Company Announcement No. 444

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                 720,764                128.02  92,273,42
 day 1-21                                                                      3
22: 21 March 2012                        30,829                129.39  3,988,804
23: 22 March 2012                       104,500                126.20  13,188,31
                                                                               8
24: 23 March 2012                        32,500                127.00  4,127,435
25: 26 March 2012                        15,000                128.84  1,932,525
26: 27 March 2012                        35,000                128.87  4,510,275
27: 28 March 2012                        27,500                128.36  3,529,790
28: 29 March 2012                       124,054                126.31  15,669,50
                                                                               9
--------------------------------------------------------------------------------
Accumulated for trading               1,090,147                127.71  139,220,0
 day 1-28                                                                     79
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DSV’s accumulated share buy-backs in the period from 21 February 2012 to 29
March 2012 thus total 1,090,147 numbers of shares at a total purchase sum of
DKK 139.2 million. 

As of today, DSV A/S now holds a total of 5,123,097 shares of a nominal DKK 1
in DSV A/S corresponding to 2.70% of the total number of issued shares of
190,000,000. 

The last announcement dated 20 March 2012 stated that DSV A/S held 2.52% 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