DSB - Side 1

The DSB Group – Announcement of the annual accounts 2005 (1 January to 31 December 2005) Improved profits compared to 2004 DSB’s profit for 2005 reflects a sound economy in DSB’s basis business as the result developed as expected despite extensive infrastructure problems and the reduced toll charge for motor cars across the Great Belt Bridge. In addition, DSB has recorded substantial profits on the sale of land and buildings as well as a payment from AnsaldoBreda. The DSB Group recorded a profit of DKK 993 million before tax, which is an improvement of DKK 46 million compared to 2004 (DKK 947 million). The improvement was realised despite the tightened transport contracts, Rail Net Denmark’s (Banedanmark) extensive problems with the rail quality and signals as well as the increased competition for the traffic across the Great Belt. Net turnover increased by 5 per cent to DKK 9,407 million (DKK 8,952 million) Passenger revenues as well as revenue from transport contracts increased. Earnings (EBITDA) rose by 6 per cent to DKK 2,887 million (DKK 2,733 million) The increase is due to a positive development in operations and profits from the sale of land and buildings. Passenger numbers up by 1 per cent to 163 million passengers The overall passenger development between East and West is at the same level as in 2004. This development should, however, be regarded against the background of a general market growth in the traffic across the Great Belt. This means that DSB maintained the same number of passengers but at the same time lost market shares on this line. This development is partly attributable to the reduced speed on the line as a consequence of the poor infrastructure quality and is partly a consequence of the reduced toll charge for motor cars across the Great Belt Bridge. Infrastructure problems DSB’s production quality in 2005 was affected by the extensive problems experienced by Rail Net Denmark in so far as the rail net and signal systems were concerned. In particular, the periodically reduced speed between Copenhagen and Århus during the autumn reduced punctuality. The problems were a major inconvenience for DSB’s customers and also put considerable pressure on DSB’s employees. IC4 delivery Having put severe pressure on the AnsaldoBreda management, DSB succeeded in receiving a revised delivery plan for the new IC4 trains. In this connection, and pursuant to the agreement, AnsaldoBreda has paid DSB DKK 250 million as part of a preliminary agreement, cf. press release of 22 November 2005. The payment from AnsaldoBreda contributed DKK 69 million to the profit and has been recognised under net financial items. It is disappointing that despite massive pressure from DSB, AnsaldoBreda has not been successful in delivering the IC4 trains earlier. Expectations for 2006 Profits before tax for 2006 are expected to be in the magnitude of DKK 600 million. Among the reasons why the expected profits are less than for 2005 is the fact that certain non-recurring income was generated which is not attributable to the Company’s ordinary operations and contribute particularly positively to the profit for the year. Add to that additional costs in connection with the planned production expansions and the increasing energy costs, as the energy price increases will be affecting DSB’s price hedging activities for 2006. Finally, these expectations take into account the fact that 2006 will be the first whole year during which the reduced toll charge for motor cars across the Great Belt Bridge is in effect. The postponement of the production expansions in DSB S-tog a/s stipulated in the transport contract has also been taken into account. DSB Group 21 March 2006 VAT reg. no. 64 17 13 13 Central bus. reg. no. 25 05 00 53 DSB Sølvgade 40 DK-1349 Copenhagen K Telephone +45 33 14 04 00 Internet www.dsb.dk

Side 2