DSV

Transaction in Own Shares • Sep 25, 2017

Company Announcement No. 658

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 1,149,158 443.26 509,380,980
days 1-30
31: 18 September 2017 56,500 456.93 25,816,726
32: 19 September 2017 50,000 457.86 22,893,210
33: 20 September 2017 53,500 463.85 24,816,146
34: 21 September 2017 56,837 461.61 26,236,328
35: 22 September 2017 39,808 463.21 18,439,575

---

Accumulated for trading 1,405,803 446.42 627,582,965
days 1-35

---

As at today, DSV A/S holds a total of 4,122,051 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 2.17% 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