Acquisition of 100 per cent of the share capital in Franzefoss A/S (DK) by DSV Miljø A/S (DK) — Amount not disclosed.

Carnegie acted as financial adviser to DSV Miljø in the acquisition of 100 per cent of the share capital in Franzefoss, a leading company within exploitation of raw materals from gravel pits in the Jutland area.December, 2004.