Q 3 2014 Investor Presentation Flemming Ole Nielsen

Q 3 2014 Investor Presentation Flemming Ole Nielsen, Director IR and Corporate Communication

Forward-looking statements This presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond DSV A/S’ control, may cause actual development and results to differ materially from the expectations contained in the presentation. 2 | Q 3 2014 Interim Financial Report

Content 1. Highlights Q 3 2014 2. Business segments 3. Financial review, cash flow and capital allocation 4. Update on financial outlook 5. Appendix 3 | Q 3 2014 Interim Financial Report

Highlights Q 3 2014 • Strong volume development in Q 3, well ahead of market growth in all Divisions • 5. 7% organic growth in EBIT before special items for Q 3 2014 (5. 8% YTD) • Air & Sea delivered 12. 4% organic growth in EBIT for Q 3 2014 (13. 3% YTD) • Road still impacted by margin pressure – but we see signs of stabilisation • Solutions EBIT for Q 3 2014 in line with last year • New share buyback programme of DKK 300 million • We narrow the range for expected operating profit before special items to DKK 2, 600 -2, 700 million 4 | Q 3 2014 Interim Financial Report

Business segments – Air & Sea • • Sea freight volume growth of 7. 6% in Q 3 2014 (~1% growth from M&A in the quarter) Air freight volume growth of 13. 6% in Q 3 2014 (~1% growth from M&A in the quarter) Relatively stable profit per unit in a competitive market 12. 4% organic EBIT growth in Q 3 2014 – Improved productivity – 59% conversion ratio on additional GP in Q 3 2014 – DSV Swift in Africa integrated in Q 3 – New offices opened in Brazil and US 5 | Q 3 2014 Interim Financial Report

Gross profit per unit – Air & Sea Air Sea Gross profit per TEU, index (2011 = 100) Gross profit per tonne, index (2011 = 100) 100. 0 104. 6 101. 5 103. 5 101. 3 98. 1 95. 9 99. 0 98. 4 Full year Q 1 2013 Q 2 2013 Q 3 2013 Q 4 2013 Q 1 2014 Q 2 2014 Q 3 2014 2011 2012 • 100. 0 105. 5 103. 3 102. 5 103. 1 102. 9 99. 1 Full year Q 1 2013 Q 2 2013 Q 3 2013 Q 4 2013 Q 1 2014 Q 2 2014 Q 3 2014 2011 2012 The graphs are not adjusted for exchange rate fluctuations. Compared to Q 3 2013, gross profit per unit for Q 3 2014 was negatively impacted by approx. 0. 5%. Negative impact YTD 2014 was approx. 3%. 6 | Q 3 2014 Interim Financial Report 102. 1

Business segments – Road • • 5% volume growth in Q 3 2014 (~1% from M&A in the quarter) Gross margin under pressure in a competitive market – We expect margin-stabilisation in the coming quarters – Growth in segments/activities with low GP margin • EBIT for Q 3 2014 DKK 24 million lower than same period last year – Negative impact from integration of Ontime Logistics – EBIT decline for the first 9 months of 2014 mainly relates to Nordic region – Underlying increase in cost base of approx. 2. 5% (ex. M&A and FX effect) 7 | Q 3 2014 Interim Financial Report

Business segments – Solutions • 5% growth in order lines in Q 3 2014 – Positive development from both existing and new customers – Growth in e-commerce customer base • 1. 4% organic decline in gross profit in Q 3 2014 – Market remains competitive – Utilisation of warehouses still improving • EBIT on level with Q 3 2013 – a clear, positive trend 8 | Q 3 2014 Interim Financial Report

Financial review • Negative currency impact eased off in Q 3 2014 • Operational Excellence 2. 0 on track to deliver expected savings • Financial costs and effective tax rate on expected level 9 | Q 3 2014 Interim Financial Report

Financial review – cash flow and debt 10 | Q 3 2014 Interim Financial Report • Cash flow for the first 9 months of 2014 was in line with expectations • Negative impact from increase in net working capital (NWC), mainly in Air & Sea and Solutions. This was partly due to seasonality and growth • Furthermore, NWC was impacted by a short-term receivable of DKK 132 million relating to a property transaction • Cash flow from investing activities in 2013 was low due to property transactions • Financial gearing in line with target of max. 2. 0 x EBITDA

