Company Announcement No. 374

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              4,647,490         116.81        542,868,971
day 1-63                                                                        
64: 28 January 2011                    139,257         116.04         16,159,382
65: 31 January 2011                     91,135         113.85         10,375,720
66:  1 February 2011                     2,911         116.40            338,840
67:  2 February 2011                   122,777         116.26         14,274,054
68:  3 February 2011                    25,000         115.84          2,896,000
69:  4 February 2011                     4,064         115.99            471,383
70:  7 February 2011                   108,400         116.34         12,611,256
--------------------------------------------------------------------------------
Accumulated for trading              5,141,034         116.71        599,995,606
1-70                                                                            
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DSV's accumulated share buy-backs in the period from 29 October 2010 to 7
February 2011 thus total 5,141,034 numbers of shares at a total purchase sum of
600 DKK million. The published share buy-back programme has now been concluded
and the shares bought back will partly be used to hedge the Group's incentive
programme. At DSV's annual general meeting it will be proposed that shares
which are not used for the hedge of the incentive programme will be cancelled.
It is expected, that the largest part of the shares bought back will be
cancelled. 


As of today DSV A/S now holds a total of 5,115,061 shares of a nominal DKK 1 in
DSV A/S corresponding to 2.45% of the total number of issued shares of
209,150,000. 

The last announcement dated 27 January 2011 stated that DSV A/S held 2.21% 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