DSV

Transaction in Own Shares • Aug 25, 2011

Share buy-back In DSV A/S

Company Announcement No. 408

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 2,115,955 109.98 232,719,442
day 1-14
15: 17 August 2011 165,585 106.78 17,681,613
16: 18 August 2011 325,000 101.73 33,062,088
17: 19 August 2011 125,500 97.67 12,257,334
18: 22 August 2011 73,277 100.03 7,330,213
19: 23 August 2011 313,500 100.12 31,388,310
20: 24 August 2011 86,610 99.40 8,609,285
21: 25 August 2011 176,492 102.04 18,009,420

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Accumulated for trading 3,381,919 106.76 361,057,705
1-21

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DSV's accumulated share buy-backs in the period from 28 July 2011 to 25 August
2011 thus total 3,381,919 numbers of shares at a total purchase sum of 361.1
DKK million.

As of today, DSV A/S now holds a total of 12,157,713 shares of a nominal DKK 1
in DSV A/S corresponding to 5.96% of the total number of issued shares of
204,000,000.

The last announcement dated 16 August 2011 stated that DSV A/S held 5.34% 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