The prospectus 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.

Neither the delivery of the prospectus nor the issue, sale or delivery of any note shall, in any circumstances, create any implication that the information contained in the prospectus is true subsequent to the date hereof or, if the prospectus is supplemented after the date hereof, the date of the relevant supplement or that there has been no adverse change, or any event reasonably likely to involve any adverse change, in the prospects or financial or trading position of DSV A/S since the date thereof or, if the prospectus is supplemented after the date hereof, the date of the relevant supplement or that any other information supplied in connection with the notes is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

The prospectus is not intended to provide the basis of any credit or any other evaluation and should not be considered as a recommendation by DSV A/S that any recipient of the prospectus should invest in the notes. Prospective investors should make an independent assessment as to whether the information in the prospectus is relevant to their situation, and any investment in the notes should be based on the information regarding the investor's specific circumstances that the investor may deem necessary and only if the notes are consistent with the investor's financial objectives.

In the United Kingdom any information in the following web pages which may be construed as a financial promotion within section 21 of the Financial Services and Markets Act 2000 is exempt under Article 69 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 ("FPO"). For the avoidance of doubt, the information contained in this website does not (a) constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any "controlled investments" or enter into a transaction or otherwise make use of services provided by DSV A/S or any named person or (b) constitute an inducement relating to any investments other than those issued by DSV A/S.

The Notes are not intended, from 1 January 2018, to be offered, sold or otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the "EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU ("MiFID II"); (ii) a customer within the meaning of the Insurance Mediation Directive (Directive 2002/92/EC (as amended)), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive. Consequently, no key information document required by Regulation (EU) No 1286/2014 (the "PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.

The distribution of the prospectus and the offering or sale of notes in certain jurisdictions may be restricted by law. The prospectus may not be distributed or otherwise made available and the notes may not be offered or sold, directly or indirectly, in any jurisdiction, unless such distribution, offering or sale is permitted under applicable laws in the relevant jurisdiction.

In addition, the information contained on this website has not been and may not be disseminated, distributed, sent, retransmitted or otherwise transferred to US persons or any person residing of or located in, or a partnership or corporation organized or incorporated or registered in the United States or a person acting on behalf of the foregoing.

The release, publication or distribution of documents on the website in certain jurisdictions may be restricted by the law and therefore persons in certain jurisdictions into which such documents are released, published, distributed or otherwise accessible should inform themselves about and observe any such restrictions.

The notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the Securities Act.

In accessing this document, you confirm that you have read and understood the disclaimer set out above. You also confirm that you understand that it may affect your rights and agree to be bound by its terms. You further confirm that you are permitted to proceed to this part of the website and will not distribute the document directly or indirectly (including by means of providing a direct electronic link) to any other party other than with the prior written consent of DSV A/S.

By accessing this document, you certify that you are not a US person or a resident of or located in, or a partnership or corporation organized or incorporated or registered in the United States or a person acting on behalf of the foregoing and agree that you will not retransmit, send or otherwise transfer any of the information contained on this website to any US person or person in or resident in the United States.