DSV

Share Issue/Capital Change • Apr 13, 2015

Reduction of share capital

At DSV's Annual General Meeting on 12 March 2015 a resolution was passed,
following a proposal by the Board of Directors, to reduce the share capital by
a nominal amount of DKK 2,000,000 through the cancellation of 2,000,000
treasury shares, corresponding to 2,000,000 voting rights.

The announcement of the resolution was published through the IT information
system of the Danish Business Authority on 13 March 2015.

At the expiry of the four-week time limit on 11 April 2015, no claims had been
filed requiring satisfaction or provision of security, and the reduction and
registration of the share capital has consequently been completed on 13 April
2015.

Consequently, the share capital of DSV has a nominal value of DKK 175,000,000,
divided into 175,000,000 shares with a face value of DKK 1, corresponding to
175,000,000 voting rights.

Share buy-back

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. 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 600,995 215.10 129,275,893
days 1-28
29: 31 March 2015 23,000 217.56 5,003,979
30: 1 April 2015 20,000 217.69 4,353,882
31: 7 April 2015 28,000 223.26 6,251,331
32: 8 April 2015 23,000 224.91 5,172,900
33: 9 April 2015 16,500 225.66 3,723,469
34: 10 April 2015 25,000 232.80 5,820,000
35: 13 April 2015 16,000 230.80 3,692,861

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Accumulated for trading 752,495 217.00 163,294,315
days 1-35

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As at today, DSV A/S holds a total of 5,469,792 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.13% 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