D/S Norden — Earnings Release 2015

Jun 24, 2015

Attached please find below text as PDF file.

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                                                         Announcement no. 13
                                                                24 June 2015

NORDEN raises its expectations for the EBIT result for 2015

Dampskibsselskabet NORDEN A/S raises its expectations for the EBIT result for
2015 to USD 50-90 million against previously expected USD -40 to 40 million.

The upward adjustment is a result of a tanker market which continues to be
influenced by a broadly based upswing with strong rates in all regions. On that
background, the Tanker business is expected to generate an EBIT result of USD
75100 million against previously expected USD 35-65 million.

Furthermore, through good operation and coverage, NORDEN’s Dry Cargo Department
has secured higher earnings than expected at the beginning of the year, even
though the first months of 2015 offered a historically poor dry cargo market.
Dry Cargo is now expected to generate an EBIT result of USD -25 to 0 million
against previously expected USD -60 to 0 million. Fleet values in dry cargo
continue to be under pressure as a result of the challenging markets, and the
Company will perform a routine impairment test in connection with the
publication of the interim report for the first half-year.

Expectations for profits from the sale of vessels are adjusted from USD 7
million to USD 3 million. CAPEX is expected to amount to USD 0-20 million.

                              Kind regards,
                      Dampskibsselskabet NORDEN A/S

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

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