DSV

Transaction in Own Shares • Jul 20, 2012

Company Announcement No. 460

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 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 2,717,441 118.03 320,750,0
day 1-49 90
50:12 July 2012 88,173 116.51 10,272,76
3
51:13 July 2012 60,102 117.18 7,042,794
52:16 July 2012 23,000 119.45 2,747,350
53:17July 2012 40,000 119.73 4,789,092
54:18 July 2012 27,900 120.31 3,356,755
55:19 July 2012 36,000 123.18 4,434,538
56:20 July 2012 50,063 122.71 6,143,051

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Accumulated for trading 3,042,679 118.16 359,536,4
day 1-56 33

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DSV's accumulated share buy-backs in the period from 27 April 2012 to 20 July
2012 thus total 3,042,679 number of shares at a total purchase sum of DKK 359.5
million.

As at today, DSV A/S holds a total of 5,912,345 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.14% of the total number of issued shares
of 188,000,000.

The latest announcement dated 11 July 2012 stated that DSV A/S held 2.98% 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