DSV

Investor Presentation • Mar 24, 2009

1. marts 2009

FONDSBØRSMEDDELELSE NR. 320

Offentliggørelse af investorpræsentation i forbindelse med årsrapport 2008 herunder ændret gældsstruktur og forventet kapitalforhøjelse

DSV indbyder til investor-telekonference den 24. marts 2009 klokken 13.00, hvor alle investorer, aktionærer, analytikere og andre er velkomne til at deltage.

På mødet, der foregår på engelsk, benyttes investorpræsentationen som grundlag for præsentationen af DSV's årsrapport 2008. Der vil være lejlighed til at stille spørgsmål.

Indbydelse til investor-telekonference

Telekonferencen kan følges på telefonnummer +45 32 71 47 67 for danske deltagere, udenlandske deltagere kan følge telekonferencen på enten telefonnummer +44 (0) 208 817 9301 eller telefonnummer +1 718 354 1226. Der vil være lejlighed til at stille spørgsmål. Forudgående tilmelding er ikke nødvendig.

Investor-telekonference via web

Telekonferencen kan følges direkte med billed- og lydsignal via DSV's website på http://www.dsv.com eller via NASDAQ OMX Copenhagen på http://omxgroup.com/nordicexchange/. Spørgsmål kan kun stilles ved opringning til telekonferencen.

Henvendelse vedrørende investorpræsentationen: Spørgsmål rettes til:

Adm. direktør Jens Bjørn Andersen, telefon 43 20 30 40 eller Finansdirektør Jens H. Lund, telefon 43 20 30 40.

Denne meddelelse er udover NASDAQ OMX Copenhagen sendt til pressen, ligesom den er tilgængelig på http://www.dsv.com. Meddelelsen er udarbejdet på dansk og engelsk. I tvivlstilfælde er den danske udgave gældende.

Med venlig hilsen DSV

Jens Bjørn Andersen Jens H. Lund Administrerende direktør Finansdirektør

DSV A/S, Banemarksvej 58, 2605 Brøndby, telefon 43203040, telefax 43203041, CVR nr. 58233528, www.dsv.com.

Global Transport og Logistik

DSV tilbyder global transport- og logistikydelser.

DSV har 25.000 ansatte på verdensplan og egne kontorer i mere end 55 lande. I samarbejde med vores partnere tilbyder vi verdensomspændende ydelser i over 110 lande, hvilket gør DSV til en stærk spiller på det globale marked. Med vores professionelle og fordelagtige løsninger forventer vi en årlig omsætning på 44 milliarder kroner i 2009. www.dsv.com

Agenda

• •Welcome to DSV's Annual Report 2008 presentation
• •Highlights 2008
• •Operating Review 2008
• •Business Segments / Divisions
• •Financial Review 2008
• •Budget 2009
• • Focus Areas 2009
• •Capital Structure
• •Capital Increase
• •Refinancing of DSV

Highlights 2008

• •Continued expansion through acquisition of ABX Logistics.
• •Another year of record breaking result.
• • Organic growth of more than 4% in turnover and more than 5% in EBITA despite tough market conditions in second half of 2008.
• •Integration of ABX Logistics progressing as planned.
• •Financial crisis and influence on capital structure.
• •No impairment in 2008, nor expected in 2009.

Operating Review 2008

P & L	5 2 0 0	2 0 0 6	2 0 0 7	2 0 0 8	B 2 0 0 9
D K Km
Re ve nu e	2 3, 0 1 5	3 1, 9 7 2	3 4, 8 9 9	3 7, 4 3 5	4 4, 0 1 4
Co i bu ion Ma in tr t n rg	4, 6 6 7	6, 9 0 4	0 4 7, 7	8, 1 7 5	1 0, 0 2 0
E B I T D A	1, 3 3 2	1, 8 3 4	2, 1 2 6	2, 3 3 8	2, 7 1 9
E B I T A	1, 1 2 3	1, 5 0 4	1, 8 8 2	1, 9 3 6	2, 0 0 0
Pr f i * tax t e p ro	1, 0 5 5	1, 3 4 8	1, 6 8 7	1, 6 2 8	1, 1 1 5
Ne f i * t p t ro	0 9 7	9 1 4	1, 1 4 1	1, 1 3 1	9 4 8
S E P *	3. 4	4. 5	5. 8	6. 1	5. 2
Ma ins rg :
Co i bu ion in tr t n m ar g	2 0. 3 %	2 1. 6 %	2 2. 1 %	2 1. 8 %	2 2. 8 %
E B I T D A m in ar g	5. 8 %	5. 7 %	6. 1 %	6. 2 %	6. 2 %
E B I T A m in ar g	4. 9 %	4. 7 %	5. 4 %	5. 2 %	4. 5 %
A d j. f i in t p t m ne ro ar g	3. 1 %	2. 9 %	3. 3 %	3. 0 %	2. 2 %

