DSV

Transaction in Own Shares • Aug 2, 2017

Company Announcement No. 649

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. No
shares have been bought under this authority 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
next 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 7 August 2017 to 13 October 2017,
both days inclusive. During this period, DSV will buy own shares up to a
maximum value of DKK 1,000 million in accord­ance with Regulation No. 596/2014
of the European Parliament and Council of 16 April 2014 (MAR) and the Delegated
Regulation no. 2016/1052 of the EU-Commission, 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 Carnegie
Investment Bank, a branch of Carnegie Investment Bank 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 1,000 million, and no more than
4,000,000 shares, corresponding to 2.11% 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