Directed new share issue in PA Resources (NO) — NOK 270 million

Carnegie acted as joint lead manager in the directed new share issue of 5 million new shares (3.57 per cent of outstanding shares) in PA Resources. The price per share was set at NOK 54. PA Resources is a fast growing oil- and gas group company with the business strategy to acquire, develop and exploit oil- and gas reserves, as well as explore new findings. December, 2006.