REGULATORY NOTICE Lysaker, 9 December 2010 NASDAQ OMX Commodities Europe (the “Exchange”) and NASDAQ OMX Stockholm AB (the “Clearinghouse”) have completed an internal review and general update of the trading and clearing rulebooks for financial power and allowance/carbon emission contracts (i.e. what was formerly called the “Nord Pool” financial market). The review has had the following main objectives: • To generally improve availability, readability and language, and clarify existing rules where appropriate. • To harmonize corresponding provisions in the Trading Rules and the Clearing Rules where appropriate. • To harmonize corresponding provisions in the clearing rulebook for the financial market with the N2EX market where appropriate The review has resulted in general changes and restructuring of the rulebook. However, most of the amendments are of editorial nature only, and the changes will only entail very limited direct consequences for members. Highlights and amendments that are deemed to substantially affect the legal contents are described briefly in the summary below. The amended rulebooks will come into effect on 1 January 2011, unless otherwise specifically stated below. Company Name of the Exchange: References to “Nord Pool ASA” have throughout the rulebooks and agreement templates been replaced by a reference to “the Exchange”, and also NASDAQ OMX Oslo ASA where the full company name is appropriate. This is a follow-up action to the change of company name announced earlier and entails no changes to the legal content. Disclosure Obligations: With effect from 5 January 2011, the Market Conduct Rules will impose an obligation to provide information relating to uncertainties about the duration of outages etc exceeding 400MW for the Nordic financial power market. We refer to separate announcement in this respect. Trading Procedures: The procedures for trading through ETS (Electronic Trading System) and MTS (Manual Trading Service) have been consolidated into a single trading appendix and the procedures have been generally redesigned although no material changes are intended. The provisions relating to ETS and MTS trading errors, respectively, have been more aligned with each other than previously. Please see trading appendix 4 - Trading Procedures. Authorised Traders: All exchange members must appoint at least one “Authorised Trader”, who is a named individual authorised to conduct trading (and appurtenant exchange activities) on behalf of the exchange member. The Trading Rules no longer makes a distinction between employees of the exchange member and hired consultants etc. The previous “Exchange Trader” role has been removed as it is deemed obsolete. Contact Person: Members may be requested to appoint one or more physical person(s) as its “Contact Person”, thereby being generally authorised to act and sign in the member's name in relation to the daily operations towards the Exchange and/or the clearinghouse. Contact Persons may also appoint Authorised Traders, and serves as a general membership “administrator” for the member. The requirement of an authorised contact person aims to eliminate the need for collecting company signature lists and authorised signatures on each occasion, and also to have a single point of contact in matters where communication with the member is necessary. Please see section 3.4 in the general terms of the Trading Rules and section 3.5 in the general terms of the Clearing Rules. Members are generally encouraged to appoint a contact person as soon as possible. Use of Trade Information: The provisions in the Trading Rules relating to members' use of “Trade Information” have been redesigned and also provide clarification that members are allowed to distribute such information to other entities assisting the member in its trading/clearing activities provided that the information is only used for such purposes. Provisions on intellectual property rights corresponding to those in the Trading Rules have been implemented in the Clearing Rules also. Please see section 10 in the general terms of the Trading Rules and section 11 in the general terms of the Clearing Rules. Use of trade information for other purposes is subject to the NASDAQ OMX Data Global Agreement. Membership Requirements: The continuous information duties for members has been amended from a “push” to a “pull” obligation, as members are no longer obliged to send in financial information and other information unsolicited to the Exchange and/or the Clearinghouse. Members must, however, still provide such information upon request. The wording of the membership requirements of the Trading Rules and the Clearing Rules has been harmonized as appropriate. Please see the Membership Requirements in clearing appendix 8 and section 3 in the general terms of the Trading Rules. Client Assets: The provisions relating to the segregation of “Client Clearing Accounts” in case of a default of a General Clearing Member (GCM) have been slightly reworded to clarify that Client Clearing Accounts are fully segregated from other clearing accounts. This is a clarification only and does not entail any actual change from the current setup regarding segregation of client assets. Please see section 8.3 of the general terms of the Clearing Rules. The provisions are deemed compliant with the client asset segregation requirements of the UK FSA. Default Event, Insolvency Event and Non-Compliance Event definitions: The definitions of a Default Event (section 8.1 of the general terms of the Clearing Rules), Insolvency Event (section 8.7 of the general terms of the Clearing Rules) and Non-Compliance Event (section 8 of the general terms of the Trading Rules) have been amended to harmonize the definitions with those in the N2EX legal framework and to generally improve clarity. Special provisions relating to