D. Carnegie & Co AB appeals the decision from the Financial Supervisory Authority

On 10 November 2008, the Swedish Financial Supervisory Authority (the “FSA”) announced its decision (Ref. no. 08-10273) regarding Carnegie Investment Bank AB (the ”Bank”). The decisions may be appealed to the County Administrative Court. The time limit for an appeal expires on 1 December 2008.

According to the decisions, the Bank’s licence to conduct banking business and the Bank’s securities business licence were temporarily revoked, whereupon the Bank immediately regained the licences and instead a warning was issued against the Bank. During this very short period, the Swedish State, represented by the Swedish National Debt Office (the “Debt Office”), took over the ownership of the Bank from D. Carnegie & Co AB.

The Board of Directors of D. Carnegie & Co AB has today filed an appeal with the County Administrative Court and has also asked for a time extension to file a supplementary appeal until 29 December 2008. The work to summarize the circumstances invoked in support of the appeal is – in light of FSA’s comprehensive, complex and to some extent unclear decision – time-consuming.

In summary, in the filed appeal D. Carnegie & Co AB requests, firstly, that the County Administrative Court retry or amend FSA’s decision to revoke the Banks licence to conduct banking business and the Bank’s securities business licence. Secondly, D. Carnegie & Co AB requests that the County Administrative Court cancel the warning issued by FSA.