DSV

Transaction in Own Shares • Oct 26, 2017

Company Announcement No. 664

The Board of Directors of DSV has decided to exercise the authority to buy back
shares granted by the Annual General Meeting on 10 March 2016. The authority is
valid until 10 March 2021 and covers a maximum of 19.0 million shares, 2.2
million of which have been exercised before the launch of this share buyback
programme.

Purpose
The purpose of the share buyback is to adjust the capital structure and meet
obligations relating to the Group’s share-based incentive programmes. At the
Annual General Meeting of DSV, a resolution will be proposed that any shares
not used for hedging of the incentive programmes be cancelled.

Time frame
The share buyback programme will run from 30 October 2017 to 23 March 2018,
both days inclusive. During this period, DSV will buy own shares up to a
maximum value of DKK 1,250 million in accord­ance with Regulation No. 596/2014
of the European Parliament and Council of 16 April 2014 (MAR) and Commission
Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour
rules.

Buyback terms

-- DSV is required to retain a financial adviser who is to make its own
trading decisions independently of and without influence from DSV and
execute the buyback within the announced limits. DSV has retained
Skandinaviska Enskilda Banken, Danmark, branch of Skandinaviska Enskilda
Banken AB Sweden as its financial adviser and lead manager for the share
buyback.
-- Under the share buyback programme, DSV may repurchase shares up to a
maximum aggregate purchase price of DKK 1,250 million, and no more than
5,000,000 shares, corresponding to 2.63% of the current share capital of
DSV A/S, may be purchased.
-- No shares may be bought back at a price exceeding the higher of (i) the
share price of the latest independent trade and (ii) the highest current
independent bid at Nasdaq Copenhagen at the time of trading in compliance
with the authority set out in Article 4c of the Company’s Articles of
Association.
-- The maximum number of DSV shares that may be purchased on each business day
may not exceed 25% of the average daily trading volume of DSV shares on
Nasdaq Copenhagen over the last 20 trading days prior to the date of
purchase.

A company announcement of any transactions under the programme will be
published in the beginning of every week throughout the duration of the
programme.

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

Yours sincerely,

DSV A/S