Star Reefers Inc.

Star Reefers Inc.
( a Cayman Islands company)
Earnings Recovery and
Future Consolidation
Sources: Fairplay Database Ships and C om panies, Hinrichsen & Co
”W orld R eefer Tonnage”, Ernst R uss GmbH & Co, Global R eefer Trading
Ltd., O cean Shipping C onsultants Ltd. ”R eefer Trades to 2010”

.
DISCLAIMER
Star Reefers Inc.
This presentation contains certain forward-looking statements
regarding the intents, beliefs or current expectations.
These forward-looking statements are based on information
currently held. The Company assumes no obligation to update
these statements. It is important to note that these
forward-looking involves uncertainties about future performance.
The Company’s actual results may differ materially from these
statements as a result of various important factors beyond the
control of the Company.

.
Star Reefers Inc.
VISION
… Making a positive difference
MISSION STATEMENT
Star Reefers Inc. will make a positive difference
in servicing the total transportation needs
of the global perishable produce industry and
will deliver added value for all our stakeholders

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Star Reefers Inc.
CORE VALUES
COMMUNICATION
SRI communicates in an open, straightforward, honest and trustworthy manner
SRI fosters an open dialogue and a sense of belonging
INTEGRITY
SRI has a strict observance of laws, best practices and acts responsibly in the environment
SRI treats all people with respect and equality
SRI believes in the value and benefit of individual and cultural differences
SRI will never compromise on safeguarding the individual life, health or safety
RESPONSIBILITY
SRI treats the cargo with outmost care and as consumer of same
SRI takes pride and ownership in our work, ships and in satisfying all our customers needs
SRI employees and crews are accountable for the use of resources and cargo entrusted them
SRI is assessed on long term results and providing appropriate returns to shareholders
ATTITUDES
SRI encourages teamwork and recognises employees for their contributions to SRI
SRI shall be brave, yet balanced, in providing innovative and pioneering projects and solutions
to the customers and the industry.
SRI believes in continuos improvements sparing no efforts to strengthen its performance and
quality of services

Investment Opportunity
• 15-year low rate and value cycle
• Positioned for an upswing in the reefer market
• Consolidation started - more to follow
• A leading global operator
Pure-play listed reefer company (SRI)

• Star Reefers Inc.
• Reefer Market
• Company Management
• Company Focus
• Why Star Reefers ?
Outline

Star Reefers Storyline
A Year of Intensity
• Swan Reefer (SRA) initiates refinancing talks with Siem
Industries (SI) and appoints new management 12-00
• Creditors write-off USD 55 mill. SI and others inject
new equity of USD 44 mill. 01-01
• SRA delisted - Swan Reefer Inc. (Cayman) listed on OSE 04-01
• Voluntary, compulsory and mandatory offers completed 06-01
• SRA acquires Star Reefers London: Commercial operation
and 6 owned + 18 chartered vessels for $35 mill. 07-01
• SRA changes name to Star Reefers Inc.(SRI) 08-01
• SRI+NYK (50/50) form pool company NYK STAR Reefers 08-01
• NYK STAR controls 68 ships or a 17% market share 09-01
• SRI sells two older (1979) vessels 09-01
• SRI restructures long-term T/C with Mitsui & Co Ltd. 02-02
• Liner service established: New Zealand - Continent 02-02
From a fragile tonnage supplier to a dominant reefer operator

Star Reefers Inc.
PRE-STAR ACQUISITION
Swan Reefer Inc. Cayman
Swan Reefer ASA, Oslo
Ownership 20 Vessels
A fragile tonnage supplier

NYK Star Reefers Ltd
Cayman Islands
Pool with NYK
• 68 vessels
•35 million cbft.
Operated from London
Star Reefers Inc. (SRI)
POST-STAR ACQUISITION
Star Reefers Inc.
Cayman Islands
50 % 100 %
100 %
Star Reefers AS
Norway
Ownership
• 24 vessels
•13 million cbft.
Oslo
Dominant Reefer Operator
Star Chartering Inc
Cayman Islands
Chartering
•12 vessels
•7 million cbft
Operated by NYK STAR

Million cbft
100
90
80
70
60
50
40
30
20
10
0
SRI: A Leading Operator
Major Reefer Operators
Lauritzen/Cool
Seatrade Reefers
Lavinia/Alpha
NYK Star Reefers Inc.
Enterprise
Eastwind
Lasco
Global Reefers
Green Reefers
Other
Operator Ships Mcbft
LauritzenCool 71 36
Seatrade 110 36
NYK STAR 68 35
NYK STAR the largest operators of reefers above 450,000 cbft