Share buyback and dividend • New share buyback programme of DKK 300 million according to safe harbour method to be launched on 6 November 2014 and run until 29 January 2015 • Priority for use of free cash flow remains unchanged 1. Repayment of debt, if financial gearing is above 2. 0 x EBITDA 2. M&A 3. Share buyback and dividend 11 | Q 3 2014 Interim Financial Report

Outlook for 2014 is maintained, but low end of EBIT range adjusted upwards The financial outlook for the remaining part of 2014 is based on the current (end of October 2014) level of exchange rates. 12 | Q 3 2014 Interim Financial Report

Market growth forecast (freight volume) – no changes • The overall target for DSV is to gain market share in all Divisions • Market growth is based on DSV’s estimates 13 | Q 3 2014 Interim Financial Report

Appendix

DSV Group – General facts Global supplier of transport and logistics services Three divisions • • • DSV countries Air & Sea – global network Road – complete network in Europe Solutions – contract logistics Asset light business model • Transport services outsourced Own operations in 75 countries • … and an international network of agents 23, 000 employees worldwide Listed on NASDAQ OMX Copenhagen • • No majority shareholder 100% free float of shares 15 | Q 3 2014 Interim Financial Report 2013 Revenue by division / region

A global network created through M&A 10 independent haulers establish DSV, De sammensluttede Vognmænd af 13 -7 1976 DFDS Transport Group of companies is divided into three divisions DSV acquires Samson Transport and becomes DSV Samson Transport 1989 1997 DSV acquires Borup Autotrans and Hammerbro, and merges into DSV Borup 16 | Q 3 2014 Interim Financial Report 2000 DSV acquires DFDS Dan Transport Group, the company merges with DSV Samson Transport into DFDS Transport 2001 DSV acquires ABX LOGISTICS DSV acquires Frans Maas 2005 DSV acquires J. H. Bachmann 2006 2007 The DSV activities change their names from DFDS Transport to DSV 2008 2012 2013 DSV strengthens the network through several acquisitions in Africa, Middle East, South America, Europe and US

Market position - Top 15 Global freight forwarders Based on 2013 revenue – Billion USD 1 2 3 4 5 6 7 8 • • • DSV Road ranks top 3 in Europe • The market is fragmented and DSV’s market share is ~ 2% • It is estimated that the top 15 companies control 35 -40% of the total freight forwarding market 9 10 11 12 13 14 15 Source Journal of Commerce, 21 April 2014, Transport Intelligence 17 | Q 3 2014 Interim Financial Report In Air & Sea DSV is in top 10 globally DSV Solutions ranks just outside top 10 in the European contract logistics industry

The business model – adding value through services Transportation (subcontracted) Freight forwarding services Pickup Picking/ Packing From Shipper. . Terminal Hauling truck Terminal Trucking / distribution Documentation & Insurance 18 | Q 3 2014 Interim Financial Report Warehousing Cargo plane Customs Cargo Clearance consolidation Shipment booking Logistics & Distribution services Container vessel Supply chain management / order planning … to Consignee

IT landscape Air & Sea TMS Road TMS Solutions • edi. Enterprise • Cargolink • Cargowrite • Off-the-shelf system • Legacy system • Modified off-theshelf system (based on Red Prairie) • Global platform, rolled out 2011 – 2014 (completed in Q 1 2014) • More than 90% of shipments are handled in edi. Enterprise 19 | Q 3 2014 Interim Financial Report • European platform, handling approx. 90% of shipments • Cargolink Way Forward project initiated in 2014. Existing and new functionalities will gradually be transferred to a new technical platform • A few other systems are used for specific customers Sales & back office • Salesforce. com is used across all divisions • SAP is the main Finance/ERP system

