Fact Sheet D/S NORDEN

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1 Fact Sheet D/S NORDEN The corporate fact sheet is updated four times a year in connection to the presentation of the quarterly results. Please see to, that you have the latest version available. For fully up-to-date facts and further information please see our website D/S NORDEN Fact Sheet November

2 Contents 1. NORDEN in brief 3 2. Corporate culture 4 3. Business model 5 4. Strategy: To be the preferred partner in global tramp shipping 6 5. Business areas 8 6. Financial results and guidance Board of Directors Executive Management & Executive Group Share information & Shareholders Recent Stock Exchange announcements Contact information: Press & Investor Relations 16 D/S NORDEN Fact Sheet November

1. NORDEN in brief Dampskibsselskabet NORDEN A/S is an independent shipping company listed on OMX Nordic Exchange Copenhagen A/S. The market capitalization at 19 November 2008 was DKK 5.8 billion.

3 1. NORDEN in brief Dampskibsselskabet NORDEN A/S is an independent shipping company listed on OMX Nordic Exchange Copenhagen A/S. The market capitalization at 19 November 2008 was DKK 5.8 billion. NORDEN was founded in 1871, making it one of Denmark s oldest internationally operating shipping companies. NORDEN operates in dry cargo and tankers worldwide. In dry cargo, the Company is one of the world s largest operators of Handymax and Panamax bulkcarriers and has significant activities in the Handysize and Capesize segments, in total 134 dry cargo vessels. In tankers, the Company is active in the product tanker segments, Handysize, MR and LR1, in total 34 tanker vessels. The product tanker activities are operated through the Norient Product Pool, which is managed by the 50% owned Norient Product Pool ApS. NORDEN s fleet is among the most modern and competitive in the industry and NORDEN operates in total 168 dry cargo- and tanker vessels (a mix of owned and chartered tonnage). In addition NORDEN has an extensive newbuilding programme and has in total 92 vessels on order (dry cargo 80, tanker 12). NORDEN has its head office in Copenhagen (Denmark) and offices in Singapore, Shanghai (China), Annapolis (USA), Rio de Janeiro (Brazil) and Mumbai (India). At its offices, NORDEN has approx 200 employees and about 300 are employed on the Company s owned vessels. NORDEN was a founding member of the Danish Shipowners' Association in 1884 and has since been a member. Furthermore NORDEN is a member of the international organisations; Intertanko (The International Association of Independent Tanker Owners), BIMCO (The Baltic and International Maritime Council) and ICC Denmark (International Chamber of Commerce). D/S NORDEN Fact Sheet November

4 2. Corporate culture A strong corporate culture is an important part of NORDEN s offer to customers and partners as well as new and existing employees. The corporate culture is based on our vision and mission statement and NORDEN s four core values. Along with clear policies on safety and environment, investor relations communications, risk management and shareholder return, this provides NORDEN with a solid fundament for prosperous business and gives NORDEN s customers, partners and shareholders a clear indication of what to expect. Our vision The preferred partner in global tramp shipping. Unique people. Open minded team spirit. Number one. Our values Flexibility Reliability Empathy Ambition Our mission Our business is global tramp shipping. We seek excellence through a dedicated team effort from competent and motivated people. Through our values we focus on customers who benefit from our constant commitment to being an independent long-term partner continue our long history of building valued relationships with shipowners and shipyards We will maintain a large modern fleet of owned and chartered tonnage and in a volatile market we manage risks to constantly be able to develop our business and create shareholder value. D/S NORDEN Fact Sheet November

3. Business model NORDEN is a global operator of tanker and dry cargo vessels with a clear ambition to position itself as a service company which delivers high quality to customers.

5 3. Business model NORDEN is a global operator of tanker and dry cargo vessels with a clear ambition to position itself as a service company which delivers high quality to customers. In order to do this, we continuously develop our customer focus and adjust our portfolio of capacity and cargoes. Through our offices in North America, South America, India, China and Singapore we approach customers locally and accommodate our services to their needs. Furthermore, we focus on building long term partnerships with both shipyards and customers. Competent and dedicated staffs are a prerequisite for our success. CONSUMER FOCUS COVERAGE OF CAPACITY THE RIGHT PEOPLE A MODERN, FLEXIBLE FLEET D/S NORDEN Fact Sheet November

