DSV

Transaction in Own Shares • Dec 18, 2017

Company Announcement No. 671

On 30 October 2017, DSV A/S initiated a share buyback programme, as described
in Company Announcement No. 664 of 26 October 2017. According to the programme,
DSV A/S will in the period from 30 October 2017 to 23 March 2018 purchase own
shares up to a maximum value of DKK 1,250,000,000 and no more than 5,000,000
shares, corresponding to 2.63% of the current share capital of DSV A/S. The
programme has been implemented in accordance with Regulation No. 596/2014 of
the European Parliament and Council of 16 April 2014 (MAR) and the Commission
Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour
rules.

Trading day Number of shares bought Average Amount DKK
back transaction
price

Accumulated for trading 804,213 487.90 392,373,162
days 1-30
31: 11 December 2017 30,535 485.99 14,839,772
32: 12 December 2017 19,566 485.46 9,498,432
33: 13 December 2017 4,332 487.00 2,109,684
34: 14 December 2017 19,163 486.50 9,322,840
35: 15 December 2017 147,849 486.40 71,913,739

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Accumulated for trading 1,025,658 487.55 500,057,629
days 1-35

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As at today, DSV A/S holds a total of 5,797,322 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.05% of the total number of issued shares
of 190,000,000.

The details of each transaction made under the share buyback programme are
published on investor.dsv.com.

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

Yours sincerely,

DSV A/S