DSV

Transaction in Own Shares • Sep 14, 2011

Company Announcement No. 410

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 4,191,949 105.80 443,517,432
day 1-28
29: 6 September 2011 290,855 97.85 28,458,998
30: 7 September 2011 33,500 100.26 3,358,767
31: 8 September 2011 69,000 102.64 7,082,091
32: 9 September 2011 218,031 101.60 22,152,865
33: 12 September 2011 154,967 98.33 15,237,223
34: 13 September 2011 91,152 100.02 9,116,849
35: 14 September 2011 60,000 101.83 6,109,920

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Accumulated for trading 5,109,454 104.71 535,034,147
1-35

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DSV's accumulated share buy-backs in the period from 28 July 2011 to 14
September 2011 thus total 5,109,454 numbers of shares at a total purchase sum
of 535.0 DKK million.

As of today, DSV A/S now holds a total of 13,883,248 shares of a nominal DKK 1
in DSV A/S corresponding to 6.81% of the total number of issued shares of
204,000,000.

The last announcement dated 5 September 2011 stated that DSV A/S held 6.36% 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