DK Group secured the first order from a European shipowner for 4xVLBC of USD 100m each The order is a significant step towards proof of concept and confirms that the shipping market is ready and willing to order new ships with the ACS technology Project pipeline established leading to new orders DK Group received an important classification of the ACS technology (Germanischer Lloyd) The ACS demonstrator vessel was acquired and reconstructed The project is supported by key industry players Shipowners have shown willingness to compensate for development cost, reducing CAPEX per project DK Group received significant political and industrial interest DK Group raised first round venture capital in a private placement process DK Group appointed a professional non-executive board of directors

1. Page 1
DK Group
Management Presentation
March 2008

2. Page 2
Legal notice
Confidentiality
All information and documentation provided during the current presentation is subject to the Confidentiality
Agreement signed with DK Group (the “Company”), and is to be considered confidential Company information
as defined in the Confidentiality Agreement.
Disclaimer
This presentation contains forward-looking statements as of the date of such statements. Such forward
looking statements involved known and unknown risks, uncertainties and other fars which may cause the
actual results, financial conditions, performance or achievements of the company, or industry results, to be
materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Given these uncertainties, any person to whom the current presentation is
addressed is cautioned not to place any undue reliance on such forward-looking statements and to review and
analyse the same with its legal, financial and economic advisors.
Such forward-looking statement therefore do not constitute in any manner an undertaking and/or
commitment or guarantee as to the future business of the Company.

3. Page 3
1 Introduction and key investment features
2 Business profile
3 Technology and product characteristics
4 Market and customers
5 Strategy
6 Financials
7 Q&A
Agenda

4. Page 4
1. Introduction and key
investment features

5. Page 5
• Established in 2000 DK Group develops and markets
fuel saving technologies and vessel designs to the
global shipping and shipbuilding industries
− DK Group has developed a unique and patented
technology/design for the commercial ship
building industry, the air cavity system (ACS)
• Numerous tank tests on DK Group-vessel models
support bunker consumption reduction of 5% to 15%
from applying the ACS technology on different vessel
classes
─ Tests are carried out together with leading
market participants and potential customers
• Savings translate directly into financial benefits as
well as a cleaner environment from reduced CO2
emission and reduced emission of other greenhouse
gasses
Introduction to DK Group
Vessel orders
Financial projections
Units
USDm
Market share

6. Page 6
DK Group’s addressable market
Sizable market value from few units
Source: Delivery dates, Maersk Broker, DK Group
Market size
Units USDbn
Tanker vessels
Containerships
Bulk carriers
LNG/LPG vessels
Target vessel classes and types
925
1,140
1,314
54
79
89
83
122
83
122
137

7. Page 7
Key milestones 2007/08
 DK Group secured the first order from a European shipowner for 4xVLBC of USD 100m
each
– The order is a significant step towards proof of concept and confirms that the shipping market is
ready and willing to order new ships with the ACS technology
– Project pipeline established leading to new orders in 2008
 DK Group received an important classification of the ACS technology (Germanischer Lloyd)
 The ACS demonstrator vessel was acquired and reconstructed
– The project is supported by key industry players
 Shipowners have shown willingness to compensate for development cost, reducing CAPEX
per project
 DK Group received significant political and industrial interest
 DK Group raised first round venture capital in a private placement process
 DK Group appointed a professional non-executive board of directors

8. Page 8
2008 projects
 Maersk Broker and DK Group tour Asian shipyards and European shipowners
- Tank project already initiated with international, Nordic-based shipowner
- Container project already initiated with international, German-based shipowner
 Opportunity to win additional orders during 2008 in accordance with the business plan
 DK Group commences tank testing of large container vessels for European shipowner
 M/V ACS Demonstrator retrofits to be completed
– It is expected that it will deliver final proof of concept in 2008
– In Q2/Q3 2008 the ACS demonstrator vessel will undertake a large-scale ocean-going demonstration
– ACS Demonstrator
- Shipowners, shipyards, shipping industry, government and environmental organisations
participate in the ACS Demonstrator
 DK Group vessel design is to be approved for Carbon/CO2 emission in project run together
with shipowner

