DSV

Transaction in Own Shares • Sep 18, 2017

Company Announcement No. 656

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 943,191 439.71 414,727,708
days 1-25
26: 11 September 2017 31,110 458.80 14,273,414
27: 12 September 2017 39,977 459.05 18,351,578
28: 13 September 2017 27,338 461.03 12,603,674
29: 14 September 2017 45,000 464.14 20,886,291
30: 15 September 2017 62,542 456.31 28,538,315

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Accumulated for trading 1,149,158 443.26 509,380,980
days 1-30

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As at today, DSV A/S holds a total of 3,871,406 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 2.04% 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