DSV

Transaction in Own Shares • Jan 7, 2011

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

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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