9. Page 9
Development phases and
funding requirements
Establishment of DK
Group
Conceptualising
Core technology
development
Initial proof of concept
Final proof of concept
Company mature
Seed capital Final funding
round & listing
Target exit
time for
existing
shareholders
2000
• Tank testing
• Initial design
• Design phase
• Tank testing
• Industry partners
• 1st orders
• Demonstrator
• Classification
• Corp. governance
• Industry
acceptance
• Market
standard
Venture
funding round
2002 2004 2006 2008 2010 2012 Time
Maturity/value
Private funds

10. Page 10
Key investment
considerations
In order to reach the target customers comprising about 25 shipyards and 30 shipowners within short time, DK Group has signed a
global sales channel/distribution agreement with one of the largest ship brokers worldwide, Maersk Broker
Partnership with
world-leading ship
broker
One of the leading classification companies, Germanischer Lloyd has already classified the M/V ACS Demonstrator and is working with
DK Group on its progressed projects
Recognised
technology in the
marine industry
Calculations show that if DK Group’s ACS technology was applied to the current global fleet of target vessel classes, an annual CO2
reduction of approximately 64million tons would be achieved. This would equate to potential emission tax savings of around USD
1,200m at USD 20 per ton (Kyoto protocol)
Fuel usage and CO2
emission reducing
technology
The analysis highlights that an investment in DK Group’s ACS delivers an IRR of 30% and a payback period of around 3 years for an
Aframax tanker. Similar calculations for an 8,000 TEU container ship are IRR of 58% and a payback period of around 1½ years.
Including the abovementioned estimated CO2 emission taxes, the IRRs would increase to 35% for the Aframax tanker and to 68% for
the 8,000 TEU containership. Given an economical life of 20-30 years for vessels these returns are significant
Unique value
proposition to ship
owners
The royalty fee-driven revenue model is highly scalable, given that the target vessel unit price range is USD 30-220m. This forms the
basis for a high-margin business model. Additionally the business plan operates with an asset-light company structure with limited
requirements for capital expenditure, R&D and number of employees
Scalable, high-margin
business
model
The target market for DK Group’s current ACS technology includes the ocean-going commercial fleet of vessels with a minimum length
of 200 metres. This includes tanker vessels, containerships, bulk carriers, general cargo ships and LNG/LPG vessels. The expected
2007 new build activity comprises around 925 vessels with a total value of approx. USD 84bn
Large and well-defined
target market

11. Page 11
Updated business plan
Forecast capital requirements
• The updated Q1 2008 business plan confirms
the funding requirements and positive cash
flow from operations to 2010
– The cumulative cash requirement is USD 36.5m
in 2009
– Free cash flow will be positive in 2010 by USD
18.7m
• In order to push the projects DK Group
expects that they will carry the initial
development cost
– CAPEX has therefore been moved from phase II
to phase I increasing the initial CAPEX to USD
32.0m in 2007-2010 cumulatively
– This increases capital requirements
• The implementation plan remains highly
adaptable to market conditions and funding
Funding requirements
USDm

12. Page 12
2. Business profile

13. Page 13
Mission statement
To be the world-leading
supplier of fuel-efficient and
environmentally friendly
ACS vessel designs
to the marine industry

14. Page 14
DK Group business model
Scalable and high-margin model
• 1% royalty fee of total vessel costs
– Total new-build market size of approx. USD 139bn (2009)
– Pricing strategy developed in close co-operation with Maersk
Broker
– The first order and discussion with shipowners show that the
market is ready to accept the pricing model
Royalty-based
income model
Unique customer
value propositions
Scaleable model • Completion of only 18 vessel type designs by 2011
– One vessel design can be sold multiple times
– One vessel design can be sold to shipyards and shipowners
• DK Group’s ground-breaking design offers a 5%-15%
reduction in the bunker cost for the shipowner
– Bunker represents 70%-90% of the OPEX and up to 50 % of total
cost to the shipowner
• Possible extra income to the shipowner from carbon credits
– Green profile
Patented vessel
design company
• DK Group markets and sells the patented ACS vessel
– Most fuel-efficient design
– Strong environmentally friendly profile

15. Page 15
Orders and projects in the pipeline
Project funnel
40 identified customers
3 contacted shipowners
and shipyards
1 signed
contract
Construction
Completion
• DK Group has identified the 10
largest shipowners in each class,
covering 80% of the new-build
market
• DK Group is currently in contact
with 3 shipowners working on
projects including
– 1 container
– 1 bulk
– 1 tank
• The yard contract for the bulk
project is being secured with
Maersk Broker
• The first vessels with ACS are
expected to be delivered in 2009/10