Non-Clearing Members in cases where their GCM becomes ineligible for clearing have been added to section 8.3 in the general terms of the Trading Rules. Closing Prices: The window for determination of the closing prices has been amended to five (5) minutes (from the current 15 minutes window). Furthermore, final closing prices are now set using the same methodology as the daily closing prices. Otherwise the provisions regarding closing prices have been amended to better reflect current operational procedures. Please see section 4 of the general terms of the Trading Rules and section 6.4 in the general terms of the Clearing Rules, as well as the updated Trading and Clearing Schedule. License to And Use of Trading and Clearing Facilities: The current ETS Agreement (which is a software license agreement only) has been replaced by a new appendix to the Trading Rules, thereby enabling a “single sign-on” and no need for a separate agreement for using the ETS. The new ETS user Terms incorporate provisions similar to those of the ETS Agreement, but have been made more technologically neutral than the ETS agreement and gives better flexibility for use of third-party software clients etc. The inclusion of the user terms in the rulebook also entails that members will not have to re-sign agreements etc in connection with technical upgrades. The current “Clearing PI User Terms” have been replaced by new “Clearing Platform User Terms”, substantially corresponding to the ETS user terms. Please observe that the introduction of the ETS user terms entails that all current ETS Agreements with members are terminated, and this notice serves as termination notice in this respect. Force Majeure and Exclusion of Liability: The force majeure definition has been amended to a more general wording in line with legal standards, and also to correspond to those in the N2EX market. Some provisions have been added to clarify the liability of the Exchange and/or the Clearinghouse towards members and third parties. Please see section 9 of both the general terms of the Trading Rules the Clearing Rules. Ethical Guidelines: The ethical guidelines have been disconnected from the rulebooks, as these were explicitly stated not to be legally binding and hence were redundant in the setting of a legal framework. The ethical guidelines will still be published as a separate document. The market conduct rules will continue to apply in full and will be further developed to support a transparent, efficient and fair market for all market participants, and the exchange and the Clearinghouse will continue to promote high ethical standards in the markets. Agreements: The agreement templates for both clearing and trading have been generally updated. This will only have effect for future agreements based on such templates and will not affect any current agreements. The above should not be deemed an exhaustive list of the amendments to the trading and clearing rulebooks. A broader review of the amended rulebooks is recommended for those who wish to obtain a complete overview of the updated legal framework. The changes will come into effect on 1 January 2011. The updated rulebooks are available at www.nasdaqomxcommodities.com/trading/legalframework. For further information, please contact NASDAQ OMX Commodities: Eivind Grimsø Moe, Legal Counsel, phone +47 6752 8084/+47 9112 0355 Press contact: Trine Fersnes Riccardi, Director of Communications, Corporate Communications, phone +47 6752 8080/+47 9574 7497 About NASDAQ OMX The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with more than 3,600 listed companies. NASDAQ OMX offers multiple capital raising solutions to companies around the globe, including its U.S. listings market, NASDAQ OMX Nordic, NASDAQ OMX Baltic, NASDAQ OMX First North, and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. NASDAQ OMX technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com. Please follow NASDAQ OMX on Facebook (http://www.facebook.com/nasdaqomx) and Twitter (http://www.twitter.com/nasdaqomx). About NASDAQ OMX Commodities NASDAQ OMX Commodities is the brand name for the NASDAQ OMX Group's worldwide suite of commodity related products and services. The NASDAQ OMX Commodities offerings include power, natural gas and carbon emission markets and clearing services. NASDAQ OMX Commodities is a trademark of the NASDAQ OMX Group, Inc. NASDAQ OMX Commodities Europe is a secondary name of NASDAQ OMX Oslo ASA, and is authorized as a commodity derivatives exchange by the Norwegian Ministry of Finance and supervised by the Norwegian Financial Supervisory Authority. The clearinghouse, NASDAQ OMX Stockholm AB, is authorized and supervised as a multi-asset clearinghouse by the Swedish Financial Supervisory Authority in Sweden as well as authorized to conduct clearing operation in Norway by the Norwegian Ministry of Finance. For more information, please visit www.nasdaqomxcommodities.com. NASDAQ OMX's Cautionary Note Regarding Forward-Looking Statements The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about NASDAQ OMX's products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond NASDAQ OMX's control. These factors include, but are not limited to factors detailed in NASDAQ OMX's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements. This document is being directed solely at and may only be communicated to persons: (i) who have professional experience in matters relating to investments as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO") or, (ii) who are high net worth companies, unincorporated associations and trustees of high value trusts within Article 49(2)(a)-(d) of the FPO, or (iii) to whom it may otherwise be lawful to distribute it (all such persons together being referred to as "Relevant Persons"). Any investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.