DSV

Transaction in Own Shares • Dec 28, 2010

Company Announcement No. 370

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 2,254,473 114.70 258,589,346
day 1-35
36: 17 December 2010 40,000 118.62 4,744,800
37: 20 December 2010 78,402 118.03 9,253,788
38: 21 December 2010 15,194 118.70 1,803,528
39: 22 December 2010 123,500 120.16 14,839,846
40: 23 December 2010 21,200 120.84 2,561,840
41: 27 December 2010 10,000 120.70 1,207,000
42: 28 December 2010 5,000 121.00 605,000

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Accumulated for trading 2,547,769 115.24 293,605,148
1-42

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DSV's accumulated share buy-backs in the period from 29 October 2010 to 28
December 2010 thus total 2,547,769 numbers of shares at a total purchase sum of
293.6 DKK million.

As of today DSV A/S now holds a total of 2,650,996 shares of a nominal DKK 1 in
DSV A/S corresponding to 1.27% of the total number of issued shares of
209,150,000.

The last announcement dated 16 December 2010 stated that DSV A/S held 1.14% 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