Type Capacity
(1,000 cbft)
The Star Fleet
Number of
Vessels
Capacity
(Mill cbft)
Jumbo class: 674-703 6 4.1
Swan class: 466-475 5 2.4
Tundra class: 577-596 5 2.9
Harland class: 465 4 1.9
Trojan class: 478 2 1.0
Other 378-424 2 0.8
C class: 565 4 2.3
Polar class: 529-564 4 2.2
R class: 526 2 1.0
S class: 506 2 1.0
Total 36 19.6
NYK STAR controls 17% of reefer fleet over 300,000cbft

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Profit and Loss 2001
4Q 2001 4Q 2000 2001 2000
Operating revenue $ 25.3 $ 10.9 $ 85.4 $ 52.2
Operating expenses $ -23.3 $ -7.8 $ -60.8 $ -29.0
EBITDA $ 2.0 $ 3.1 $ 24.6 $ 23.2
Depreciation & write-down $ -3.1 $ -2.6 $ -11.5 $ -116.5
Operating profit $ -1.1 $ 0.5 $ 13.1 $ -93.3
Net financial items $ -2.1 $ -3.7 $ -8.5 $ -15.8
Pre tax profit $ -3.2 $ -3.2 $ 4.6 $ -109.1
Taxes $ - $ - $ - $ -6.1
Net profit (loss) $ -3.2 $ -3.2 $ 4.6 $ -115.2
Owned Vessels
Revenue UScent/cbft/month ¢ 38 ¢ 33 ¢ 44 ¢ 39
Revenue USD/day $ 6,959 $ 6,228 $ 8,281 $ 7,497
Opex USD/day $ 4,250 $ 3,700 $ 4,175 $ 3,900
Chartered vessels
Revenue UScent/cbft/month ¢ 32 n/a n/a n/a
Opex USD/day ¢ 36 n/a n/a n/a

.
Profit and Loss 2001
2001 2001 vs 2000
Operating revenue $85,4 64 %
Operating expenses -$60,8 110 %
EBITDA $24,6 6 %
Depreciation and write-down -$11,5 -90 %
Operating profit $13,1 n/a
Net financial items $8,4 -47 %
Profit/Loss before tax $4,7 n/a
Strong earnings visibility for ‘02 with 60% of fleet fixed

Shareholders
Name Shares %
Siem Industries 5,542,668 73.2
Maas Capital Investment 545,678 7.2
Hafslund Invest 460,655 6.1
Vestey Group 210,500 2.8
DnB Markets 200,058 2.6
Aage Thoen 175,000 2.3
Lauritzen 76,776 1.0
Other shareholders 357,811 4.8
Total 7,569,146 100.0
Options Management 250,000
2001 free float of 15% and inadequate liquidity

Reefer Industry Story
• Need for speedy transport of perishable and seasonable fruits
• Influx of newbuildings during 80’s and mid 90’s
• Impacts of El Niño and La Niña
• USD appreciation of some 20% during 90’s
• EU enacted a restrictive quota system for bananas in 1993
• Collapse of USSR during mid-90’s
• Fruit majors suffering at end of 90’s
• Commission driven market players
• High tech storage technology - controlled atmosphere
• Container influx and penetration
Since 1990 negative factors have hit the reefer industry hard

Reefer Market Characteristics
• Period market
– 12 months time charter segments driven by fruit majors
– Preference for modern vessels
– Period market historically stronger than spot market
• Spot market
– Strong demand during high season from January to May
– Dependent upon crop output, production areas and capacity utilisation
– Driven by traders and spot requirements
• Liner segment
– Stable requirements consolidated by container lines with reefer plug capacity
– Liner terms point to point (terminal to storage)
• Semi system trade
– Conventional reefers with high reefer container capacity
– Port pair liner terms (port-to-port)
A segmental shipping niche

