DSV

Transaction in Own Shares • Jul 31, 2012

Company Announcement No. 461

On 27 April 2012, DSV initiated the previously announced share buy-back
programme, cf. company announcement No. 450 of 27 April 2012. According to the
programme DSV will in the period from 27 April to 30 July 2012 purchase own
shares up to a maximum value of DKK 400,000,000 and no more than 4,000,000
shares, corresponding to 2.13% of the current share capital of DSV A/S. The
programme was been implemented in accordance with the 'Safe Harbour' provisions
of EU Regulation No. 2273/2003 of 22 December 2003.

Trading day Number of shares Average transaction Amount
bought back price DKK
Accumulated for trading 3,042,679 118.16 359,536,4
day 1-56 33
57: 23 July 2012 70,000 121.38 8,496,600
58: 24 July 2012 60,000 120.14 7,208,262
59: 25 July 2012 55,000 119.41 6,567,303
60: 26 July 2012 45,000 120.14 5,406,309
61: 27 July 2012 45,000 121.73 5,477,859
62: 30 July 2012 59,233 123.36 7,307,119

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Accumulated for trading 3,376,912 118.45 399,999,8
day 1-62 84

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DSV's accumulated share buy-backs in the period from 27 April 2012 to 30 July
2012 thus total 3,376,912 number of shares at a total purchase sum of DKK 400
million. The share buy-back programme announced has now been concluded and the
shares bought back will be used partly to hedge the Group's incentive
programme. At DSV's general meeting it will be proposed that shares not used
for hedging of the incentive programme will be cancelled.

As at today, DSV A/S holds a total of 6,171,578 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.28% of the total number of issued shares
of 188,000,000.

The latest announcement dated 20 July 2012 stated that DSV A/S held 3.14% 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