D/S Norden — Director's Dealing 2016

Mar 10, 2016

Attached please find below text as PDF file.

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                                                          Announcement no. 5

                                                               10 March 2016

Dampskibsselskabet NORDEN A/S

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

As stated in NORDEN’s annual report of 2 March 2016, NORDEN has established a
share option programme for leading employees and other key employees, in total
63 employees (against 65 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 389,159 share options. The share options may be
exercised in the period from 10 March 2019 to 10 March 2022.

The exercise price of the options is determined as the five-day average of the
market price following 2 March 2016, less all dividend payments after 2 March
2016 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: Jan Rindbo
Occasion: Reporting duty, CEO
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 10 March 2016
Market: Nasdaq Copenhagen
Number: 50,000
Black-Scholes value of allocated share 778,500
options in DKK:
Holding after the transaction: 7,560 shares and 100,000 options

Name: Martin Badsted
Occasion: Reporting duty, CFO
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 10 March 2016
Market: Nasdaq Copenhagen
Number: 28,000
Black-Scholes value of allocated share 435,960
options in DKK:
Holding after the transaction: 4,223 shares and 118,493 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: 10 March 2016
Market: Nasdaq Copenhagen
Number: 28,000
Black-Scholes value of allocated share 435,960
options in DKK:
Holding after the transaction: 3,596 shares and 110,512 options

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: 10 March 2016
Market: Nasdaq Copenhagen
Number: 14,349
Black-Scholes value of allocated share 223,414
options in DKK:
Holding after the transaction: 42,698 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: 10 March 2016
Market: Nasdaq Copenhagen
Number: 11,500
Black-Scholes value of allocated share 179,055
options in DKK:
Holding after the transaction: 4,823 shares and 75,999 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: 10 March 2016
Market: Nasdaq Copenhagen
Number: 11,500
Black-Scholes value of allocated share 179,055
options in DKK:
Holding after the transaction: 723 shares and 65,812 options

Name: Henrik Lykkegaard Madsen
Occasion: Reporting duty, Senior Vice
President
Issuer: Dampskibsselskabet NORDEN A/S
ISIN code: DK0010269844
Description: Shares
Transaction: Allotment of share options
Commercial date: 10 March 2016
Market: Nasdaq Copenhagen
Number: 11,500
Black-Scholes value of allocated share 179,055
options in DKK:
Holding after the transaction: 53,110 options

The theoretical Black-Scholes value of each option is DKK 15.57 based on the
exercise price determined as the five-day average of the market price (all
transactions) from 3 March 2016. The estimated value is based on the following
assumptions: that all options are exercised after 3.25 years, a volatility of
31.4%, an annual dividend rate of DKK 0 per share (from 2016) and a risk free
interest rate of 0%.

                              Kind regards,

                      Dampskibsselskabet NORDEN A/S

                             Martin Badsted

                                  CFO

For further information: Martin Badsted, CFO, tel.: +45 3315 0451

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