DSV — Earnings Release 2016

May 12, 2016

Company announcement No. 634

                                                                 12 May 2016

Selected financial and operating data for the period 1 January – 31 March 2016

(DKKm) Q1 2016 Q1 2015

Net revenue 15,319 12,601
Gross profit 3,607 2,682
Operating profit before special items 643 641
Operating margin 4.2% 5.1%
Conversion ratio 17.8% 23.9%
Net special items, costs 370 -
Profit before tax 319 569
Adjusted earnings for the period 527 454
Adjusted free cash flow 362 143
Diluted adjusted earnings per share of DKK 1 for the period 2.83 2.65

---

Jens Bjørn Andersen, CEO: “The acquisition of UTi has been a major theme in the
first quarter of 2016. We took over the company at the end of January, and the
integration process is ongoing. We have had a good start and the process is
proceeding according to plan. It is of the utmost importance that we take good
care of our customers during this phase – so far we have been successful doing
that and it is something that we monitor closely. As anticipated, UTi
contributed a loss in the first months of the year, but the existing DSV
operations continued the positive development of 2015. All in all, we are very
pleased to report a Q1 operating profit in line with last year.”

DSV maintains its full-year outlook for 2016 previously announced.

Inquiries relating to the Interim Financial Report may be addressed to:

Jens Bjørn Andersen, CEO, tel. +45 43 20 30 40

Jens H. Lund, CFO, tel. +45 43 20 30 40

Flemming Ole Nielsen, Director Investor Relations, tel. +45 43 20 33 92 or by
email to investor@dsv.com

This announcement is available at www.dsv.com. The announcement has been
prepared in Danish and in English. In the event of discrepancies, the Danish
version prevails.

Yours sincerely,

DSV A/S