Divestment of NTS (SE) by Ratos (SE) to DanTransport (DK) — Amount not disclosed.

Carnegie acted as adviser to Ratos in the sale of the NTS Nordisk Transport & Spedition group of companies, constituting the General Forwarding Division of Inter Forward. The NTS group of companies encompassed companies in Sweden, Norway, France and the UK. NTS in Sweden is one of the top three international forwarding groups in that country. May, 1998.