DSV

Transaction in Own Shares • May 14, 2014

Company Announcement No. 544

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
1: 6 May 2014 35,000 177.28 6,204,800
2: 7 May 2014 20,000 176.26 3,525,200
3: 8 May 2014 20,000 178.03 3,560,600
4: 9 May 2014 20,000 178.59 3,571,800
5: 12 May 2014 20,000 177.99 3,559,800
6: 13 May 2014 20,000 177.43 3,548,600
7: 14 May 2014 20,000 177.45 3,549,000

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Accumulated for trading 155,000 177.55 27,519,80
days 1-7 0

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As at today, DSV A/S holds a total of 2,489,195 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 1.41% 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