Secondary placing of 3.8 million shares in Oriflame (SE) — SEK 1 billion

Carnegie acted as sole book-runner in the secondary offering of 3.8 million SDRs in Oriflame. Buyers were institutional investors, at a price of SEK 280 per SDR. The SDRs were placed on behalf of Industri Kapital. Oriflame is an international fast growing cosmetics company that sells high quality natural skincare and cosmetics products through an independent sales force, outside the traditional retail environment.May, 2006.