16. Page 16
Organisational and
operational set-up
European locations of DK Group
• DK Group operates with a highly
experienced executive group with
CEO, COO and Founder
• A non-executive supervisory board
was established in 2008 with high
profile international members
• The technical development team
consists of technical advisers and
project management, assisted by
naval architect consultants
• The whole group is based on
locations around Europe and the US

17. Page 17
Supervisory Board
• Frederik baron Wedell-Wedellsborg, Chairman of the board
– Long international career with Danish trading and shipping company EAC
– CFO of Rockwool, CEO of Meisner & Jensen, MD and Director of Group 4 Securitas and various other board positions.
– Born in Denmark and now based in Copenhagen
• John Richards, board member
– Financial services entrepreneur, Founder & former Managing Director Societé Generale Fund Management, London
– Born in England and now based in Monaco
• David Wheeler, board member
– Chairman of Credit Suisse European Technology Group
– Experienced international investment banker having worked in the US and 25 years in London
– Born in the US and now based in London

18. Page 18
Management team
• Jørn Winkler, Founder
– Founder of DK Group and the drive behind the company’s unique approach to ACS technology, through in-depth understanding of
aerodynamics from his years in the aviation industry is applied to hydrodynamics
– Jørn drives the international dialogue on greenhouse gas emission reduction from shipping, most recently at BunkerWorld 15-17
November 2006 in NYC
• Jørgen Clausen, COO
– Over 30 years in global shipping at leading shipping companies
• Scandinavia at French CMA CGM (JV with Norwegian Wilhelmsen), MD
• British Inchcape Shipping Services, MD for Denmark
• Chr. Jensen, liner traffic for the Far East, the Middle East, Central and South America, South and East Africa and Australia
– Manager for the logistics department
• Lehmann Junior, import and export to/from the Far East/Japan with Nippon Yusen Kaisha (NYK Line)
• Christian Eyde Møller, CEO
– 20 years of international executive experience at telecoms, trading and shipping industries with strong connections in shipping
– Successful entrepreneurial track-record − growing and exiting ventures at Ebone (GTS) and Equinix
– Commenced his career in shipping at The East Asiatic Company (EAC) in 1985
• Build-up a highly profitable shipping route in Vietnam for EAC – the initial investment was paid back within 12months
– Blue chip experiences at EAC, TDC and Sprint
– Non-executive: Chairman Vopium (current), Contactel, Vice-chairman at HTCC (ASE listed), board member ECTA and Song Networks
– Graduated in business and economics from LSFT in 1985 and in maritime law from Copenhagen Business School in 1987

19. Page 19
Technical team
• Konstantin Matveev, Technical Adviser
– Over 15 years of naval engineering experience
– Assistant Professor in Mechanical Engineering, Washington State University 2006-current
– Senior Hydrodynamicist, Art Anderson Associates, 2004-2006
– Technical Staff Member, Los Alamos National Laboratory, 2003-2004
– Graduate Research Assistant, California Institute of Technology, 1998-2003
– PhD in Mechanical Engineering: California Institute of Technology
– MSc in Applied Physics: Moscow Institute of Physics and Technology
• Johannes Johanneson, Technical Adviser
– Over 25 years naval engineering experience
– Leader of the project department at Scandlines Danmark A/S: 2003-current
– Technical director at Knud E. Hansen A/S - a consulting company of naval architects and marine engineers, 1999-2003
– Head of the design office for 6 years for a Danish shipyard
– Naval architect for 9 years
– Surveyor for Det Norske Veritas - head office in Oslo: 4 years
– Naval Architect: Technical University in Denmark in 1980
• Henrik Meyer Rasmussen, Project Management
– Over 10 years of business experience including business analysis, market analysis, business administration, project management and
quality assurance
– MSc in Economics: Copenhagen University 1995
– Commercial diver

20. Page 20
3. Technology and product
characteristics

21. Page 21
Introduction to ACS
Air Cavity System from below
Compressor
Air deflection before propeller
Air Cavity

22. Page 22
Introduction to ACS
Air Cavity System from the front
Compressor
Air Cavity

23. Page 23
Overall layout of ACS
Schematic design – Aframax tanker

24. Page 24
Overall layout of ACS
Principal Section – Aframax tanker

25. Page 25
Weight Estimate: Aframax
Marginal to a traditional vessel
Additional Shell Plating
Additional Floor Plating
Area equivalent to basis vessel
Aframax example:
Weight of ACS sides 95 t
Weight of keels 260 t
ACS weight increase 355 t
Wider beam weight 411 t
Total weight increase 781 t

