Secondary offering of shares in HK Ruokatalo (FI) — EUR 12.4 million

Carnegie acted as adviser to LRF and sole book-runner in the placing of 2,000,000 A shares in HK Ruokatalo, with a value of approximately EUR 12.4 million (7.9 per cent of the capital). HK Ruokatalo is a market leader in processed meats and poultry products in Finland and the Baltics. The company produces, processes, sells and distributes various meats to retail customers and catering industries. October, 2003.