| JB METALINDUSTRI A/S | 17588397 | 90.00% |
| NavisionGroup ApS | 20868902 | 100.00% |
| Crescendo Portefølje A/S | 26335426 | 30.30% |
| Navision Treasury A/S | 26405254 | 100.00% |
| Crescendo Invest A/S | 29614377 | 6.30% |
| K/S Mountain Invest | 29783519 | 100.00% |
| Crescendo Asset Management ApS | 30241819 | 6.30% |
| GLADSAXE KLIP & BUK A/S | 31050065 | 80.00% |
| DUBAI COMMERCIAL INVESTMENT A/S | 31180058 | 14.60% |
| Stüdenitz 24 I/S | 31322847 | 100.00% |
| CRESCENDO DUBAI ApS | 31515092 | 46.20% |
| Navision Alternative Investments A/S | 31946255 | 100.00% |
| Learningbank A/S | 32353606 | 25.51% |
| Navision Properties ApS | 32777643 | 100.00% |
| BALTNAV A/S | 33394241 | 35.26% |
| NAVISION TRADING ApS | 34802890 | 30.00% |
| NAVISION SHIPPING DK A/S | 34804583 | 29.25% |
| JOSCAR ApS | 36029234 | 1.00% |
| MARSELIS BOULEVARD 28 ApS | 36069856 | 100.00% |
| Navision Shipping A/S | 37553093 | 75.00% |
| Smedeland 26B Komplementar ApS | 37817880 | 100.00% |
| K/S Smedeland 26B | 37818038 | 100.00% |
| Barrus Danmark A/S | 38024175 | 31.92% |
| Havreholm Slot Kursus og Konference ApS | 38272284 | 100.00% |
| Kolding Bypark ApS | 39068796 | 65.15% |
| Komplementarselskabet Bonette Shipping ApS | 39103982 | 100.00% |
| Crescendo A/S | 40250565 | 6.30% |
| K/S Vintervej | 40587233 | 100.00% |
| K/S Tremola Shipping | 40607366 | 100.00% |
| Navision Partners ApS | 41069627 | 15.00% |
| Navision Shipping Holding ApS | 41083069 | 28.50% |
| Nordic Energy Partners A/S | 41842970 | 60.00% |
| CVJ Trust ApS | 41872330 | 1.00% |
| JVJ Trust ApS | 41872349 | 1.00% |
| Crescendo Fondsforvaltning A/S | 42489433 | 6.30% |
| Crescendo Boligfond I A/S | 42973475 | 6.30% |
| Alterna Energy Holding ApS | 43438557 | 44.26% |
| Metal Holding ApS | 44002469 | 80.00% |
| Lindholm Brygge 31 ApS | 44533936 | 100.00% |
| Bolig Kastrupvej ApS | 44772612 | 6.30% |
| K/S Vincentz Shipping | 44869977 | 100.00% |
| Bolig Borup Syd ApS | 45611191 | 6.30% |
| Bolig Borup Nord Komplementar ApS | 45640108 | 6.30% |
| K/S Bolig Borup Nord | 45652556 | 6.30% |
| KO Bolig Ishøj Landsby ApS | 45808424 | 6.30% |
| HOUGAARD & KOEFOED A/S | 73192714 | 90.00% |
| CONTINENTAL SHIPPING ApS | 80290217 | 100.00% |