DSV

Director's Dealing • Feb 22, 2012

Stock Exchange Announcement No. 436

Pursuant to the Securities Trading Act notice is hereby given that the
following transactions have been carried out:

Name Jens Bjørn Andersen

Reason CEO

Issuer DSV A/S

ID Code DK0060079531

Nature of transaction Exercise of share options granted in year 2007

Trade date 21 February 2012

Number of shares 25,000

Market price (DKK) 2,437,500

Name Jens H. Lund

Reason CFO

Issuer DSV A/S

ID Code DK0060079531

Nature of transaction Exercise of share options granted in year 2007

Trade date 21 February 2012

Number of shares 50,000

Market price (DKK) 4,875,000

Name Jens Bjørn Andersen

Reason CEO

Issuer DSV A/S

ID Code DK0060079531

Nature of transaction Shares - Sale

Trade date 21 February 2012

Number of shares 25,000

Market price (DKK) 3,190,057

Name Jens H. Lund

Reason CFO

Issuer DSV A/S

ID Code DK0060079531

Nature of transaction Shares - Sale

Trade date 21 February 2012

Number of shares 53,235

Market price (DKK) 6,791,311

Name Jens H. Lund

Reason CFO

Issuer DSV A/S

ID Code DK0060079531

Nature of transaction Shares - Sale

Trade date 22 February 2012

Number of shares 48,135

Market price (DKK) 5,986,334

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