DSV

Transaction in Own Shares • Jan 3, 2012

Company Announcement No. 426

On 26 October 2011, DSV initiated the published share buy-back programme, cf.
company announcement no. 417 of 26 October 2011. According to the programme
DSV will in the period to 23 January 2012 purchase own shares up to a maximum
value of DKK 400,000,000 and no more than 5,000,000 shares, corresponding to
2.45% of the share capital of DSV A/S at the day of announcement. The program
is implemented in accordance with the “Safe Harbour” provisions of EU
regulation no. 2273/2003 of 22 December 2003. DSV will therefore publish the
accumulated buy-backs under the programme every 7th trading day.

Trading day Number of shares Average transaction Amount
bought back price DKK
Accumulated for trading 2,628,551 104.17 273,813,4
day 1-42 90
43: 23 December 2011 60,000 101.72 6,102,960
44: 27 December 2011 43,044 101.55 4,370,946
45: 28 December 2011 70,000 101.67 7,116,550
46: 29 December 2011 30,000 101.60 3,047,940
47: 30 December 2011 32,500 102.68 3,337,035
48: 2 January 2012 30,841 103.98 3,206,878
49: 3 January 2012 50,911 104.07 5,298,410

---

Accumulated for trading 2,945,847 103.98 306,294,2
1-49 09

---

DSV’s accumulated share buy-backs in the period from 26 October 2011 to 3
January 2012 thus total 2,945,847 numbers of shares at a total purchase sum of
DKK 306.3 million.

As of today, DSV A/S now holds a total of 4,437,512 shares with a face value of
DKK 1 in DSV A/S corresponding to 2.34% of the total number of issued shares of
190,000,000.

The last announcement dated 22 December 2011 stated that DSV A/S held 2.17% of
the company’s share capital.

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