1. Contents Page 2 Meeting with share analysts 23/08/02 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 Page 3 Meeting with share analysts 23/08/02

3. EBITA by quarter Page 4 Meeting with share analysts 23/08/02

4. Profit and loss account Q1-Q2 Page 5 Meeting with share analysts 23/08/02

5. Turnover development Q1-Q2 DFDS Group, Q1-Q2, 2001 DKK 1,911 million DFDS Seaways, Q1-Q2, 2002 Growth in turnover DKK 159 million DFDS Tor Line, Q1-Q2, 2002 Growth in turnover DKK 248 million Elimination, etc. Q1-Q2, 2002 DKK 8 million DFDS Group, Q1-Q2, 2002 DKK 2,326 million 2001 DFDS SeawaysDFDS Tor LineElimination, etc.2002 19% 23% 22% Page 6 Meeting with share analysts 23/08/02

6. Development in EBITA Q1-Q2 (excl. profit on sale of ships, buildings and terminals) DFDS Group, Q1-Q2, 2001 DKK -39 mio. DFDS Seaways Q1-Q2, 2002 EBITA improvement: DKK 6 mio. DFDS Tor Line, Q1-Q2, 2002 EBITA improvement: DKK 51 million DFDS Group Management Q1-Q2, 2002 EBITA change: DKK 0 million DFDS Group Q1-Q2, 2002 DKK 18 million 2001 DFDS SeawaysDFDS Tor LineDFDS Group Mgt2002 +6 +51 Page 7 Meeting with share analysts 23/08/02

7. Cash flow Q1-Q2 Page 8 Meeting with share analysts 23/08/02

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 Page 9 Meeting with share analysts 23/08/02

9. Accounting policies Page 10 Meeting with share analysts 23/08/02

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 Page 11 Meeting with share analysts 23/08/02

11. DFDS Seaways – EBITA by quarter Page 12 Meeting with share analysts 23/08/02

12. DFDS Tor Line Profit performance in the North Sea as expected DFDS Lys-Line Rederi in line with expectations LISCO’s profit performance slightly better than expected for the second quarter NorBridge again recorded an operating profit in the second quarter EuroBridges stabilized its performance Page 13 Meeting with share analysts 23/08/02

13. DFDS Tor Line – EBITA by quarter Page 14 Meeting with share analysts 23/08/02

14. DFDS Seaways DFDS Tor Line Tonnage Sales agencies TerminalsRoutes Passenger fleet renewal: Average age: 15 years 75% ownership share Two older ships sold Ro-ro fleet renewal: Average age: 10 years 50% ownership share Sell older ships Five newbuildings New customer concepts: Ro-pax Transport-pax New customer concepts: Auto Logistics Shipping Logistics Route development: Focus on Baltic Sea Increased capacity in North Sea Route development: New route to Poland Exploit route network Ro-pax route concept Terminals: Esbjerg terminal sold Terminals: Maasvlakte Value-added services DFDS’ strategy THEDFDSVALUECHAIN Page 15 Meeting with share analysts 23/08/02

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 Page 17 Meeting with share analysts 23/08/02

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 Page 20 Meeting with share analysts 23/08/02

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 Page 20 Meeting with share analysts 23/08/02

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 Page 23 Meeting with share analysts 23/08/02

19. Expected fleet renewal 2002 Page 24 Meeting with share analysts 23/08/02

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 Page 25 Meeting with share analysts 23/08/02

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 Page 26 Meeting with share analysts 23/08/02

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 Page 27 Meeting with share analysts 23/08/02

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 Page 28 Meeting with share analysts 23/08/02