Company Announcement No. 394 On 29 April 2011, DSV initiated the published share buy-back programme, cf. company announcement no. 388 of 29 April 2011. According to the programme DSV will in the period to 21 July 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 1,322,530 129.43 171,169,758 day 1-14 15: 19 May 2011 43,745 128.92 5,639,605 16: 23 May 2011 125,058 126.92 15,872,361 17: 24 May 2011 19,550 127.53 2,493,255 18: 25 May 2011 79,501 128.07 10,181,693 19: 26 May 2011 80,987 128.04 10,369,575 20: 27 May 2011 72,976 128.72 9,393,471 21: 30 May 2011 22,803 129.29 2,948,200 -------------------------------------------------------------------------------- Accumulated for trading 1,767,150 129.06 228,067,919 1-21 -------------------------------------------------------------------------------- DSV's accumulated share buy-backs in the period from 29 April 2011 to 30 May 2011 thus total 1,767,150 numbers of shares at a total purchase sum of 228.0 DKK million. As of today, DSV A/S now holds a total of 4,973,539 shares of a nominal DKK 1 in DSV A/S corresponding to 2.44% of the total number of issued shares of 204,000,000. The last announcement dated 18 May 2011 stated that DSV A/S held 2.23% 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