Acquisition by Axcel and an external management team (DK) of NetTest A/S (DK) from GN Great Nordic A/S (DK) — Amount not disclosed.

Carnegie acted as financial adviser to Axcel, a leading Danish private equity firm, and an external management team in the acquisition of NetTest A/S, a leading worldwide provider of testing, measurement and monitoring systems across both the optical and network layers of communications networks, from GN Great Nordic A/S. December, 2002.