Voluntary tender offer for Cermaq ASA (NO) by Mitsubishi Corporation (JPN) — Enterprise value NOK 10.9 billion

Carnegie acted as financial adviser to the Norwegian Ministry of Trade, Industry and Fisheries in respect of the voluntary tender offer for Cermaq from Mitsubishi Corporation. Cermaq ASA is a global fish farming company with operations in Chile, Canada and Norway, and produces Atlantic salmon, large Trout and Coho. November 2014.