DSV Investor presentation 2006

Global Transport and Logistics

Company structure

Page 2

Algeria

Luxembourg

Australia

Latvia

Belgium

Norway

Austria

Morocco

Canada

Lithuania

Denmark

Poland

Belarus

Netherlands

China

Malaysia

Finland

Portugal

Belgium

Norway

Czech Republic

Netherlands

France

Spain

Bulgaria

Poland Norway

Sweden

Portugal

Denmark

Germany

Croatia Czech Republic

Romania

Estonia

Philippines

Netherlands

Denmark

Russia

Finland

Poland

Estonia

Serbia & Montenegro

France

Singapore

Finland

Slovakia

Germany

Slovenia

France

Slovenia

Hong Kong

Spain

Germany

Spain

Hungary

Sweden

Greece

Sweden

India

Taiwan

Hungary

Switzerland

Indonesia

Thailand

Ireland

Tunisia

Ireland

United Kingdom

Italy

Turkey

Italy

USA

Latvia

Ukraine

Korea

Vietnam

Lithuania

United Kingdom

Global Transport and Logistics

Algeria, Australia, Austria, Belarus, Belgium, Bulgaria, Canada, China, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Indonesia, Ireland, Italy, Korea, Latvia, Lithuania, Luxembourg, Malaysia, Morocco, Netherlands, Norway, Philippines, Poland, Portugal, Romania, Russia, Serbia & Montenegro, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, Taiwan, Thailand, Tunisia, Turkey, Ukraine, United Kingdom, USA, Vietnam

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Global Transport and Logistics

Our History 1976 DSV is established 1987 DSV is listed on the Copenhagen Stock Exchange 1997 DSV acquires Samson Transport and triples the size of its Road Division 2000 DSV acquires DFDS Dan Transport Group for DKK 5,500 million from DFDS, continuing under the name DFDS Transport, which is merged with DSV Samson Transport and quadruples the size of the Road and Air & Sea Divisions 2001 DSV sells DPD parcel (Nordic operation) to Svenska Posten for DKK 1,000 million 2002 DSV divests 50% of DFDS Transport Logistics to TNT Logistics for DKK 271 million 2004 DSV divests DSV Environment to Triton for DKK 1,150 million DSV acquires the remaining 50% of DFDS Transport Logistics for DKK 155 million DSV acquires several Road operations in Germany in pursuit of German/European strategy 2005 DSV acquires J.H. Bachmann GmbH in pursuit of German/European/Global Air & Sea strategy DSV acquires several Road operations in Germany in pursuit of German/European strategy 2006 DSV acquires all shares in Koninklijke Frans Maas Groep N.V. in pursuit of European strategy

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Global Transport and Logistics

Key Figures - DSV P&L DKKm Revenue EBITDA EBITA Pre tax profit* Net profit* EPS* Margins: EBITDA margin EBITA margin Adj. net profit margin Balance sheet DKKm Total assets Equity Net interest bearing debt

2002

2003

2003**

2004

2005

17.933 1.035 783 567 393 17,2

17.676 1.071 861 662 437 19,2

16.684 894 725 537 393 17,2

18.092 1.063 854 745 527 23,3

23.015 1.332 1.123 1.053 727 34,4

5,8% 4,4% 2,2%

6,1% 4,9% 2,5%

5,4% 4,3% 2,4%

5,9% 4,7% 2,9%

5,8% 4,9% 3,2%

2002

2003

2003**

2004

2006*** Budget 32.500 1.524 918 45,4

4,7% 2,8%

2005

8.691 2.196

8.030 2.399

7.231 2.940

8.021 3.107

10.449 3.212

2.958

2.260

1.129

1.287

2.169

Solvency 25,3% 29,9% 40,7% 38,7% 30,7% * fully dilluted and adjusted for goodwill, customer contracts amortisation and one-off items ** adjusted for divestment of DSV Environment Division ***Adjusted budgets, announced 27 April 2006 (including the affect of the acquisition of Koninklijke Frans Maaas Groep N.V. for 9 months) Page 5

