DFDS — Earnings Release 2008

Aug 14, 2008

Company announcement no. 19/2008 Copenhagen, 14 August 2008

Increasingly difficult market conditions and high oil prices necessitate downward profit adjustment

As stated in DFDS' annual report and the Q1 report, earlier expectations were subject to greater uncertainty than usual. However, the prospect of a longer lasting weakening in the economy is now apparent, including increasingly difficult market conditions in the second half-year.

On this background the Group's profit expectation for 2008, which is still subject to greater uncertainty than usual, is changed as follows:

• Revenue growth is expected to be approximately 2%. Growth of 3-5% was previously expected
• Operating profit before depreciations (EBITDA) is expected to be 15-20% lower than in 2007. An increase of 0-2% was previously expected
• Pre-tax profit is adjusted downwards from approximately DKK 500 m to a level of DKK 325-375 m

The profit adjustment is primarily due to three factors:

• Increasingly difficult market conditions: Lower market growth than expected, due amongst other things to the high oil price, implies lower volumes and more competitive pressure due to excess capacity in some market areas. The impact is greatest for traffic from east to west in the Baltic region and the Irish market. Haulage costs have also increased due to higher fuel prices, which can only be passed on to a limited extent due to market conditions. About half of the profit adjustment can be attributed to the change in market conditions
• Higher bunker costs: Approximately a third of the profit adjustment can be attributed to an expected rise in bunker costs, which are expected to increase by a total of approximately DKK 400 m compared to 2007. Oil price surcharges compensate for a major share of the increase in the freight area, while coverage is lower for passenger activities
• Restructuring costs: Restructuring and adjustment of activities (see below) will result in one-off costs which exceed previous expectations

Activities adjusted: To counteract the change in market conditions several activities have already been adjusted, and during the second half-year further adjustments will be implemented in business areas where required. Adjustments include reallocation of tonnage, reduction of capacity, cost reductions, price changes and stronger focus on sales activities.

DFDS' half-year report will be issued on 26 August 2008 as planned. The report will give a more detailed account of profit development for the first half-year and expectations for the second half-year. However, management have deemed it appropriate to announce the change in profit expectations at this time.

Contacts: Niels Smedegaard, CEO, +45 33 42 34 00 Christian Merrild, CFO, +45 33 42 32 01 DFDS A/S, Sundkrogsgade 11, 2100 Copenhagen Ø, CVR 14 19 47 11

DFDS – a leading sea-based transport network in northern Europe. DFDS has around 4,400 employees and employs a fleet of around 60 ships. DFDS was founded in 1866 and is listed on OMX The Nordic Stock Exchange Copenhagen.