26. Page 26
Failure of Air Cavity
Loss of air results in increased draft
VC
VB
DT
DT y n DVC +
DVB
0.8 L B
Aframax example:
DT y (1600 m3 + 800 m3)/0.8 x 234.0 m x 44.9 m =
0.30m
Design draught: 11.85 m, Air loss draught: 12.15 m
Extra
draught

27. Page 27
Tank testing of ACS
Stable air cushion below the bottom
Ballast draught
11 knots, calm water
Design Draught
15 knots, 4.2 m waves

28. Page 28
Resistance reduction from ACS
Distribution for different vessel classes
RT = RF + RR + RA, RR and RA are kept constant -> RF = CF ½ r (S – SACS) V2
The equation shows the maximum theoretical resistance savings with ACS
In addition to the gain in resistance, there is a potential to increase the propeller efficiency
1-3% due to the reduced load
Saving
~12 %
R
R~30 %
R
R~30 %
R
F~70 %
R
F~58 %
Tanker vessel
Tanker with ACS
Saving potential:
RF / RT 70 %
SFlat Bottom / STOT 40 %
ACS area of FB 65 %
ACS efficiency (HSVA) 77 %
Saving 12 %
Saving
~7 %
R
R~35 %
R
F~55 %
R
A~10%
R
R~35 %
R
F~48 %
R
A~10%
Container ship
Container vessel with ACS
Saving potential:
RF / RT 55 %
SFlat Bottom / STOT 30 %
ACS area of FB 65 %
ACS efficiency (HSVA) 77 %
Saving 7 %
Aframax c. 7 t/day
12,670 TEU c. 27 t/day

29. Page 29
Case Study: 115,000 DWT Aframax
Modified for ACS
Principal Dimensions Consumables
Length over all 250.00 m Heavy fuel oil 2800 m3
Length between pp 240.00 m Marine diesel oil 185 m3
Breadth, moulded 44.20 m Lubricating oil 130 m3
Depth, moulded 21.70 m Fresh water 410 m3
Design draught 14.90 m Ballast water 44,200 m3
Speed, service, 15 % s.m. 15.0 kn Cargo capacity
Installed power: 15,230 BHP Cargo tanks 1 to 5, P+S 130,200 m3
Fuel consumption: 1.56 t/h Slop tanks P+S 2,200 m3
Deadweight
Displacement at design draught: 134,600 t
Est. lightweight 18,900 t
ACS area
3,650 m2

30. Page 30
Case Study: 115,000 DWT Aframax
Air supply system
• Treble air compressors – 3 x 4,240 m3/h @ 1.75 bar FAD
• Common air feed pipe / redundant distribution system
• Air supply rate to cavity, normal operational conditions: 2000 m3/h
• Power consumption at normal operational conditions: 110 kW
• Fuel consumption at normal operational conditions: 0.3 - 0.5 t/day
ACS area: 3,650 m2

31. Page 31
Case Study: 115,000 DWT Aframax
Speed and Power

32. Page 32
Principal Dimensions Consumables
Length over all 333.30 m Heavy fuel oil 8600 m3
Length between pp 318.00 m Marine diesel oil 375 m3
Breadth, moulded 59.90 m Lubricating oil 300 m3
Depth, moulded 32.10 m Fresh water 500 m3
Design draught 21.06 m Ballast water 99,000 m3
Speed, service, 15 % s.m. 15.9 kn Cargo capacity
Propulsion power, 85 % MCR: ~21.000 kW Cargo tanks 1 to 5, P+S 340,000 m3
Fuel consumption: 90 t/day Slop tanks P+S 10,100 m3
Deadweight
Deadweight at design draught with air in cavity: 283,125 t
ACS area
4,300 m2
Case Study: 280,000 DWT VLCC
Modified for ACS

33. Page 33
• Double air compressors – 2 x 5000 m3/h @ 2.2 bar delivery
• Common air feed pipe / redundant distribution system
• Air supply rate to cavity, normal operational conditions: 5000 m3/h
• Power consumption at normal operational conditions: 500 kW
ACS area: 4,300 m2
Case Study: 280,000 DWT VLCC
Air Supply System