6 4. Strategy: To be the preferred partner in global tramp shipping The course is set: NORDEN s goal is to be a leading shipping company and the preferred partner in global tramp shipping. The Company seeks to achieve this goal through: Organisational development Partner focus Risk management Financial strength Profitable growth Corporate Social Responsibility Focusing NORDEN s activities on the dry cargo and tanker areas o Dry cargo: Market leader in Post-Panamax (2009-), Panamax, Supramax and Handysize o Tanker: To establish a greater presence in the product tanker market Organisational development NORDEN considers human activities an essential element in the Company s endeavours to create value for its shareholders. The distinguishing factors are the competences within the organisation and the Company s ability to employ the growing fleet and to purchase and sell vessels at the times when this is deemed most advantageous. NORDEN therefore sees it as a constant challenge to attract, develop and retain competent employees and continuously strive to develop the overall competences within the organization. These years, the Company is focusing particularly on recruiting shipping trainees to secure its future growth and continuously growing business volume. Partner focus NORDEN is dependent on having good relations with shipyards as well as customers, and the Company is dedicated to treating these as partners. Although marginally better terms might during certain periods be achieved by changing partners, the Company is convinced that building and maintaining lasting relations with long-term partners provides the strongest basis for expanding and employing its fleet. By expanding representative offices close to where the customers are and conducting regular customer satisfaction surveys, NORDEN strives to continually improve customer service and thus build on a mutually valuable partnership. Risk management Active risk management is a key element in the Company s business model. The Company actively manages the primary commercial risks relating to the shipping market: fluctuations in freight rates and prices of vessels. In response to spot market rate fluctuations, the Company fixes part of the fleet on long-term charters. NORDEN keeps a close watch of the markets and continually adapts its fleet capacity through a flexible business model. Equally, the Company adjusts coverage to market conditions and expectations. Other risks not related to the shipping market bunker prices, exchange rates etc. are hedged in so far as possible Financial strength NORDEN maintains strong financial resources in order to be able to take advantage of the opportunities arising in volatile market conditions. Shipping is a cyclical business and strong capital re- D/S NORDEN Fact Sheet November

7 sources are considered necessary for the Company s ability to maintain and develop its commercial position. The Company s capital structure will continuously reflect its considerable off-balance sheet liabilities in the form of future time charter payments and payments to shipyards in respect of future newbuildings. Profitable growth NORDEN s business model is intended to withstand volatile market conditions by being flexible and ensuring a long-term, solid cash flow. Growth should always be profitable and the development of the business volume will always happen in accordance with this requirement. The extension of activities will always be based on the Company s core competences. This is ensured by means of, among other things, a major newbuilding programme. Corporate Social Responsibility Safety and environment are high on NORDEN s list of priorities the Company therefore operates only modern, double-hulled tanker tonnage and continuously works on minimizing propulsion resistance and optimizing fuel consumption on owned vessels. The Company has launched a more systematic approach to environmental and social sustainability in order to take a greater responsibility for safety at sea, occupational health, external environment, employee conditions and opportunities and other Corporate Social Responsibility (CSR) issues. Previously, NORDEN addressed individual issues on the CSR agenda based on the Company s values. An example of this is our longstanding work on occupational health and safety at sea, involving regular information, systematic examination of near misses and an extensive set of KPIs for officers in order to eliminate industrial injuries onboard the Company s vessels and help minimise the vessels impact on the external environment through groundings, collisions, spills etc. It is NORDEN s ambition to reduce CO 2 emissions from owned vessels by 2% in The best way of reducing CO 2 is by using less fuel. The Company has launched a number of initiatives to improve the environment by minimising propulsion resistance and optimising fuel efficiency. Most parts of the Company s 14-point plan were initiated in 2007, and the rest will be so in Latest design of slide valves. Reduces CO 2, NO x and SO x emissions. 2. CASPER system. Optimises fuel consumption. 3. FLAME system. Optimises combustion efficiency. 4. Advanced P/V tank valves. Reduces fumes from tanker cargoes. 5. ExxonMobil Scrapedown analysis system. Optimises combustion efficiency. 6. Alpha Lubrication system. Minimises the consumption of lubricating oil. 7. Torque measuring system. Optimises the engine. 8. Waste monitoring and reporting system. 9. Full blasting of underwater hulls. 10. Propeller polishing 11. Increased frequency of overhauls of the vessels turbo chargers. 12. Increased frequency of overhauls of the vessels scavenger air coolers. 13. Increased frequency of overhauls of the vessels fuel oil pumps and injectors. 14. Funding of environmental research and development programmes. D/S NORDEN Fact Sheet November

