Redemption program in Ratos (SE) — SEK 1.6 billion

Carnegie acted as sole adviser to the investment company Ratos in implementing a redemption program and in the subsequent redemption procedures, that was introduced by the shareholders in 1996, in order to offer optimal creation of value and reduce risks. Two redemption procedures were carried out in February 1996 and October 1998 respectively. February, 1996 and October, 1998.