DSV

Transaction in Own Shares • Jul 23, 2015

Company Announcement No. 604

On 30 April 2015, DSV A/S initiated the previously announced share buy-back
programme, cf. company announcement No. 594 of 30 April 2015. According to the
programme DSV A/S will in the period from 30 April to 23 July 2015 purchase own
shares up to a maximum value of DKK 500,000,000 and no more than 3,000,000
shares, corresponding to 1.71% of the current share capital of DSV A/S. The
programme has been implemented in accordance with the 'Safe Harbour' provisions
of EU Regulation No. 2273/2003 of 22 December 2003. DSV will therefore publish
the accumulated purchases under the share buy-back programme every 7th trading
day.

Trading day Number of shares Average transaction Amount DKK
bought back price
Accumulated for trading 1,949,500 227.47 443,451,986
days 1-49
50: 15 July 2015 20,000 234.80 4,695,944
51: 16 July 2015 25,000 236.48 5,911,895
52: 17 July 2015 35,000 237.06 8,297,163
53: 20 July 2015 45,000 239.23 10,765,553
54: 21 July 2015 42,000 238.31 10,008,915
55: 22 July 2015 38,000 238.18 9,050,768
56: 23 July 2015 33,000 236.04 7,789,343

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Accumulated for trading 2,187,500 228.56 499,971,566
days 1-56

The share buyback programme announced has now been concluded and the shares
bought back will be used partly to hedge the Group's incentive scheme. At DSV's
general meeting it will be proposed that shares not used for hedging of the
incentive scheme will be cancelled.

As at today, DSV A/S holds a total of 7,089,199 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.05% of the total number of issued shares
of 175,000,000.

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

Yours sincerely,

DSV A/S