Divestment of Semper Clinical Nutrition business unit (SE) to Novartis (CH) by Arla Foods (SE) — Amount not disclosed.

Carnegie acted as adviser to Arla Foods in the divestment of Semper Clinical Nutrition business unit from Arla Foods, a co-operative association owned by approximately 16,000 milk farmers in Sweden and Denmark. Novartis is a global healthcare company with leading positions within the clinical nutrition area in several markets world wide. June, 2003.