Ba lan he t ce s e D K Km	2 0 0 5	2 0 0 6	2 0 0 7	2 0 0 8
To l a ta ts ss e	1 0, 4 4 9	1 6, 0 6 2	1 6, 3 0 4	2 3, 2 7 5
Eq i ty u	3, 2 1 2	3, 6 9 9	3, 4 5 7	3, 8 0 8
Ne in t te t res
be ing de b t ar	2, 2 0 4	4, 8 3 5	1 2 1 5,	9, 4 1 5
So lve nc y	3 0. 7 %	2 3. 0 %	2 1. 2 %	1 6. 0 %

* fully dilluted and adjusted for goodwill, customer contracts amortisation and one-off items

Operating Review 2008

Business Segments - Road

• • Organic growth of 5.7% in turnover and 13% in EBITA when adjusted for gain on assets in 2007, despite tough market conditions in second half of 2008.
• •Acquisitions in Great Britain and Norway.
• • Strong performing countries: Denmark, Sweden, Great Britain and the Netherlands.
• •Challenging countries: Germany, Spain, France and Italy.

Ro d a	2 0 0 7	2 0 0 8	B 2 0 0 9
D K Km
Re ve nu e	2 2, 7 9 3	1 9, 8 0 6	1 9, 4 7 8
Co i bu ion Ma in tr t n rg	4, 8 0 8	3, 9 9 3	3, 9 1 2
Co i bu ion Ma in tr t % n rg	2 1. 1 %	2 0. 2 %	2 0. 1 %
E B I T A	9 9 8	8 4 7	8 4 3
E B I T A %	4. 4 %	4. 4 %	4. 3 %

Business Segments - Air & Sea

• •Strongly influenced by the acquisition of ABX LOGISTICS, especially in Italy.
• • Organic growth of 2.2% in turnover and 12.6% in EBITA despite tough market conditions in second half of 2008.
• •Strong performing countries: USA and Denmark.
• •Challenging countries: Spain and France.

A ir & Se a	2 0 0 7	2 0 0 8	B 2 0 0 9
D K Km
Re ve nu e	9, 0 6 0	1 3, 5 8 4	2 0, 7 8 2
Co i bu ion Ma in tr t n rg	1, 8 5 7	2, 9 9 8	4, 8 7 2
Co i bu ion Ma in % tr t n rg	2 0. % 5	2 2. 1 %	2 3. 4 %
E B I T A	6 9 1	9 0 6	1, 1 7 7
E B I T A %	6 % 7.	6. % 7	% 5. 7

Business Segments - Solutions

• • Organic growth of 2.3% in turnover and a drop of 4.5% in EBITA. The decline in EBITA is mainly due to tough market conditions in second half of 2008, especially in the automotive industry.
• •Strong performing countries: Scandinavia and the Netherlands.
• •Challenging countries: Belgium.

So lu io t n	2 0 0 7	2 0 0 8	B 2 0 0 9
D K Km
Re ve nu e	4, 2 4 0	5, 2 7 5	5, 1 8 1
Co i bu io Ma in tr t n n rg	1, 1 3 0	1, 2 2 1	1, 2 5 7
Co i bu io Ma in % tr t n n rg	2 6. 7 %	2 3. 1 %	2 4. 3 %
E B I T A	2 2 2	2 1 2	1 8 7
E B I T A %	2 % 5.	4. 0 %	3. 6 %

Financial Review 2008

• • Special items, income amounted to DKK 437 million, and relates to the gain on disposal of Tollpost Globe AS.
• • Special items, cost amounted to DKK 359 million, and consist of restructuring cost in connection with integration of ABX Logistics.
• • Financial cost, net amounted to DKK 404 million, which is higher than expected due to foreign exchange losses, and higher interest cost.
• • Effective tax rate was approx. 32% when adjusted for not taxable gain from disposal of Tollpost Globe AS. The increase compared to last year is due to not capitalising deferred tax losses in some countries and higher income in countries with a higher tax rate.

Continues…..

Financial Review 2008

• • Net Working Capital ("NWC") correspond to approx. 3% of turnover which is higher than last year primarily due to the acquisition of ABX LOGISTICS.
• • Cash flow from investing activities excluding the effect of acquisitions and divestments amount to a net payment of DKK 574 million, which is higher than expected due advanced investment in IT and terminals.
• • Free cash adjusted for acquisitions and divestment of enterprises and normalization of NWC amounts to DKK 624 million.

Budget 2009 Overview

M i l l i D K K o n	2 0 0 8	B d 2 0 0 9 t g e u
R e v e n u e	3 4 3 7 5 ,	4 4 0 1 4 ,
C i b i i t t o n r u o n m a r g n	8 1 7 5 ,	1 0 0 2 0 ,
O f f i i b i l i t t t p e r a n g p r o e o r e s p e c a e m s	1, 9 3 6	2 0 0 0 ,
S i l i t p e c a e m s	7 8	4 6 3 -
N f i i l t e n a n c a e p e n s e s x	4 0 4	6 3 3
E f f i ( d j d ) t t t t e c v e a x r a e a u s e	3 2 %	3 1 %
N f i f h t t t e p r o o r e e a r y	1, 2 3 3	0 0 5
N i t t t e n v e s m e n s	5 7 4	1 0 0
F h f l r e e c a s o w	6 2 4	9 3 0
C N W	3 %	3 %

Budget 2009

• • Revenue (DKK 44,014 million) is strongly influenced by the acquisition of ABX LOGISTICS. Organic growth decline by 9.4%.
• • Contribution margin is expected to rise to 22.8% as against 21.8% in 2008 due to more Air & Sea activity.
• • Operating profit before special items (EBITA) (DKK 2,000 million). Expected decline in organic growth of 1.3%. Non-allocated budget reserve of DKK 142 million.
• • Special items. Restructuring costs DKK 463 million, caused by integration of ABX LOGISTICS.
• • Net financial expenses. DKK 633 million. Affected by external debt raised in connection with the acquisition of ABX LOGISTICS and higher interest margin due to the larger commitments made by the Group's banks.

