NORDEN

ANNOUNCEMENT NO. 14 - 18 JANUARY 2021

On 4 November 2020, NORDEN initiated a share buy-back programme in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, (Safe Harbour regulation). The share buy-back programme runs from 4 November 2020 up to and including no later than end February 2021. For details please see announcement no. 87 of 4 November 2020.

Under the share buy-back programme, NORDEN will purchase shares for up to a total of USD 20 million (approximately DKK 126 million). Under the programme, the following transactions have been made:

Date	Number of shares	Average purchase price (DKK)	Transaction value (DKK)
Total, last announcement	599,000	110.58	66,234,638
11/1/2021	13,000	117.86	1,532,180
12/1/2021	12,000	120.65	1,447,800
13/1/2021	10,000	121.89	1,218,900
14/1/2021	10,000	122.02	1,220,200
15/1/2021	10,000	120.49	1,204,900
Accumulated	654,000	111.40	72,858,618

Since the share buy-back programme was initiated on 4 November 2020, the total number of repurchased shares is 654,000 at a total amount of DKK 72,858,618.

With the transactions stated above, NORDEN holds a total of 3,013,467 treasury shares, corresponding to 7.40%. The total number of shares in NORDEN is 40,700,000 million. Adjusted for treasury shares, the number of shares is 37,686,533.

Kind regards,

Dampskibsselskabet NORDEN A/S

Klaus Nyborg

Chairman

For further information:

Klaus Nyborg, Chairman, tel.: +45 3315 0451

Attachments

• No. 14 Weekly report on share buy-back
• Appendix