Divestment of DEVI A/S (DK) to Danfoss A/S (DK) — Amount not disclosed.

Carnegie acted as sole adviser to the owners of Devi, the leading European manufacturer of electric floor heating systems, in the divestment to Danfoss, Denmark’s largest industrial group. Danfoss main product areas are refrigeration and air conditioning, heating and water and motion controls. March, 2003.