34. Page 34
• M10 is the simulated
VLCC
• M20 is the simulated
VLCC with ACS
• Values given are calm
water results in model
scale
Case Study: 280,000 DWT VLCC
Model Testing of Aframax as Simulated VLCC

35. Page 35
• Speed and power
curve for
reference vessel
(A) vs. ACS
vessel (B)
• No sea margin
included
Case Study: 280,000 DWT VLCC
Speed and Power

36. Page 36
Loa.: 400.0 m
Lpp.: 378.0 m
B: 54.2 m
Depth: 30.5 m
Draft: 14.5 m
Speed: 26.0 kn
Power: 2 x 57 MW
ACS area
6,700 m2
Case Study: 12,670 TEU containership
Modified for ACS

37. Page 37
• Double air compressors – 2 x 5000 m3/h @ 1.5 bar delivery
• Common air feed pipe / redundant distribution system
• Air supply rate to cavity, normal operational conditions: 5000 m3/h
• Power consumption, normal operational conditions: 300 kW
Case Study: 12,670 TEU containership
Air Supply System

38. Page 38
• ACS Fuel saving
– ~ 7.6%
– ~ 28 t/day
• or speed increase
– ~ 0.6 knots
• or speed increase
– ~ 0.3 knots + 700
TEU
Case Study: 12,670 TEU containership
Speed and Power

39. Page 39
By installing an Air Cavity System it is possible stretch the limit for a single-
engine, single-propeller ship and design a ship with a considerably larger capacity.
Case Study: Ultra Large containerships
Conclusion
The ACS Demonstrator in 2007 received certification by Germanisher Lloyd

40. Page 40
Contra Rotating Propellers
Advantages
 Short main engine and reasonable
propeller size
 Very high propulsion efficiency
(10 % improvement vs. twin screw
depending on relation between main
engine and thruster)
 less installed power
 lower fuel costs
 Propulsion redundancy
 Very good manoeuvrability
 Very high flexibility – propulsion and
electrical power
 Reduced size of engine room
Disadvantages
 Probably higher installation costs
than twin-propeller solution
 No steering redundancy
 Needs careful
considerations to avoid
cavitation

41. Page 41
Propeller Boss Cap Fin (PBCF)
 Fuel saving up to approximately 4%
High-efficiency propellers (e.g. Kappel
blades)
 Fuel saving up to approximately 4%
Increasing the propeller efficiency

42. Page 42
Heat recovery system
Recovering the waste gas heat
Fuel saving 7 - 12 % depending on sophistication of heat recovery plant

43. Page 43
2,550 DWT, 83 m LOA
ACS Demonstrator

44. Page 44
ACS Demonstrator
Technical layout of ACS
• AIR System test for ACS Demonstrator
• Two air compressors: 1x55kw 997m3/h FAD=370m3 @ 1.7 bar
1x30kw 565m3/hFAD =210m3 @ 1.7 bar
• Test of air supply rate to cavity ─ normal operational conditions
• Power consumption at normal operational conditions
450 m2

45. Page 45
Resistance of a Ship . .
The resistance of the bare hull (RT) is given by :
Water density
Ship speed
Wetted surface
Ship resistance coefficient

46. Page 46
Resistance Coefficients . .
The resistance of a ship hull originates from the wave-making resistance,
the hull friction and the wind resistance of the superstructure:
Wave resistance coefficient
Viscous resistance coefficient
Wind, rudder etc.
The wave resistance is normally a fraction of the total resistance as follows:
Large and slow tankers : 10-20%
General cargo ships : 30-50%
Small and fast ships : >50%

47. Page 47
Viscous Resistance
The viscous resistance is primarily determined by the drag on the
steel hull. The resistance is calculated based on extensive series of
resistance tests with flat plates.
The viscous resistance is mainly determined by the condition of the
hull, i.e. the surface roughness including the type of anti-fouling
system.

