DSV

Earnings Release • Aug 5, 2016

Company Announcement No. 637

                                                               5 August 2016

Selected financial and operating data for the period 1 January - 30 June 2016

(DKKm) Q2 2016 Q2 2015 YTD 2016 YTD 2015

Net revenue 17,606 13,127 32,925 25,728
Gross profit 4,214 2,887 7,821 5,569
Operating profit before special items 900 809 1,543 1,450
Operating margin 5.1% 6.2% 4.7% 5.6%
Conversion ratio 21.4% 28.0% 19.7% 26.0%
Net special items, costs 341 - 711 -
Profit before tax 455 710 774 1,279
Adjusted earnings for the period 610 560 1,137 1,014
Adjusted free cash flow 756 1,192
Diluted adjusted earnings per share for 3.27 3.27 6.11 5.93
the period

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Jens Bjørn Andersen, CEO: “With earnings growth of more than 10%, we are very
satisfied with our performance in the second quarter. DSV continues the
positive development, and UTi's operating deficit has been neutralised only
five months after the acquisition. The integration of UTi is progressing faster
than we had originally anticipated, and the merger of offices and IT systems is
already more than halfway complete. UTi's and DSV's employees and operations
are being united step by step across the world, and it is great to see that our
new colleagues are highly motivated to become part of the DSV culture – that is
crucial for a successful integration.”

The consolidated full-year outlook for 2016 previously announced is adjusted as
follows:

-- Operating profit before special items is expected to be in the range of DKK
3,300-3,500 million (previously DKK 3,100-3,500 million)

All other expectations for the full-year performance are unchanged.

Inquiries relating to the Interim Financial Report may be addressed to:

Jens Bjørn Andersen, CEO, tel. +45 43 20 30 40
Jens H. Lund, CFO, tel. +45 43 20 30 40
Flemming Ole Nielsen, Director Investor Relations, tel. +45 43 20 33 92 or by
email to investor@dsv.com

This announcement is available at www.dsv.com. The announcement has been
prepared in Danish and in English. In the event of discrepancies, the Danish
version prevails.

Yours sincerely,

DSV A/S