Acquisition of Skandia AB (SE) by Skandia Liv (SE) from Old Mutual plc (ZA) — SEK 22.5 billion

Carnegie acted as financial adviser to Skandia Liv in the acquisition of Skandia AB. Skandia Liv will become an independent company owned by a newly established foundation and acquire Skandia AB including Skandia Link, Skandiabanken and Skandia Lifeline from Old Mutual plc. The new group will have leading positions within savings and insurance in the Swedish market with approximately SEK 440 billion of assets under management. March, 2012.