Divestment of 20 per cent of the shares in Dampskibsselskabet Norden A/S (DK) by A/S Motortramp (DK) and Attransco (Bermuda) ltd. — DKK 1.1 billion

Carnegie acted as a joint financial adviser to A/S Motortramp and Attransco in the divestment of 20 per cent of the shares in Dampskibsselskabet Norden A/S to Rasmussengruppen AS. Dampskibsselskabet Norden, is a leading operator of bulkers and tankers internationally.October, 2004.