Company Announcement No. 480


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                924,062               130.99  121,046,343
 days 1-14                                                                      
15: 14 November 2012                    70,000               132.49    9,274,300
16: 15 November 2012                   100,000               129.42   12,942,000
17: 16 November 2012                    93,738               128.94   12,086,578
18: 19 November 2012                    55,000               130.08    7,154,400
19: 20 November 2012                    65,000               130.82    8,503,300
20: 21 November 2012                    57,841               133.49    7,721,195
21: 22 November 2012                    25,135               134.16    3,372,112
--------------------------------------------------------------------------------
Accumulated for trading              1,390,776               130.93  182,100,227
 days 1-21                                                                      
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DSV's accumulated share buy-backs in the period from 25 October 2012 to 22
November 2012 thus total 1,390,776 shares at a total purchase sum of DKK 182,1
million. 

As at today, DSV A/S holds a total of 9,192,828 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 4.89% of the total number of issued shares
of 188,000,000. 

The latest announcement dated 13 November 2012 stated that DSV A/S held 4.66%
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