DSV

Transaction in Own Shares • Jan 29, 2015

Company Announcement No. 580

On 6 November 2014, DSV A/S initiated the previously announced share buy-back
programme, cf. company announcement No. 569 of 29 October 2014. According to
the programme DSV A/S will in the period from 6 November 2014 to 29 January
2015 purchase own shares up to a maximum value of DKK 300,000,000 and no more
than 3,000,000 shares, corresponding to 1.69% 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 1,253,000 185.92 232,961,224
days 1-49
50: 21 January 2015 50,000 196.73 9,836,500
51: 22 January 2015 50,000 198.16 9,908,000
52: 23 January 2015 40,000 200.21 8,008,400
53: 26 January 2015 57,000 202.71 11,554,470
54: 27 January 2015 48,569 204.14 9,914,876
55: 28 January 2015 51,431 203.78 10,480,609
56: 29 January 2015 35,700 204.99 7,318,143

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Accumulated for trading 1,585,700 189.18 299,982,222
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 7,519,797 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.25% 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