Company Announcement No. 405 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 1: 28 July 2011 164,791 115.81 19,083,622 2: 29 July 2011 148,000 115.64 17,113,936 3: 1 August 2011 144,544 117.56 16,991,870 4: 2 August 2011 189,803 113.09 21,465,618 5: 3 August 2011 198,597 113.52 22,544,910 6: 4 August 2011 180,000 111.30 20,034,882 7: 5 August 2011 164,000 106.71 17,500,407 -------------------------------------------------------------------------------- Accumulated for 1,189,735 113.25 134,735,245 trading 1-7 -------------------------------------------------------------------------------- DSV's accumulated share buy-backs in the period from 28 July 2011 to 5 August 2011 thus total 1,189,735 numbers of shares at a total purchase sum of 134.7 DKK million. As of today, DSV A/S now holds a total of 9,965,529 shares of a nominal DKK 1 in DSV A/S corresponding to 4.89% of the total number of issued shares of 204,000,000. The last announcement dated 28 July 2011 stated that DSV A/S held 4.30% 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