DSV

Share Issue/Capital Change • Jul 31, 2012

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 buy-back 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.

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