Member of the Following Exchanges

Questionnaire

Company:

Contact person:

Contact details:

Member of the following exchanges

Copenhagen Stock Exchange / / Oslo Børs /
Stockholm Stock Exchange / / Iceland Stock Exchange /
Helsinki Stock Exchange /

To be able to compile and evaluate all answers on circuit breakers in an efficient way, we would appreciate if all members could take the time to give this topic some attention. Please note that we would like the feedback to reflect the member firms’ collective view rather than a specific person’s personal view. Generally, we will follow our members’ collective view. However, OMX, Oslo Børs and ICEX still reserves a final decision for exceptional circumstances. We need your answer no later than 21 August. If you are indifferent about some questions please leave these blank.

All answers will be distributed to all members unless you prefer your answers to be confidential.

Our answers are for internal use only /

1. Use of circuit breakers on the equity market

Do you support the implementation of circuit breakers?

Yes, we support the implementation of circuit breakers /
No, we do not support implementation of circuit breakers /

2. Trading Safeguards

Do you support the implementation of trading safeguards?

Yes, we support the implementation of trading safeguards * /
No, we do not support implementation of trading safeguards /

* a new proposal for the safeguards thresholds will be distributed to all members

If the members support the use of trading safeguards, the functionality will be implemented as soon as possible.

Comments:

3. Fast markets

If circuit breakers are preferred - the exchange can consider a market to be a “fast market”. Under these conditions the static and dynamic ranges are proposed to be doubled. Do you support expansion of thresholds during “fast markets”?

Yes, the thresholds should be doubled /
No, we prefer the same thresholds as under normal conditions /

4. Circuit breakers in opening auction

OMX and Oslo Børs propose that circuit breakers do not apply in opening auction. Do you support this proposal or do you prefer circuit breakers in the opening auction using static price range.

Yes, we support no circuit breakers in the opening auction /
No, we prefer that circuit breakers apply in the opening auction /

Since ICEX does not propose the use of a static reference price, there will be no circuit breakers in the opening auction on ICEX.

5. Comments to the above answers or other comments

If you have any questions or want to set up a meeting to discuss these topics with the exchange please do not hesitate to contact your Account Manager within OMX, Oslo Børs or Iceland Stock Exchange.

Please send your answer by e-mail no later than Monday 21 August 2006 to:

Account Manager, Jakob Kaule Poulsen

E-mail:

Tel: +45 3377 0384

1(3)