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Dampskibsselskabet ”NORDEN” A/S - Exercise price of options

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Dampskibsselskabet ”NORDEN” A/S
_______________________________________________________________________________


OMX Nordic Exchange Copenhagen A/S                          Announcement no. 11
Nikolaj Plads 6                                                   18 March 2008
1067 Copenhagen K                                                   Page 1 of 1




We refer to stock announcement no. 8 dated 10 March 2008 regarding the option
programme for leading employees. In this announcement, an estimated theoretical
Black-Scholes value of granted options was provided. 

The exercise price of the options granted on 10 March 2008 has now been
determined. 

The theoretical Black-Scholes value of each option can therefore now be
determined as DKK 85.49. The calculation is based on the following assumptions:
that all options are exercised at the earliest time possible, a volatility of
42.7%, an annual dividend rate of DKK 35 per share, and a risk free interest
rate of 3.57%. 



                                 Kind regards,
                        Dampskibsselskabet ”NORDEN” A/S



                            Ivar Hansson Myklebust
                        Executive Vice President & CFO



Contact at tel. +45 3315 0451: 
Ivar Hansson Myklebust, Executive Vice President & CFO. 
_______________________________________________________________________________

                        Dampskibsselskabet ”NORDEN” A/S
                                49, Amaliegade
                              DK-1256 COPENHAGEN K
                               www.ds-norden.com

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