Redemption offer in JM (SE) — SEK 966 million

Carnegie acted as adviser to the board of directors and management in respect of the redemption programme in JM. The offer involved redemption of a maximum of every 8th share held in JM at a price of SEK 285 per share. A total of almost 3.4 million shares were tendered for redemption, corresponding to 96.6 per cent of the maximum number of shares which could be redeemed in accordance with the offer. 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, 2005.