DFDS A/S - Quarterly report

UPGRADE OF PROFIT FORECAST FOR 2010

Copenhagen, 12 May 2010

The first quarter result for DFDS' ro-ro freight routes, port terminals and finance was considerably better than expected. For the remainder of the year, and particularly in the second quarter, market trends are expected to remain more positive than anticipated earlier this year. Against this background, the pre-tax profit forecast for 2010 is increased by DKK 100 million to around DKK 200 million, excluding items relating to Norfolkline.

Commenting on Q1 and the profit upgrade, Niels Smedegaard, CEO, said, "The upgrade of our profit forecast is due to a combination of better market conditions, more efficient operations and currency gains. There is more volume in the freight market than we had anticipated, and we have succeeded in chartering out all our excess tonnage. We have reversed the negative trend at our largest port terminal, and in passenger operations we have maintained our earnings in a still difficult market. Results in parts of the container and trailer activities were unsatisfactory in the first quarter, but growth in other business areas has more than offset this."

Significant events in Q1 (comparative figures: Q1 2009):

• Revenue rose by 12.6% to DKK 1,611 million

• Operating profit before depreciation (EBITDA) rose by 27.8% to DKK 100 million

• EBITDA margin increased to 6.2% (5.5%)

• Finance cost reduced by DKK 32 mill. due to currency gains

• Pre-tax profit improved by DKK 41 million to DKK - 62 million (1)

• Earnings on ro-ro freight routes strengthened by large volume increase in the Baltic and a rise in SEK

• Turnaround for port terminal in the UK

• Stable development in passenger operations despite higher bunker costs

• Decline in parts of container and trailer activities

• Pre-tax profit forecast increased by DKK 100 million to around DKK 200 million, excluding items relating to Norfolkline

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(1) DFDS' quarterly results are subject to seasonal fluctuations, with low season in Q1 and high season in Q3.

DFDS