Company Announcement No. 677

n 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                  1,798,466           488.91  879,290,927
 days 1-57                                                                      
58: 22 January 2018                          7,000           494.80    3,463,583
59: 23 January 2018                          7,000           489.32    3,425,273
60: 24 January 2018                          5,000           492.36    2,461,817
61: 25 January 2018                         10,000           488.91    4,889,102
62: 26 January 2018                          7,000           490.86    3,436,015
--------------------------------------------------------------------------------
Accumulated for trading                  1,834,466           488.95  896,966,717
 days 1-62                                                                      
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As at today, DSV A/S holds a total of 6,551,130 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.45% 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