LEIF HÖEGH & CO

Welcome to presentation of Preliminary results 2002

14 February 2003

LEIF HÖEGH & CO

(USD million) 2002 2001 2000Total Total Total

Freight revenues 667 680 774

Operating profit before salesgain and depreciation 160 164 124

Operating profit 88 102 56

Profit before tax 65 99 23

Net profit 62 83 20

STATEMENTS OF INCOME

Preliminary results 2002

LEIF HÖEGH & CO

(USD million) 2002 2001 200031.12 31.12 31.12

Intangible assets 77 79 95 Vessels 845 963 1 024 Newbuildings 8 0 0 Other fixed assets 42 41 51 Other current assets 65 75 80 Bank deposits / Marketable securities 186 178 178 Total assets 1 223 1 336 1 428

Shareholders' equity 511 468 420 Mortgage debt/lease obligations 616 781 916 Other long term liabilities 21 7 7 Current liabilities 75 80 85 Total shareholders' equity and liabilities 1 223 1 336 1 428

BALANCE SHEETS

Preliminary results 2002

LEIF HÖEGH & CO

020406080

100120140160

2000 2001 2002

Operating profit before gain on sale of vessels and depreciationOperating profitNet profit

USD mill

RESULTS 2000-2002

Preliminary results 2002

LEIF HÖEGH & CO

0

20

40

60

80

100

120

140

HUAL LNG BULK HÖEGH LINES REEFER2001 2002

USD mill

OPERATING PROFIT BEFORE DEPRECIATION - PER SEGMENT

Preliminary results 2002

LEIF HÖEGH & CO

-1,25

0,60

2,622,11

1,69

-2

0

2

4

1998 1999 2000 2001 2002

USD

RESULT PER SHARE

Preliminary results 2002

LEIF HÖEGH & CO

88

50

103

156

135

0

25

50

75

100

125

150

175

1998 1999 2000 2001 2002

USD mill.

CASHFLOW

Preliminary results 2002

LEIF HÖEGH & CO

1,66

3,03

4,904,61

2,95

0,00

1,00

2,00

3,00

4,00

5,00

1998 1999 2000 2001 2002

USD

CASHFLOW PER SHARE

Preliminary results 2002

LEIF HÖEGH & CO Strategy

The strategy has been further implemented in 2002 and is paying off…

Operating results developed satisfactory for core segments Ro/Ro and LNG

We see growth opportunities in Ro/Ro and LNG and have established a basis for growth taking positions in 7 new Ro/Ro vessels and 2 new LNG vessels

The financial position of LHC is solid and was further strengthen in 2002.

LHC is positioned in less volatile segments (Ro/Ro and LNG) for which:

Entry barriers are considered high: LHC’s business is based on high level competence, knowledge based systems and logistics solutions and long term freight contracts and customer relations.

LEIF HÖEGH & CO Highlights 2002

Important long term contracts were concluded with solid partners– Airbus: transportation of aeroplane parts for minimum 20 years– Statoil and Snöhvit Seller Group: LNG transportation contract for minimum 20 years– TotalFinaElf: LNG transportation contract in minimum 20 years

Capacity growth– Kiwi Car carriers developed positively in its first year in operation within HUAL (POVs to NZ)– HUAL’s Ro/Ro capacity increases in 2003 with 3 large PCTCs taken on charter up to 10 years– 3 + options PCTC (6100 ceu) ordered from Daewoo for delivery in 2005– 1 Ro/Ro for Airbus ordered from Jinling for delivery in 2004– 2 LNG vessels (145 000 m3) ordered from Mitsubishi HI

The strategy was further implemented– The commercial operation of open hatch was transferred to Saga Forest Cariers– 3 reefers were sold (one for delivery 1st quarter 2003)

LEIF HÖEGH & CO

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