Public offer for Realia AB (SE) by Welkins Intressenter AB (SE) — SEK 952 million

Carnegie acted as adviser to Realia AB in connection with the public offer for Realia by Welkins Intressenter AB. Realia is a property company with a portfolio of 1.2 million square meters of residential and commercial properties in Stockholm, Lund, Norrköping, Karlstad, Gävle and Sundsvall. As of 31 December, 2002, Realia had appraised property values of SEK 6.5 billion.July, 2003.