Divestment of Svensk Etanolkemi AB, Sekab (SE) by Akzo Nobel and Domsjö Fabriker (SE) — Amount not disclosed.

Carnegie acted as adviser to Akzo Nobel and Domsjö Fabriker in the divestment of Svensk Etanolkemi AB (Sekab) to a private consortium comprising Länsförsäkringar in Västerbotten, Skellefteå Kraft, Övik Energi, Umeå Energi and others. Sekab is primarily active in three areas: ethanol, ethanol derivates, and ethanol fuels. Sekab supplies biological ethanol for a number of different applications from Sweden’s only factory manufacturing ethanol from forestry raw materials.May, 2005.