Company Announcement No. 637 5 August 2016 Selected financial and operating data for the period 1 January - 30 June 2016 (DKKm) Q2 2016 Q2 2015 YTD 2016 YTD 2015 -------------------------------------------------------------------------------- Net revenue 17,606 13,127 32,925 25,728 Gross profit 4,214 2,887 7,821 5,569 Operating profit before special items 900 809 1,543 1,450 Operating margin 5.1% 6.2% 4.7% 5.6% Conversion ratio 21.4% 28.0% 19.7% 26.0% Net special items, costs 341 - 711 - Profit before tax 455 710 774 1,279 Adjusted earnings for the period 610 560 1,137 1,014 Adjusted free cash flow 756 1,192 Diluted adjusted earnings per share for 3.27 3.27 6.11 5.93 the period -------------------------------------------------------------------------------- Jens Bjørn Andersen, CEO: “With earnings growth of more than 10%, we are very satisfied with our performance in the second quarter. DSV continues the positive development, and UTi's operating deficit has been neutralised only five months after the acquisition. The integration of UTi is progressing faster than we had originally anticipated, and the merger of offices and IT systems is already more than halfway complete. UTi's and DSV's employees and operations are being united step by step across the world, and it is great to see that our new colleagues are highly motivated to become part of the DSV culture – that is crucial for a successful integration.” The consolidated full-year outlook for 2016 previously announced is adjusted as follows: -- Operating profit before special items is expected to be in the range of DKK 3,300-3,500 million (previously DKK 3,100-3,500 million) All other expectations for the full-year performance are unchanged. Inquiries relating to the Interim Financial Report may be addressed to: Jens Bjørn Andersen, CEO, tel. +45 43 20 30 40 Jens H. Lund, CFO, tel. +45 43 20 30 40 Flemming Ole Nielsen, Director Investor Relations, tel. +45 43 20 33 92 or by email to investor@dsv.com This announcement is available at www.dsv.com. The announcement has been prepared in Danish and in English. In the event of discrepancies, the Danish version prevails. Yours sincerely, DSV A/S