Divestment of IBI A/S (DK) to Sjælsø Gruppen A/S (DK) — DKK 800 million

Carnegie acted as adviser to the sellers in the divestment of IBI to Sjælsø Gruppen. IBI is a leading Nordic property developer with offices in all four Nordic countries and newly established offices in Portugal, Spain and France. IBI develops box shops for Nordic retail chains. Sjælsø Gruppen is a project development company listed on Copenhagen Stock Exchange, primarily involved in construction of, and trade in, residential properties in Greater Copenhagen. July, 2006.