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NFFNovember 26th 2003CEO Jan A. Vestrum

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Contents of presentation:

• Introduction

• Projects and assets

• Exploration and development

• Valuation

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Main events 2002/2003

• New management team has delivered:

– Creation of value by new approach to existing assets• Nalunaq Gold Mine fast-tracked towards production

• Seqi Olivine from licence to JV deal in 5 months

• Metorex shares swapped for direct ownership in gold mines

– Restructuring of entire corporation• Relocation of Head office, integration of Oslo and

Vancouver

• Cost cutting and streamlining of organization

• Restructuring process to be finalized in 2003

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Crew Development Corporation today

Strategic focus – diversified risk – exellent upside

Crew Development Corp.

• Stock Exchanges & ticker code: TSE, OSE : ”CRU”• Shares outstanding: 139.8 million (182.9 f.d.)• Average daily trading volume 2003: 1.8 million shares• Current shareprice (Nov. 24, 2003): NOK 4.80/USD 0.70• Market Cap.: USD 97 million

• Stock Exchanges & ticker code: TSE, OSE : ”CRU”• Shares outstanding: 139.8 million (182.9 f.d.)• Average daily trading volume 2003: 1.8 million shares• Current shareprice (Nov. 24, 2003): NOK 4.80/USD 0.70• Market Cap.: USD 97 million

Gold exploration

Crew Development Corp.

Non gold assets

Nalunaq, GreenlandNalunaq, Greenland

Gold production

Barberton, South Africa)

Barberton, South Africa)

Nanortalik, GreenlandNanortalik, Greenland

Hwini Butre, GhanaHwini Butre, Ghana

Seqi OlivinePamplona Sulphur(Mindoro Nickel)

Various Investments

Seqi OlivinePamplona Sulphur(Mindoro Nickel)

Various Investments

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From holding company to focused gold producer

Previous Today

Crew DevelopmentCorporation

MetorexMeagerCreek

Asia PacificResources

CrewNorway

Crew DevelopmentCorporation

Geotermal project

(electrical power) Gold

Copper

Cobalt

Fluorite

Zink

Coal

Magnesium

Gold

Nickel

Sulphur

Olivin

ZinkPotash

Burkina Faso

Hiwi-Butre, Ghana

MetminWakefield (Mpumalanga)

O’okiepMarandaVergenoeg

ChibulumaMurchison

The repositioning of Crew

Non-gold assetsGold production Gold Exploration

GoldCopperZinkCoalNickelMagnesiumFluorsparSulphurOlivinGeothermal

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Contents of presentation:

• Introduction

• Projects and assets

• Exploration and development

• Valuation

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• Unique gold project

– High grade, underground orebody

– Attractive location, low political risk

– Ice-free sea access, all-year mining

• First gold mine ever in Greenland

• Ca 23,000 oz on stockpile

• Infrastructure completed by Nov. 03

– 8 km upgraded access road

– Harbour and loading facilities

– New mining camp and facilities

Nalunaq

8

-

5

10

15

20

25

30

35

40

Dome

Musslew

hiteDoy

onWilli

ams

Hoyle Pon

dSleep

ing GiantLupin

David Bell Con

Campb

ellHop

e BayDori

s North

Naluna

qRed

Lake

Grade (g/t) Reserves and Resources

Reserves (Moz)

Annual production

(oz)

Reserve grade (oz/t)

Cash cost (USD/oz)

Total costs (est.)

Red Lake (Goldcorp) 5,13 500 000 1,5 73 103Campbell (Placer Dome) 1,28 190 000 0,6 145 201Nalunaq (Crew) 0,63 130 000 0,9 169 209

Gold mine comparison

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Nalunaq: Immediate, strong cash flow

• Well developed high grade gold mine

• High margins allow for strong cash flow

• 600,000 ounces resource – large upside

• 130,000 oz annual production

• Additional cash flow from 23,000 oz stockpile

• Favourable tax situation

• Low CAPEX due to external processing

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Nalunaq: Low cost, high margin operation

Industry Cost CurveSample of top 100 high-grade underground gold mines, all continents

0

50

100

150

200

250

300

350

400

450

500

Cash costUSD/oz

Nalunaq

Median

(Source: Raw Materials Group)

Current gold price

Gross cash margin

Cash cost USD/oz

Cash cost includes ’outsourcing’ costs related to external processing and gold recovery

Cash cost includes ’outsourcing’ costs related to external processing and gold recovery

Strong margins at Nalunaq makes Crew less sensitive to fluctuations in the price of gold

Crew lessStrong margins at Nalunaq makes sensitive to fluctuations in the price of gold

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Barberton Mines Ltd. (South Africa) – 20% Crew

Resources:

Proven and Probable reserves1,9 Mt 9,5 g/t 590,000 ozMeasured / indicated resources:1,69 Mt 7,9 g/t 427,000 ozInferred Resources:1,3 Mt 10,8 g/t 453,000 oz

• Production > 100,000 oz per year

• 1.5 million oz in reserves and resources

• Ten year mine plan from 2004

• Average head grade of 10,5 g/t

• Current ZAR cash cost leaves approximately

USD 120 in cash margin per oz

• Potential for improved economics and

extended mine life.

