Acquisition of Schaumann Holding’s 87 per cent ownership in Schaumann Development by Schaumann Properties (DK) — DKK 543 million

Carnegie acted as adviser to the Board of Directors of Schaumann Properties in the acquisition of Schaumann Holding’s 87 per cent ownership in Schaumann Development and delivered a fairness opinion in this respect. Schaumann Properties is a Danish real estate investment company listed on the Copenhagen Stock Exchange.May, 2007.