Private placement of shares in Alpcot Russian Land Fund AB (SE) — SEK 270 million

Carnegie acted as sole financial adviser in the private placement of 6 million shares at a subscription price of SEK 45 per share. Agrokultura, a secondary name of Alpcot Russian Land Fund, is a Swedish limited liability company incorporated in 2006. The company’s objective is to generate an attractive total return on invested capital by acquiring and farming agricultural land in Russia and potentially in other CIS member states.October, 2007.