• Barberton Mines Ltd. taken over in June by

consortium of Metorex (54%), MCI

Resources Ltd (26%) and Crew (20%)

Source: Metorex Ltd

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Contents of presentation:

• Introduction

• Projects and assets

• Exploration and development

• Valuation

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Nalunaq resource potential – Birdseye view

Mineralization confirmed by drilling and sampling

400.000 oz in measured and indicated resources

Potentially mineralized structure

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Nalunaq: Resource expansion strategyR

esou

rces

(O

z)

2003 2007

• Evaluate extended exploration programs in Greenland (Nanortalik targets) and Ghana– Investing in exploration and

development depending on exploration results

Existing resources

Replacing resources

Nalunaq resource expansion

Nanortaliq exploration

program • Mine development and

exploration program at Nalunaq to increase M&I resources– Adding to company value

• Maintain and replace resources– Extending mine life

Illustrative

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Potential new gold district

Gold in outcrop

• Crew controls 1,081 km2 of promising exploration property

• Several targets with visible gold have been located

• Potential for additional economic deposits in the area to be investigated

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• Production potential:

– Economically viable at a mining rate of 1 Mt/year (Strathcona)

– 4 –5 g/t ore = operating profits > 10-20 $/t(Strathcona)

– Current resources support nearly 6 years of production (Strathcona)

• Exploration potential:

– All deposits are open along strike and down dip.

– Geochemical anomalies of more than 4000 m length

– Indications of consistent mineralization in several zones.

Hwini-Butre, Ghana

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Seqi Olivine West Greenland

• High tonnage, high-purity Olivine deposit located near tidewater

• Crew controls 100% of the project.

• JV Deal in place with Minelco AB (LKAB of Sweden)

• Located 90 km from Nuuk, Greenland’s Capital City

• Kangerdlussuaq International Airport (240 km) offers regular air service to Copenhagen and North America.

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Seqi Olivine – Deal structure

L K A BS ib e lc o

A /S O liv in

N o r th C a p e

U n im inC o rp .

8 4 %

F e rn z e fo s sB ru k A S

1 6 %

1 0 0 %

C re w

S e q i o liv in ed e p o s ite

M in e lc oA B

S e q i

L K A B

M in e lc oA B

C re w

5 1 %4 9 %

A g re e m e n t to d e v e lo p B F S• M in e lc o c o v e rs a ll c a p ita l c o s ts• C re w re s p o n s ib le fo r m a n a g e m e n t o f

fu r th e r d r il l in g

O p t io n to b u y 5 1 % o f S e q i• C re w a s p re fe r re d o p e ra to r• M in e lc o h a s d e m a n d fo r O liv in e

Seqi Olivine:

North Cape Minerals recently aqcuired 50% of AS Olivin for MNOK 350/MUSD 49)

Main competitor:

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Contents of presentation:

• Introduction

• Projects and assets

• Exploration and development

• Valuation

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Crew on the OSE (as at 25.11.2003)

• Ranked number 71 (top 44%) by market cap

• Ranked number 46 (top 34%) by 2004 earnings estimates

• Among the most profitable; +50% EBITDA margin at Nalunaq in 2004 (est.)

• One of the most liquid stocks (top 22%) by trading volume (NOK)

• Research coverage by: ABN Alfred Berg, Pareto Securities, DnB Markets

CompanyTrading volume

(NOK/day)Pan Fish PAN 5 355 018 TeleComputing TCO 5 211 751 Crew CRU 5 010 564 Fred. Olsen Energy FOE 4 747 040 EDB ASA EDBASA 4 668 482 Aktiv Kapital AIK 4 551 121 Kongsberg Gruppen KOG 4 229 855 Hafslund ser. B HNB 4 186 150 Komplett KOM 3 806 689 Rieber & Søn RIE 3 661 865

Company Market CapKomplett KOM 963 297 400 Kverneland KVE 871 143 204 Kenor KEN 854 890 821 PhotoCure PHO 755 811 000 Ocean Rig OCR 710 568 875 Tandberg Data TAD 671 036 431 Crew CRU 670 921 949 Norman NOR 598 026 397 VMetro VME 586 043 040 Apptix APP 584 093 777

