Divestment of Phase One A/S (DK) to Silverfleet Capital (UK) — Amount not disclosed

Carnegie acted as exclusive financial adviser to the owners of Phase One in the divestment of 60% of the company to Silverfleet Capital. Phase One designs and manufactures medium format camera systems for the world’s most demanding professional photographers and advanced amateurs, as well as having an industrial division supplying camera systems, predominantly for aerial photography.March 2014.