MANAGEMENT AWARDED

The options have been awarded as an incentive to improve the financial performance of DFDS and to generate value for the shareholders. The options may be exercised in the period from March 2014 until March 2016. The exercise price is based on the average share price in the twenty trading days prior to the award, to which 5% has been added, giving an exercise price of DKK 442.00 per share.

The options are hedged against the company's own shareholding. The theoretical value of the share options is DKK 2.0 million, calculated according to the Black & Scholes model, which presumes an average duration of three years, volatility of 30%, dividend of DKK 10 per share and interest rate of 2.06%.