DSV

Transaction in Own Shares • Jan 15, 2018

Company Announcement No. 675

On 30 October 2017, DSV A/S initiated a share buyback programme, as described
in Company Announcement No. 664 of 26 October 2017. According to the programme,
DSV A/S will in the period from 30 October 2017 to 23 March 2018 purchase own
shares up to a maximum value of DKK 1,250,000,000 and no more than 5,000,000
shares, corresponding to 2.63% 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 of 16 April 2014 (MAR) and the Commission
Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour
rules.

Trading day Number of shares bought Average Amount DKK
back transaction
Price
Accumulated for trading 1,187,975 487.56 579,206,601
days 1-47
48: 8 January 2018 5,500 498.73 2,743,016
49: 9 January 2018 15,000 508.28 7,624,165
50: 10 January 2018 13,991 508.25 7,110,922
51: 11 January 2018 15,000 504.97 7,574,619
52: 12 January 2018 145,000 500.72 72,603,907

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Accumulated for trading 1,382,466 489.61 676,863,230
days 1-52

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As at today, DSV A/S holds a total of 6,110,630 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.22% of the total number of issued shares
of 190,000,000.

The details of each transaction made under the share buyback 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