Acquisition of 100 per cent of Viktoria Transport Holding (DE) by DSV (DK) — Amount not disclosed.

Carnegie acted as financial adviser to DSV in their acquisition of 100 per cent of the shares in Viktoria Transport Holding in Germany. Viktoria offers transport- and logistics services to the German market through its operations in Aschaffenburg (Frankfurt) and Neuss (Ruhr). November, 2004.