Company Announcement No. 544

On 6 May 2014, DSV A/S initiated the previously announced share buy-back
programme, cf. company announcement No. 542 of 30 April 2014. According  to the
programme DSV A/S will in the period from 6 May to 29 July 2014 purchase own
shares up to a maximum value of DKK 400,000,000 and no more than 4,000,000
shares, corresponding to 2.26% of the current share capital of DSV A/S. The
programme has been implemented in accordance with the 'Safe Harbour' provisions
of EU Regulation No. 2273/2003 of 22 December 2003. DSV will therefore publish
the accumulated purchases under the share buy-back programme every 7th trading
day. 


Trading day                    Number of shares   Average transaction     Amount
                                    bought back                 price        DKK
1: 6 May 2014                            35,000                177.28  6,204,800
2: 7 May 2014                            20,000                176.26  3,525,200
3: 8 May 2014                            20,000                178.03  3,560,600
4: 9 May 2014                            20,000                178.59  3,571,800
5: 12 May 2014                           20,000                177.99  3,559,800
6: 13 May 2014                           20,000                177.43  3,548,600
7: 14 May 2014                           20,000                177.45  3,549,000
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Accumulated for trading                 155,000                177.55  27,519,80
 days 1-7                                                                      0
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As at today, DSV A/S holds a total of 2,489,195 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 1.41% of the total number of issued shares
of 177,000,000. 


Any questions may be addressed to Flemming Ole Nielsen, Director, Investor
Relations, on tel. +45 43 20 33 92. 



Yours sincerely,

DSV A/S