Acquisition of Porenbetonwerk Laussnitz (DE) by H+H International (DK) — Amount not disclosed

Carnegie acted as exclusive financial adviser to H+H International in the acquisition of 51% ownership of Porenbetonwerk Laussnitz (“PBWL”). PBWL is located in the Eastern part of Germany, from where it produces and sells autoclaved aerated concrete (“AAC”) units to the German market. January 2020.