8 5. Business areas Dry cargo activities NORDEN is an internationally recognised shipowner and operator in the Handysize, Handymax/Supramax, Panamax, Post-Panamax and Capesize segments. Within the Handymax/Supramax and Panamax segments NORDEN is one of the world leaders. The latest initiative is the entry into the Handysize and Post-Panamax segments enabling an integrated service across all sizes of bulk vessels. A modern fleet combined with professional and experienced staff ensures that NORDEN is able to provide its customers with competitive and reliable transportation of bulk commodities world-wide. Customer satisfaction is our most important objective. NORDEN operates a modern quality bulk fleet. The fleet consists of long-term chartered and owned vessels as well as vessels taken on for short term time charters. In total NORDEN operates 186 dry cargo vessels through a mix of owned and chartered tonnage. The commodities carried include coal, cement/cement clinker, alumina, fertilizer, grain, petcoke, sugar, wheat and steels. In the Handymax segment most vessels are equipped with cranes and grabs, which ensure maximum flexibility for self-handling of cargoes in areas where port facilities are insufficient. An extensive newbuilding programme of 80 dry cargo vessels over the coming years, placed by NORDEN with some of the world's leading shipyards ensures that NORDEN is continuing its longterm dedication to the dry cargo segment in the years to come. Tanker activities NORDEN owns and operates three vessel types in the tanker segment; Long Range (LR1), Medium Range (MR) and Handysize product tankers. Our MR and Handysize vessels primarily carry refined oil products such as gasoline, jet fuel and gas oil; and vegetable oil all on a global basis. In total 34 tanker vessels. NORDEN has decided to temporarily discontinue the operator activity within the Aframax crude oil tanker segment in order to focus completely on the activities in the product tanker segment. We strive to offer our customers a first class reliable service through a group of dedicated and professional employees and a young and well maintained modern double hull fleet acceptable for use by the oil companies. Our vessels are of high quality and our officers and crew are continuously trained to provide safe and reliable transportation service in accordance with Best Industry Practise. NORDEN s LR1, MR and Handysize tankers are commercially managed by the Norient Product Pool ApS. D/S NORDEN Fact Sheet November

9 Norient Product Pool Norient Product Pool ApS is a limited company registered in Denmark and owned 50/50 by the founding partners; Dampskibsselskabet NORDEN A/S and Interorient Navigation Company Ltd. The pool was founded in 2005 by Dampskibsselskabet NORDEN A/S and Interorient Navigation Company Ltd. In this way, we have improved our ability to meet customer demands globally, ensuring an extensive geographical coverage and flexible service. It is operated from its head office in Copenhagen and its representation office in Singapore. Norient Product Pool ApS manages about 55 product tankers from 25,000 dwt to 75,000 dwt, however, both Interorient Navigation Company Ltd and Dampskibsselskabet NORDEN A/S have considerable new building programmes, which will add close to 35 new vessels during the coming years. Two thirds of Norient Product Pool's fleet is ice classed. Disclaimer This factsheet and NORDEN s reports and presentations include forward-looking statements reflecting the management s current perception of future trends and financial performance. The statements for 2008 and the years to come naturally carry some uncertainty and NORDEN's actual results may therefore differ from the expectations. Factors that may cause the results achieved to differ from the expectations are, among other things, but not exclusively so, changes in the macroeconomic and political conditions especially in the Company s key markets, changes in NORDEN's assumptions of rate development and operating costs, volatility in rates and vessel prices, changes in legislation, possible interruptions in traffic and operations as a result of external events, etc. In the event of any discrepancies between the factsheet and information on our homepage, the homepage version shall be governing. 6. Financial results and guidance D/S NORDEN Fact Sheet November

10 6. Financial results and guidance Revenue (USD m) EBITDA (USD m) M M Profit from vessels sold (USD m) M Net Profit (USD m) M Guidance for 2008 (USD m) Dry Cargo Tanker Total EBITDA Sale of vessels EBIT Fair value adj* Profit after tax * Adjustments of hedge instruments 0 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 D/S NORDEN Fact Sheet November

