D/S Norden — Director's Dealing 2014

Mar 19, 2014

Attached please find below text as PDF file.

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                                                         Announcement no. 13

                                                               19 March 2014

Dampskibsselskabet NORDEN A/S

Statement of leading employees’ and employee-elected board members’
transactions in NORDEN shares and related securities

As stated in NORDEN’s annual report of 11 March 2014, NORDEN has established a
share option programme for leading employees and other key employees, in total
60 employees (against 62 employees last year). Each share option entitles the
recipient to acquire one NORDEN share with a nominal value of DKK 1. The
programme includes a total of 400,000 share options. The share options may be
exercised in the period from 11 March 2017 to 11 March 2020.

The exercise price of the options is determined as the five-day average of the
market price following 11 March 2014, less all dividend payments after 11 March
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 and employee-elected board members in the Company’s shares and
related securities:

Name: Carsten Mortensen
Occasion: Reporting duty, President & CEO
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 68,387
Market value of underlying shares in 17,197,963
DKK:
Holding after the transaction: 49,769 shares and 307,120 options

Name: Michael Tønnes Jørgensen
Occasion: Reporting duty, Executive Vice President
& CFO
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 25,969
Market value of underlying shares in 6,530,684
DKK:
Holding after the transaction: 1,800 shares and 139,740 options

Name: Lars Bagge Christensen
Occasion: Reporting duty, Executive Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 20,114
Market value of underlying shares in 5,058,269
DKK:
Holding after the transaction: 2,843 shares and 94,255 options

Name: Martin Badsted
Occasion: Reporting duty, Executive Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 18,505
Market value of underlying shares in 4,653,637
DKK:
Holding after the transaction: 4,223 shares and 68,013 options

Name: Ejner Kiel Bonderup
Occasion: Reporting duty, Executive Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 27,355
Market value of underlying shares in 6,879,235
DKK:
Holding after the transaction: 4,042 shares and 55,580 options

Name: Mikkel Fruergaard
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 13,179
Market value of underlying shares in 3,314,255
DKK:
Holding after the transaction: 723 shares and 51,678 options

Name: Lars Lundegaard
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 11,586
Market value of underlying shares in 2,913,647
DKK:
Holding after the transaction: 723 shares and 72,184 options

Name: Kristian Wærness
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 11,098
Market value of underlying shares in 2,790,925
DKK:
Holding after the transaction: 4,223 shares and 53,020 options

Name: Vibeke Schneidermann
Occasion: Reporting duty, Senior Vice President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 9,172
Market value of underlying shares in 2,306,575
DKK:
Holding after the transaction: 723 shares and 49,286 options

Name: Ole Clausen
Occasion: Reporting duty, employee-elected board
member
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 11 March 2014
Market: NASDAQ OMX Copenhagen A/S
Number: 1,854
Market value of underlying shares in 466,244
DKK:
Holding after the transaction: 1,149 shares and 8,883 options

The theoretical Black-Scholes value of each option is DKK 28.41 based on the
exercise price determined as the five-day average of the market price (all
transactions) from 12 March 2014. The estimated value is based on the following
assumptions: that all options are exercised after 3.25 years, a volatility of
25.6%, an annual dividend rate of DKK 2 per share (from 2014) and a risk free
interest rate of 0.24%.

                              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