Pre-Consolidation:
• Commission-driven pools
• Fragmented ownership of vessels
• Pool control of tonnage
• Topline decisions
• Container penetration of 44%
• EU vs. US market
• Non-transparency
Reefer Landscape
Million cbft
100
90
80
70
60
50
40
30
20
10
0
Major Rreefer Operators
Lauritzen/Cool
Seatrade Reefers
Lavinia/Alpha
Star Reefers
NYK Reefers
Enterprise
Eastwind
Lasco
Global Reefers
Green Reefers
Other
SRI is a leading tonnage supplier placed at the lower end of the value chain

Post-Consolidation:
• Owner-based pools
• Reduced ship fragmentation
• Pool tonnage control reduced
• More bottomline decisions
• Return to market transparency
• EU-US trade dispute resolved
Reefer Landscape
Million cbft
100
90
80
70
60
50
40
30
20
10
0
Major reefer operators
Lauritzen/Cool
Seatrade Reefers
Lavinia/Alpha
NYK Star Reefers Ltd.
Enterprise
Eastwind
Lasco
Global Reefers
Green Reefers
Other
NYK STAR is one of three worldwide leading reefer operators and has the largest
portion of fully-owned ships. SRI is positioned at high end of value chain.

Reefer Market Consolidation
• Merger Lauritzen CoolCarriers (LC) Jan01
• Pool operations Vroon/Sun Group Apr01
• Swan Reefer acquires Star Reefers Jul 01
• Star Reefers combination with NYK
forming NYK STAR Reefers Aug01
• Seatrade combination with Nissui KK Jun01
• LC combination with Eco and Armada Feb02
Number of reefer players reduced by 7 in 14 months - More to follow

US Cents per cbft
85
80
75
70
65
60
55
50
45
40
35
30
Source: ORION SHIPPING, Norway
12 Months T/C Rates
350,000-500,000 cbft vessels
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Annual spot rates Conventional type, pallet friendly High quality, container frien

C/cbft/m
120
100
80
60
40
20
0
Jan
Feb
Mar
Seasonal Spot Rates
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1998
1999
2000
2001

Index
330.0
280.0
230.0
180.0
130.0
- Reefer Market Characteristics
80.0
Health- and fitness boom
in the US -> banana
consumption, the fitness
boom then followed suit
in Europe
Economic recession,
regional tropical storms
and crop deseases
Good Good correlation correlation between between world world output output and and reefer reefer demand demand
Focus on positive
development in the former
East block countries and
the opening of the EU, led
to a positioning game
among large exporters who
flooded the market place
with fruits
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
World output Reefer demand
EU-banana
regime and
import
regulations
El Ninjo,
Asian crisis
Reefer demand
260.0
240.0
220.0
200.0
180.0
160.0
140.0
120.0
100.0
R2=93%
100.0 150.0 200.0 250.0 300.0
World output
1970`ies 1980`ies 1990`ies
World output 3.90% 3.10% 2.70%
Reefer demand 2.70% 2.60% 2.80%

Consumptio
n pr. capita
14
12
10
8
6
4
2
0
A Theoretical Approach
A B C
Russia Other Saudi Other
E. Eur. Arabia EU
1930 2355 6870 19755
1) As of 1994: Switzerland,
Sweden, Austria, Norway and
Fi l d
Demand and Elasticity
Germany USA Other
W. Eur.
25280 25820
1)
25927
A) Low income, basic need coverage
B) Rising income changing spending (eating)
habit. Economy in focus by
multinationals (Distribution
network/promotion).
C) Consumption reaches top point. Rising
income triggers substitution to more
sophisticated fruits
GDP per capita

MILL. TONNES
12.0
10.0
8.0
6.0
4.0
2.0
0.0
90
91
92
93
94
95
96
BANANAS CITRUS DECIDUOUS OTHER
Commodities Traded
97
98
99 2000 01 (p)
12
10
8
6
4
2
0
Growth p.a. 1990-2000 2001(p)
BAN 4.5% -1%
DEC 0.7% 7.2%
CIT 2.1% 7.2%
Total 2.8% 0.5%
COMMODITIES - 2000
Bananas
57.8%
Other
Decid. 17.6%
14.0% Citrus
10.6%
EXPORTERS - 2000
South America
60.7%
Africa
12.3%
Others
12.2%
Caribs/C America
14.7%

Fruit Majors
Del Monte Foods
• Producer / distributor branded, processed fruit
and vegetables
•Net sales USD 1.3 billion
•2,700 employees + 11,000 seasonal workers
•Reefer fleet
•NYSE-listed (symbol: FDM)
Dole Food Company
•Producer / distributor of fresh fruit
•Gross sales USD 4.7 billion
•Reefer fleet of 5 M cbft
•NYSE-listed (symbol: DOL

