Initial public offering of AvestaPolarit Oyj (FI) — SEK 12.5 billion

Carnegie acted as financial adviser to Outokumpu Steel Oyj and manager of the exchange offer to the shareholders of Avesta Sheffield in the merger of Outokumpu Steel Oyj and Avesta Sheffield AB into AvestaPolarit Oyj, which was listed on Stockholmsbörsen and Helsinki Stock Exchanges. The combined market capitalisation amounted to SEK 12.5 billion.January, 2001.