DSV

Transaction in Own Shares • Nov 26, 2010

SHARE BUY-BACK IN DSV A/S
Company Announcement No. 367

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 bought back Average transaction price
Amount DKK
Accumulated for trading day 1-14 962,328 112.84 108,584,913
15: 18 November 2010 50,000 115.02 5,751,000
16: 19 November 2010 50,000 115.19 5,759,500
17: 22 November 2010 65,000 115.90 7,533,500
18: 23 November 2010 70,000 114.10 7,987,000
19: 24 November 2010 71,072 113.62 8,075,201
20: 25 November 2010 52,500 112.90 5,927,250
21: 26 November 2010 55,000 112.79 6,203,450
Accumulated for trading 1-21 1,375,900 113.25 155,821,814

DSV's accumulated share buy-backs in the period from 29 October 2010 to 26
November 2010 thus total 1,375,900 numbers of shares at a total purchase sum of
155.8 DKK million.

As of today DSV A/S now holds a total of 1,603,127 shares of a nominal DKK 1 in
DSV A/S corresponding to 0.77% of the total number of issued shares of
209,150,000.

The last announcement dated 17 November 2010 stated that DSV A/S held 0.60% 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