DSB - Side 1

Interim report for the first 9 months of 2008 (1 January 2008 - 30 September 2008) – Unaudited Increase in passenger numbers continue In the first nine months of 2008 DSB recorded an increase of 3 per cent in the number of passengers compared to the same period in 2007. The positive development is primarily owing to a continued growth in the number of S-train passengers and in journeys in East and across Øresund. DSB's profit before tax totalled DKK 547 million, which is DKK 13 million lower than in the same period last year. The result is in accordance with expectations. ƒ Passenger revenues increased by 5 per cent Passenger revenues totalled DKK 3,371 million, which is an increase of DKK 167 million or 5 per cent compared with the same period in 2007. In particular, the increase in revenues from S-trains, journeys across Øresund and East/West and international journeys contribute to the positive development. 19 November 2008 ƒ Profit before depreciation and write downs increased by 3 per cent The positive development can primarily be ascribed to increased passenger revenues and profit from the sale of land and buildings. The positive result is achieved in spite of decreasing revenues from traffic contracts and a generally increased cost level as a result of increased production volume, higher staff costs and higher energy prices. Continued positive development in punctuality Punctuality for both long-distance and regional services and for S-trains improved significantly in 2008 compared with the first 9 months of 2007. The number of delays in the period has thus been reduced by a quarter for longdistance and regional services and approximately one third for S-trains compared with 2007. Agreement regarding the delivery of 45 new double-deck coaches DSB has entered into an agreement with Bombardier regarding the delivery of 45 new double-deck coaches before the end of 2009. DSB will raise a claim against AnsaldoBreda for the reimbursement of the leasing costs for the additional 45 double-deck coaches, which will be commissioned as a result of the delayed delivery of the IC4 train sets. Status on the change programme "Switching 2010" As part of the change management programme "Switching 2010" DSB has implemented efficiency enhancement measures of administrative processes and functions with a view to make DSB more competitive and free resources, which can be focussed on customer oriented activities. The efficiency enhancements will create a staff surplus of 200 employees in administrative functions. The dismissals will be carried out in January 2009. Status on the IC4 In May 2008, DSB presented AnsaldoBreda with an ultimatum, which stated that AnsaldoBreda had to deliver 14 single operating train sets for national traffic by May 2009 and 1 IC4 train set, type approved and conform to the contract, which can be coupled in national traffic. Till date, the delivery of single operating train sets is preceding as expected. Currently, the IC4 is running in national traffic on the line between Copenhagen and Aalborg a couple of times a week. DSB Group SE no. 64 17 13 13 Central bus. reg. no. 25050053 DSB Sølvgade 40 DK-1349 Copenhagen K Tel +45 70 13 14 15 Internet www.dsb.dk ƒ ƒ ƒ ƒ Expectations to profit before tax in 2008 maintained Expectations to profits before tax in 2008 are maintained and expected to be in the region of DKK 750 million including sale of fixed assets.

Side 2