Disposal of the ”Gefion Portfolio” (DK) by Alm. Brand A/S (DK) to DAI Fordringer A/S (DK) — Amount not disclosed.

Carnegie acted as adviser to Alm. Brand in the disposal of the Gefion Portfolio to DAI Fordringer A/S (part of the listed Danish bank Egnsbank Han Herred). The Gefion Portfolio is a portfolio of distressed debt with a nominal value of over DKK 1 billion. The disposal took place by means of an auction process, with both Danish and international bidders.November, 2003.