DSV

Transaction in Own Shares • Sep 26, 2012

Company Announcement No. 471

On 31 July 2012, DSV initiated the previously announced share buy-back
programme, cf. company announcement No. 463 of 31 July 2012. According to the
programme DSV will in the period from 31 July to 16 October 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
Accumulated for trading 1,398,747 129.98 181,805,7
day 1-35 18
36: 18 September 2012 52,871 131.17 6,934,835
37: 19 September 2012 28,967 131.42 3,806,832
38: 20 September 2012 25,000 132.07 3,301,690
39: 21 September 2012 31,838 133.18 4,240,312
40: 24 September 2012 53,359 130.95 6,987,190
41: 25 September 2012 65,774 130.75 8,599,760
42: 26 September 2012 107,128 129.95 13,920,97
3

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Accumulated for trading 1,763,684 130.18 229,597,3
days 1-42 10

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DSV's accumulated share buy-backs in the period from 31 July 2012 to 26
September 2012 thus total 1,763,684 shares at a total purchase sum of DKK 229.6
million.

As at today, DSV A/S holds a total of 7,338,462 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.90% of the total number of issued shares
of 188,000,000.

The latest announcement dated 17 September 2012 stated that DSV A/S held 3.72%
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