DSV

Transaction in Own Shares • Dec 29, 2014

Company Announcement No. 576

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 835,000 183.59 153,296,850
days 1-28
29: 16 December 2014 30,000 179.62 5,388,600
30: 17 December 2014 16,000 185.19 2,963,040
31: 18 December 2014 19,000 186.04 3,534,760
32: 19 December 2014 20,000 188.55 3,771,000
33: 22 December 2014 25,000 189.64 4,741,000
34: 23 December 2014 10,000 189.37 1,893,700
35: 29 December 2014 15,000 189.10 2,836,500

---

Accumulated for trading 970,000 183.94 178,425,450
days 1-35

---

As at today, DSV A/S holds a total of 7,135,597 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.03% 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