DSV

Transaction in Own Shares • Jul 14, 2015

Company Announcement No. 603

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 1,768,500 228.02 403,248,850
days 1-42
43: 6 July 2015 30,000 216.74 6,502,299
44: 7 July 2015 30,000 216.47 6,494,088
45: 8 July 2015 30,000 217.97 6,539,226
46: 9 July 2015 20,000 222.15 4,442,946
47: 10 July 2015 25,000 225.70 5,642,480
48: 13 July 2015 30,000 229.41 6,882,417
49: 14 July 2015 16,000 231.23 3,699,680

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Accumulated for trading 1,949,500 227.47 443,451,986
days 1-49

As at today, DSV A/S holds a total of 6,883,699 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.93% 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