Divestment of Pickenpack Tiefkühlgesellschaft mbH (DE) to Orlando Management GmbH (DE) by Gilde Buy-Out Fund B.V. (NL) — Amount not disclosed.

Carnegie acted as joint financial adviser to Gilde Buy-Out Fund in the divestment of Pickenpack to funds administered by the South German private equity firm Orlando Management. Pickenpack is a leading private label producer of deep frozen seafood meals to the retail and foodservice markets across Europe. Gilde Buy-Out Fund is an independent investment fund, operating from The Netherlands and France, with a focus on buy-outs exclusively in continental Europe. June, 2003.