Acquisition of Jøtul ASA (NO) by a special purpose vehicle owned by Accent Equity, Havfonn, Selvaag Invest, Whitecliff and Jøtul management — NOK 370 million

Carnegie acted as financial adviser to Whitecliff and has brought in Havfonn and Selvaag Invest as co-investors in the acquisition of Jøtul ASA from Jøtul AS. Jøtul, a Norwegian corporation, is the world’s oldest and largest producer of cast-iron stoves.July, 2004.