DSV

Transaction in Own Shares • Mar 19, 2015

Company Announcement No. 588

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 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
bought back price DKK
Accumulated for trading 256,411 214.35 54,960,422
days 1-14
15: 11 March 2015 14,000 219.08 3,067,100
16: 12 March 2015 17,000 219.62 3,733,481
17: 13 March 2015 19,000 217.67 4,135,650
18: 16 March 2015 15,000 220.05 3,300,680
19: 17 March 2015 35,000 217.01 7,595,375
20: 18 March 2015 18,000 216.48 3,896,600
21: 19 March 2015 16,000 217.08 3,473,261

---

Accumulated for trading 390,411 215.57 84,162,569
days 1-21

As at today, DSV A/S holds a total of 7,644,208 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.32% of the total number of issued shares
of 177,000,000.

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

Yours sincerely,

DSV A/S