DSV

Transaction in Own Shares • Oct 29, 2014

Company Announcement No. 569

The Board of Directors of DSV has decided to exercise the authority to buy back
shares granted by the Annual General Meeting on 21 March 2013. The authority is
valid until 21 March 2018 and covers a maximum of 18 million shares, 10.6
million of which have been exercised before the launch of this share buyback
programme.

Purpose

The purpose of the share buyback is to meet the exercise of share options under
the Group's incentive programmes and adjust the capital structure. At the next
Annual General Meeting of DSV a resolution will be proposed that shares which
are not used for hedging of the incentive programmes be cancelled.

Time frame

The share buyback programme will run from 6 November 2014 to 29 January 2015,
both days inclusive. During this period DSV will buy own shares up to a maximum
value of DKK 300 million in accord­ance with the provisions of European
Commission Regulation (EC) No. 2273/2003 of 22 December 2003, the so-called
Safe Harbour method that protects the boards of directors and executive boards
of listed companies from violating insider trading legislation in connection
with share buybacks.

Buyback terms

-- DSV is required to retain a financial adviser who is to make its own
trading decisions independently of and without influence from DSV and
execute the buyback within the announced limits. DSV has retained Danske
Bank A/S as its financial adviser and lead manager for the share buyback.
-- Under the share buyback programme DSV may repurchase shares for a maximum
amount of DKK 300 million and no more than 3,000,000 shares, corresponding
to 1.69% of the current share capital of DSV A/S, may be purchased.
-- No shares may be bought back at a price exceeding the higher of (i) the
share price of the latest independent trade and (ii) the highest current
independent bid at NASDAQ OMX Copenhagen at the time of trading.
-- The maximum number of DSV shares which may be purchased on each business
day may not exceed 25% of the average daily trading volume of DSV shares on
NASDAQ OMX Copenhagen over the last 20 trading days prior to the date of
purchase.
-- The reporting obligations under Danish law and the rules of NASDAQ OMX
Copenhagen must be fulfilled within the applicable time limits.

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

Yours sincerely,
DSV A/S