Repurchase of 50 per cent of TNT DFDS Transport Logistics Group A/S (DK) from TNT Logistics (NL) — Enterprise value DKK 155 million.

Carnegie acted as financial adviser to DSV in the transaction where DSV from TNT Logistics repurchased 50 per cent of TNT DFDS Transport Logistics Group A/S. After closing DSV will once again hold 100 per cent of the shares in the company, which will then change name to DFDS Transport Logistics.August, 2004.