DSV

Transaction in Own Shares • Nov 14, 2014

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
1: 6 November 2014 40,000 179.89 7,195,600
2: 7 November 2014 40,000 179.89 7,195,600
3: 10 November 2014 37,000 179.91 6,656,670
4: 11 November 2014 33,000 180.79 5,966,070
5: 12 November 2014 43,000 180.20 7,748,600
6: 13 November 2014 30,000 180.54 5,416,200
7: 14 November 2014 37,000 180.12 6,664,440

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Accumulated for trading 260,000 180.17 46,843,180
days 1-7

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As at today, DSV A/S holds a total of 6,651,597 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.76% 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