Crew Development Corporation: Deutsche Bank AG -- Disclosure of Interest to the Oslo Stock Exchange

VANCOUVER, B.C., Sept. 4, 2003 (PRIMEZONE) -- Crew Development Corporation ("Crew") (TSE:CRU) (OSE:CRU) (Frankfurt:KNC) (Other OTC:CRWVF): Crew Development Corporation ("Crew") hereby informs the Canadian and U.S. markets that the following announcement was made by Deutsche Bank AG on the Oslo Stock Exchange (OSE) today:

 CRU -- DISCLOSURE OF INTERESTS
 On 28 August 2003, Deutsche Bank AG acquired NOK 58,000,000
 of a 9% Senior Unsecured Convertible Bond issued by Crew Development
 Corporation. This is convertible into shares, at NOK 3.60 per share
 on or before 8 September 2006. If converted by Deutsche Bank AG and
 on the basis that the relevant issued share capital of Crew
 Development Corporation is 138,664,295 ordinary shares, Deutsche
 Bank AG, and its subsidiary companies have a notifiable interest in
 16,111,111 ordinary shares amounting to 11,61%, (excluding all other
 outstanding 9% Senior Unsecured Convertible Bonds issued).

Please refer to previous Crew news releases for more details about the convertible bond issue and about Crew.

                           Jan A. Vestrum
                           President & CEO

This news release contains certain "Forward-Looking Statements". All statements, other than statements of historical fact, included in this release, and/or statements made by company officers or directors at any given time, as well as Crew's future plans are such forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Crew does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change.

For more information please contact Investor Relations Manager Truls Birkeland at our UK Head Office, (TEL +44 1932 268 755) or the Oslo Office (TEL +47 2212 1650), or by email to IR@crew.no . For more information about Crew, additional contact information or to subscribe to future news releases, please visit our new website www.crewdev.com .