Company Announcement No. 372

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              2,904,787         116.15        337,391,639
day 1-49                                                                        
50: 10 January 2011                    142,370         118.73         16,903,590
51: 11 January 2011                     53,186         119.32          6,346,154
52:  12 January 2011                   186,000         120.40         22,394,400
53: 13 January 2011                    126,037         119.51         15,062,682
54: 14 January 2011                        815         120.10             97,882
55: 17 January 2011                    126,068         119.59         15,077,039
56: 18 January 2011                     97,994         120.03         11,762,220
--------------------------------------------------------------------------------
Accumulated for trading              3,637,257         116.86        425,035,606
1-56                                                                            
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DSV's accumulated share buy-backs in the period from 29 October 2010 to 18
January 2011 thus total 3,637,257 numbers of shares at a total purchase sum of
425.0 DKK million. 


As of today DSV A/S now holds a total of 3,661,484 shares of a nominal DKK 1 in
DSV A/S corresponding to 1.75% of the total number of issued shares of
209,150,000. 


The last announcement dated 7 January 2011 stated that DSV A/S held 1.41% 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