Divestment of 50 per cent of DFDS Transport Logistics (DK) to TNT Logistics (NL) — DKK 271 million

Carnegie acted as financial adviser to DSV in the creation of a Nordic logistics joint venture with TNT Logistics, where TNT Logistics acquired 50 per cent of DFDS Transport Logistics, DSV’s Nordic logistics company. TNT DFDS Transport Logistics will be the leading logistics provider in the Nordic region.June, 2002.