1. 1 27 Sep. 2000 COWI Consulting Engineers and Planners AS

2. 2 27 Sep. 2000 The Group Employees B-shares Employees B-shares Danish offices Offices abroad LyngbySorøAalborgVejleSvendborgBelgium UgandaVietnam ÅrhusViborgKoldingOdenseNorwayGhana Gladsaxe HolstebroEsbjerg Consulting Engineers and Planners AS (Head Office) Wholly and partly owned companies abroad Wholly and partly owned companies abroad Associated companies in Denmark Wholly owned companies in Denmark Wholly owned companies in Denmark COWI Foundation A-shares COWI Foundation A-shares Codan and Danica B-shares

3. 3 27 Sep. 2000 The Group 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%) 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%) 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 (100%) OC Consulting Engineers and Planners A/S (100%) BRUUN&SØRENSEN GROUP AS (100%) Studstrup & Østgaard A/S Consulting Engineers and Planners (100%) Enviroplan International A/S (100%) COMAR Engineers A/S (100%) MATCON Consulting Engineers and Planners A/S (100%) OC Consulting Engineers and Planners A/S (100%) BRUUN&SØRENSEN GROUP AS (100%) Studstrup & Østgaard A/S Consulting Engineers and Planners (100%) Enviroplan International A/S (100%) DANPORT The Danish Port Consultancy Group AS (50%) Danish Concrete Institute A/S (14%) DANPORT The Danish Port Consultancy Group AS (50%) Danish Concrete Institute A/S (14%) Wholly and partly owned companies abroad Wholly and partly owned companies abroad Wholly owned companies in Denmark Associated companies in Denmark

4. 4 27 Sep. 2000 COWI Consulting Engineers and Planners AS Region North Jutland Region Mid Jutland Region South Jutland Region Funen Central Services Economics and Management Div. D01 Div. D01 Development Planning Div. D02 Environment Div. D03 Environmental Projects Div. D04 Roads and Airports Rail, Metro and Tunnel Bridges, Marine and Foundation Engineering Div. D07 Building and Operation Div. D08 Industry, Energy and IT Div. D09 Div. D05 Div. D06 Management Board of Directors

5. 5 27 Sep. 2000 COWI Group staff numbers 1996-2000 (year-end) 0 0 500 1000 1500 2000 2500 2000 C C A A A: 516 in subsidiaries B: 116 in parent company abroad C: 1,455 in parent company in Denmark A: 516 in subsidiaries B: 116 in parent company abroad C: 1,455 in parent company in Denmark B B 1997 1998 1999 1996

6. 6 27 Sep. 2000 Annual turnover of the Group distributed between Denmark and abroad, MDKK 1997/98 Abroad Denmark 1999/00 688,5 790.0 434.3 1,224.3 1995/96 750.0 574.6 1996/97 730.0 624.1 1,354.1 1998/99 673.3 655.2 1,328.5 1,324.6 688,8 1,377.3

7. 7 27 Sep. 2000 Number of COWI Employees 1961-00 2000 1500 1000 500 0 0 1965 1970 1975 1980 1985 1990 1995 The Group Parent company in Denmark and abroad Parent company in Denmark 2000

8. 8 27 Sep. 2000 COWI offices in Denmark Holstebro Viborg Aalborg Århus Vejle Esbjerg Kolding Odense Svendborg Sorø Gladsaxe Lyngby

9. 9 27 Sep. 2000 COWI abroad Offices abroad International experience Offices abroad International experience

10. 10 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 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

11. 11 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 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

12. 12 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 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

13. 13 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 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

14. 14 27 Sep. 2000 Roads and Airports Urban roads Highways Airports Pavements Operation and Maintenance Surveying and mapping GIS - Geographical Information System Urban roads Highways Airports Pavements Operation and Maintenance Surveying and mapping GIS - Geographical Information System

15. 15 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 Railway planning Infrastructure design Bored tunnels Immersed tunnels Cut-and-cover tunnels Stations Project and construction management Upgrading and maintenance Infrastructure management

16. 16 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 Major bridges Bridges Geotechnics Coastal protection Marine engineering Management systems Operation and Maintenance Risk analysis Aerodynamics Safety assessment

17. 17 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 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

18. 18 27 Sep. 2000 Industry, Energy and IT Industry Energy Oil and gas IT and management Industry Energy Oil and gas IT and management