETAM services
2002 transportation volume: 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. 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

21. 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

22. HUAL highlights 2003 - so far
LEIF HÖEGH & CO.
HUAL highlights so far
Nissan contracts to Europe and North America renewed from
GMDAT contract Korea-Europe fixed for 2 years from
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. 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

24. 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

25. 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