DSV

Transaction in Own Shares • Nov 25, 2014

Company Announcement No. 572

On 6 November 2014, DSV A/S initiated the previously announced share buy-back
programme, cf. company announcement No. 569 of 29 October 2014. According to
the programme DSV A/S will in the period from 6 November 2014 to 29 January
2015 purchase own shares up to a maximum value of DKK 300,000,000 and no more
than 3,000,000 shares, corresponding to 1.69% of the current share capital of
DSV A/S. The programme has been implemented in accordance with the 'Safe
Harbour' provisions of EU Regulation No. 2273/2003 of 22 December 2003. DSV
will therefore publish the accumulated purchases under the share buy-back
programme every 7th trading day.

Trading day Number of shares Average transaction Amount
bought back price DKK
Accumulated for trading 260,000 180.17 46,843,180
days 1-7
8: 17 November 2014 35,000 178.48 6,246,800
9: 18 November 2014 35,000 182.35 6,382,250
10: 19 November 2014 33,000 182.09 6,008,970
11: 20 November 2014 35,000 182.41 6,384,350
12: 21 November 2014 32,000 185.38 5,932,160
13. 24 November 2014 35,000 185.97 6,508,950
14: 25 November 2014 30,000 187.14 5,614,200

---

Accumulated for trading 495,000 181.66 89,920,860
days 1-14

---

As at today, DSV A/S holds a total of 6,772,097 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.83% of the total number of issued shares
of 177,000,000.

Any questions may be addressed to Flemming Ole Nielsen, Director, Investor
Relations, on tel. +45 43 20 33 92.

Yours sincerely,
DSV A/S