Company Announcement No. 469


On 31 July 2012, DSV initiated the previously announced share buy-back
programme, cf. company announcement No. 463 of 31 July 2012. According to the
programme DSV will in the period from 31 July to 16 October 2012 purchase own
shares up to a maximum value of DKK 300,000,000 and no more than 3,000,000
shares, corresponding to 1.60% of the current share capital of DSV A/S. The
programme has been implemented in accordance with the 'Safe Harbour' provisions
of EU Regulation No. 2273/2003 of 22 December 2003. DSV will therefore publish
the accumulated purchases under the share buy-back programme every 7th trading
day. 

Trading day                   Number of shares  Average transaction  Amount  DKK
                                   bought back                price             
Accumulated for trading                898,044               130.04  116,777,510
 day 1-21                                                                       
22: 29 August 2012                      42,112               128.87    5,426,847
23: 30 August 2012                      75,000               128.43    9,632,438
24: 31 August 2012                      22,500               128.99    2,902,340
25:  3 September 2012                   15,200               130.16    1,978,434
26:  4 September 2012                   33,500               130.39    4,368,132
27:  5 September 2012                   72,994               128.49    9,378,714
28:  6 September 2012                   50,323               128.97    6,490,228
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Accumulated for trading              1,209,673               129.75  156,954,642
 days 1-28                                                                      
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DSV's accumulated share buy-backs in the period from 31 July 2012 to 6
September 2012 thus total 1,209,673 shares at a total purchase sum of DKK 157
million. 

As at today, DSV A/S holds a total of 6,837,951 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.64% of the total number of issued shares
of 188,000,000. 

The latest announcement dated 28 August 2012 stated that DSV A/S held 3.47% 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