DSV

Transaction in Own Shares • Jul 31, 2012

31 July 2012

LAUNCH OF NEW SHARE BUY-BACK PROGRAMME ACCORDING TO THE SAFE HARBOUR METHOD

Company Announcement No. 463

The Board of Directors of DSV has decided to buy back shares in accordance with the authorisation granted by the Annual General Meeting on 21 March 2012.

As at today, 31 July 2012, DSV holds 6,171,578 treasury shares of a nominal value of DKK 1 each, corresponding to 3,28% of DSV's share capital.

Purpose

The purpose of the share buy-back is to hedge the Group's incentive programme and adjust the capital structure. At the Annual General Meeting of DSV it will be proposed that shares which are not used for hedging of the incentive programme will be cancelled.

Time frame

The share buy-back programme will run from 31 July 2012 to 16 October 2012, both days inclusive. During this period, DSV will buy shares up to a maximum value of DKK 300 million under a share buy-back programme prepared in accordance with the provisions of European Commission Regulation (EC) No. 2273/2003 of 22 December 2003, the so-called 'Safe Harbour' method that protects the boards of directors and executive boards of listed companies from violating insider trading legislation in connection with share buy-backs.

Buy-back terms

• DSV is required to retain a financial adviser who is to make its own trading decisions independently of and without influence from DSV and execute the buy-back within the announced limits. DSV has retained Nordea Bank Danmark A/S as its financial adviser and lead manager for the share buy-back.
• The maximum amount that DSV may pay for shares purchased under the share buy-back programme is DKK 300 million, and no more than 3,000,000 shares, corresponding to 1.60% of the current share capital of DSV A/S, may be purchased.
• No shares may be bought back at a price exceeding the higher of (i) the highest share price of the latest independent trade and (ii) the highest current independent offer price at NASDAQ OMX Copenhagen at the time of trading. This restriction implies that DSV can hardly expect to make purchases up to the maximum daily share buyback limit.
• The maximum number of DSV shares which may be purchased on each business day may not exceed 25% of the average daily trading volume of DSV shares on NASDAQ OMX Copenhagen over the last 20 trading days prior to the date of purchase.
• The reporting obligations under Danish law and the rules of NASDAQ OMX Copenhagen must be fulfilled within the applicable time limits.

DSV A/S, Banemarksvej 58, 2605 Brøndby, tel. +45 43203040, fax +45 43203041, CVR No. 58233528, www.dsv.com. Global Transport and Logistics

DSV is a global supplier of transport and logistics services.

DSV has offices in more than 60 countries all over the world and an international network of partners and agents, which makes DSV a truly global player offering services worldwide. By our professional and advantageous overall solutions, the approx. 21,000 DSV employees recorded worldwide annual revenue of 5.9 billion euro for 2011. www.dsv.com

Any questions may be addressed to Jens H. Lund, CFO, tel. +45 43 20 30 40.

Yours sincerely, DSV

Jens Bjørn Andersen Jens H. Lund CEO CFO

DSV A/S, Banemarksvej 58, 2605 Brøndby, tel. +45 43203040, fax +45 43203041, CVR No. 58233528, www.dsv.com. Global Transport and Logistics

DSV is a global supplier of transport and logistics services.

DSV has offices in more than 60 countries all over the world and an international network of partners and agents, which makes DSV a truly global player offering services worldwide. By our professional and advantageous overall solutions, the approx. 21,000 DSV employees recorded worldwide annual revenue of 5.9 billion euro for 2011. www.dsv.com