DSV Road DSV Market (Europe) 20 | Q 3 2014 Interim Financial Report 2 Q 011 2 2 Q 011 3 2 Q 011 4 2 Q 011 1 2 Q 012 2 2 Q 012 3 2 Q 012 4 2 Q 012 1 2 Q 013 2 2 Q 013 3 2 Q 013 4 2 Q 013 1 2 Q 014 2 2 Q 014 3 20 14 12% 10% 8% 6% 4% 2% 0% -2% -4% 1 2 Q 011 2 2 Q 011 3 2 Q 011 4 2 Q 011 1 2 Q 012 2 2 Q 012 3 2 Q 012 4 2 Q 012 1 2 Q 013 2 2 Q 013 3 2 Q 013 4 2 Q 013 1 2 Q 014 2 2 Q 014 3 20 14 Q Air 1 1 2 Q 011 2 2 Q 011 3 2 Q 011 4 2 Q 011 1 2 Q 012 2 2 Q 012 3 2 Q 012 4 2 Q 012 1 2 Q 013 2 2 Q 013 3 2 Q 013 4 2 Q 013 1 2 Q 014 2 2 Q 014 3 20 14 Q 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% Q 2 Q 011 2 2 Q 011 3 2 Q 011 4 2 Q 011 1 2 Q 012 2 2 Q 012 3 2 Q 012 4 2 Q 012 1 2 Q 013 2 2 Q 013 3 2 Q 013 4 2 Q 013 1 2 Q 014 2 2 Q 014 3 20 14 1 Q DSV freight volume versus market 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% Market 12% 10% 8% 6% 4% 2% 0% -2% -4% Sea DSV Market Solutions Market (Europe)

Market growth - The ”multiplier” has faded since 2008 Source: Morgan Stanley Research – September 2014 • The big wave of outsourcing of production to the Far East and general growth in international trade has been driving growth in the period 1990 -2008 above Global GDP growth 21 | Q 3 2014 Interim Financial Report

Geographic Exposure by Revenue (2013) DSV A/S DSV Air & Sea 9% Nordic countries - 28% 7% 28% Southern Europe - 17% Southern Europe - 20% Other Europe / EMEA 39% Americas - 7% 39% 17% Nordic countries - 15% 21% 20% 16% Other Europe / EMEA 28% Americas - 16% APAC - 9% APAC - 21% 28% DSV Solutions DSV Road 2% Nordic countries - 20% Nordic countries - 42% Southern Europe - 21% 42% 46% Southern Europe - 12% 57% Other Europe - 46% 12% 22 | Q 3 2014 Interim Financial Report 21% Other Europe - 57% APAC/Americas - 2%

Regional development Q 3 2014 (DKK million) EBIT before special items* Gross profit* 2, 522 587 Nordic countries 23% +3% 2, 609 691 +5% 581 -1% 728 164 22% 203 -19% 23% 29% 450 Southern Europe** 18% 73 438 -3% 17% 53 +38% 10% 8% 265 1, 021 Other Europe / EMEA 40% 1, 078 +6% 236 34% 41% 101 Americas 217 9% +17% APAC 247 +5% 10% Q 3 2013 *) Growth % includes currency effect 253 15% 126 +25% 17% +2% 100 10% 259 10% Q 3 2014 **) France, Portugal, Spain, Italy and Greece 23 | Q 3 2014 Interim Financial Report 36% +12% 98 14% Q 3 2013 Q 3 2014

Regional development YTD 2014 (DKK million) EBIT before special items* Gross profit* 7, 479 1, 795 Nordic countries +3% 7, 682 1, 880 +1% 24% 1, 809 24% Southern Europe** 19% -4% 1, 348 18% 1, 975 477 511 27% 1, 400 +5% 24% -7% 214 190 +12% 11% 10% 674 652 2, 985 Other Europe / EMEA 40% +4% 3, 093 35% 589 APAC 710 +19% 700 +3% 732 8% 9% YTD 2013 YTD 2014 **) France, Portugal, Spain, Italy and Greece 24 | Q 3 2014 Interim Financial Report 14% 334 +27% 17% +5% 276 9% 9% * Growth % includes currency effect 34% 40% 264 Americas +3% 263 14% YTD 2013 YTD 2014

