Settlement with RTI Ltd. (Rusal)

9 March 2010

NORDEN has reached a full and final settlement in the 7 arbitration cases which NORDEN has filed against RTI Ltd. (Rusal).

The settlement entails that NORDEN will receive cash payment of USD 23 million to be settled on 22 March 2010. In addition, NORDEN and RTI Ltd. have agreed on a new 2-year Contract of Affreightment for 2 million tonnes of bauxite.

NORDEN cannot disclose further information before the presentation of the Company's annual report later today.

NORDEN