Company Announcement No. 446

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               1,090,147                127.71  139,220,0
 day 1-28                                                                     79
29: 30 March 2012                        42,500                126.58  5,379,438
30: 2 April 2012                         29,358                127.54  3,744,290
31: 3 April 2012                         15,000                129.38  1,940,730
32: 4 April 2012                         81,311                126.56  10,290,72
                                                                               0
33: 10 April 2012                        40,000                123.79  4,951,760
34: 11 April 2012                        75,000                121.97  9,147,375
35: 12 April 2012                        15,000                124.43  1,866,375
--------------------------------------------------------------------------------
Accumulated for trading               1,388,316                127.16  176,540,7
 day 1-35                                                                     66
--------------------------------------------------------------------------------


DSV’s accumulated share buy-backs in the period from 21 February 2012 to 12
April 2012 thus total 1,388,316 numbers of shares at a total purchase sum of
DKK176.5 million. 

As of today, DSV A/S now holds a total of 5,162,766 shares of a nominal DKK 1
in DSV A/S corresponding to 2.72% of the total number of issued shares of
190,000,000. 

The last announcement dated 29 March 2012 stated that DSV A/S held 2.70% 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