Initial public offering of Aker Kvaerner (NO) — NOK 2.1 billion

Carnegie acted as joint lead manager in the initial public offering of Aker Kvaerner ASA on the Norwegian Stock Exchange. The initial public offering was made in connection with a major reorganisation of the operations of Kvaerner group into two focused industrial groups and one industrial holding company, in which Carnegie was joint adviser to Kvaerner. Kvaerner group is a leading global provider of engineering and construction services, technology products and integrated solutions. April 2004.