Acquisition of AssiDomän Cartonboard Holding (Frövi) (SE) by Kinnevik’s (SE) wholly owned subsidiary Korsnäs (SE) — SEK 3.65 billion

Carnegie acted as adviser to Korsnäs and Kinnevik in the acquisition of AssiDomän Cartonboard Holding (Frövi). AssiDomän Cartonboard, Frövi, manufacturers liquid and packaging board primarily for food. The company has approximately 700 employees and annual sales of SEK 2.4 billion. All production takes place at the mill in Frövi and the company has sales offices in severalEuropean countries.May, 2006.