DSV

Transaction in Own Shares • Jan 9, 2015

Company Announcement No. 577

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 970,000 183.94 178,425,450
days 1-35
36: 30 December 2014 20,000 188.51 3,770,200
37: 2 January 2015 25,000 189.91 4,747,750
38: 5 January 2015 32,000 190.24 6,087,680
39: 6 January 2015 23,000 187.51 4,312,730
40: 7 January 2015 28,000 188.12 5,267,360
41: 8 January 2015 29,000 192.42 5,580,180
42: 9 January 2015 6,000 193.16 1,158,960

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Accumulated for trading 1,133,000 184.78 209,350,310
days 1-42

As at today, DSV A/S holds a total of 7,249,097 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.10% of the total number of issued shares
of 177,000,000.

Proposals from the shareholders to be considered at the annual general meeting
on 12 March 2015 must be submitted in writing to the Board of Directors not
later than on 28 January 2015.

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

Yours sincerely,

DSV A/S