NORDEN

ANNOUNCEMENT NO. 20 - 25 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	654,000	111.40	72,858,618
18/1/2021	10,000	121.49	1,214,900
19/1/2021	10,000	120.50	1,205,000
20/1/2021	11,000	120.85	1,329,350
21/1/2021	12,000	122.51	1,470,120
22/1/2021	12,000	121.87	1,462,440
Accumulated	709,000	112.19	79,540,428

Since the share buy-back programme was initiated on 4 November 2020, the total number of repurchased shares is 709,000 at a total amount of DKK 79,540,428.

With the transactions stated above, NORDEN holds a total of 3,068,467 treasury shares, corresponding to 7.54%. The total number of shares in NORDEN is 40,700,000 million. Adjusted for treasury shares, the number of shares is 37,631,533.

Kind regards,

Dampskibsselskabet NORDEN A/S

Klaus Nyborg

Chairman

For further information:

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

Attachments

• No. 20 Weekly report on share buy-back
• Appendix