Spin-off from AB Volvo (SE) of Scania (SE) A shares through Ainax AB (SE) — SEK 6.2 billion

Carnegie acted as adviser to Volvo in the transfer of Volvo’s entire holdings of truck and bus manufacturer Scania’s A shares to a wholly owned Volvo subsidiary, Ainax AB. Ainax itself was subsequently distributed to Volvo’s shareholders and listed on the New Market of Stockholmsbörsen. Carnegie is also sponsor for Ainax on the New Market, in accordance with regulations laid down by Stockholmsbörsen. June, 2004.