DSV

Transaction in Own Shares • Oct 16, 2017

Company Announcement No. 662

On 7 August 2017, DSV A/S initiated the previously announced share buyback
programme, cf. Company Announcement No. 649 of 2 August 2017. According to the
programme, DSV A/S will in the period from 7 August to 13 October 2017 purchase
own shares up to a maximum value of DKK 1,000,000,000 and no more than
4,000,000 shares, corresponding to 2.11% 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 and the Delegated Regulation
No. 2016/1052 of the EU Commission, also referred to as the Safe Harbour rules.

Trading day Number of shares Average transaction Amount DKK
bought back Price
Accumulated for trading 1,944,378 453.99 882,721,785
days 1-45
46: 9 October 2017 42,000 461.14 19,367,997
47: 10 October 2017 56,158 465.24 26,126,993
48: 11 October 2017 46,137 469.44 21,658,567
49: 12 October 2017 55,705 469.94 26,178,253
50: 13 October 2017 51,038 469.19 23,946,351

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Accumulated for trading 2,195,416 455.49 999,999,946
days 1-50

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The share buyback programme announced has now been concluded.

As at today, DSV A/S holds a total of 4,897,664 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 2.58% of the total number of issued shares
of 190,000,000.

The details of each transaction made under the share repurchase 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