Company Announcement No. 373

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              3,637,257         116.86        425,035,606
day 1-56                                                                        
57: 19 January 2011                    177,200         120.22         21,302,506
58: 20 January 2011                    199,171         118.39         23,579,855
59:  21 January 2011                   198,000         115.65         22,898,700
60: 24 January 2011                    209,808         114.20         23,960,074
61: 25 January 2011                    152,499         114.87         17,517,560
62: 26 January 2011                      5,000         116.00            580,000
63: 27 January 2011                     68,555         116.62          7,994,672
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Accumulated for trading              4,647,490         116.81        542,868,971
1-63                                                                            
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DSV's accumulated share buy-backs in the period from 29 October 2010 to 27
January 2011 thus total 4,647,490 numbers of shares at a total purchase sum of
542.9 DKK million. 


As of today DSV A/S now holds a total of 4,630,517 shares of a nominal DKK 1 in
DSV A/S corresponding to 2.21% of the total number of issued shares of
209,150,000. 


The last announcement dated 18 January 2011 stated that DSV A/S held 1.75% 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