11 USD Million Q4 Q3 Q2 Q1 INCOME STATEMENT Revenue 1, , , , , , , Costs -1, , , , Profit before depreciation (EBITDA) Profit from sale of vessels Depreciation Share of results of joint ventures Profit from operation (EBIT) Fair value adjustments etc (IAS 39) Net financials Profit before tax Tax for the period Profit for the period BALANCE SHEET Non-current assets Total assets 1, , , , Equity at year-end 1, , , , Liabilities Cash and securities Invested capital 1, , Net interest-bearing debt CASH FLOW STATEMENT From operating activities From investment activities From financing actitivities Change in cash and cash equivalents for the period RATIOS # 1,000 Outstanding shares Earnings per share (USD) Dividend per share (DKK) NAV USD (DKK) (325) 65.0(308) 64.3(303) 57.3(291) 26.6(151) 19.8(125) 13.1(71) 5.3(32) ROE (%) Excluding purchase options on vessels. D/S NORDEN Fact Sheet November

7. Board of Directors Mogens Hugo Managing Director. Born in 1943. Member of the Board and Chairman since 1995. Most recently re-elected in 2008. Alison J. F. Riegels Managing Director. Born in 1947.

12 7. Board of Directors Mogens Hugo Managing Director. Born in Member of the Board and Chairman since Most recently re-elected in Alison J. F. Riegels Managing Director. Born in Member of the Board and Vice Chairman since Most recently re-elected in Einar K. Fredvik Managing Director. Born in Member of the Board since Most recently re-elected in Erling Højsgaard Managing Director. Born in Member of the Board since Most recently re-elected in Dag Rasmussen Managing Director. Born in Member of the Board since Karsten Knudsen Group Managing Director. Born in Member of the Board since Benn Pyrmont Johansen Captain. Born in Elected employee representative since Lars Enkegaard Biilmann Captain. Born in Elected employee representative since Bent Torry Sørensen Chief Engineer. Born in Elected employee representative since D/S NORDEN Fact Sheet November

13 8. Executive Management & Executive Group The Management and the Executive Group is responsible for the day-to-day management of the Group. It reports to the Board of Directors, who is responsible for the overall management of NORDEN. Executive Management Carsten Mortensen President and Chief Executive Officer (CEO). Born in Carsten Mortensen joined NOR- DEN in 1997 as head of the Dry Cargo Department. He became a member of Management in 2004 and was appointed President (CEO) in Executive Group Peter Norborg Senior Vice President and head of the Dry Cargo Department. Born in Peter Norborg joined NORDEN in 1998 and was appointed Senior Vice President and head of the Dry Cargo Department in Lars Bagge Christensen Senior Vice President and head of the Tanker Department. Born in Lars Bagge Christensen joined NORDEN in 1993 and was appointed Senior Vice President and head of the Tanker Department in Lars Lundegaard Senior Vice President and head of the Technical Department. Born in Lars Lundegaard joined NORDEN in Kristian Wærness Senior Vice President and head of the Finance and Accounting Department. Born in Kristian Wærness holds a MSc in accounting from 1993 and joined NORDEN in In 2007 he was appointed Senior Vice President and head of the Finance and Accounting Department. Vibeke Schneidermann Senior Vice President in charge of Human Resources, born in Vibeke Schneidermann has a bachelor of commerce degree in organisation and joined NORDEN in Martin Badsted Senior Vice President in charge of the Corporate Secretariat, born in Martin Badsted holds an M.Sc. in international business from 1999 and joined NORDEN in D/S NORDEN Fact Sheet November

9. Share information & Shareholders It is the Company s goal that the share price reflects the Company s actual and expected ability to create value for its shareholders.

