DSV

Transaction in Own Shares • Aug 21, 2017

Company Announcement No. 651

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 265,273 439.38 116,554,499
days 1-5
6: 14 August 2017 34,784 439.61 15,291,481
7: 15 August 2017 39,417 440.33 17,356,657
8: 16 August 2017 37,000 442.69 16,379,445
9: 17 August 2017 47,000 440.82 20,718,639
10: 18 August 2017 51,792 437.34 22,650,827

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Accumulated for trading 475,266 439.65 208,951,548
days 1-10

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As at today, DSV A/S holds a total of 3,226,014 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 1.70% 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