Initial public offering of Protector Forsikring ASA (NO) — NOK 438 milllion

Carnegie acted as joint lead manager in the initial public offering of Protector Forsikring ASA on the Oslo Børs. Protector Forsikring ASA is a Norwegian insurance company authorized to offer general insurance and reinsurance within all classes except credit insurance and guarantee insurance. In 2006 Protector Forsikring generated gross premiums written of NOK 516 million. May, 2007.