Announcement No. 2, 2016

May 11 2016

Interim financial report – first quarter 2016

Strengthening of balance sheet

“Previously advised transfers of certain non-strategic assets and obligations to LF Investment ApS were largely completed during Q1. These transactions have together with a capital injection strengthened our balance sheet and improved our cash position", says Jan Kastrup-Nielsen, President and CEO adding "dry cargo markets remained under severe pressure and on average Q1 reached an unprecedented low level, whereas the gas carriers performed largely as expected”.

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