Company Announcement No. 428

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 programme
was implemented in accordance with the “Safe Harbour” provisions of EU
regulation no. 2273/2003 of 22 December 2003. 

Trading day                    Number of shares   Average transaction     Amount
                                    bought back                 price        DKK
Accumulated for trading               3,345,024                104.72  350,275,7
 day 1-56                                                                     35
57: 13 January 2012                      75,000                111.76  8,382,075
58: 16 January 2012                      43,836                111.25  4,876,580
59: 17 January 2012                      43,694                114.50  5,002,876
60: 18 January 2012                     108,931                115.25  12,554,73
                                                                               4
61: 19 January 2012                      80,000                117.18  9,374,400
62: 20 January 2012                      48,000                116.23  5,579,040
63: 23 January 2012                      34,000                116.11  3,947,774
--------------------------------------------------------------------------------
Accumulated for trading               3,778,485                105.86  399,993,2
 1-63                                                                         14
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DSV’s accumulated share buy-backs in the period from 26 October 2011 to 23
January 2012 thus total 3,778,485 numbers of shares at a total purchase sum of
DKK 400 million. The published share buy-back programme has now been concluded
and the shares bought back will partly be used to hedge the Group’s incentive
programme. At DSV’s annual general meeting it will be proposed that shares
which are not used for the hedge of the incentive programme will be cancelled. 


As of today, DSV A/S now holds a total of 5,198,650 shares with a face value of
DKK 1 in DSV A/S corresponding to 2.74% of the total number of issued shares of
190,000,000. 


The last announcement dated 12 January 2012 stated that DSV A/S held 2.53% 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