Company Announcement No. 650

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             
1: 7 August 2017                        30,000               444.16   13,324,900
2: 8 August 2017                        27,500               446.83   12,287,957
3: 9 August 2017                        87,119               440.34   38,362,015
4: 10 August 2017                       50,000               439.19   21,959,660
5: 11 August 2017                       70,654               433.38   30,619,967
--------------------------------------------------------------------------------
Accumulated for trading                265,273               439.38  116,554,499
 days 1-5                                                                       
--------------------------------------------------------------------------------

As at today, DSV A/S holds a total of 3,030,021 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 1.59% 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