DSV

Transaction in Own Shares • Sep 5, 2011

Company Announcement No. 409

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 3,381,919 106.76 361,057,705
day 1-21
22: 26 August 2011 178,623 100.01 17,864,569
23: 29 August 2011 43,000 100.97 4,341,796
24: 30 August 2011 70,544 102.57 7,235,451
25: 31 August 2011 0 - -
26: 1 September 2011 63,367 107.61 6,818,834
27: 2 September 2011 209,528 103.72 21,732,433
28: 5 September 2011 244,968 99.88 24,466,644

---

Accumulated for trading 4,191,949 105.80 443,517,432
1-28

---

DSV's accumulated share buy-backs in the period from 28 July 2011 to 5
September 2011 thus total 4,191,949 numbers of shares at a total purchase sum
of 443.5 DKK million.

As of today, DSV A/S now holds a total of 12,965,743 shares of a nominal DKK 1
in DSV A/S corresponding to 6.36% of the total number of issued shares of
204,000,000.

The last announcement dated 25 August 2011 stated that DSV A/S held 5.96% 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