DSV

Transaction in Own Shares • Oct 9, 2017

Company Announcement No. 661

On 7 August 2017, DSV A/S initiated the previously announced share buyback
programme, cf. Company Announcement No. 649 of 2 August 2017. According to the
programme, DSV A/S will in the period from 7 August to 13 October 2017 purchase
own shares up to a maximum value of DKK 1,000,000,000 and no more than
4,000,000 shares, corresponding to 2.11% 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 and the Delegated Regulation
No. 2016/1052 of the EU Commission, also referred to as the Safe Harbour rules.

Trading day Number of shares Average transaction Amount DKK
bought back Price
Accumulated for trading 1,633,953 449.61 734,647,750
days 1-40
41: 2 October 2017 54,500 482.23 26,281,361
42: 3 October 2017 48,000 484.48 23,254,901
43: 4 October 2017 61,700 480.63 29,655,118
44: 5 October 2017 73,725 476.31 35,115,918
45: 6 October 2017 72,500 465.75 33,766,737

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Accumulated for trading 1,944,378 453.99 882,721,785
days 1-45

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As at today, DSV A/S holds a total of 4,648,626 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 2.45% of the total number of issued shares
of 190,000,000.

The details of each transaction made under the share repurchase 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