Company Announcement No. 439

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
Accumulated for trading                 292,500                126.19  36,909,18
 day 1-7                                                                       7
8: 1 March 2012                          26,250                129.59  3,401,738
9: 2 March 2012                          20,421                130.19  2,658,630
10: 5 March 2012                         37,100                129.11  4,789,870
11: 6 March 2012                         89,022                126.98  11,303,55
                                                                               1
12: 7 March 2012                         52,352                126.58  6,626,611
13: 8 March 2012                         20,000                129.11  2,582,200
14: 9 March 2012                         17,000                130.58  2,219,843
--------------------------------------------------------------------------------
Accumulated for trading                 554,645                127.09  70,491,63
 day 1-14                                                                      0
--------------------------------------------------------------------------------

DSV’s accumulated share buy-backs in the period from 21 February 2012 to 9
March 2012 thus total 554,645 numbers of shares at a total purchase sum of DKK
70.5 million. 

As of today, DSV A/S now holds a total of 4,930,795 shares of a nominal DKK 1
in DSV A/S corresponding to 2.60% of the total number of issued shares of
190,000,000. 

The last announcement dated 29 February 2012 stated that DSV A/S held 2.51% 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