Demerger of Q-Free’s business segment Ticketing (NO) — Amount not disclosed.

Carnegie acted as lead manager to Q-Free in the demerger of the company’s business segment Ticketing. Q-Free is a global supplier of equipment, software and services for road pricing systems, access control and tracking systems, ticketing solutions and related services. Based in Norway, the company has subsidiaries in Portugal, Greece, Brazil, Australia, Malaysia and China and employs some 200 people. 2004 revenues October, 2005.