Continues…

Budget 2009

• • Effective tax rate is expected to be 31% adjusted for entities budgeting with deficit, but not with capitalisation of loss carryforwards, and entities having a budget deficit because of large non-deductible restructuring costs.
• •Investments will be kept at a minimum (DKK 100 million).
• •Free cash flow. DKK 930 million.
• •NWC is expected improved, but still about 3%.

Focus Areas 2009 - Overview

• •Strong focus on cost reduction, and reduction in investment activities.
• •Continued integration of ABX LOGISTICS.
• •Announced establishment of joint ownership of an interest in DFDS.
• •Refinancing of bridge loan.
• •Capital increase.
• •Repayment of debt.

Capital Structure

L e e r a g e v	T l 2 0 0 8 t a r g e e e r a g e v	R i d l t t e s e a r g e e e r a g e v v
/ N I B D E B I T D A	2x 3. 5x t o	1. 5x 2. 5x t o

Revision based on

• •Increased focus on leverage in the financial market.
• •Increase of cost of debt – duration has become more expensive.

DSV is of the opinion that additional shareholder value can be created by reducing the leverage of the company.

Capital structure – capital increase

Consequences and measures of revised capital structure targets

• • Target achievable early 2010 through:
• •Operational cash flow generation.
• •Capital increase.
• • Rights issue planned:
• •Pre-emptive rights for existing shareholders.
• •Objective to give shareholders equal treatment.
• •Rights can be traded.
• •Prospectus giving full insight for shareholders and investors.
• • Net proceeds from capital increase of approx. DKK billion 1.5 – proceeds will be used to reduce leverage.
• •Timing – during 2009 – depending on market conditions.

Refinancing of DSV

Bridge refinanced

• • Bridge loan converted into bullet facility with 3 installments of DKKm 746:
• •28 February 2010
• •31 December 2010
• •31 March 2011
• • Margin on loans have increased – funding cost still below open market pricing.
• • Consortium of Nordic relationship banks behind the funding structure.

Repayment Schedule

D K Km	Du da te e	Am t ou n	Ac c.
Ins l lm ta t en	3 1- 0 3- 2 0 0 9	6 0 0	6 0 0
Ins l lm ta t en	2 8- 0 2- 2 0 1 0	7 4 6	1, 3 4 6
Ins l lm ta t en	3 1- 1 2- 2 0 1 0	7 4 6	2, 0 9 2
Ins l lm ta t en	2 5- 0 3- 2 0 1 1	2, 2 3 8	4, 3 3 0
Ins l lm ta t en	3 1- 0 3- 2 0 1 1	7 4 6	5, 0 7 6
Ins l lm ta t en	2 0- 1 2- 2 0 1 3	2, 2 0 0	7, 2 7 6
Ins l lm ta t en	1 9- 0 9- 2 0 1 4	1, 3 5 0	8, 6 2 6
To l ta		8, 6 2 6

Reduction of Costs

Number of employees

• •Staff cost – largest cost component – will be reduced in order to maintain high margin.
• •Staff reductions of between 12-15% is expected – ABX LOGISTICS restructuring included.
• • As per end February 2009, headcount has been reduced by 2,000, furthermore approx. 1,000 has been given notice to date and are still on payroll. Future reductions to be handled primarily via natural retirement and restructuring in connection with integration of ABX LOGISTICS.

Disclaimer

Investing in the shares of DSV A/S involves risks.

Prospective investors are strongly requested to consult their investment advisors and tax advisors prior to investing in shares of DSV A/S.

• This document contains forward-looking statements which involve risks and uncertainties. These statements may be identified by such words as "may", "plans", "expects", "believes" and similar expressions, or by their context. These statements are made on the basis of current knowledge and assumptions. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. No obligation is assumed to update any forward-looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments.
• The information contained in this document has not been independently verified and no representation or warranty, express or implied, is made to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information in this presentation in subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning the DSV Group. None of DSV A/S or their respective affiliates shall have any liability whatsoever for any loss whatsoever arising form any use of this document, or otherwise arising in connection with this document.
• This presentation is not an offer of securities for sale in the United States. The offer and sale of DSV A/S securities has not been, and will not be registered under the United States Securities Act of 1933, as amended. DSV A/S securities may not be offered or sold to anyone in the United States absent such registration, except pursuant to an appropriate exemption from registration. There will be no public offering of DSV A/S securities in the United States.

www.dsv.com