The Clearing Member Agreement of Kaupthing Hf. NUF and Landsbanki Norway NUF was terminated following their suspension in October 2008. DnB NOR was appointed as provisional Clearing representative for all End-Clients of Kaupthing and Landsbanki. The proprietary trading accounts of Kaupthing have been liquidated without any loss for Oslo Clearing. Landsbanki did not hold a proprietary trading account with Oslo Clearing.

As a part of attracting new participants to the VPO pool program Oslo Clearing has decided to reduce the transaction fee for a transition period. During the period 1 September to 31 October 2008 the transaction fee for new loans will be 0 NOK.

In addition Oslo Clearing have reviewed the interest rates and interest spread for the program: The new interest rates and interest spread will apply from the 3 September 2008. New interest rates and classes are described in the attachment below. In addition Oslo Clearing has reduced the Interest spread with 10 % ( from 1,0% to 0,9%).

Following consultations with its customers, VPS has decided to continue with the current lending pool arrangement. In the case of securities settlement participants that are members of Oslo Børs or Oslo Axess for equities trading but do not participate in the lending pool arrangement, a specific penalty fee for failure to deliver on the intended settlement day will be introduced with effect from 17 November 2008.

Oslo Clearing will apply the following new rulebook as of 1. August 2008.

Product spesification VPO loans

In connection with the merger between Oslo Børs and VPS, all parts of the Oslo Børs VPS Group will use a new logo and profile throughout.

New name and logo as of 23 June 2008:

We wish to call attention to the fact that our company registration number as well as all contracts and powers of attorney will be continued after the name change.

Any questions can be directed to Christian Sjõberg on +47 23 17 96 09 or e-mail: cs@vpsclearing.no.

Oslo Børs starts quoting Danish and Finnish stock and index derivatives Monday the 14th of January. Simultaneously Oslo Clearing are opening for clearing and settlement of these products.

Oslo Clearing will at the same time extend TM derivatives to include a numerous Danish and Finnish stocks and indices as well.

Letter of reply

For further information please read more, or contact us.