Acquisition by Alm. Brand A/S (DK) of non-life insurance business of Alm. Brand af 1792 G/S (DK) — DKK 578 million

Carnegie acted as financial adviser to Alm. Brand A/S in issuing a fairness opinion concerning the company’s acquisition of the non-life insurance portfolio of Alm. Brand af 1792 G/S. May, 2002.