Interim report - first half of 2009

19 Aug 2009

Some highlights

• The profit for the first half-year of 2009 was USD 133 million corresponding to DKK 742 million. The result includes profits from the sale of vessels of USD 39 million and positive fair value adjustments of certain hedging instruments of USD 65 million.

• The total EBITDA for the first half-year was USD 44 million, which is achieved on the basis of an EBITDA in the Dry Cargo Department and the Tanker Department of USD 41 million and USD 8 million, respectively.

• The expectations for 2009 have not changed since the guidance on 13 August: EBIT is expected to be USD 122-172 million, including profit from sale of vessels of approximately USD 67 million, and EBITDA is expected to be USD 100-150 million. The Dry Cargo Department expects an EBITDA of USD 110-150 million, whereas the Tanker Department's EBITDA is expected to be USD 0-20 million. The uncertainty regarding expectations is still more significant than usual.

Full report at www.ds-norden.com

NORDEN