48. Page 48
The wave-making resistance is the energy loss due to wave-making of the
ship. The resistance is determined by the
1. Speed of the vessel
2. Wave-interaction of the hull-generated waves
3. Fullness of the ship
4. Shape of the bow and the bulbous bow
5. Loading condition and trim
6. Submergence of the bulbous bow
7. Etc.
Wave-making Resistance

49. Page 49
• Demonstration of the concept
• Confidence of scaling method of model tests
ACS Demonstrator
83m Demonstrator – main purposes

50. Page 50
• Sea trials to be conducted with and without ACS
• FORCE and Germanischer Lloyd to perform sea trials in accordance
with standard procedures
ACS Demonstrator
Sea trial

51. Page 51
ACS Demonstrator sea trials
ACS demonstrator tests to include:
• Speed trials in calm water
• Speed tests in waves
• Maneuvering tests
Comparable tests will be made with
and without ACS
Environmental conditions of waves
and ocean documented by wave
buoys both at the surface and
underwater.
Based on the sea trial data with ACS, the scaling
procedure for ACS will be made and reliable
results for large ocean-going ships will be made.

52. Page 52
4. Market and customers

53. Page 53
Industry development
Why is the development starting now?
• The shipping industry has experienced a
significant increase in fuel costs over
the last 6 years
• As shipping is a very fuel-efficient
transport mode compared to other ways
of transport, the focus on fuel savings
has only begun in recent years
• On top of this development, the long
investment cycles of shipping makes the
response time long compared to other
industries
• In addition the true environmental
aspect of shipping has only recently
been revealed to the public
Nominal bunker prices 1991-2007 (USD per ton)

54. Page 54
Primary benefits from ACS
Shipowner economy and environment
• Fuel savings of up to 15%
– High oil prices
– Bunker costs comprise 78-90%
of total OPEX
• Significant reduction of
greenhouse gas emission
– CO2
– SOx
– Other greenhouse gasses
Nominal bunker prices FY1991A-FY2010E (USD per ton)
CO2 emission prices in USD per ton (US carbon market)
Average,
USD 12

55. Page 55
Direct financial impact
from adopting ACS
Annual
saving from
ACS:
Payback
time of ACS
investment:
Internal rate
of return on
ACS
investment:

56. Page 56
Overall investment returns
from ACS
• Analyses show that ACS vessels will
generate significantly better returns by
increasing IRR by up to 4% points from
average shipping equity returns of 8-10%
• For ship owners / investors combining
cleaner ships with higher returns is an
attractive offering that will drive change in
the shipping industry
• Separately, the vessels may become
eligible for CO2 emission credits and
thereby generate additional revenues,
increasing returns even further
Example of investment returns
(8000 TEU container vessel)

57. Page 57
• The ACS provides means of reducing greenhouse gas emission
– Major global challenges and focus area
– Ever growing problem for shipowners
• Kyoto Protocol for shipping industry
• Expensive low sulphur fuel
• Had DK Group’s ACS technology been applied to the current global commercial
fleets, this would reduce ongoing greenhouse gas emission
CO2 and SOx emission reduction
ACS for a better environment
8% CO2
emission
reduction
C02 emission from
current global fleet
– Total commercial vessel fleets annual CO2
emission of approx. 1,200,000,000 tons
– E.g. CO2 emission reduction by 8%
– A CO2 emission tax of USD 31 per ton total fleet
CO2 emission would cost the shipping industry
approx. USD 15,5bn

58. Page 58
Carbon emissions from merchant
shipping are nearly 3 times as high as
previously estimated according to a draft
United Nations study leaked to The
Guardian (newspaper in the UK)
Significant public and political
attention on shipping
(BRUSSELS) - EU Secretaries of State for
the Environment agreed on Monday that
European action is needed to tackle toxic
shipping emissions as international
maritime authorities had failed to do
enough, a spokeswoman said
Scientists and MEPs have jumped on
the ship emissions bandwagon after the
industry again found itself on front page
news in the UK.
Secretary of State for the Environment
Connie Hedegaard said that if the
industry has not solved the emissions
problem by the Copenhagen
Conference in 2009 then emissions
from ships will be first on the agenda at
the Copenhagen conference

59. Page 59
DK Group vessels may enjoy
carbon credits as it reduce CO2 emission
• As DK Group vessels will
have a lower fuel
consumption and CO2
emission, the vessels
may become eligible for
CO2 emission credits
• A project with leading
industry consultants and
a shipowner has been
commenced to test the
feasibility for obtaining
project recognition from
voluntary carbon
standard agencies

