DSV

Transaction in Own Shares • May 26, 2014

Company Announcement No. 545

On 6 May 2014, DSV A/S initiated the previously announced share buy-back
programme, cf. company announcement No. 542 of 30 April 2014. According to the
programme DSV A/S will in the period from 6 May to 29 July 2014 purchase own
shares up to a maximum value of DKK 400,000,000 and no more than 4,000,000
shares, corresponding to 2.26% 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 155,000 177.55 27,519,800
days 1-7
8: 15 May 2014 20,000 177.16 3,543,200
9: 19 May 2014 60,000 174.70 10,482,000
10: 20 May 2014 50,000 174.80 8,740,000
11: 21 May 2014 50,000 175.85 8,792,500
12: 22 May 2014 40,000 177.46 7,098,400
13: 23 May 2014 50,000 177.77 8,888,500
14: 26 May 2014 29,341 179.25 5,259,374

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Accumulated for trading 454,341 176.79 80,323,774
days 1-14

As at today, DSV A/S holds a total of 2,569,536 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 1.45% 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