DSV 
By Company Announcement No.522
Pursuant to the Danish Securities Trading Act notice is hereby given of the following transactions:
| Name | Kurt K. Larsen |
| Relation | Chairman of the Board of Directors |
| Issuer | DSV A/S |
| ISIN | DK0060079531 |
| Nature of transaction | Exercise of share options granted in 2010 |
| Trade date | 5 November2013 |
| Number of shares | 45,000 |
| Exercise value (DKK) | 4,432,500 |
| Name | Kurt K. Larsen |
| Relation | Chairman of the Board of Directors |
| Issuer | DSV A/S |
| ISIN | DK0060079531 |
| Nature of transaction | Shares - Sale |
| Trade date | 6 November 2013 |
| Number of shares | 45,000 |
| Market value (DKK) | 7,240,523 |
Any questions regarding this announcement should be addressed to Flemming Ole Nielsen, Investor Relations Director, on tel. +45 43 20 30 40.
Yours sincerely,
DSV A/S
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