60. Page 60
Market size and outlook
4 target vessel classes
Market drivers
• World trade growth (China and India)
• General retirement of old vessels
• Environmental (SECAS, CO2, SOx etc.)
• Legislation (double hull, Kyoto etc.)
• More efficient technologies
Assumptions
• Forecast based on order book until FY09A
• Conservative unit growth FY10E-FY15E
• Price growth at 2.5% p.a. FY07A-FY15E
Sources: Order dates, Maersk Broker, DK Group
Order book FY06A-FY15E (units)
Order book FY06A-FY15E (USDbn)

61. Page 61
Standard vessel types
High unit prices
Tanker vessels Containerships
Gas vessels
VLCC
VLBC
10,000 TEU+
LNG
Suezmax
Aframax
Panamax
Handymax
Panamax
Handymax
Capesize
LPG
8,000 TEU
7,000 TEU
5,500 TEU
3,500 TEU
1,700 TEU
USD 120m
USD 95m USD 215m
USD 150m+
USD 60m+ USD 110m+
USD 60m USD 90m+
USD 30m+
USD 45m+ USD 40m+
Bulk carriers

62. Page 62
Few shipowners dominate globally
Focused target customers list
• Together with Maersk Broker DK Group has identified
the largest shipowners for each vessel class
• The 10 largest shipowners in each class cover more
than 80% of the new-build market
• They traditionally order in series of 2-8 vessels at a
time
• Ongoing dialogues with leading shipowners
Source: Maersk Broker, October 2006

63. Page 63
Few shipyards dominate globally
Focused target customers list
• Together with Maersk Broker DK Group has identified
the largest shipyards for each vessel class
• The 23 largest shipyards cover more than 80% of the
new-build market
• Traditionally these shipyards have multiple docks for
the mass production of standard vessel types
• Ongoing dialogues with leading shipyards
Source: Maersk Broker, Oct-06

64. Page 64
Industry feedback
From DK Group’s customer dialogues
“I will insist that we put a commercial
representative into the technical group
working with DK Group in order to speed-
up the implementation of ACS”
CEO of tanker division, Top 5 largest global
shipping company
“ACS would be easy to implement into
our basic design and construction
process”
Technical Vice President, Top 5 largest
shipyard
“Our number one priority in the
upcoming year is fuel efficiency”
CEO, Global shipping company
“During our due diligence on DK Group’s
ACS we have not found anything to
suggest that ACS will not work”
Technical director, leading Northern European
container shipyard
“We have not seen any other fuel
savings technologies that can provide
savings comparable to DK Group’s ACS”
Technical fleet director, leading global energy
company

65. Page 65
Validation of ACS technology
Industry-wide acknowledgements
Partners
Tank testing
facilities
$
• Unique tank test facilities in Denmark
and Germany
First orders $• First orders and close working
relationships with selective owner within
bulk, tank and container segments
Classification
society $
• 10 classification societies globally
• Germanischer Lloyd is the leading
classification society
• First fully classified ACS design
approved by Germanischer Lloyd
Comments
Ship broker
• MB has signed a global channel
distribution and marketing agreement
with DK Group
$

66. Page 66
5. Strategy

67. Page 67
• 83 metres “ACS Demonstrator” to be used as real time proof of
concept.
The ACS Demonstrator has received classification
• Based on shipowner dialogues, initial focus is on
– VLCC tanker vessel
– 6,500 - 8,000 TEU containership
– Securing yard contract for VLBC project
• Continue focus on industry-wide fuel saving initiatives
• Co-operate with other critical suppliers (e.g. MAN B&W, Atlas Copco
etc.)
• Team up with investors and ship financing institutions to lead ship
building programs driving competitive advantages through technology
adoption
• Take advantage of EU funding opportunities in support of
environmentally friendly technology
• Direct and extensive dialogues with leading shipowners and progressive
shipyards
• Maersk Broker markets to all relevant shipowners and shipyards
Market penetration strategy
How to ensure the first order …
Demonstrator
Customer
relationships
Industry
cooperation
shipowner projects
shipyard projects

68. Page 68
IPR Strategy
Patent portfolio
• DK Group has filed for 3 different patent families
– Valid for 20 years from filing
• Patent strategy is focused on maintaining a strong IPR portfolio
– Ongoing filings to support current families
– Ongoing filings to expand reach of the patent protection

