Public offer for Keops A/S (DK) by Fasteignafélagid Stodir Hf (IS) — Enterprise value DKK 21.5 billion

Carnegie acted as adviser and provided a fairness opinion in this respect to the Board of Directors of Keops A/S, Denmark’s largest listed property group focusing on property investments, mediation, management and development of properties. Stodir is the largest real estate company in Iceland with substantial activities in Denmark. September, 2007.