Exercise price of options

Attached please find below text as PDF file.


Dampskibsselskabet NORDEN A/S
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NASDAQ OMX Copenhagen A/S                                   Announcement no. 14
Nikolaj Plads 6                                                   18 March 2009
1067 Copenhagen K


We refer to company announcement no. 9 dated 10 March 2009 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 2009 has now been
determined. 

The theoretical Black-Scholes value of each option can therefore now be
determined as DKK 42.83. The calculation is based on the following assumptions:
that all options are exercised at the earliest time possible, a volatility of
59.4%, an annual dividend rate of DKK 10 per share, and a risk free interest
rate of 2.21%. 

                                  Kind regards,
                         Dampskibsselskabet NORDEN A/S

                            Michael Tønnes Jørgensen
                         Executive Vice President & CFO


Contact at tel. +45 3315 0451: Michael Tønnes Jørgensen, Executive Vice
President & CFO. 

_______________________________________________________________________________

                         Dampskibsselskabet NORDEN A/S
                                52, Strandvejen
                                DK-2900 HELLERUP
                               www.ds-norden.com