Public offer for IBS (SE) by Deccan Value Advisors (US) — SEK 1.2 billion

Carnegie acted as sole financial adviser to the Board of Directors of IBS in relation to the mandatory offer by Deccan Value Advisors, and delivered a fairness opinion in this respect. IBS is a leading provider of specialized business systems for specific industries such as publishing and book distribution, pharmaceutical distribution, electronics, paper, food and the automotive industry. August, 2008.