DSV

Transaction in Own Shares • Jul 18, 2014

18 July 2014

SHARE BUYBACK IN DSV A/S

Company Announcement No. 554

On 6 May 2014, DSV A/S initiated the previously announced share buyback programme, cf. company announcement No. 542 of 30 April 2014. According to the programme DSV A/S will in the period from 6 May to 29 July 2014 purchase own shares up to a maximum value of DKK 400,000,000 and no more than 4,000,000 shares, corresponding to 2.26% 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 buyback programme every 7th trading day.

Trading day	Number of shares bought back	Average transaction price	Amount DKK
Accumulated for trading days 1-42	1,745,315	178.31	311,214,118
43: 10 July 2014	90,000	173.83	15,644,700
44: 11 July 2014	52,000	174.68	9,083,360
45: 14 July 2014	21,000	178.00	3,738,000
46: 15 July 2014	37,000	177.95	6,584,150
47: 16 July 2014	20,000	180.87	3,617,400
48: 17 July 2014	34,360	180.68	6,208,165
49: 18 July 2014	40,640	177.94	7,231,482
Accumulated for trading days 1-49	2,040,315	178.07	363,321,374

As at today, DSV A/S holds a total of 3,981,461 shares of a nominal value of DKK 1 in DSV A/S, corresponding to 2.25% 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

DSV A/S, Banemarksvej 58, DK-2605 Brøndby, tel. +45 43203040, CVR No. 58233528, www.dsv.com.

Global Transport and Logistics

DSV is a global supplier of transport and logistics solutions. We have offices in more than 70 countries and an international network of partners and agents, making us a truly global player that offers services worldwide. The effective, professional solutions provided by the company's 22,000 employees enabled DSV to record worldwide revenue of 6 billion euro for 2013. www.dsv.com