Divestment of DS SM (DK) to Valmont Industries (US) by DS Gruppen (DK) — Amount not disclosed

Carnegie acted as exclusive financial adviser to DS Gruppen in the divestment of DS SM to Valmont Industries. DS SM is a market leader in Northern Europe for the manufacture of heavy complex steel structures for a diverse range of industries including wind energy, offshore oil and gas, and electricity transmission. March 2014.