Public offer for Koninklijke Frans Maas N.V,. (NL) by DSV A/S (DK) — DKK 3.2 billion

Carnegie acted as joint adviser to DSV in the public offer for Koninklijke Frans Maas. DSV is a Danish company operating under the name DFDS Transport as a global supplier of transport and logistics services and Frans Maas is a pan-European transportation and logistics service provider.March, 2006.