DSV

Transaction in Own Shares • Dec 11, 2017

Company Announcement No. 670

On 30 October 2017, DSV A/S initiated a share buyback programme, as described
in Company Announcement No. 664 of 26 October 2017. According to the programme,
DSV A/S will in the period from 30 October 2017 to 23 March 2018 purchase own
shares up to a maximum value of DKK 1,250,000,000 and no more than 5,000,000
shares, corresponding to 2.63% of the current share capital of DSV A/S. The
programme has been implemented in accordance with Regulation No. 596/2014 of
the European Parliament and Council of 16 April 2014 (MAR) and the Commission
Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour
rules.

Trading day Number of shares bought Average Amount DKK
back transaction
price

Accumulated for trading 683,629 488.23 333,770,354
days 1-25
26: 4 December 2017 40,000 486.72 19,468,944
27: 5 December 2017 10,000 486.29 4,862,927
28: 6 December 2017 25,000 484.34 12,108,460
29: 7 December 2017 15,584 486.23 7,577,431
30: 8 December 2017 30,000 486.17 14,585,046

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Accumulated for trading 804,213 487.90 392,373,162
days 1-30

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As at today, DSV A/S holds a total of 5,487,877 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 2.94% of the total number of issued shares
of 190,000,000.

The details of each transaction made under the share buyback programme are
published on investor.dsv.com.

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

Yours sincerely,

DSV A/S