Company Announcement No. 438 On 21 February 2012, DSV initiated the published share buy-back programme, cf. company announcement no. 435 of 21 February 2012. According to the programme DSV will in the period to 23 April 2012 purchase own shares up to a maximum value of DKK 200,000,000 and no more than 2,000,000 shares, corresponding to 1.05% 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 bought back price DKK 1: 21 February 2012 37,000 127.63 4,722,384 2: 22 February 2012 46,000 124.28 5,716,834 3: 23 February 2012 21,000 125.65 2,638,692 4: 24 February 2012 22,000 128.38 2,824,272 5: 27 February 2012 125,000 125.64 15,704,87 5 6: 28 February 2012 24,500 126.58 3,101,259 7: 29 February 2012 17,000 129.46 2,200,871 -------------------------------------------------------------------------------- Accumulated for trading 292,500 126.19 36,909,18 day 1-7 7 -------------------------------------------------------------------------------- DSV’s accumulated share buy-backs in the period from 21 February 2012 to 29 February 2012 thus total 292,500 numbers of shares at a total purchase sum of DKK 36.9 million. As of today, DSV A/S now holds a total of 4,775,150 shares of a nominal DKK 1 in DSV A/S corresponding to 2.51% of the total number of issued shares of 190,000,000. The last announcement dated 21 February 2012 stated that DSV A/S held 2.60% of the company’s share capital. Any questions may be addressed to Flemming Ole Nielsen, Investor Relations Manager, tel. +45 43 20 30 40. Yours sincerely, DSV Flemming Ole Nielsen Investor Relations Manager