The Board of Directors of J. Lauritzen A/S has initiated preparations to merge J. Lauritzen A/S with 
ship owning Danish subsidiaries with a view to create a simpler group structure and to reduce the administrative burdens.

The contemplated intra-group merger is expected to be completed during the second half of 2014 however with effective date from 1 January 2014.

For the sake of good order, please be advised that the two business units, Lauritzen Bulkers and 
Lauritzen Kosan will continue to be marketing platforms for our dry cargo and gas activities. 

The simplified legal structure is not expected to have any significant financial impact.