Secondary placing of 1.3 million shares in Bang & Olufsen (DK) — DKK 909 million

Carnegie acted as sole book-runner in the secondary placing of 1.3 million shares in Danish high end audio manufacturer Bang & Olufsen, at a discount of just 1.97 per cent to the previous day’s closing price. The placing, representing slightly more than 10 per cent of Bang & Olufsen’s share capital, was made on behalf of the listed Icelandic international investment company FL Group.May, 2007.