Company2004 Earnings

est.Komplett KOM 78 895 830 Choice CHS 71 485 000 Crew CRU 69 887 703 Kverneland KVE 69 691 456 Gresvig GRE 69 154 715 Unitor UTO 61 972 394 Fjord Seafood FJO 61 745 760 Eltek ELT 58 388 232 Ementor EME 55 656 755 Tandberg Data TAD 55 467 173

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Valuation – cash is kingNalunaq Base CaseBase case, assumptions:LT Gold price USD/oz 345 Forex NOK/USD 7,00 Production p.a. troy oz 130 000 Cash cost average USD/oz 169 Shares in issue 138 664 295 Tax, average 18 %Minority interest, average 17 %

FCFPS sensitivity analysisNB: Based only on Nalunaq Long term gold price in USD

300 325 350 375 400 4256,50 0,52kr 0,62kr 0,72kr 0,82kr 0,91kr 1,01kr 7,00 0,56kr 0,67kr 0,77kr 0,88kr 0,99kr 1,09kr

NOK/USD 7,50 0,60kr 0,71kr 0,83kr 0,94kr 1,06kr 1,17kr 8,00 0,64kr 0,76kr 0,88kr 1,00kr 1,13kr 1,25kr 8,50 0,68kr 0,81kr 0,94kr 1,07kr 1,20kr 1,33kr

• At gold USD 345/oz Nalunaq base case will reslut in NOK 0.77 in free cash flow per Crew share (FCFPS)

• Natural hedge; strong gold price offsets weak USD

• Industry peer group typically trades at a P/CF ratio of 10-15

• Crew has other producing assets

Current gold price and USD

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Gold producer valuation

1.00

2.00

3.00

100

200

300

400

500USD P/oz

• Crew is trading at a discount relative to gold mining industry

• Crew share price implies low-end valuation of Nalunaq despite high-end grade and cash margins

• Gold producers typically trade at a multiple to NAV, Crew is trading at significant discount to NAV

CRU

CRUP/NAV

* Crew P/oz data based on assumptions of mineable equity ounces Nalunaq 600,000 –Barberton 200,000 – Ghana 200,000. Crew P/NAV data based on ABN Alfred Berg NAV NOK 7.00 per share at gold 395 USD/oz

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Industry performance• Gold price is climbing as USD is weakening• Gold indexes up 100% last twelve months• Producer valuation at 140 USD/oz in the ground

• Crew is catching up, but is still trading at discount relative to industry

Crew

Industry Gold

Crew

OSEBX

HUI Gold index

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Crew – an intermediate gold producer

Licence area

Measured and indicated res.

45,4 km2

562,600 oz

Equity share 51%

2004/2005

Licence area

Measured and indicated res.

250 km2

1,017,000 oz

Equity share 20%

Annual production

~100,000 oz

Total gold assets:

130,000-150,000 oz annual gold production, equity adjusted

844,000 oz M&I resources, equity adjusted

Excellent exploration upside in both Greenland and Ghana

Dominant position in Greenland, potential new gold district

Hwini Butre - GhanaBarberton – South Africa

Licence area

Resources

1,065 km2

3 Gold targets*

Equity share 67%

Exploration program

Summer 2003

Nanortalik - Greenland

Licence area

Measured and indicated res.

16 km2

429,000 oz

Equity share 82,5%

Production 130,000 oz

Nalunaq - Greenland

* Plus numerous anomalies

Start production

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Summary– From holding company to focused gold producer

• Nalunaq in production by 2004

• Barberton in production from June 2003

• Balance Sheet restructuring completed

• Cost cutting and organizational restructuring

– Portfolio of quality projects

• Fresh approach to value creation

– Strong cash flow from 2004

–Highly liquid stock, trading at discount relative to industry

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Investor Relations:tbirkeland@crewdev.com

+47 22 12 16 52

Thank you for your attention.

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Appendix

• Directors and management

• Financial Statements

• Shareholder structure

• Project fact sheets

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Directors & Management

Board of Directors:

• Hans Christian Qvist (Chairman)

• Kai Thøgersen

• Cameron Belsher

• Jan A. Vestrum

Management:

• Jan A. Vestrum, CEO and President

• Jon S. Petersen, VP Exploration

• Brian Spratley, VP Project Development

• Andrew Stocks, VP Operations

• Frederic puistienne, CFO

• Truls Birkeland, IR

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Financials as at June 30, 2003(download at www.crewdev.com)

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Ownership as at September 17, 2003

