DSV

Transaction in Own Shares • Jan 27, 2011

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