DSV — Capital/Financing Update 2014

Mar 11, 2014

Company Announcement No. 533

Disclaimer

The information contained herein is not for release, publication or
distribution, directly or indirectly, in or into the United States, Canada,
Japan or Australia or any other jurisdiction in which such release, publication
or distribution would be unlawful.

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy securities in DSV A/S in the United States, Canada, Japan or
Australia or any other jurisdiction.

DSV A/S has today completed the bookbuilding process for the issue of DKK
denominated senior unsecured notes due 18 March 2022 (the “Notes”) with a total
principal amount of DKK 1,500,000,000.

A number of the fundamental pricing characteristics of the Notes were
determined following the bookbuilding process. The following information was
therefore not included in the prospectuses with respect to the Notes dated 10
March 2014 (the "Prospectuses") and is hereby provided:

DSV A/S - DKK Fixed rate notes due 18 March 2022:

ISIN: DK0030336003

Principal amount: DKK 750,000,000

Issue price: 99.295%

Coupon: 3.50% p.a.

Issue proceeds: DKK 744,712,500

Net proceeds: DKK 741,837,500

Yield: 3.603%

Pricing credit spread: 1.75%

DSV A/S - DKK floating rate notes due 18 March 2022:

ISIN: DK0030335708

Principal amount: DKK 750,000,000

Issue price: 100.00%

Coupon: 3 month Cibor + 1.85%

Issue proceeds: DKK 750,000,000

Net proceeds: DKK 747,125,000

Pricing credit spread: 1.85%

This document (the "Pricing Notice") sets out those characteristics of the
Notes that were determined upon pricing only. Accordingly, this Pricing Notice
is not a summary of all material characteristics of the Notes. The
characteristics of the Notes are described in the Prospectuses, which should be
read together with this Pricing Notice. Unless the context requires otherwise,
terms defined in the terms and conditions of the Notes set out in the
Prospectuses shall have the same meaning when used in this Pricing Notice.

Any questions may be addressed to Flemming Ole Nielsen, Investor Relations
Director, tel. +45 43 20 30 40.

Yours sincerely,
DSV A/S