Initial public offering of Statoil ASA (NO) — NOK 26.4 billion

Carnegie acted as co-lead manager in the initial public offering of Statoil ASA. The new share issue and secondary offering totaled more than 383 million shares, excluding an over-allotment option of 58 million shares. At the offer price of NOK 69 per share, Statoil ASA was valued at NOK 151 billion. After completion of the initial public offering, the Norwegian Government owned approximately 80 per cent in Statoil ASA.June, 2001.