DSV — M&A Activity 2018

Oct 23, 2018

23 October 2018

DSV A/S' CONTACT WITH CEVA LOGISTICS AG Company Announcement No. 719

DSV A/S ("DSV") hereby announces that we on 18 October 2018 made a revised private proposal to CEVA Logistics AG's ("CEVA") Board of Directors to acquire CEVA for CHF 30.00 per share. The proposal would provide CEVA shareholders with a premium of 60.4% to CEVA's share price of CHF 18.70 as of 1 October 2018 and 45.8% to the 60-day VWAP of CHF 20.58 as of 1 October 2018. This revised proposal follows our company announcement no. 718 dated 11 October 2018.

Based on the unwillingness of the Board of Directors of CEVA to engage directly with DSV at the price per share offered we have decided not to pursue an acquisition of CEVA.

DSV does not intend to make any additional comments on this matter.

Inquiries may be addressed to Executive Vice President, Investor Relations, Flemming Ole Nielsen, tel. +45 43 20 33 92.

Yours sincerely, DSV A/S