DSV A/S
Changes in company's own shares

DSV, 421 - Share buy-back and reduction of share capital in DSV A/S

Company Announcement No. 421

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 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                  900,307         106.54        95,921,67
 day 1-14                                                                      1
15: 15 November 2011                      50,000         106.19        5,309,550
16: 16 November 2011                      73,109         106.36        7,775,595
17: 17 November 2011                      45,000         107.02        4,815,990
18: 18 November 2011                      85,989         106.72        9,176,342
19: 21 November 2011                      90,000         102.99        9,268,920
20: 22 November 2011                      70,000         102.53        7,177,030
21: 23 November 2011                      65,000         102.13        6,638,385
--------------------------------------------------------------------------------
Accumulated for                        1,379,405         105.90        146,083,4
 trading 1-21                                                                 84
--------------------------------------------------------------------------------

DSV's accumulated share buy-backs in the period from 26 October 2011 to 23
November 2011 thus total 1,379,405 numbers of shares at a total purchase sum of
DKK 146.1 million. 


As of today, DSV A/S now holds a total of 2,871,570 shares of a nominal DKK 1
in DSV A/S corresponding to 1.51% of the total number of issued shares of
190,000,000. Reduction of the share capital by a nominal amount of DKK
14,000,000 through cancellation of 14,000,000 treasury shares was completed on
22 April 2011. 


The last announcement dated 14 November 2011 stated that DSV A/S held 8.04% of
the company's share capital, which at that time amounted to 204,000,000 number
of issued shares. 

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