DSV

Transaction in Own Shares • Sep 23, 2011

Company Announcement No. 411

On 28 July 2011, DSV initiated the published share buy-back programme, cf.
company announcement no. 404 of 28 July 2011. According to the programme DSV
will in the period to 13 October 2011 purchase own shares up to a maximum value
of DKK 700,000,000 and no more than 7,000,000 shares, corresponding to 3.43% 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 DKK
bought back price
Accumulated for trading 5,109,454 104.71 535,034,147
day 1-35
36: 15 September 2011 60,000 104.57 6,273,936
37: 16 September 2011 69,137 104.01 7,191,237
38: 19 September 2011 170,857 102.10 17,444,004
39: 20 September 2011 32,000 103.99 3,327,523
40: 21 September 2011 46,240 105.66 4,885,755
41: 22 September 2011 264,732 101.73 26,931,186
42: 23 September 2011 105,938 99.29 10,518,605

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Accumulated for trading 5,858,358 104.40 611,606,394
1-42

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DSV's accumulated share buy-backs in the period from 28 July 2011 to 23
September 2011 thus total 5,858,358 numbers of shares at a total purchase sum
of 611.6 DKK million.

As of today, DSV A/S now holds a total of 14,631,652 shares of a nominal DKK 1
in DSV A/S corresponding to 7.17% of the total number of issued shares of
204,000,000.

The last announcement dated 14 September 2011 stated that DSV A/S held 6.81% 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