Initial public offering of Tallinna Vesi (EE) — EUR 55.5 million

Carnegie acted as sole co-lead manager in the initial public offering of Tallinna Vesti (Tallin Water) on the Tallin Stock Exchange, responsible for selling into the Nordic region. Estonian retail investors and Baltic institutional investors each acquired 20 per cent of the six million shares put up for sale. Scandinavian investors bought 29 per cent and other European investors acquired 31 per cent. There was a sevenfold oversubscription in the institutional offering.June, 2005.