We are pleased to announce that the restructuring of the Tschudi & Eitzen Group, which was initiated in May this year, now is successfully completed and formalised.

The two new legal entities Camillo Eitzen & Co AS and Tschudi Shipping Company AS will be formally registered, and the business of Tschudi & Eitzen Holding AS will be continued in these companies.

We will use this opportunity to thank all our colleagues, businessfriends and associates for their extensive support and friendly co-operation during the first 120 years. We look forward to a continued pleasant co-operation with all of you from our new platforms.

Lysaker, 24th November 2003