Company Announcement No. 481

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              1,390,776               130.93  182,100,227
 days 1-21                                                                      
22: 23 November 2012                    23,949               135.15    3,236,707
23: 26 November 2012                    44,212               135.04    5,970,388
24: 27 November 2012                    40,000               134.98    5,399,200
25: 28 November 2012                    50,000               132.74    6,637,000
26: 29 November 2012                    38,000               134.53    5,112,140
27: 30 November 2012                    28,500               134.73    3,839,805
28: 3 December 2012                     20,000               136.27    2,725,400
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Accumulated for trading              1,635,437               131.48  215,020,868
 days 1-28                                                                      
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DSV's accumulated share buy-backs in the period from 25 October 2012 to 3
December 2012 thus total 1,635,437 shares at a total purchase sum of DKK 215.0
million. 

Pursuant to section 28, cf. section 29, of the Danish Securities Trading Act it
is hereby also announced that DSV A/S holds 9,404,489 DSV shares, corresponding
to 9,404,489 voting rights. The holding of shares corresponds to 5.00% of the
entire share capital and voting rights of DSV A/S. 

The latest announcement dated 22 November 2012 stated that DSV A/S held 4.89%
of the Company's share capital. 

Any questions may be addressed to Flemming Ole Nielsen, Investor Relations
Director, tel. +45 43 20 30 40. 


Yours sincerely,
DSV


Flemming Ole Nielsen
Investor Relations Director