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| Auditors' report To the shareholders of J. Lauritzen A/S: We have audited the annual report of J. Lauritzen A/S for the financial year 1 January - 31 December 2004, prepared in accordance with the Danish Company Accounts Act and Danish accounting standards. The annual report is the responsibility of the Company’s Board of Directors and Executive Management. Our responsibility is to express an opinion on the annual report based on our audit. Basis of opinion We conducted our audit in accordance with Danish Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual report is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the annual report. An audit also includes assessing the accounting policies used and significant estimates made by the Board of Directors and Executive Management, as well as assessing the overall figures presented in the annual report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not resulted in any qualification. Opinion Lars Andersen |
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