2/2010: New member and trading rules for Oslo Børs, Oslo Axess and Oslo ABM

Oslo Børs has adopted new member and trading rules for equities and fixed income securities that replace the current Norex Member Rules.

The new rules will come into force simultaneously with the implementation of TradElect as the new trading platform, which is planned to take place on 15 February 2010. However, the rules on mandatory clearing of trading in equities etc. will come into force at a later date, expected to be 30 April 2010.

Membership and trading in equities and fixed income securities listed on Oslo Børs or Oslo Axess is governed by the Oslo Børs Member and Trading Rules. The equivalent rules for fixed income instruments listed on Oslo ABM are set out in the Oslo ABM Member and Trading Rules.

The new rules are appended to this Circular, and from the date they come into force the rules will also be available on http://www.oslobors.no/ob_eng/Oslo-Boers/Regulations/Member-and-trading-rules and http://www.osloabm.no/abm_eng/ Oslo-ABM/Regulations/Member-and-trading-rules respectively.

Members of Oslo Børs, Oslo Axess and Oslo ABM are required to sign new membership agreements in connection with the coming into force of the new rules. There is one standard agreement for membership and trading on Oslo Børs/Oslo Axess, and a separate standard agreement for Oslo ABM. Both agreements are appended to this Circular. Oslo Børs asks that members arrange for the agreement or agreements necessary to be signed by the appropriate person in the firm and sent to Oslo Børs (two signed copies) no later than 4 February 2010. We kindly ask you to send a copy per e-mail to the attention of Membership relations, Astrid Løken Øyehaug, e-mail: AstridLoken.Oyehaug@oslobors.no

Drafts of the new rules were circulated for consultation on 30 September 2009 (Oslo Børs and Oslo Axess) and 5 November 2009 (Oslo ABM). The responses received to the consultation process have led to a number of changes to the rules, including some material changes as well as a number of minor amendments. In addition, Oslo Børs has incorporated some changes and additions on its own initiative. Marked-up copies of the rules showing the changes are appended to this Circular. The more material changes are explained as part of the presentation of certain specific issues in the attached document.