Carnegie launches Initial Public Offering

The information contained herein is not for publication or distribution in or into the United States of America, Canada or Japan. This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933 (the "Securities Act"). The Company's ordinary shares have not been and will not be registered under the Securities Act for purposes of this offering. Carnegie launches Initial Public Offering D. Carnegie & Co AB (publ) ("Carnegie") announces the terms of its initial public offering ("IPO"). The estimated price range for the offering is SEK 95 to SEK 115 per share, representing an aggregate offering size of SEK 1,231 million (USD 120 million) based on the midpoint of the price range. The final price is expected to be determined on or about 31 May 2001. The global offering, which will be made to institutional and retail investors in Denmark, Norway, Finland and Sweden, and institutional investors internationally, including US institutional investors pursuant to Rule 144A, comprises 11,727,660 (18 percent) of the 66,701,600 shares of Carnegie that will be outstanding after completion of the IPO. Singer & Friedlander is selling 6,336,660 shares, Carnegie is selling 3,335,000 primary shares and current and former employees are selling 2,056,000 shares 1) . The members of Carnegie's management are not selling shares in the IPO. An over-allotment option corresponding to 8 percent of the offered shares (950 500 shares) has been provided to the underwriters by Singer & Friedlander. Following the offering, Singer & Friedlander is expected to own approximately 32 percent of Carnegie's outstanding shares (31 percent if the over-allotment option is exercised in full), and Carnegie's employees are expected to own approximately 50 percent of Carnegie's outstanding shares. The free float will amount to 18 percent (19 percent if the over-allotment option is exercised in full). The proceeds to Carnegie from the sale of the primary shares will be used for repayment of the SEK 230 million subordinated loan to Singer & Friedlander as well as for general corporate purposes to further expand the operations. Carnegie is the leading integrated Nordic investment bank and asset management firm operating in three principal business areas: Securities, Investment Banking and Asset Management & Private Banking. Carnegie provides a wide array of products and services to Nordic and international clients from offices in seven countries: Sweden, Denmark, Norway, Finland, Luxembourg, UK and the US. Lars Bertmar, CEO of Carnegie, comments: "Carnegie going public is the next step in the development of Carnegie. It creates a new platform for growth and it strengthens our profile both in the Nordic region and internationally. The listing also encompasses the strategic decision taken by Singer & Friedlander to focus on their core UK operations." "Although we have seen a weak performance of the equity markets over the last 12-months, we believe that the underlying long-term trend holds great opportunities for further growth. We have continuously acquired market shares during the recent years while maintaining high profitability, and our intention is to continue to do so." The shares have been approved for listing on the O-list of the Stockholm Stock Exchange. When-issued trading is expected to commence on or about 1 June 2001. Carnegie's ticker will be "CAR". The Board of Directors of Carnegie consists of seven members: Christer Zetterberg, Chairman, Lars Berg, Anders Ljungh, John Hodson, Michael Gibbins, Lars Bertmar and Matti Kinnunen. Carnegie Investment Banking and Goldman Sachs International are acting as joint global coordinators and bookrunners of the offering. Cazenove and Schroder Salomon Smith Barney are acting as co-lead managers. For more information, please contact: Lars Bertmar (CEO), Tel: +46 8 58 86 90 20 Mats-Olof Ljungkvist (CFO), Tel: +46 8 58 86 90 13 Birgitta Henriksson (Investor Relations), Tel: +46 8 676 86 39 Monica Ewert (Corporate Communications), Tel: +46 8 58 86 90 16 The issuance and sale of shares by Carnegie is subject to, among other things, that Carnegie's shareholders, at an extraordinary general meeting scheduled for May 15, 2001, approve an authorisation for the board of Carnegie to issue a maximum of 3,335,000 new shares. The sale of shares by Singer & Friedlander is subject to, among other things, the approval of Singer & Friedlander's shareholders at the extraordinary general meeting to be held on May 29, 2001. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/05/11/20010511BIT00920/bit0001.doc http://www.bit.se/bitonline/2001/05/11/20010511BIT00920/bit0001.pdf