DSV

Transaction in Own Shares • Nov 3, 2011

Company Announcement No. 418

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 present share capital of DSV A/S. 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
1: 26 October 2011 64,000 108.98 6,974,720
2: 27 October 2011 65,000 110.02 7,151,105
3: 28 October 2011 45,178 110.13 4,975,227
4: 31 October 2011 85,000 108.95 9,260,580
5: 1 November 2011 133,430 103.28 13,780,38
4
6: 2 November 2011 38,395 102.49 3,934,988
7: 3 November 2011 - - -

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Accumulated for 431,003 106.91 46,077,00
trading 1-7 4

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DSV's accumulated share buy-backs in the period from 26 October 2011 to 3
November 2011 thus total 431,003 numbers of shares at a total purchase sum of
DKK 46.1 million.

As of today, DSV A/S now holds a total of 15,934,668 shares of a nominal DKK 1
in DSV A/S corresponding to 7.81% of the total number of issued shares of
204,000,000.

The last announcement dated 26 October 2011 stated that DSV A/S held 7.60% 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