Contents

1
Contents

• Performance development 2nd quarter and 1st
  half year 2002
• Strategy
• DFDS ro-pax
• Ro-ro capacity expansion in the North Sea
• Focus on the Baltic Sea
• OPTIMIZE Group structure
• Profit forecast 2002

2
Profit and loss account Q2
3
EBITA by quarter
4
Profit and loss account Q1-Q2
5
Turnover development Q1-Q2
DFDS Group, Q1-Q2, 2002 DKK 2,326 million
Elimination, etc. Q1-Q2, 2002 DKK 8 million
23
DFDS Seaways, Q1-Q2, 2002 Growth in turnover DKK
159 million
22
DFDS Tor Line, Q1-Q2, 2002 Growth in turnover DKK
248 million
19
DFDS Group, Q1-Q2, 2001 DKK 1,911 million
6
Development in EBITA Q1-Q2(excl. profit on sale
of ships, buildings and terminals)
DFDS Group Management Q1-Q2, 2002 EBITA
change DKK 0 million
DFDS Group, Q1-Q2, 2001 DKK -39 mio.
DFDS Group Q1-Q2, 2002 DKK 18 million
51
DFDS Seaways Q1-Q2, 2002 EBITA improvement DKK 6
mio.
DFDS Tor Line, Q1-Q2, 2002 EBITA improvement DKK
51 million
6
2001
DFDS Seaways
DFDS Tor Line
DFDS Group Mgt
2002
7
Cash flow Q1-Q2
8
Accounting policies

• Changes in accounting policies in accordance with
  the new Financial Statements Act
• development costs
• derivative financial instruments
• proposed dividend
• Changes in accounting estimates related to ships
  in accordance with Danish accounting standard no.
  10
• ships divided into two components
• reassessment of useful lives
• adjustment of book value at beginning of year

9
Accounting policies
10
DFDS Seaways

• Continuing growth in turnover on
  Amsterdam-Newcastle route
• Satisfactory growth in turnover and earnings on
  Copenhagen-Helsingborg-Oslo route
• Passenger terminal in Esbjerg sold
• KING OF SCANDINAVIA sold
• ADMIRAL OF SCANDINAVIA sold

11
DFDS Seaways EBITA by quarter
12
DFDS Tor Line

• Profit performance in the North Sea as expected
• DFDS Lys-Line Rederi in line with expectations
• LISCOs profit performance slightly better than
  expected for the second quarter
• NorBridge again recorded an operating profit in
  the second quarter
• EuroBridges stabilized its performance

13
DFDS Tor Line EBITA by quarter
14
DFDS strategy
DFDS Tor Line

• Ro-ro fleet renewal
• Average age 10 years
• 50 ownership share
• Sell older ships
• Five newbuildings

• New customer concepts
• Auto Logistics
• Shipping Logistics

• Route development
• Focus on Baltic Sea
• Increased capacity in North Sea

• Terminals
• Maasvlakte
• Value-added services

DFDS Seaways

• Route development
• New route to Poland
• Exploit route network
• Ro-pax route concept

• Passenger fleet renewal
• Average age 15 years
• 75 ownership share
• Two older ships sold

• New customer concepts
• Ro-pax
• Transport-pax

• Terminals
• Esbjerg terminal
• sold

15
DFDS ro-pax Esbjerg-Harwich

• DANA GLORIA to replace DANA ANGLIA on 3 October
  2002
• Two ro-pax ships to replace DANA GLORIA in April
  2003
• Sailing schedule adjusted
• Ro-pax concept
• pax capacity 600 passengers, approx. 200 cabins
• freight capacity 2,200 lane metres
• crossing time 17 hours
• three weekly departures in each direction

16
Ro-ro capacity increase in the North Sea

• Expected delivery dates for five newbuildings
  from Flensburg shipyard
• 721 September 2003
• 722 January 2004
• 723 May 2004
• 724 August 2004
• 725 January 2005
• 721-3 is planned to enter into service on
  AngloBridge, approx. 40 capacity increase
• 724-5 is planned to enter into service on
  BritanniaBridge, approx. 50 capacity increase

17
Ro-ro higher productivity in the North Sea

• faster service speed 22 knots
• higher capacity 4,000 lane metres per ship
• marginal increase in cost of capital
• lower operating costs, e.g., oil consumption and
  maintenance
• general reduction in level of costs

18
Focus on the Baltic Sea

• DFDS Seaways Copenhagen-Trelleborg-Gdansk to
  open at the beginning of October with the DANA
  ANGLIA
• DFDS Tor Line route opened between Kiel and Riga
  in May 2002, offering two weekly departures in
  each direction
• DFDS Tor Line activity expansion being
  considered in the region of Kaliningrad, Estonia
  and the east coast of Sweden
• LISCO the DANA GLORIA is planned to enter into
  service on the Kiel-Klaipeda route, replacing two
  ships

19
Expected fleet renewal 2002
20
OPTIMIZE Group structure

• Restructuring of headquarter functions
• HR functions integrated
• financial functions integrated
• decision made to integrate IT functions
  implementation planned for 2nd half of 2002
• others
• New IT director appointed
• Focus on reducing corporate costs

21
Tonnage tax

• Danish tonnage tax regime adopted on 18 April
  2002
• Shipping companies have to decide between the new
  tonnage tax regime and the current tax scheme
• Shipping can choose the tonnage tax regime with
  effect from 2001
• The decision is binding for 10 years
• DFDS is favourable to the new regime but has not
  yet made its final decision

22
Profit forecast 2002

• Profit impact of the fire on board the PRINCESS
  OF SCANDINAVIA is expected to be slightly less
  negative than previously announced
• The sale of the ADMIRAL OF SCANDINAVIA is
  expected to result in a loss in the region of DKK
  12 million
• The purchase of two ro-pax ships is expected to
  have a small negative impact on the profit for
  2002

23
Profit forecast 2002

• DFDS Seaways continues to expect a significant
  improvement in operating profit (EBITA) for 2002
• DFDS Tor Line continues to expect a somewhat
  better operating profit (EBITA), adjusted for the
  profit on the sale of ships, for 2002
• The DFDS Group continues to expect a profit
  before tax of approx. DKK 130 million for 2002