Fruit Majors
Chiquita Brands International
•World-leading producer / distributor of
bananas and fresh fruits
•Emerging from Chapter 11
•Reefer fleet (Great White Fleet) of 14 vessels
and 6.8 M cbft
Zespri of New Zealand
Fyffes and Geest of UK
Capespan of South Africa
Noboa of Ecuador
Lappandai of the Philippines

Banana Trades
Season: January – April.
Source: Ocean Shipping Consultants Ltd. ”Reefer Trades to 2010”

The World Reefer Fleet
• Total Fleet
• 846 vessels (over 100,000 cbft) with a capacity of 294 million cbft
• Order book is 4 vessels
• Average age is 18 years
• Fleet above 300,000 cbft
• 456 vessels above 300.000 cbft
• Total of 211 million cbft, or 72% of fleet, over 100,000 cbft
• Orderbook 4 vessels / 1.7 million cbft, or 0.8% of fleet
• Average age is 15 years
• Scrapping
• 18 vessels in 2001, 27 in 2000, and 51 in 1999
• Average scrapping age was 26 years from 1997-2001
• 40 vessels will have to pass intermediate survey during 02
NYK STAR Reefers’ average fleet age is 9 years. Scrapping potential is building
up due to special survey. Positive reefer fundamentals.

Global:
SRI Fleet
350
300
250
200
150
100
50
0
58
234
Fleet Age Distribution
87
171
January 2002
300.000 cbft
126
185
> 25 years 20-25 years 15-20 years 10-15 years 5-10 years 0-5 years
0 5 8 10 6 7
104
149
93
47
60
29
Source: Clarkson’s database

Mill. cbft
18
16
14
12
10
8
6
4
2
0
Scrapping in Million cbft.
1998 1999 2000 2001
# of ships 34 51 27 18

Figure 1
Net growth percen
Net growth in supply of specialised reefer tonnage
vessels above 100,000 cubic feet
30
25
20
15
10
5
0
-5
1992 1993 1994 1995 1996 1997 1998 1999 2000(f) 2001(e)
Source: LauritzenCool fleet database
Net Growth in Supply
Pallet friendly tonnage including converted breakbulk vessels
Newbuildings less scrapings, losses etc.

Industry Factors to Watch
• Supply of reefer tonnage
– Aging world fleet
– No order book
• Containerisation
– Increased competition from container vessels
• Controlled atmosphere
• Decreasing seasonal effects due to improved storage facilities
• Pool arrangements
– Fragmented owner and pool structure
• Crop output
– Weather/climatic conditions
• Demand
– Demand from Russia and Far East
– General economic outlook

Reefers vs Containers
• Conventional reefer trades in bananas, decidiuous and citrus
• Bananas account for 36% of sea-borne reefer cargo volumes
• Other cargoes include meat, fish, seafood, dairy products,
vegetables, and tropical fruits
• Bananas transported by reefers above 350,000 cbft.
• Decidiuous/exotics transported by reefers above 200,000 cbft.
• Container share was 44.1% of total trade in 2000 and is
estimated to increase to around 45% in 2001
Reefers: North-South, High Volume, Low Value, Season
Sources: Fairplay database Ships and Companies, Hinrichsen & Co
”World Reefer Tonnage”, Ernst Russ GmbH & Co, Global Reefer Trading Ltd.

• Containers
– Liner service
– Schedules
– East-west rotations
– Container positioning
Reefers vs Containers
– Irregular temperature control and ventilation
– Low cargo claim/ratios
• Reefers
– Point-to-point delivery
– Stable voyage temperature and ventilation
– Larger scale effects
– Higher cargo/claim ratios
– Seasonal market drivers
– Flexibility in chartering
Factors in favour of reefers: 1. Liner based systems
2. Speed advantages 3. Claims improvement 4. Tonnage reduction

% Share
25.0
20.0
15.0
10.0
5.0
0.0
Chile
S Africa
Argentina
New Zealand
Total
97 98 99 2000 1
*Bananas=Exports from Ecuador, Costa Rica and Colombia
Liners vs Conventional Reefers
Liner's Share of Fruit Exports
Bananas*
Bananas (Excl. USA)

