Company Announcement No. 479

On 25 October 2012, DSV initiated the previously announced share buy-back
programme, cf. company announcement No. 476 of 25 October 2012. According to
the programme DSV will in the period from 25 October to 21 December 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                503,295               129.27   65,058,657
 days 1-7                                                                       
8:  5 November 2012                     72,514               133.05    9,647,988
9:  6 November 2012                     80,000               134.20   10,736,000
10:  7 November 2012                    80,000               133.36   10,668,800
11:  8 November 2012                    50,000               132.19    6,609,500
12:  9 November 2012                    42,253               132.64    5,604,438
13: 12 November 2012                    50,000               132.97    6,648,500
14: 13 November 2012                    46,000               132.01    6,072,460
--------------------------------------------------------------------------------
Accumulated for trading                924,062               130.99  121,046,343
 days 1-14                                                                      
--------------------------------------------------------------------------------



DSV's accumulated share buy-backs in the period from 25 October 2012 to 13
November 2012 thus total 924,062 shares at a total purchase sum of DKK 121,0
million. 

As at today, DSV A/S holds a total of 8,759,614 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.66% of the total number of issued shares
of 188,000,000. 

The latest announcement dated 2 November 2012 stated that DSV A/S held 4.45% 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