Management Statement

The Board of Directors and Executive Management have today discussed and approved the annual report of J. Lauritzen A/S for the financial year 2005.

The annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports. We consider the accounting policies used to be appropriate.

Accordingly, the annual report gives a true and fair view of the Group’s and the parent company’s financial position at 31 December 2005 and of the results of the Group’s and the parent company’s operations and cash flows for the financial year 2005.

We recommend that the annual report be approved at the Annual General Meeting

Copenhagen, 21 March 2006

Executive Management

Board of Directors

* Elected by the employees