DSV

Transaction in Own Shares • Dec 3, 2012

Company Announcement No. 481

On 25 October 2012, DSV initiated the previously announced share buy-back
programme, cf. company announcement No. 476 of 25 October 2012. According to
the programme DSV will in the period from 25 October to 21 December 2012
purchase own shares up to a maximum value of DKK 300,000,000 and no more than
3,000,000 shares, corresponding to 1.60% 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 DKK
bought back price
Accumulated for trading 1,390,776 130.93 182,100,227
days 1-21
22: 23 November 2012 23,949 135.15 3,236,707
23: 26 November 2012 44,212 135.04 5,970,388
24: 27 November 2012 40,000 134.98 5,399,200
25: 28 November 2012 50,000 132.74 6,637,000
26: 29 November 2012 38,000 134.53 5,112,140
27: 30 November 2012 28,500 134.73 3,839,805
28: 3 December 2012 20,000 136.27 2,725,400

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Accumulated for trading 1,635,437 131.48 215,020,868
days 1-28

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DSV's accumulated share buy-backs in the period from 25 October 2012 to 3
December 2012 thus total 1,635,437 shares at a total purchase sum of DKK 215.0
million.

Pursuant to section 28, cf. section 29, of the Danish Securities Trading Act it
is hereby also announced that DSV A/S holds 9,404,489 DSV shares, corresponding
to 9,404,489 voting rights. The holding of shares corresponds to 5.00% of the
entire share capital and voting rights of DSV A/S.

The latest announcement dated 22 November 2012 stated that DSV A/S held 4.89%
of the Company's share capital.

Any questions may be addressed to Flemming Ole Nielsen, Investor Relations
Director, tel. +45 43 20 30 40.

Yours sincerely,
DSV

Flemming Ole Nielsen
Investor Relations Director