1. 2nd Nordic Carbon Disclosure Project Report Copenhagen, 20th October 2008 Lars Lundegaard Senior Vice President

3. Global climate change We believe calls for global solutions We know shipping will be part of all solutions We support CDP that helped us focus our effort We support tougher demands for the shipping industry – internationally and for all We think much more can be done!

4. Dry cargoTanker Our company at a glance

5. Our Ballpark If the same cargo was to be transported by air - emissions would be 100 times higher If trucks were to transport the same cargo - emissions would be 10 times higher Ships are already quite efficient! 15 km/liter 1,700 km/liter

6. Our Ballpark We continue to reduce our emissions of CO2 by optimising the performance of the engine reducing the propulsion resistance better planning of the ship’s routes sailing at reduced speed - when allowed 1,700 km/liter

7. Our motivation We differentiate our Product offering We sharpen our technical Skills We attract better People We can save Money on fuel We see a match with our Values We simply think it is good business!

8. What we do 1) Slide valves 2) CASPER System 3) Alpha Lubrication System 4) Exxon Mobil Scrape Down Analysis System 5) Torque Measuring System 6) Garbage Monitoring & Reporting System 7) NORDEN / FLAME System 8) Non-oscillating P/V valves 9) Cleaning of hull every 5 years 10) Cleaning of the ship’s propeller every 6 months 11) Frequent control and service of the turbo-charger 12) Scavenge air cooler too 13) Same goes for fuel pump and injection 14) Variable geometry turbochargers 15) Green Steam trim system 16) CO2 measuring system 17) Active research support

9. Our results Year to date result is a 2% emission reduction New Environmental Performance System and research effort holds great potential:  Involving customers, terminals and ports  Offering Fast Transport or Green Transport  10% speed reduction saves 23% CO2 We will continue the effort and remain ambitious

10. Going forward 20/20 target is changing mindset! Industry is moving forward! CDP important – develop format! Accelleration potential exist:  Focused political leadership!  Adapt holistic view on transportation!  Incent all links in the transportation valuechain!  Fast-track targeted R&D!