OW Bunker prices its Initial Public Offering at DKK 145 per offer share


COMPANY ANNOUNCEMENT
28 March 2014
No. 3/2014


NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO
            THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN

This announcement is not a prospectus but an advertisement and nothing herein
contains an offering of securities. No one should purchase or subscribe for any
securities in OW Bunker A/S ("OW Bunker" or the "Company") except on the basis
of information in the prospectus published by OW Bunker in connection with the
potential offering and admission of such securities to trading and official
listing on NASDAQ OMX Copenhagen A/S ("NASDAQ OMX Copenhagen").

    OW Bunker prices its Initial Public Offering at DKK 145 per offer share

Today, OW Bunker announces the result of its Initial Public Offering, and the
final offer price of DKK 145 per offer share. Admission to trading and official
listing on NASDAQ OMX Copenhagen of the shares in OW Bunker is expected to take
place on Friday 28 March 2014, under the symbol "OW".

Jim Pedersen, OW Bunker's CEO, commented:
"We are very pleased with and proud of the substantial interest we have received
from private and institutional investors in Denmark as well as from
international investors. We see that as a recognition of the results we have
achieved so far and a strong sign of confidence in our business going forward,
and I welcome the more than 20,000 new shareholders."

Søren Johansen, Deputy Chairman of OW Bunker commented:
"We are satisfied with the result of this process and the overwhelming interest
in the offering. It confirms that OW Bunker has the right qualities to be a
publicly listed company and is an attractive opportunity for investors. We
welcome the many new shareholders, and are looking forward to continuing to
support the Company."

Highlights of the Initial Public Offering
  * The final offer price is set at DKK 145 per offer share, giving OW Bunker a
    market capitalisation of DKK 5,332 million
  * OW Bunker will issue 758,621 new shares, raising gross proceeds of DKK 110
    million
  * 17,902,692 shares are sold by OW Bunker's major shareholder, ultimately
    owned by Altor Fund II ("the Major Shareholder")
  * The Major Shareholder has granted the Joint Bookrunners an over-allotment
    option of an additional 2,877,794 shares, exercisable in whole or in part
    until 25 April 2014
  * Assuming no exercise of the over-allotment option, the offering will amount
    to DKK 2,782 million, and with full exercise of the over-allotment option,
    DKK 3,199 million
  * The free float, calculated as the proportion of shares held by new investors
    following the offering will be 52%, or 60% if the over-allotment option is
    exercised in full
  * Approximately 20,500 new investors have been allocated shares in OW Bunker
    in connection with the offering
  * Retail investors in Denmark have been allocated approximately 15% of the
    offer shares, and 85% have been allocated to Danish and international
    institutional investors
  * The Major Shareholder will hold 15,753,483 shares or 42.8% of OW Bunker's
    share capital upon completion of the offering and prior to any exercise of
    the over-allotment option. Assuming full exercise of the over-allotment
    option, the Major Shareholder will hold 12,875,689 shares or 35.0% of OW
    Bunker's share capital
  * For individual orders of more than DKK 3 million, individual allocations
    have been determined by the Major Shareholder and OW Bunker's Board of
    Directors, in consultation with the Joint Bookrunners
  * For retail orders of up to and including DKK 3 million, allocations have
    been determined mathematically - and all amounts of shares have been rounded
    down to the nearest whole number of shares - as follows:
      * Orders for up to and including 85 shares, corresponding to DKK 12,325,
        will be allocated in full
      * Orders for more than 85 shares will be allocated 85 shares and 7% of the
        remaining order
      * Orders for more than 1,500 shares will be allocated 184 shares and 2% of
        the remaining order
  * A total of 137,931 shares, corresponding to DKK 20 million, have been
    allocated to OW Bunker at the offer price, in order for the Company to offer
    shares in the employee share offering, as described in the prospectus

Admission to trading and official listing of OW Bunker's shares on NASDAQ OMX
Copenhagen is expected on 28 March 2014. The shares will be issued under ISIN
DK0060548386.

The offer shares are expected to be delivered on or about Wednesday, 2 April
2014 against payment in immediately available funds in DKK. The offer shares
will be delivered in book-entry form to investors' accounts with VP SECURITIES
A/S and through the facilities of Euroclear Bank, S.A./N.A. and Clearstream
Banking S.A.

A timetable of principal events following the offering updated from the
prospectus dated 18 March 2014 can be seen below.

