D/S Norden — Director's Dealing 2009

Mar 10, 2009

NASDAQ OMX Copenhagen A/S Announcement no. 9 Nikolaj Plads 6 10 March 2009 1067 Copenhagen K Page 1 of 4

Dampskibsselskabet NORDEN A/S Statement of D/S NORDENs Leading Employees' and Elected Employee Representatives' as well as Their Closely Related Parties' Transactions with D/S NORDEN A/S's Shares and Related Securities

As reported today in NORDEN's annual report, NORDEN has established an share option programme for leading employees and other key employees, in total 56 employees. Each share option entitles the recipient to acquire one share denominated DKK 1 in NORDEN. This year, the programme has been reduced to 0.85% of the share capital (against 1% in previous years) and the exercise period as well as the period before exercise can take place has been extended from 2 to 3 years. The share options may thus be exercised in the period from 10 March 2012 to 10 March 2015.

The exercise price of the options is determined as the five-day average of the market price following 10 March 2009, less all dividend payments after 10 March 2009 and plus an effective interest rate of 8% p.a. until any exercise. These are the same conditions which apply to the option programme the Company established for 50 employees in March 2008.

According to section 28A of the Danish Securities Trading Act, the Company shall report the following information about the Company's Senior Executives' and their families' transactions with the Company's shares and relevant securities:

Name:	Carsten Mortensen
Occasion:	President & CEO
Issuer:	Dampskibsselskabet NORDEN A/S
ISIN code:	DK0010269844
Description:	Shares
Transaction:	Allotment of share options
Commercial date:	10 March 2009
Market:	NASDAQ OMX Copenhagen A/S
Numbers:	66,006
Market value of
underlying shares in DKK:	11,650,059
Holding after the transaction:	16,644 shares and 233,226 options

Dampskibsselskabet NORDEN A/S 52, Strandvejen DK-2900 HELLERUP www.ds-norden.com

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ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 10 March 2009 Numbers: 36,003 Market value of underlying shares in DKK: 6,354,530 Holding after the transaction: 0 shares and 36,003 options

Occasion: Senior Vice President ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 10 March 2009 Numbers: 23,042 Market value of underlying shares in DKK: 4,066,913

Occasion: Senior Vice President ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 10 March 2009 Numbers: 18,722 Market value of underlying shares in DKK: 3,304,433

Name: Michael Tønnes Jørgensen

Occasion: Executive Vice President & CFO Issuer: Dampskibsselskabet NORDEN A/S Market: NASDAQ OMX Copenhagen A/S

Name: Lars Bagge Christensen

Issuer: Dampskibsselskabet NORDEN A/S Market: NASDAQ OMX Copenhagen A/S

Holding after the transaction: 2,464 shares and 84,982 options

Name: Peter Borup

Issuer: Dampskibsselskabet NORDEN A/S Market: NASDAQ OMX Copenhagen A/S

Holding after the transaction: 224 shares and 60,062 options

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Occasion: Senior Vice President ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 10 March 2009 Numbers: 14,401 Market value of underlying shares in DKK: 2,541,777

Occasion: Senior Vice President ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 10 March 2009 Numbers: 12,961 Market value of underlying shares in DKK: 2,287,617

Occasion: Senior Vice President ISIN code: DK0010269844 Description: Shares Transaction: Allotment of share options Commercial date: 10 March 2009 Numbers: 12,721 Market value of underlying shares in DKK: 2,245,257

Name: Lars Lundegaard

Issuer: Dampskibsselskabet NORDEN A/S Market: NASDAQ OMX Copenhagen A/S

Holding after the transaction: 344 shares and 54,521 options

Name: Kristian Wærness

Issuer: Dampskibsselskabet NORDEN A/S Market: NASDAQ OMX Copenhagen A/S

Holding after the transaction: 344 shares and 46,341 options

Name: Martin Badsted

Issuer: Dampskibsselskabet NORDEN A/S Market: NASDAQ OMX Copenhagen A/S

Holding after the transaction: 1,344 shares and 43,021 options

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Name:	Vibeke Schneidermann
Occasion:	Senior Vice President
Issuer:	Dampskibsselskabet NORDEN A/S
ISIN code:	DK0010269844
Description:	Shares
Transaction:	Allotment of share options
Commercial date:	10 March 2009
Market:	NASDAQ OMX Copenhagen A/S
Numbers:	10,561
Market value of
underlying shares in DKK:	1,864,017
Holding after the transaction:	344 shares and 22,821 options
Name:	Peter Norborg
Occasion:	Senior Vice President
Issuer:	Dampskibsselskabet NORDEN A/S
ISIN code:	DK0010269844
Description:	Shares
Transaction:	Allotment of share options
Commercial date:	10 March 2009
Market:	NASDAQ OMX Copenhagen A/S
Numbers:	26,402
Market value of
underlying shares in DKK:	4,659,953
Holding after the transaction:	344 shares and 74,242 options

The theoretical Black-Scholes value of each of the options is DKK 40.24 based on the price of the shares of the Company as per close on Monday 9 March. The value is an estimate as the exercise price will be determined as the five-day average of the market price from 10 March 2009. The estimated value is calculated based on the following assumptions: that all options are exercised at the earliest time possible, a volatility of 56.3%, an annual dividend rate of DKK 10 per share and a risk free interest rate of 2.34%.

Kind regards, Dampskibsselskabet NORDEN A/S

Michael Tønnes Jørgensen Executive Vice President & CFO

Contact at tel. +45 3315 0451: Executive Vice President & CFO Michael Tønnes Jørgensen.