Divestment of EXHAUSTO (DK) to Aldes Aéraulique (FR) – Amount not disclosed

Carnegie acted as exclusive financial adviser to Axcel and VKR Holding in the divestment of EXHAUSTO A/S to Aldes Aéraulique SAS. EXHAUSTO is one of the leading mechanical ventilation system players in the Norwegian and Danish market, and the largest within compact mechanical ventilation systems in Germany. June 2016.