69. Page 69
IPR protection strategy
Aggressive approach
• DK Group will apply an aggressive strategy to
protect its Intellectual Property Rights
• Patent infringement can be confronted and
stopped through a range of means
• Ship arrest is expensive as
highlighted by below Aframax
example:
• Aframax royalty fee to DK Group of
USD 650k
• Equals 20 days of ship arrest at
current charter of USD 33k
– Once a violator has been identified,
arrest is likely to happen more than
once in the 30-year vessel life time
– Only payment of bond can release
the vessel
• Tarnished name in the industryOperation
phase
Construction
phase
• Sue shipyard at domicile
• Sue shipowner at domicile
• Inform relevant industry bodies
– Ship financiers
– P&I
– Classification societies
• Arrest the ship where it is
physically located
– Select the easiest/cheapest
place for ship arrest
• Sue shipowner at domicile
Issues for violating shipowner

70. Page 70
6. Financials

71. Page 71
Legal structure
• Developed by Nauta Dutilh, Rotterdam, in 2001
• Support a total corporate tax rate of approx. 7-9%
100%
DK Group NA NV
Netherlands Antilles corporation
Owner of IPR
DK Group Netherlands BV
Dutch corporation
Sub-licensor of IPR

72. Page 72
Unit sale projections
2 phase market penetration model
• Phase I sales forecast driven by
– 2007: # 4 orders
– 2008: # 6 orders
– 2009: # 33 orders
• In Phase II from 2010 onwards when the
market has accepted the ultimate proof of
concept
– ACS will be an indispensable investment for
shipowners and shipyards alike
– The forecast will be driven by market share
assumptions for the individual vessel types
Unit sales FY07E-FY15E

73. Page 73
Sales projections
Sales forecast FY07E-FY15E (USDm)
• DK Group expects to reach a steady state
sales level of USD 585m from current
identified target markets
• Tanker and container markets are expected to
remain the most important vessel segments
to DK Group measured by total value
• The gas vessel market has higher vessel unit
revenue, while the bulker market has the
lowest vessel unit revenue
• DK Group’s market share is expected to be
the highest for larger ships as the advantage
here is largest

74. Page 74
Forecast operating expenses (“OPEX”)
Cost forecast FY07E-FY15E (USDm)
• The realised SG&A of 2007 was slightly lower
than budgeted. USD 2.7m realised vs. USD 2.9m
– Most R&D is capitalised, not expensed
• In phase I, DK Group works with both shipowners
and shipyards on designated projects
• The cost structure is driven by a limited number
of employees and outsourcing of non-core work
streams
– Total average work force in 2007 of 5 persons
growing to 19 in 2009
• In phase II the scalability of DK Group’s business
model kicks in and SG&A decreases significantly
in % of sales
• Cost of sales comprise in-house inspectors hired
to ensure the highest quality at the various
shipyards
– The number of inspectors increases from 8 in
2010 to 98 in 2015 to support the order flow
– Long-term level of approx. 4% of sales
Workforce projections FY07E-FY15E

75. Page 75
Capital expenditure (1/2)
Development of the full product suite
Capital expenditure plan by vessel class
• DK Groups expects that projects can be
promoted if funds are provided in the
development phase
• In 2008 DK Group expects to invest in 5
projects with shipowners in addition to the
investment in the Demonstrator
– Total CAPEX of USD 11.5m
– In 2009 6 projects are expected to be initiated
with shipyards
– Total CAPEX of USD 8.4m
– The plan is highly adaptable to market and
business conditions
• From 2013-2015 CAPEX is expected to grow
by 10% annually with a total CAPEX of USD
46.1m for the 3 years

76. Page 76
Capital expenditure (2/2)
Development of the full product suite
Capital expenditure plan by vessel class
• DK Group has a detailed budget for the capex
related to the basic designs in phase II
• In 2010 the ships which have already been
developed are entering phase II
– From 2010-2012 design packages for the
additional vessel are being designed
• The forecast has an explicit development
programme until 2012 after which an amount
of approx. USD 14m is allocated in 2013 and
growing by 10% annually

77. Page 77
Summary financial projections
Highly cash generative business plan

78. Page 78
Thank you for your attention!
Q&A

79. Page 79
Appendix A
Additional information
Current voluntary carbon emissions credits

80. Page 80
Carbon markets

81. Page 81
Carbon regimes

82. Page 82
Carbon market pricing hierarchies

83. Page 83
Carbon market pricing hierarchies