Company Announcement No. 426

On 26 October 2011, DSV initiated the published share buy-back programme, cf.
company announcement no. 417 of 26 October 2011.  According to the programme
DSV will in the period to 23 January 2012 purchase own shares up to a maximum
value of DKK 400,000,000 and no more than 5,000,000 shares, corresponding to
2.45% of the share capital of DSV A/S at the day of announcement. 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     
Accumulated for trading               2,628,551                104.17  273,813,4
 day 1-42                                                                     90
43: 23 December 2011                     60,000                101.72  6,102,960
44: 27 December 2011                     43,044                101.55  4,370,946
45: 28 December 2011                     70,000                101.67  7,116,550
46: 29 December 2011                     30,000                101.60  3,047,940
47: 30 December 2011                     32,500                102.68  3,337,035
48:  2 January 2012                      30,841                103.98  3,206,878
49:  3 January 2012                      50,911                104.07  5,298,410
--------------------------------------------------------------------------------
Accumulated for trading               2,945,847                103.98  306,294,2
 1-49                                                                         09
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DSV’s accumulated share buy-backs in the period from 26 October 2011 to 3
January 2012 thus total 2,945,847 numbers of shares at a total purchase sum of
DKK 306.3 million. 

As of today, DSV A/S now holds a total of 4,437,512 shares with a face value of
DKK 1 in DSV A/S corresponding to 2.34% of the total number of issued shares of
190,000,000. 

The last announcement dated 22 December 2011 stated that DSV A/S held 2.17% 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