Shareholder Shares OwnershipODIN NORGE 6.921.286 6,22 %

HARD WORK INVEST AS 5.335.000 4,79 %

DELPHI NORGE C/O STOREBRAND FONDE 4.800.000 4,31 %

GAMBAK C/O GAMBAK FONDSFORV 4.000.000 3,59 %

SKAGEN VEKST 3.600.000 3,23 %

TOLUMA AS 2.500.000 2,24 %

PACTUM VERDI AS 2.000.000 1,79 %

FIKSDAL ROAR 1.789.250 1,60 %

BJÅMER DITLEF 1.579.000 1,42 %

MUSLIK AS 1.500.000 1,34 %

NORDEX INVEST AS JON S. PETERSEN 1.338.072 1,20 %

BJÅMER AS 1.200.000 1,07 %

VÅGSHAUG ERIK JARLE 1.169.000 1,05 %

NORDEA FONDENE AS 1.113.111 1,00 %

JYSKE BANK CUSTOMERS ACCOUNT 1.081.164 0,97 %

TINE PENSJONSKASSE 1.018.000 0,91 %

FRANS ENGER A/S 1.002.040 0,90 %

SPENCER FINANCE CORP 1.000.096 0,89 %

JÅTTEN STEIN M 1.000.000 0,89 %

BANK OF BERMUDA (EUROPE) LTD 1.000.000 0,89 %

• 80% of shares owned by Norwegian investors.

• 95% of trading liquidity at the OSE, 5% at the TSE.

• 20 argest shareholders own 32% of Crew.

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Gold:Nalunaq Gold Mine (Greenland) – 82,5% Crew

Resources Nalunaq*:

Measured / Indicated resources:0,6 Mt at 25.5 g/t 429,282 ozInferred Resources:0,3 Mt at 20,3 g/t 183,00 oz

• Nalunaq mine – the first gold mine in Greenland

• Mining License granted - 16 km2

• Start of production - late 2003

• Substantial resource upside at Nalunaq

• Low political risk – European Democracy -Home Rule Government

• Greenland government is main shareholder of partner NunaMinerals

* Based on an independent resource calculation conducted by SRK Consulting, Toronto in March 2002 and an resource update completed in November 2002

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Limited reserves does not equal short mine lifeCompare: Campbell high-grade underground gold mine (Placer Dome Inc.), Red Lake District

• Similar size at startup 1949 (190,000 oz reserve)

– Nalunaq 400,000 oz

• Average grade: 15 g/t– Nalunaq 25 g/t average

• Developments since startup:– Increasing reserves and mine life

– Falling cash costs

– Gradual growth in production

• Campbell mine today:– Annual production 190,000 oz/year

– A total of 10 million ounces had been produced by mid-2000

Campbell Mine, CanadaThe First 15 Years

Tonnes Milled

Remaining Reserves kt

0

200

400

600

800

1000

1200

1400

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Years from Start Up

To

nn

es

0

20

40

60

80

100

120

1997

US

$

Tonnes Milled Remaining Reserves ktCash Cost US$/oz Cash Cost US$/t milled

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Gold:The Nanortalik Concession (Greenland) – 67% Crew

• New gold province in S. Greenland fully controlled by Crew

• Large License area – 1,065 km2

• Drilling of new gold target (Lake-410) in summer 2003

• Initial channel sampling at Nanisiaq demonstrate potential for additional commercial deposits in Niarqornasrsuk

• Widespread gold mineralization with substantial exploration upside to be developed in coming years

Resources Nanortalik:

Five new gold belts of 10-30 km length identified in the Concession

New gold mineralizations with potential for open-pit mining identified

Discoveries with in situ, visible gold are targeted for drilling

Numerous geochemical anomalies suggest further discoveries

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Gold:Hwini-Butre Concession (Ghana) - 51% Crew

• Attractive gold deposit in southern Ghana

• Clustered, near surface deposits -allows open pit operation

• Consistent 4 – 5 g/t gold grade

• Positive desktop project review performed by Strathcona

Resources*:

Measured / Indicated resources:4.2 Mt 4.11 g/t 562 000 ozInferred Resources:1.7 Mt 3.01 g/t 167 000 oz

* Geology and Mineral Resources of the Hwini-Butre Concession, Ghana for St. Jude Resources Ltd., Feb 1, 2002. Classified by independent consultants Watts, Griffis & McOuat.

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Non-core assets:

• Seqi Olivine (Crew )

– Large, homogenous olivine deposit in Greenland

– 46 Mt resource outlined, +200 Mt resource estimated

– JV deal with Minelco (LKAB)

• Pamplona Sulphur (Crew)

– Originally a deposit intended to improve the economics of Mindoro

– Commercial potential identified independant of Mindoro project

– Now regardsd as a potential stand-alone mining project