DSV

Transaction in Own Shares • Nov 2, 2012

Company Announcement No. 477

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
bought back price DKK
1: 25 October 2012 91,000 127.62 11,613,420
2: 26 October 2012 74,336 127.90 9,507,574
3: 29 October 2012 67,388 128.04 8,628,360
4: 30 October 2012 60,000 129.84 7,790,400
5: 31 October 2012 100,000 130.71 13,071,000
6: 1 November 2012 70,000 129.76 9,083,200
7: 2 November 2012 40,571 132.23 5,364,703

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Accumulated for trading 503,295 129.27 65,058,657
days 1-7

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DSV's accumulated share buy-backs in the period from 25 October 2012 to 2
November 2012 thus total 503,295 shares at a total purchase sum of DKK 65.1
million.

As at today, DSV A/S holds a total of 8,362,847 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.45% of the total number of issued shares
of 188,000,000.

The latest announcement dated 25 October 2012 stated that DSV A/S held 4.19% 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