Initial public offering of Cermaq (NO) — NOK 1.5 billion

Carnegie acted as joint lead manager and book-runner in the initial public offering of Cermaq on the Oslo Stock Exchange. The offering was 11 times subscribed. Cermaq is a leading global aquaculture company with production in Norway, Chile, Canada and Scotland. The company is world number two both within salmon farming (Mainstream), with more than 100,000 tonnes of production and within salmonid feed (EWOS), with about a 34 per cent global market share. October, 2005.