Reefers vs Containers
'000 tonnes
12000
10000
8000
6000
4000
2000
0
Reefer cargo by commodities
and type of carrier
Bananas Citrus fruits Deciduous
fruits
Tropical
fruits
Reefers Containerships
Sources: Fairplay database Ships and Companies, Hinrichsen & Co
”World Reefer Tonnage”, Ernst Russ GmbH & Co, Global Reefer Trading Ltd.
Seafoods Meat

• Positive
Reefer Industry Outlook
– Consolidation trend continues !
– Low order book !
– Large scrapping potential !
– Increased demand from former Soviet Union and Far East !
– EU and US banana conflict put to rest !
– USD decline ?
• Negative
– Fragmented ownership of vessels and pool tonnage
– Containerisation continues
– Global economy next 12 - 24 months
– Crop disturbances affect ton-miles and cargo availabilities
Continued consolidation may offset market uncertainties

Group Management
Charles Bondi
Group Controller
Star, London
Kevin Harding
• Chartering/marketing
• NYK STAR
Board of Directors
Kristian Siem (Chairman)
Jesper Edelman
Ole Martin Siem
Per Haukenes
Aage Thoen
Chief Executive Officer
Terje Aschim
Finance Director
Star, Oslo
Aage Thoen
• Fleet management
• Finance
• Operations

Aage Thoen
Chief Executive Officer
And Chairman
NYK Star Reefers
Kevin Harding
Director
Terje Aschim
Financial Director
Charles Bondi
Group Controller
Kjetil Bruun-Olsen
Vice President
Fleet Management
Company Management
20 years experience from shipping, offshore and international finance
(DnC, Høegh-Ugland,Aker. LorentzenSkips Group, Transnational Group,
Hong Kong and various board memberships
Economist/MBA
24 years experience in shipping - container and conventional reefers
(Act(A), Blue Star Line) in Australia, New York, San Francisco as well
as well as London
15 years experience as controller (finance and investor relations)
with stock listed companies Vard and NCL Holding
Economist/MBA Norwegian CPA
5 years experience from accounting
Economist/MBA
19 years experience from shipping offshore and international marine
contracting (Mobile Exploration, Dyvi Heavy Lift, Statoil,Norwegian
Ship Management, Hansa Shipping, Neptun/Bukser og Berging)

Santiago
Star Reefers Inc.
Cayman Islands
Buenos Aires
London
Oslo
Cape Town
Sydney
Auckland

Company Focus 2002
• SRI will offer a cost-based pool
• NYK STAR buildup of cargo/contract portfolios
• SRI will start harvesting consolidation effects
• Focus on operating efficiency
• Implement chain management
• Provide customer transportation solutions
• Share campaign, improve equity market presence
and improve share liquidity
• Continued consolidation efforts
Build a cost competitive fleet with a strategic market position

Why Star Reefers Inc. ?
• Pure-play listed, global reefer company
• 15 year low rate and value cycle
• Proven consolidator - More to follow
• Attractive financial multiples and sensitivities
• Earnings visibility
• A leading global operator
• Dividend focus
Join a company and industry recovery

Industry Knowledge Base
• Star Reefers Reefer Operator www.star-reefers.com
• Nomadic Shipping Reefer Operator www.nomadic.no
• LauritzenCool Reefer Operator www.laucool.com
• Seatrade NV Reefer Operator www.seatrader.com
• Armada Group Reefer Operator www.armadagroup.com
• Chiquita Fruit Major www.chiquita.com
• Federal Del Monte Fruit Major www.delmonte.com
• Dole Food Company Fruit Major www.dole.com
• Bocchigroup, Italia Fruit Major www.bocchigroup.com
• Goreefers Consolidater www.goreefers.com
• Eurofruit Magazine Magazine www.eurofruit.com
• Sopisco News Ecuador Research www.sopisco.com
• Orion Shipping Broker
• Ernst Russ Broker
• Ocean Reefers Broker
• Baltic Union Broker
• Orkla Enskilda Equity & Research www.enskilda.com
• DnB Markets Equity & Research www.dnb.no
• Fondsfinans Equity & Research www.fondsfinans.com
• Pareto Equity & Research www.pareto.no
• Adriafruit, Italia Importer www.adriafruit.com
• Turbanagroup, Colombia Exporter www.turbana.com
• Cobana F Gmbh Importer www.cobana.com
• Oslo Stock Exchange Stock Exchange www.ose.no