14 9. Share information & Shareholders It is the Company s goal that the share price reflects the Company s actual and expected ability to create value for its shareholders. The Company is promoting this goal by consistently providing timely, precise and relevant information on the Company s strategy, operation, results and expectations. NORDEN generally seeks open dialogue with its stakeholders within the framework of the Rules of Ethics of OMX Nordic Exchange Copenhagen A/S. See more on our Investor Relations policy. NORDEN s master data Share capital DKK 44,600,000 Number of shares 44,600,000 Denomination DKK 1 Classes of shares 1 Voting restrictions None Stock exchange NASDAQ OMX Copenhagen A/S Ticker symbol DNORD ISIN code DK The Nordic Stock Exchange Nordic Large Cap Bloomberg code DNORD.DC Reuters code DNORD.CO Shareholders Latest update: 19 November 2008 Shareholders Geografical distrubution A/S Motortramp 26.6 % Denmark 47.6 % Kristiansand Tankrederi AS 21.5 % Norway 21.6% D/S NORDEN 4.96 % Not registred shareholders 15.1 % Registred 5% or below % USA 8.7 % Not registred shareholders 15.1 % Great Britain 3.8 % Total % Other registred shareholders 3.2 % Total % D/S NORDEN Fact Sheet November

10. Recent Stock Exchange announcements 19 Nov 2008 Interim report - third quarter 2008 12 Nov 2008 NORDEN sells 3 dry cargo vessels 15 Oct 2008 Dampskibsselskabet NORDEN A/S appoints new CFO and

15 10. Recent Stock Exchange announcements 19 Nov 2008 Interim report - third quarter Nov 2008 NORDEN sells 3 dry cargo vessels 15 Oct 2008 Dampskibsselskabet NORDEN A/S appoints new CFO and Executive Vice President 1 Oct 2008 NORDEN adjusts expectations for Sep 2008 New management of NORDEN's Dry Cargo Department 12 Sep 2008 Jacob Meldgaard resigns from the Executive Management in NORDEN 9 Sep 2008 Major shareholder announcement 2 Sep 2008 NORDEN enters into long-term contract of affreightment 20 Aug 2008 Interim report - first half of Jun 2008 NORDEN among the world's best at creating financial results 09 Jun 2008 Change in the Board of Management of NORDEN 28 May 2008 Extraordinary General Meeting - Minutes 20 May 2008 Interim report - first quarter of May 2008 Notice of Extraordinary General Meeting 23 Apr 2008 Annual General Meeting - Minutes 23 Apr 2008 Annual General Meeting - Chairman's Report 17 Apr 2008 NORDEN sells NORD FIGHTER and increases profit guidance 03 Apr 2008 Notice of Annual General Meeting Mar 2008 Election of employee representatives to the Board of Directors 27 Mar 2008 NORDEN establishes two new pools in dry cargo 14 Mar 2008 NORDEN sells two vessels and increases profit guidance 10 Mar 2008 Annual Report 2007 and Expectations for Mar 2008 NORDEN sells newbuilding 22 Feb 2008 NORDEN strengthens organisation and promotes three managers 22 Feb 2008 Mr Jacob Meldgaard will join NORDEN's Executive Management 25 Jan 2008 Allotment of employee shares 10 Jan 2008 Financial Calendar 2008 D/S NORDEN Fact Sheet November

16 12. Contact information: Press & Investor Relations Contacts Dampskibsselskabet NORDEN A/S 52, Strandvejen DK-2900 Hellerup Denmark Telephone no.: Telefax no.: Press contact Carsten Mortensen President & CEO Telephone: direktion@ds-norden.com Investor relations & shareholders contact The Management is responsible for the Company s investor relations. Persons responsible for the day-to-day investor relations tasks are: Martin Badsted, Senior Vice President, Investor Relations Officer Peter Sand, Senior Analyst corpsec@ds-norden.com Telephone: New headquarters in 2008 After 117 years in the historical stately building at 49, Amaliegade near Amalienborg Palace and the Port of Copenhagen, NORDEN s headquarters has now moved even closer to the waterfront to new, lighter and airier surroundings with better staff facilities and most importantly far more space. NORDEN s new headquarters is located in another historical building called Bryghuset in Tuborg Harbour at Strandvejen in Hellerup, north of Copenhagen. D/S NORDEN Fact Sheet November

Handelsbanken s. 5 th Transport Seminar. Billede. Michael Tønnes Jørgensen Executive Vice President & CFO. (Solnedgang?)

Handelsbanken s. 5 th Transport Seminar. Billede. Michael Tønnes Jørgensen Executive Vice President & CFO. (Solnedgang?) Handelsbanken s Billede 5 th Transport Seminar (Solnedgang?) 2010 Michael Tønnes Jørgensen Executive Vice President & CFO October 2010 THE PREFERRED PARTNER IN GLOBAL TRAMP SHIPPING. UNIQUE PEOPLE. OPEN