DFDS — Delisting Announcement 2011

Jan 13, 2011

Copenhagen, 13 January 2011
Company announcement no. 3/2011

-- The operation of two routes from Dublin to Birkenhead and Heysham,
England, will be closed down by the end of January 2011

At the end of January 2011 the operation of the routes between Dublin and
Birkenhead and Heysham, England, will to be closed down. Two ro-pax ships are
deployed on the Birkenhead route and one ro-ro ship on the route to Heysham.
Port terminal operations and sales agency activities in Dublin will also be
closed.

In recent years the routes have made substantial losses due to considerable
overcapacity on the market. This is a result of a sharp decline in demand since
2008 and a lack of adjustment of capacity in the market.

Against this background it has not been possible to develop a business plan
that would lead to a significant result improvement within a reasonable period
of time. Likewise, it has not been possible to achieve a sale of the
activities.

A period of consultation has today commenced with the 50 land based personnel
who will be directly affected with the aim of mitigating the consequences of
any resultant redundancies.

For the three owned ships deployed on the routes and their crews, a number of
possible options are being investigated, including a sale, charter and
alternative deployment on DFDS' route network. One ro-pax ship is expected to
be transferred to DFDS' Baltic route network. Consultation has commenced today
with representatives of all crew affected.

The closing of the routes will also result in the termination of several
contracts with external suppliers.

As a consequence of the route close down special cost items of approximately
DKK 50m is expected in 2011, primarily during Q1.

The revenue of the routes was DKK 275m in 2009.

Regrettable, but responsible solution
”It is with deep regret, that we close these routes. Despite an impressive
effort from employees and a very comprehensive analysis of the market and
evaluation of turnaround scenarios we have not succeeded in developing viable
solutions for the routes. The market conditions in the area are quite simply
too difficult and unfortunately we do not envisage any improvement in the near
future,” says Niels Smedegaard, CEO of DFDS.