Divestment of Semper (SE) to Triton (UK) by Arla Foods (SE) — Amount not disclosed.

Carnegie acted as adviser to Arla Foods in the divestment of Semper, market leader in baby food in Sweden and several other market leading positions in health food, gluten free area and the food service segment. Arla Foods is a cooperative association owned by approximately 16,000 milk farmers in Sweden and Denmark. Triton is a Northern European private equity firm with offices in Frankfurt, Stockholm and London. July, 2003.