DSV

Transaction in Own Shares • Nov 22, 2012

Company Announcement No. 480

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 924,062 130.99 121,046,343
days 1-14
15: 14 November 2012 70,000 132.49 9,274,300
16: 15 November 2012 100,000 129.42 12,942,000
17: 16 November 2012 93,738 128.94 12,086,578
18: 19 November 2012 55,000 130.08 7,154,400
19: 20 November 2012 65,000 130.82 8,503,300
20: 21 November 2012 57,841 133.49 7,721,195
21: 22 November 2012 25,135 134.16 3,372,112

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Accumulated for trading 1,390,776 130.93 182,100,227
days 1-21

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DSV's accumulated share buy-backs in the period from 25 October 2012 to 22
November 2012 thus total 1,390,776 shares at a total purchase sum of DKK 182,1
million.

As at today, DSV A/S holds a total of 9,192,828 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.89% of the total number of issued shares
of 188,000,000.

The latest announcement dated 13 November 2012 stated that DSV A/S held 4.66%
of the Company's share capital.

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

Yours sincerely,
DSV

Flemming Ole Nielsen
Investor Relations Manager