Private placements of shares in Protector Forsikring (NO) — NOK 141 million

Carnegie acted as joint lead manager in two private placements of shares in Protector Forsikring to institutional investors, totalling NOK 141 million. Protector Forsikring ASA was established in 2003 as a Norwegian non-life insurance company. Protector is a small player in the Norwegian insurance market, but has gained a market leading position within insurance related to ownership changes on real estate for private individuals. The Company has also gained a strong position with Norwegian municipalities and is targeting the SME segment.July, 2006.