Revaluation of trading positions causes a negative effect on Carnegie' net profit of SEK 128 million

Revaluation of trading positions causes a negative effect on Carnegie' net
profit of SEK 128 million

Due to violation of internal rules overestimated trading results have been
discovered in Carnegie's trading department in Stockholm. Carnegie has therefore
made a revaluation of its trading positions. The result from applying a
conservative revaluation shows a negative effect on the trading result of SEK
370 million. The effect on the net profit can be estimated to SEK 128 million.

Proprietary trading through position-taking is a normal part of Carnegie's
securities operations. The basis for such position-taking is to utilize what
Carnegie considers unwarranted valuation differences in the market. It may
involve different combinations of cash and derivative financial instruments. The
positions are valued at market prices where such exist. In situations where
reliable market prices do not exist, following normal market practice, valuation
is performed using relevant theoretical models and reasonable assumptions. 

Management has recently established that violations of prescribed prudent
valuation principles have taken place in the proprietary trading department.
This has resulted in an overestimation of trading results during 2007. Applying
conservative valuation principles for the trading portfolio results in a
downward value adjustment of SEK 370 million, with an estimated effect on net
profit of SEK 128 million. This will affect the result for the first and the
second quarter 2007. Carnegie posted a net profit for the first quarter 2007 of
SEK 211 million.

Carnegie management and board take this matter very seriously. The violations of
the trading department rules are deemed to be intentional in order to
overestimate results. The head of the trading department has already left
Carnegie. As a consequence of the above Carnegie has established a group that
will review the risk management systems.





For further information, please contact:
Stig Vilhelmson, CEO,. +46 8 676 86 01
Ulf Fredrixon, CFO, +46 8 5886 90 12

Carnegie is a leading independent investment bank with Nordic focus. Carnegie
provides value-adding services in securities broking, investment banking, asset
management, and private banking, as well as in pension advice to institutions,
corporations and private clients. Carnegie has around 1,100 employees in eight
countries and is listed on the Nordic Exchange.