DSV

Transaction in Own Shares • Oct 26, 2018

26 October 2018

LAUNCH OF SHARE BUYBACK PROGRAMME ACCORDING TO THE SAFE HARBOUR METHOD

Company Announcement No. 721

The Board of Directors of DSV has decided to exercise the authority to buy back shares granted by the Annual General Meeting on 8 March 2018. The authority is valid until 8 March 2023 and covers a maximum of 18,800,000 shares, 4,366,747 of which have been exercised before the launch of this share buyback programme.

Purpose

The purpose of the share buyback is to adjust the capital structure and meet obligations relating to the Group's share-based incentive programmes. At the Annual General Meeting of DSV, a resolution will be proposed that any shares not used for hedging of the incentive programmes be cancelled.

Time frame

The share buyback programme will run from 26 October 2018 to 1 February 2019 at the latest, both days inclusive. During this period, DSV will buy its own shares up to a maximum value of DKK 1,200 million in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules.

Buyback terms

• DSV is required to retain a lead manager who is to make its own trading decisions independently of and without influence from DSV and execute the buyback within the announced limits. DSV has retained HSBC Bank plc as its lead manager for the share buyback.
• Under the share buyback programme, DSV may repurchase shares up to a maximum aggregate purchase price of DKK 1,200 million, and no more than 4,000,000 shares, corresponding to 2.13% of the current share capital of DSV A/S, may be purchased.
• No shares may be bought back at a price exceeding the higher of (i) the share price of the latest independent trade and (ii) the highest current independent bid at Nasdaq Copenhagen at the time of trading in compliance with the authority.
• The maximum number of DSV shares that may be purchased on each business day may not exceed 25% of the average daily trading volume of DSV shares on Nasdaq Copenhagen over the last 20 trading days prior to the date of purchase.

A company announcement of any transactions under the programme will be published every Monday throughout the duration of the programme starting 5 November 2018.

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

Yours sincerely, DSV A/S

DSV A/S, Hovedgaden 630, 2640 Hedehusene, Denmark, tel. +45 43 20 30 40, CVR No. 58233528, www.dsv.com. Global Transport and Logistics