Company Announcement No. 371

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              2,547,769         115.24        293,605,148
day 1-42                                                                        
43: 29 December 2010                      None           --               --    
44: 30 December 2010                      None           --               --    
45:  3 January 2011                     30,000         126.19          3,785,700
46: 4 January 2011                     131,000         125.88         16,490,280
47: 5 January 2011                     100,000         120.14         12,014,000
48: 6 January 2011                      61,018         120.05          7,325,211
49: 7 January 2011                      35,000         119.18          4,171,300
--------------------------------------------------------------------------------
Accumulated for trading              2,904,787         116.15        337,391,639
1-49                                                                            
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DSV's accumulated share buy-backs in the period from 29 October 2010 to 7
January 2011 thus total 2,904,787 numbers of shares at a total purchase sum of
337.4 DKK million. 

As of today DSV A/S now holds a total of 2,948,514 shares of a nominal DKK 1 in
DSV A/S corresponding to 1.41% of the total number of issued shares of
209,150,000. 

The last announcement dated 28 December 2010 stated that DSV A/S held 1.27% 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