Financial performance (CAGR incl. M&A) 50, 000 Revenue CAGR: 6, 1% 3, 500 DKKm 2, 500 30, 000 2, 000 1, 500 20, 000 10, 000 500 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CAGR: 11, 0% CAGR: 10, 0% EBIT pre special items Margins CAGR: 10, 6% 3, 000 10% 30. 0% 2, 500 8% 25. 0% 2, 000 DKKm CAGR: 8, 1% 3, 000 40, 000 DKKm EBITDA 20. 0% 6% 1, 500 15. 0% 4% 1, 000 10. 0% 2% 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 CAGR: 11, 5% 25 | Q 3 2014 Interim Financial Report 5. 0% 0% 0. 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 EBIT-margin (pre special items) Gross Profit Conversion Ratio (RHS)

Cash flow and ROIC Operating Cash Flow Cash conversion ratio* 120% 2, 000 100% DKKm 1, 500 80% 1, 000 60% 40% 500 20% 0 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 DKKm Invested Capital ROIC 15, 000 25% 12, 500 20% 10, 000 15% 7, 500 10% 5, 000 5% 2, 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (Q 3) Invested Capital incl. goodwill and customer relations 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (Q 3) ROIC before tax incl. goodwill and customer relations * Cash Conversion Ratio: (Free Cash flow adjusted for net financial items, tax, special items and acquisition/divestment of subsidiaries )/ EBIT before special items 26 | Q 3 2014 Interim Financial Report Average 104%

Earnings Per Share (diluted, adjusted) 12. 00 10. 60 10. 05 10. 00 9. 48 7. 82 7. 17 8. 00 5. 77 6. 00 5. 00 4. 50 3. 98 4. 00 2. 00 1. 70 2002 2003 7. 82 8. 09 6. 16 5. 64 6. 12 4. 95 3. 93 3. 50 3. 40 3. 14 1. 90 7. 63 2. 302. 28 0. 00 2004 2005 2006 Diluted, adjusted EPS (DKK) 2007 2008 2009 2010 2012 Diluted, adjusted EPS (DKK) - excluding share buy-back CAGR 17. 0% (incl. share buy-back) CAGR 14. 2 (excl. share buy-back) 27 | Q 3 2014 Interim Financial Report 2011 2013 Q 3 2014

Long-term financial targets 28 | Q 3 2014 Interim Financial Report • We expect to reach the targets within 5 years counting from 2013 • The targets are based on an assumption of annual transport market growth of at least 2% in the period • • Effective tax rate of 26% is expected • Normalised CAPEX is expected in the level of 0. 5 -1. 0% of revenue Net working capital is expected in the level of 1% of revenue

Keeping the cost base stable Cost base – Cost base 2, 000 staff + other external costs (DKK million) The cost base has been stable for 4 consecutive years. Inflationary increases of 1 -2% per year and impact from M&A were absorbed by cost control and productivity gains. 1, 500 A number of initiatives contributed to this development: 1, 000 500 0 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 2011 2012 2013 2014 • Continued focus on improving work processes and IT systems • Centralisation in certain areas – mainly back office Employees • ”Operational Excellence” programme implemented in 2012 reduced cost base by approx. DKK 120 million per year 25, 000 20, 000 15, 000 2011 2012 2013 29 | Q 3 2014 Interim Financial Report Q 1 -14 Q 2 -14 Q 3 -14 • ”Operational Excellence 2. 0” is expected to provide annual savings of 150 million DKK, with full effect in 2015

Estimated effect on financial gearing if operational leasing is recognised in balance sheet Estimated effect on EBITDA, NIBD and financial gearing if operational leasing is recognised: Potential changes to IFRS will not have impact on DSV´s cooperation with the banks. The loan agreements allow for changes for reason of consistency. 30 | Q 3 2014 Interim Financial Report

Quaterly P&L details 31 | Q 3 2014 Interim Financial Report

Quaterly P&L details 32 | Q 3 2014 Interim Financial Report

Quaterly P&L details 33 | Q 3 2014 Interim Financial Report