Global Transport and Logistics

H1 2006 - results DKKm

Revenue EBITDA EBITA Pre tax profit* Net profit* EPS* Margins Gross margin EBITDA margin EBITA margin Adj. net profit margin

2005 Actual H1 10.677 660 550 516 354 16,5

2006 Budget H1 14.965 866 714 646 436 21,6

2006 Actual H1 15.037 878 723 658 445 22,0

2005 21,1% 6,2% 5,2% 3,3%

2006 21,6% 5,8% 4,8% 2,9%

2006 21,6% 5,8% 4,8% 3,0%

* fully dilluted and adjusted for goodwill and customer contracts amortisation, and one-off items

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Headlines – H1 2006 results compared with H1 2005 • Organic turnover growth 7.8% adjusted for fx •

Organic EBITA growth 17.0% adjusted for fx

• •

EPS growth 32,9% EBITA DKKm 173 above Q2 2005

Headlines – H1 2006 results compared with budget • •

Turnover growth 0.4% EBITA growth 0.8%

•

EPS growth 1.8%

•

EBITA DKKm 9 above budget

Global Transport and Logistics

Share price development

DKK

5Y

DKK

1.200

1.200

1.000

1.100

1Y

1.000

800

900 600 800 400

700

DSV

15 -0 905 15 -1 005 15 -1 105 15 -1 205 15 -0 106 15 -0 206 15 -0 306 15 -0 406 15 -0 506 15 -0 606 15 -0 706 15 -0 806 15 -0 906

6

6 18 -0 90

5

OMX C20 rel. to DSV

18 -0 30

4

4

5

18 -0 90

18 -0 30

18 -0 90

18 -0 30

18 -0 90

18 -0 30

18 -0 90

1

18 -0 30

18 -0 90

3

500 3

0 2

600

2

200

DSV

OMX C20 rel. to DSV

Source: Copenhagen Stock Exchange

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Global Transport and Logistics

Road Division

Global Transport and Logistics

Road Division Characteristics • Strong market position in the Nordic region, New EU-countries, Benelux and the UK • Control over own network • Strong culture and loyal employees • High profitability Opportunities • Organic growth • Acquisitions in Germany, France and Italy • Bolt on acquisitions in other markets Challenges • Integration of Frans Maas • Gain stronger position in Central Europe

Own operation Page 9

Agents Global Transport and Logistics

Road Transport • 16,000 Employees • Full and Part loads door-to-door • European and domestic distribution • Internet Booking Facilities • Track and Trace, POD • Customs clearance • More than 350 own locations • Top 3 in Europe • More than 10,000 trucks on the road

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Global Transport and Logistics

Road Division – Q2 2006 Turnover • 2005 (actual):

DKK 7.9 billion

• 2006 (budget):

DKK 11.2 billion

• 2006 (actual):

DKK 11.3 billion

2005 (full year) - actual

Ireland 3% Holland 3%

Belgium 2%

Baltic's 3%

Q2 2006 - actual

Poland Others 1% 2%

Denmark 26%

France 3% Finland 6%

Baltic's, Russia & Ukraine 3%

Central Europe 2%

South East Europe 1%

Denmark 21%

Belgium 4% Ireland 2%

Holland 7%

Germany 9%

Sw eden 16%

France 4% UK 9%

Sw eden 19% Norw ay 14%

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Spain & Portugal 1% Italy 1%

Poland 2%

Finland 4% UK 8%

Norw ay 11%

Germany 13%

Global Transport and Logistics

Road Division – Q2 2006 EBITA • 2005 (actual):

DKK 358 million

• 2006 (budget):

DKK 454 million

• 2006 (actual):

