DSV

Transaction in Own Shares • Apr 22, 2015

Company Announcement No. 592

On 19 February 2015, DSV A/S initiated the previously announced share buy-back
programme, cf. company announcement No. 582 of 6 February 2015. According to
the programme DSV A/S will in the period from 19 February to 22 April 2015
purchase own shares up to a maximum value of DKK 200,000,000 and no more than
1,500,000 shares, corresponding to 0.85% of the share capital of DSV A/S at
that time. The programme has been implemented in accordance with the 'Safe
Harbour' provisions of EU Regulation No. 2273/2003 of 22 December 2003.

Trading day Number of shares bought Average Amount DKK
back transaction
price
Accumulated for trading 752,495 217.00 163,294,315
days 1-35
36: 14 April 2015 27,000 228.59 6,171,898
37: 15 April 2015 15,400 228.70 3,522,022
38: 16 April 2015 17,000 227.86 3,873,574
39: 17 April 2015 28,922 225.32 6,516,659
40: 20 April 2015 27,000 225.92 6,099,929
41: 21 April 2015 23,500 227.40 5,343,820
42: 22 April 2015 23,078 224.36 5,177,695

---

Accumulated for trading 914,395 218.72 199,999,912
days 1-42

---

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 5,553,692 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.17% 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