D/S Norden — Director's Dealing 2014

May 8, 2014

Attached please find below text as PDF file.

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                                                         Announcement no. 20

                                                                  8 May 2014

Dampskibsselskabet NORDEN A/S

Statement of leading employees’ transactions in NORDEN shares and related
securities

In connection with the employment of Asger Lauritsen as Senior Vice President
and head of the Technical Department, he has been granted 14,000 share options.
Each share option entitles the recipient to acquire one NORDEN share with a
nominal value of DKK 1. The share options may be exercised in the period from 1
May 2017 to 1 May 2020.

The exercise price of the options is determined as the five-day average of the
market price as of 1 May 2014, less all dividend payments after 1 May 2014 plus
an addition of 10%.

According to section 28A of the Danish Securities Trading Act, the Company
shall report the following information about the transactions of leading
employees in the Company’s shares and related securities:

Name: Asger Lauritsen
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 7 May 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 14,000
Value of options in DKK: 370,720
Holding after the transaction: 14,000 options

The theoretical Black-Scholes value of each option is DKK 26.48 based on the
exercise price determined as the five-day average of the market price (all
transactions) as of 1 May 2014. The estimated value is based on the following
assumptions: that all options are exercised after 3.25 years, a volatility of
25.5%, an annual dividend rate of DKK 2 per share (from 2015) and a risk free
interest rate of 0.29%.

                              Kind regards,

                      Dampskibsselskabet NORDEN A/S

                        Michael Tønnes Jørgensen

                 Executive Vice President & CFO

Further information: Michael Tønnes Jørgensen, Executive Vice President & CFO,
tel. +45 3315 0451.

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DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO.
                                67758919