COWI Consulting Engineers and Planners AS 27 Sep. 2000

Codan and Danica B-shares The Group Employees B-shares COWI Foundation A-shares Codan and Danica B-shares Danish offices Offices abroad Lyngby Sorø Aalborg Vejle Svendborg Belgium Uganda Vietnam Århus Viborg Kolding Odense Norway Ghana Gladsaxe Holstebro Esbjerg Consulting Engineers and Planners AS (Head Office) Wholly and partly owned companies abroad Wholly owned companies in Denmark Associated companies in Denmark 27 Sep. 2000

The Group Wholly and partly owned companies abroad Wholly owned companies in Denmark Associated companies in Denmark Ben C. Gerwick, Inc. San Francisco, California, USA (93%) COWI Canada Ltd. Saint John, Canada (100%) Buckland & Taylor Ltd. Vancouver, Canada (100%) UAB COWI Baltic Consulting Engineers and Planners Vilnius, Lithuania (100%) COWI Polska, Sp. z o.o., Warsaw, Poland (100%) COWI Philippines, Inc. Manila, Philippines (100%) Beijing YAN-DAN Heat Energy Technology Development Co. Ltd. Beijing, China (30%) Covitecma S.A. Madrid, Spain (25%) COWI Hungary Ltd. Budapest, Hungary (100%) BaUm COWI Bau- und Umweltplanung GmbH Berlin, Germany (100%) Hjellnes COWI AS Oslo, Norway (50%) COWI Tanzania Consulting Engineers and Planners Ltd. Dar es Salaam, Tanzania (100%) COWIconsult International Ltd. London, U.K. (100%) Moscow Representative Office of COWIconsult International Ltd. Moscow, Russia (100%) KAGISO-COWI Consultancy (Pty.) Ltd. Johannesburg, South Africa (50%) COWI-ALMOAYED GULF W.L.L. Manama, Bahrain (49%) COMAR Engineers A/S (100%) MATCON Consulting Engineers and Planners A/S OC BRUUN&SØRENSEN GROUP AS Studstrup & Østgaard A/S Consulting Engineers and Planners Enviroplan International A/S DANPORT The Danish Port Consultancy Group AS (50%) Danish Concrete Institute A/S (14%) 27 Sep. 2000

COWI Consulting Engineers and Planners AS Board of Directors Management Central Services Div. D01 Div. D02 Div. D03 Div. D04 Div. D05 Div. D06 Div. D07 Div. D08 Div. D09 Region North Jutland Region Mid Jutland Bridges, Marine and Foundation Engineering Economics and Management Development Planning Environmental Projects Rail, Metro and Tunnel Building and Operation Industry, Energy and IT Environment Roads and Airports Region South Jutland Region Funen 27 Sep. 2000

COWI Group staff numbers 1996-2000 (year-end) 2500 2000 A 1500 B A: 516 in subsidiaries B: 116 in parent company abroad C: 1,455 in parent company in Denmark 1000 C 500 1996 1997 1998 1999 2000 27 Sep. 2000

Annual turnover of the Group distributed between Denmark and abroad, MDKK 1,377.3 1,354.1 1,324.6 1,328.5 1,224.3 434.3 574.6 624.1 655.2 688,8 Abroad Denmark 790.0 750.0 730.0 673.3 688,5 1995/96 1996/97 1997/98 1998/99 1999/00 27 Sep. 2000

Number of COWI Employees 1961-00 The Group 2000 Parent company in Denmark and abroad Parent company in Denmark 1500 1000 500 1965 1970 1975 1980 1985 1990 1995 2000 27 Sep. 2000

COWI offices in Denmark Aalborg Viborg Holstebro Århus Lyngby Vejle Gladsaxe Esbjerg Sorø Kolding Odense Svendborg 27 Sep. 2000

COWI abroad Offices abroad International experience 27 Sep. 2000

Economics and management Environmental and resource economics Environmental management and legislation Transport and commercial economics Welfare and labour market Market and consumer analyses Financing and BOT Public and private service development Public transport and organisation Traffic planning and informatics Traffic environment and safety 27 Sep. 2000

Development Planning Urban management and local government Water resources management Water supply and sanitation Agriculture and natural resources management Health and social development Training and education Institutional analysis and capacity building Human rights and democratisation 27 Sep. 2000

Environment Chemicals in the environment Nature restoration and conservation Environmental impact assessment Environmental management Pollution prevention in industries Soil and groundwater contamination Occupational health and indoor climate Noise abatement Environmental due diligence Safety management 27 Sep. 2000

Environmental Projects Urban wastewater management Wastewater infrastructure rehabilitation Wastewater and stormwater collection Wastewater treatment and sludge management Solid waste management and recycling Hazardous waste management Institutional and regulatory aspects Environmental accounting Supervisory Control and Data Acquisition (SCADA) Operation and Maintenance 27 Sep. 2000

Roads and Airports Urban roads Highways Airports Pavements Operation and Maintenance Surveying and mapping GIS - Geographical Information System 27 Sep. 2000

Rail, Metro and Tunnel Railway planning Infrastructure design Bored tunnels Immersed tunnels Cut-and-cover tunnels Stations Project and construction management Upgrading and maintenance Infrastructure management 27 Sep. 2000

Bridges, Marine and Foundation Engineering Major bridges Bridges Geotechnics Coastal protection Marine engineering Management systems Operation and Maintenance Risk analysis Aerodynamics Safety assessment 27 Sep. 2000

Building and Operation Industrial and administration buildings Sports centres and cultural buildings Housing, schools and universities Hospitals, sheltered housing and nursing homes Urban development Operation and Maintenance Owner and tenant consultancy services Project development Life cycle costs 27 Sep. 2000

Industry, Energy and IT Industry Energy Oil and gas IT and management 27 Sep. 2000