Redemption offer in JM (SE) — SEK 1 billion

Carnegie acted as adviser to the board of directors and management in respect of the redemption programme in JM. The proposed annual dividend and redemption programme together constituted a total transfer to shareholders of approximately SEK 1.25 billion, representing some SEK 50 per share. JM is listed on Stockholmsbörsen. JM is Sweden’s leading housing developer; its core business is project development of residential property and, to a certain extent, commercial premises in central areas of growth markets.June, 2006.