 Event                                                            Expected date

 Registration of share capital increase regarding exercise of
 warrants with the Danish Business Authority                      28 March 2014

 First Day of Trading and Official Listing of Shares on NASDAQ
 OMX Copenhagen under the permanent ISIN DK0060548386             28 March 2014

 First Day of Trading and Official Listing on NASDAQ OMX
 Copenhagen of the 1,550,805 Shares issued due to exercise of
 warrants                                                         31 March 2014

 Completion of the Offering, including Settlement of Offer Shares
 (excluding the Overallotment Option, unless exercised by that
 date)                                                             2 April 2014

 Registration of the share capital increase regarding the New
 Shares with the Danish Business Authority                         2 April 2014

 First Day of Trading and Official Listing of the New Shares on
 NASDAQ OMX Copenhagen under the permanent ISIN                    3 April 2014


Carnegie Investment Bank, filial af Carnegie Investment Bank AB (publ), Sverige
and Morgan Stanley & Co. International Plc are acting as Joint Global
Coordinators in the Offering, Carnegie Investment Bank, filial af Carnegie
Investment Bank AB (publ), Sverige, Morgan Stanley & Co. International Plc and
Nordea Markets (division of Nordea Bank Danmark A/S) are acting as Joint
Bookrunners in the Offering and ABG Sundal Collier Norge ASA, Copenhagen Branch
is acting as Co-Lead Manager in the Offering.

For further information, please contact:
Jim Pedersen, CEO, tel.: +45 9812 7277
For media enquiries:
Per Bech Thomsen, Group Communications, tel.: +45 3137 3133

This document and the information contained herein are not for distribution or
release, directly or indirectly, in or into the United States of America
(including its territories and possessions, any state of the United States of
America and the District of Columbia) (the "United States"), Australia, Canada
or Japan. This communication does not constitute, or form part of, an offer to
sell, or a solicitation of an offer to purchase, any securities in the United
States, Australia, Canada or Japan or in any jurisdiction in which any offer or
solicitation would be unlawful. The securities of OW Bunker A/S have not been
and will not be registered under the U.S. Securities Act of 1933 (the
"Securities Act") and may not be offered or sold within the United States absent
registration or an applicable exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act.

This communication is not a prospectus for the purpose of directive 2003/71/EC
as amended (together with any applicable implementing measures in any member
State, the "Prospectus Directive"). The prospectus prepared pursuant to the
Prospectus Directive can be obtained from OW Bunker A/S' registered office and
website, with certain limitations. Investors should not purchase or otherwise
acquire any securities referred to in this communication except on the basis of
information contained in a prospectus.

In any EEA Member State, other than Denmark, that has implemented the Prospectus
Directive, this communication is only addressed to and is only directed at
qualified investors in that Member State within the meaning of the Prospectus
Directive.

This communication is only directed at (i) persons who are outside the United
Kingdom or (ii) to investment professionals falling within Article 19(5) of the
U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
(the "Order") or (iii) high net worth entities falling within Article 49(2)(a)
to (d) of the Order or (iv) other persons to whom it may lawfully be
communicated (the persons described in (i) through (iv) above together being
referred to as "relevant persons"). The securities are only available to, and
any invitation, offer or agreement to purchase or otherwise acquire such
securities will be engaged in only with, relevant persons. Any person who is not
a relevant person should not act or rely on this document or any of its
contents.

Stabilisation/FCA
The Joint Global Coordinators, Joint Bookrunners and the Co-Lead Manager and
their affiliates are acting exclusively for OW Bunker A/S and the selling
shareholders and no-one else in connection with the contemplated IPO. They will
not regard any other person as their respective clients in relation to the
contemplated IPO and will not be responsible to anyone other than OW Bunker A/S
and the selling shareholders for providing the protections afforded to their
respective clients, nor for providing advice in relation to the contemplated
IPO, the contents of this communication or any transaction, arrangement or other
matter referred to herein.

In connection with the contemplated IPO, the Joint Global Coordinators, the
Joint Bookrunners and the Co-Lead Manager and any of their affiliates, acting as
investors for their own accounts, may purchase shares and in that capacity may
retain, purchase, sell, offer to sell or otherwise deal for their own accounts
in such shares and other securities of OW Bunker A/S or related investments in
connection with the contemplated IPO or otherwise. Accordingly, references in
the prospectus to the shares being offered, acquired, placed or otherwise dealt
in should be read as including any offer to, acquisition, placing or dealing by,
such Joint Global Coordinators, the Joint Bookrunners and the Co-Lead Manager
and any of their affiliates acting as investors for their own accounts. The
Joint Global Coordinators, the Joint Bookrunners and the Co-Lead Manager do not
intend to disclose the extent of any such investment or transactions otherwise
than in accordance with any legal or regulatory obligations to do so.

Matters discussed in this communication may constitute forward-looking
statements. Forward-looking statements are statements (other than statements of
historical fact) relating to future events and anticipated or planned financial
and operational performance and can be identified by words such as "targets",
"believes", "expects", "aims", "intends", "plans", "seeks", "will", "may",
"might", "anticipates", "would", "could", "should", "continues", "estimate" or
similar expressions. The forward-looking statements in this communication are
based upon various assumptions, many of which are based, in turn, upon further
assumptions. Although OW Bunker A/S believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies and other important factors could cause
actual events to differ materially from the expectations expressed or implied in
this communication by such forward-looking statements.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice.

[HUG#1772382]

Attachments

OW Bunker Pricing Announcement.PDF