DKK 453 million

2005 (full year) - actual

Baltic's 4%

Ireland 4%

Q2 2006 - actual

Poland Others 2% 1%

Poland Italy 2% 1%

Belgium 5%

Baltic's, Russia & Central Europe South East Europe Ukraine 1% 1% 4%

Ireland 2%

Holland 3%

Denmark 33%

Denmark 27%

Belgium 9%

Finland 4%

Holland 13%

UK 7%

Finland 4% Norw ay 21%

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Sw eden 15%

Sw eden 16%

UK 6% Norw ay 14%

Global Transport and Logistics

Air & Sea Division

Global Transport and Logistics

Air & Sea Division Characteristics • One of the best earning freight forwarders • High growth area • Strong market position in the Nordic region, US, UK Hong Kong/China and Benelux Opportunities • Growth both organic and acquisitive – in particular in central Europe Challenges • Integration of Frans Maas • Become a top ten player in the Air & Sea industry • Become truly Global Own operation Page 14

Agents Global Transport and Logistics

Air & Sea Transport • 2,300 Employees • Internet Booking System • Track and Trace, POD • Consolidated Air Freight • Import / Export • FCL / LCL • 380,000 TEU • More than 275 Locations in 103 Countries1

1

Supplemented by partners and agents

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Global Transport and Logistics

Air & Sea Division – Q2 2006 Turnover • 2005 (actual):

DKK 2.7 billion

• 2006 (budget): • 2006 (actual):

DKK 3.6 billion DKK 3.6 billion

2005 (full year) - actual Hong Kong 4%

Australia 1%

Q2 2006 - actual Other Far East 6%

China 5%

Hong Kong 4% China 5%

USA 22%

Canada 1% Central Europe 1% Holland 2%

Other APAC 5% USA 22%

Canada 2% Central Europe 2% Holland 2%

Germany 9%

Denmark 19%

UK 12%

Finland 2%

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Australia 2%

Project. Dept. 7% Sweden 6%

Norway 3%

Denmark 16%

Germany 12%

UK 10%

Project Dept. 7% Finland 2%

Sweden 6%

Norway 3%

Global Transport and Logistics

Air & Sea Division – Q2 2006 EBITA • 2005 (actual):

DKK 182 million

• 2006 (budget): • 2006 (actual):

DKK 243 million DKK 254 million

2005 (full year) - actual Hong Kong 8%

Australia 1%

Q2 2006 - actual

Other Far East 6% China 6%

China 8%

Australia 2%

Other Far East 5%

Central Europe 1%

Canada 0%

USA 38%

Central Europe 1%

Holland 1%

USA 37%

Germany 5%

Holland 1% Germany 4%

UK 7%

UK 8% Finland 1% Sweden 4%

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Hong Kong 7%

Finland 2%

Norway 3%

Denmark 12% Project. Dept. 5%

Sweden 4%

Norway 4%

Denmark 15% Project. Dept. 4%

Global Transport and Logistics

Solutions Division

Global Transport and Logistics

Solutions Division Characteristics • Sizeable player in the core logistics markets (Nordic and Benelux) • Presence in most of Europe Opportunities • Leverage on Road and Air & Sea Divisions • Become a stronger player in non-core markets and grow in these markets Challenges • Integration of Frans Maas • Take part in the outsourcing process and create one united Solutions division

Own operation Page 19

Operations reported within the Road division

Agents

Global Transport and Logistics

Solutions • 650 Employees • Approximately 1.5 million m2 • Supply chain management • Inventory management & replenishment • 3rd + 4th party logistics • Reverse logistics • Consulting services to support our customers´ outsourcing processes

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Global Transport and Logistics

Solutions Division – Q2 2006 Turnover

EBITA

•2005 (actual):

DKK 432 million

•

2005 (actual):

DKK 10 million

•2006 (budget): •2006 (actual):

DKK 456 million DKK 476 million

• •

2006 (budget): 2006 (actual):

DKK 24 million DKK 26 million

2005 (full year) – actual turnover

Q2 2006 – actual turnover

Finland 10%

Finland 10%

Norway 16%

Denmark 43%

Sweden 31%

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Norway 16%

Denmark 40%

Sweden 34%

Global Transport and Logistics

DSV - Thank you for your attention

Global Transport and Logistics