Exchange Offer for all issued and outstanding shares in BW Gas ASA (NO) made by BW Gas Limited (BM) — NOK 5.5 billion

Carnegie acted as adviser to BW Gas in the voluntary exchange offer for all issued and outstanding shares in BW Gas ASA made by BW Gas Limited, Bermuda. The offer was made to shareholders to exchange each share held in BW Gas ASA into one new share in BW Gas Limited. The purpose of the exchange offer was to redomicile the parent holding company of the BW Gas Group from Norway to Bermuda.July, 2008.