DSV

Earnings Release • Aug 4, 2015

Company Announcement No. 606

                                                               4 August 2015

Selected financial and operating data for the period 1 January - 30 June 2015

(DKKm) Q2 Q2 YTD YTD
2015 2014 2015 2014

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Net revenue 13,127 12,162 25,728 23,764
Gross profit 2,887 2,608 5,569 5,073
Operating profit before special items 809 701 1,450 1,247
Operating margin 6.2% 5.8% 5.6% 5.2%
Conversion ratio 28.0% 26.9% 26.0% 24.6%
Profit before tax 710 626 1,279 787
Adjusted earnings for the period 560 493 1,014 866
Adjusted free cash flow 1,192 760
Diluted adjusted earnings per share of DKK 1 3.27 2.83 5.93 4.92
for the period

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Jens Bjørn Andersen, CEO: “We maintained the positive growth trend in both
number of shipments and earnings in all our business areas in the second
quarter of 2015. Our Air & Sea Division reports a remarkable 26% earnings
growth, and after a solid first six months of the year we now raise our
full-year performance forecast for 2015.”

The consolidated full-year outlook for 2015 previously announced is raised as
follows:

-- Gross profit is expected to be in the range of DKK 10,900-11,200 million
(previously DKK 10,500-10,900 million)
-- Operating profit before special items (EBITA) is expected to be in the
range of DKK 2,850-3,000 million (previously DKK 2,700-2,900 million)
-- Free cash flow before any acquisition or divestment of enterprises is
expected to approximate DKK 2,100 million (previously DKK 2,000 million)

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

A separate company announcement about the launch of a new share buyback
programme of DKK 600 million will be issued today.

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 shall apply.

Yours sincerely,
DSV A/S