Company Announcement No. 370


On 29 October 2010, DSV initiated the published share buy-back programme, cf.
company announcement no. 361 of 29 October 2010. According to the programme DSV
will in the period to 16 February 2011 purchase own shares up to a maximum
value of DKK 600,000,000 and no more than 6,000,000 shares. The program is
implemented in accordance with the “Safe Harbour” provisions of EU regulation
no. 2273/2003 of 22 December 2003. Therefore, DSV will publish the accumulated
buy-backs under the programme every 7th trading day. 

Trading day              Number of shares       Average transaction  Amount DKK 
                         bought back            price                           
Accumulated for trading              2,254,473               114.70  258,589,346
day 1-35                                                                        
36: 17 December 2010                    40,000               118.62    4,744,800
37: 20 December 2010                    78,402               118.03    9,253,788
38:  21 December 2010                   15,194               118.70    1,803,528
39: 22 December 2010                   123,500               120.16   14,839,846
40: 23 December 2010                    21,200               120.84    2,561,840
41: 27 December 2010                    10,000               120.70    1,207,000
42: 28 December 2010                     5,000               121.00      605,000
--------------------------------------------------------------------------------
Accumulated for trading              2,547,769               115.24  293,605,148
1-42                                                                            
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DSV's accumulated share buy-backs in the period from 29 October 2010 to 28
December 2010 thus total 2,547,769 numbers of shares at a total purchase sum of
293.6 DKK million. 

As of today DSV A/S now holds a total of 2,650,996 shares of a nominal DKK 1 in
DSV A/S corresponding to 1.27% of the total number of issued shares of
209,150,000. 

The last announcement dated 16 December 2010 stated that DSV A/S held 1.14% of
the company's share capital. 



Any questions may be addressed to Jens H. Lund, CFO, tel. +45 43 20 30 40.

Yours sincerely,

DSV

Jens Bjørn Andersen            Jens H. Lund
CEO                                     CFO