Company Announcement No. 654

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             
Accumulated for trading                820,150               438.54  359,667,972
 days 1-20                                                                      
21:   4 September 2017                  20,155               446.49    8,999,004
22:   5 September 2017                  24,000               446.24   10,709,861
23:   6 September 2017                  36,000               445.17   16,026,253
24:   7 September 2017                  21,000               445.58    9,357,226
25:   8 September 2017                  21,886               455.42    9,967,392
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Accumulated for trading                943,191               439.71  414,727,708
 days 1-25                                                                      
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As at today, DSV A/S holds a total of 3,671,439 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 1.93% 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