DSV, 287 - Share buy-backs of up to 1,500,000 shares according to the 'safe harbour' method

STOCK EXCHANGE ANNOUNCEMENT NO. 287

Share buy-backs of up to 1,500,000 shares according to the 'safe harbour' method

The Supervisory Board of DSV has decided to buy back shares in accordance with
the authorisation granted by the General Meeting on 30 April 2007. 

At 29 February 2008, DSV held 15,350,927 treasury shares of a nominal value of
DKK 1 each, corresponding to 7.62  % of DSV's share capital. 

Purpose
The purpose of the share buy-back is to hedge the Group's incentive programme.

Status of consolidation
As previously communicated, DSV has a strong intention to play a proactive role
in the ongoing consolidation of the transport and logistics sector. Group
Management considers DSV to have both the operative and financial strength to
play an active role in the consolidation of the sector. 

At present, DSV is in dialogue with a number of transport and logistics
companies. 

At present it is impossible for Group Management to assess whether one or more
of these dialogues will result in additional acquisitions or consolidations. 

Capital structure
The capital structure of DSV is assessed on a regular basis. Considering the
increased activity level of DSV, its strong operations and high free cash flow,
Group Management has resolved to launch a share buy-back programme in
accordance with the targets set out for the Group's capital structure. The
ratio of net interest-bearing debt to EBITDA (operating profit before
amortisation, depreciation and special items) should normally be 2-3.5. 

Considering the expected financial results for 2008 just published, the Group's
net interest-bearing debt should be around DKK 4.3-7.6 billion. 

Group Management deems that the share buy-back will not prevent DSV from
actively contributing to the continued consolidation of the transport and
logistics sector. 

The share buy-back period runs from 4 March 2008 to 10 April 2008, both days
inclusive. During this period DSV will buy back treasury shares of a value not
exceeding DKK 200 million as set forth in the share buy-back programme prepared
in accordance with the provisions of Commission Regulation (EC) No. 2273/2003
of 22 December 2003, the so-called ‘safe harbour' method that protects the
supervisory and executive boards of listed companies from violating insider
trading legislation in connection with share buy-backs. 

Buy-back terms
•	DSV is required to retain a financial adviser who is to make its own trading
decisions independently of and without influence from DSV and execute the
buy-backs within the announced limits. DSV will retain Carnegie Bank A/S as its
financial adviser and lead manager for the share buy-back. 
•	The maximum amount that DSV may pay for shares purchased under the share
buy-back programme is DKK 200 million. No more than 1,500,000 shares,
corresponding to 0.74% of the current share capital of DSV A/S, may be
purchased. 
•	No shares may be bought back at a price deviating by more than 5% from the
most recently quoted market price for DSV shares at the date of acquisition, or
which otherwise exceeds the higher of the price of the last independent trade
and the highest current independent bid (by buyers) on the OMX Nordic Exchange
at the time of trading. As a result of this restriction, DSV can hardly expect
to make purchases up to the daily share buy-back limit. 
•	On each business day, a maximum of 211,363 shares in the company may be
purchased, corresponding to 25% of the average trading volume of DSV shares on
the OMX Nordic Exchange in February 2008. 
•	The reporting obligations under Danish law and the rules of the OMX Nordic
Exchange must be fulfilled within the applicable time-limits. 

Any questions may be addressed to Jens H. Lund, CFO, tel. +45 43 20 30 40.

Yours faithfully
DSV

Kurt K. Larsen 		Jens H. Lund		
CEO		CFO