DSV

Share Issue/Capital Change • Nov 23, 2015

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES AND
POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA),
CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Company announcement no. 622

Registration of share capital increase completed

We refer to our company announcement no. 621 of 18 November 2015.

DSV A/S (“DSV) has in connection with the private placement today completed and
registered the capital increase with the Danish Business Authority of a nominal
value DKK 17,499,999 (17,499,999 shares of a nominal value of DKK 1.00 each),
representing 9.99% of the share capital prior to the capital increase.

The new shares will be listed under ISIN code DK0060079531 for DSV’s existing
shares on Nasdaq Copenhagen with effect from 24 November 2015.

Questions may be addressed to IR Director Flemming Ole Nielsen on +45 43 20 33
92.

Yours sincerely,

DSV

IMPORTANT DISCLAIMER

This announcement is not a prospectus and investors should not purchase any
securities referred to in this announcement on the basis of this announcement.
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may or should be
placed by any person for any purposes whatsoever on the information contained
in this announcement or on its completeness, accuracy or fairness. The
information in this announcement is subject to change. No obligation is
undertaken to update this announcement or to correct any inaccuracies, and the
distribution of this announcement shall not be deemed to be any form of
commitment on the part of the Company to proceed with any transaction or
arrangement referred to herein. This announcement has not been approved by any
competent regulatory authority.

This announcement does not constitute or form part of any offer or invitation
to sell or issue, or any solicitation of any offer to purchase or subscribe for
any shares or any other securities nor shall it (or any part of it) or the fact
of its distribution, form the basis of, or be relied on in connection with or
act as an inducement to enter into, any contract or commitment whatsoever. The
transactions described in this announcement and the distribution of this
announcement and other information in connection with the transactions in
certain jurisdictions may be restricted by law and persons into whose
possession this announcement, any document or other information referred to
herein comes should inform themselves about, and observe, any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.

In particular, this announcement does not contain or constitute an offer of, or
the solicitation of an offer to buy or subscribe for, securities to any person
in the United States, Australia, Canada, South Africa or Japan, or in any
jurisdiction to whom or in which such offer or solicitation is unlawful. The
securities referred to herein may not be offered or sold in the United States
except to "qualified institutional buyers" as defined in, and in reliance on,
Rule 144A under U.S. Securities Act of 1933 as amended (the "Securities Act")
or another applicable exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. All offers and sales of
securities outside of the United States will be made in reliance on, and in
compliance with, Regulation S under the Securities Act. There is no intention
to register any securities referred to herein in the United States, Australia,
Canada, South Africa or Japan or to make a public offering of the securities in
the United States.

This announcement has been prepared on the basis that any offers of securities
referred to herein in any Member State of the EEA will be made pursuant to an
exemption under the Prospectus Directive from the requirement to publish a
prospectus for offers of such securities. The information set forth in this
announcement is only being distributed to, and directed at, persons in Member
States of EEA which have implemented the Prospectus Directive (Directive No.
2003/71/EC and amendments thereto, including Directive No. 2010/73/EU, to the
extent implemented in the relevant Member State) who are qualified investors
(“Qualified Investors”) within the meaning of Article 2(1)(e) of the Prospectus
Directive. In addition, in the United Kingdom, this information is only being
distributed to, and is only directed at, (x) Qualified Investors who are
investment professionals falling within Article 19(5) of the Financial Services
and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”)
or (y) high net worth entities falling within Article 49(2)(a)-(d) of the
Order, or (z) persons to whom it may otherwise lawfully be communicated.

None of the Company, the Managers or any of their respective subsidiary
undertakings, affiliates or any of their respective directors, officers,
employees, advisers, agents or any other person accepts any responsibility or
liability whatsoever for, or makes any representation or warranty, express or
implied, as to the truth, accuracy, completeness or fairness of the information
or opinions in this announcement (or whether any information has been omitted
from the announcement) or any other information relating to the Company or
associated companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss howsoever arising
from any use of this announcement or its contents or otherwise arising in
connection therewith.

This announcement does not constitute an investment recommendation. The price
and value of securities and any income from them can go down as well as up and
you could lose your entire investment. Past performance is not a guide to
future performance. Information in this announcement cannot be relied upon as a
guide to future performance.