D/S Norden — Major Shareholding Notification 2021

Dec 1, 2021

Standard form for notification of major holdings

MAJOR NOTIFICATION OF HOLDINGS be at http://oasm.finanstilsynet.dk) uploaded (to
ta)reae Sic revi aC (8) in eon er rieout CNet See RC Aeon le please ty the ee reo) Renee For the notifiPm OYin ren fore: (0) For notification financial accordance instruments dl in regarding peated Ohi Mio (7.2) section the standard form. Act, to in go SoaoO) For instruments financial accordance of the notification regarding Nita in Wi See)da Capital go form. to iy Act diel )i aor ate fea) standard Git:
issuer: of the 1. Identity Dampskibsselskabet	NORDEN A/S
Reason for the notification 2. tick the (please	box or boxes): appropriate
An or disposal of acquisition voting rights	share or capital
An of financial or disposal acquisition	instruments
An event breakdown share the of voting or changing rights capital
Other (please specify):
Details notification of to the 3. person subject	obligation':
NORDEN_ Name: Dampskibsselskabet A/S	2900 Address: 52, Strandvejen Hellerup
[D-number': National °67758919	Email address: lin@norden.com
Full of shareholder 4. name different from 3.)': (if
which crossed Date on the threshold 5. was	or reached": December 2021

6. Total positions of the person subject to the notification obligation:
Voting rights:
	Voting rights attached to shares in % (total of 7.1.A)	Voting rights through financial instruments in % (total of 7.2.A + 7.3.B)	Total of both in % (7.1.A + 7.2.A + 7.3.A)
Resulting situation on the date on which threshold was crossed or reached	5.00		5.00
Position of previous notification (if applicable)
Share capital:
	Share capital attached to shares in % (total of 7.1.B)	Share capital through financial instruments in % (total of 7.2.B + 7.3.B)	Total of both in % (7.1.B + 7.2.B + 7.3.B)
Resulting situation on the date on which threshold was crossed or reached	5.00		5.00
Position of previous notification (if applicable)

6.A Information on the issuer
Total number of voting rights of issuer™	39,200,000
" Total share capital in issuer™	39,200,000

7.1 Shares according to section ³⁸ of the Capital Markets Act

7.1.A: attached shares to Voting rights
code ISIN	Number of voting rights		of voting rights
	which the Voting rights the to person subject notification obligation holds or directly indirectly"# of the (Sect. 38(1) Capital Markets Act)	which the Voting rights the to subject person notification obligation entitled is to acquire, exercise of or dispose of the (Sect. 38(2) Capital Markets Act)	which the Voting rights the to subject person notification obligation holds or directly indirectly"# of the (Sect. 38(1) Capital Markets Act)	which the Voting rights the to person subject notification obligation is entitled to acquire, exercise of or dispose of the (Sect. 38(2) Capital Markets Act)
DK00600083210	1,961,939		5.00
SUBTOTAL 7.1.A
7.1.B: Share attached shares to capital
code ISIN	shares' Number of		of shares
	of the Markets (Sect. 38(1) Capital Act)		of the Markets (Sect. 38(1) Act) Capital
DK00600083210	1,961,939		5.00
SUBTOTAL 7.1.B	1,961,939		5.00

7.2 Financial instruments according to section 39(2)(1) of the Capital Markets Act

7.2.A: Voting rights attached to financial instruments according to section 39(2)(1) of the Capital Markets Act Type of financial instrument Expiration date Exercise/conversion period" Number of voting rights that may be acquired if the instrument is exercised/converted of voting rights SUBTOTAL 7.2.A

Act of 7.2.B: Share attached financial section Markets instruments the to to 39(2)(1) Capital capital according
financial of Type instrument	Exercise/conversion Expiration date period*		shares Number of that may be if the acquired instrument is exercised/converted	share of capital
		SUBTOTAL 7.2.B

7.3 Financial Instruments with similar economic effect acc. to sect. 39(2)(2) of the Capital Markets Act

7.3.A: Voting rights attached to financial instruments according to section 39(2)(2) of the Capital Markets Act

of financial Type instrument	Expiration date	Exercise/conversion period*	or Physical cash settlement"	Number of voting rights	of voting rights
			SUBTOTAL 7.3.A

Share attached of Act 7.3.B: financial section Markets to instruments the to capital according 39(2)(2) Capital
of financial Type instrument	Expiration date"	Exercise/conversion period*	or Physical cash settlement"	Number of shares	of share capital
			SUBTOTAL 7.3.B

8.	Chain	of controlled	undertakings	tick the (please	appropriate box):

The person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any undertaking(s) with holdings in the (underlying) issuer .*! aN

[|] Full chain of controlled undertakings through which the voting rights and/or the financial instruments are xiti effectively held starting with the ultimate controlling natural person or legal entity

Name*v	Total if more than 5% voting rights	Total share more if than capital 5%

1. In case of proxy voting: [name of the proxy holder] will cease to hold [% and number] voting rights as of [date]

2. Additional information*":

Date, place and signature

Hellerup, 1 December 2021

Missaffilly

MRTIN BADSTED

CFO

NOTES

'Full name of the issuer. With regard to financial instruments by issuer means the issuer of the underlying share.

Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiry of financial instruments) or acting in concert.

This should be the full name of

• a) the shareholder;
• b) the natural person or legal entity acquiring, disposing of or exercising voting rights in the cases provided for in section 38(2)(2-8) of the Capital Markets Act; or
• c) the holder of financial instruments referred to in section 39 of the Capital Markets Act.

As the disclosure of cases of acting in concert may vary due to the specific circumstances (e.g. same or different total positions of the parties, entering or exiting of acting in concert by single party), the standard form does not provide for specific method on how to notify cases of acting in concert.

In relation to the transactions referred to in sentences (2) to (8) of section 38(2) of the Capital Markets Act, the following list is provided as indication of the persons who should be mentioned:

• in the circumstances foreseen in section 38(2)(2) of the Capital Markets Act, the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;
• in the circumstances foreseen in section 38(2)(3) of the Capital Markets Act, the natural person or legal entity holding the collateral, provided the person or entity controls the voting rights and declares its intention of exercising them, and natural person orlegal entity lodging the collateral under these conditions;
• in the circumstances foreseen in section 38(2)(4) of the Capital Markets Act, the natural person or legal entity who has life interest in shares if that person or entity is entitled to exercise the voting rights attached to the shares and the natural person or legal entity who is disposing of the voting rights when the life interest is created;
• in the circumstances foreseen in section 38(2)(5) of the Capital Markets Act, the controlling natural person orlegal entity and, provided it has notification duty at an individual level under section 38(1), under sentences (1) to (4) ofsection 38(2) ofthe Capital Markets Act, or under combination of any ofthose situations, the controlled undertaking;
• in the circumstances foreseen in section 38(2)(6) of the Capital Markets Act, the deposit taker of the shares, if he can exercise the voting rights attached fo the shares deposited with him at his discretion, and the depositor of the shares allowing the deposit taker to exercise the voting rights at his discretion;
• in the circumstances foreseen in section 38(2)(7) of the Capital Markets Act, the natural person orlegal entity that controls the voting rights;
• in the circumstances foreseen in section 38(2)(8) of the Capital Markets Act, the proxy holder if he can exercise the voting rights athis discretion, and the shareholder who has given his proxy to the proxy holder allowing the latter to exercise the voting rights at his discretion (e.g. management companies).
• National identification number of the natural person or legal entity if such exists.

Applicable in the cases provided forin section 38(2)(2-8) ofthe Capital Markets Act. This should be the full name of the shareholder who is the counterparty to the natural person or legal entity referred to in section 38(2) ofthat Act unless the percentage of voting rights held by the shareholder is lower than the lowest notifiable threshold for the disclosure of voting rights holdings in accordance with national practices (e.g. identification of funds managed by management companies).

The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.

"i The total number of voting rights or share capital shall be composed of all the shares, including depository receipts representing shares, to which voting rights are attached even if the exercise thereof is suspended.

vii Present the voting rights or share capital that the natural person or legal entity subject to notification holds directly or indirectly. Direct holding means the shares held by the natural person or legal entity subject to notification itself or held by the natural person or legal entity subject to notification in its own name, but on behalf of natural person or legal entity. Indirect holding means that the natural person or legal entity subject to notification holds the share through controlled company or chain of controlled undertakings.

*« Date of maturity/expiration of the financial instrument, i.e. the date when right to acquire shares ends.

ff the financial instrument has such period please specify this period for example once every months starting from [date].

*! In case of cash settled instruments, the number and percentages of voting rights or share capital is to be presented on delta-adjusted basis pursuant to section 38(3) and (4) of the Capital Markets Act.

xi If the person subject to the notification obligation is either controlled and/or controls another undertaking, then the second option applies.

xii The full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity has to be presented also in the cases in which, only at subsidiary level, threshold is crossed or reached and the subsidiary undertaking discloses the notification, as this is the only way for the markets to always get the full picture of the group holdings.

In case of multiple chains through which the voting rights and/or financial instruments are effectively held, the chains have to be presented chain by chain leaving row free between different chains (e.g.: A, B, C, free row, A, B, D, free row, A, E, etc.).

x" The names of controlled undertakings through which the voting rights or share capital and/or financial instruments are effectively held have to be presented irrespective of whether the controlled undertakings cross or reach the lowest applicable threshold themselves.

xv Example: Correction of previous notification.