Company Announcement No. 411

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              5,109,454         104.71        535,034,147
 day 1-35                                                                       
36: 15 September 2011                   60,000         104.57          6,273,936
37: 16 September 2011                   69,137         104.01          7,191,237
38: 19 September 2011                  170,857         102.10         17,444,004
39: 20 September 2011                   32,000         103.99          3,327,523
40: 21 September 2011                   46,240         105.66          4,885,755
41: 22 September 2011                  264,732         101.73         26,931,186
42: 23 September 2011                  105,938         99.29          10,518,605
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Accumulated for trading              5,858,358         104.40        611,606,394
 1-42                                                                           
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DSV's accumulated share buy-backs in the period from 28 July 2011 to 23
September 2011 thus total 5,858,358 numbers of shares at a total purchase sum
of 611.6 DKK million. 

As of today, DSV A/S now holds a total of 14,631,652 shares of a nominal DKK 1
in DSV A/S corresponding to 7.17% of the total number of issued shares of
204,000,000. 

The last announcement dated 14 September 2011 stated that DSV A/S held 6.81% 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