Company Announcement No. 471

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
                                    bought back                 price        DKK
Accumulated for trading               1,398,747                129.98  181,805,7
 day 1-35                                                                     18
36: 18 September 2012                    52,871                131.17  6,934,835
37: 19 September 2012                    28,967                131.42  3,806,832
38: 20 September 2012                    25,000                132.07  3,301,690
39: 21 September 2012                    31,838                133.18  4,240,312
40: 24 September 2012                    53,359                130.95  6,987,190
41: 25 September 2012                    65,774                130.75  8,599,760
42: 26 September 2012                   107,128                129.95  13,920,97
                                                                               3
--------------------------------------------------------------------------------
Accumulated for trading               1,763,684                130.18  229,597,3
 days 1-42                                                                    10
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DSV's accumulated share buy-backs in the period from 31 July 2012 to 26
September 2012 thus total 1,763,684 shares at a total purchase sum of DKK 229.6
million. 

As at today, DSV A/S holds a total of 7,338,462 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.90% of the total number of issued shares
of 188,000,000. 

The latest announcement dated 17 September 2012 stated that DSV A/S held 3.72%
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