“This acquisition brings tighter integration to the clearing and settlement infrastructure for the benefit of securities market customers”, says VPS President and CEO Jan Hellstrøm.

VPS and NOS have been working towards closer collaboration in the securities market for some time. With this in mind VPS has signed an agreement of intent with Imarex/NOS to purchase the financial clearing operation currently performed by NOS clearing. VPS is very pleased to be taking over both the business area and experienced and capable staff in the field of financial clearing.

“The acquisition achieves closer integration of the clearing and settlement infrastructure for financial instruments (shares, fixed income securities and derivatives) to the benefit of our common customers in the securities market. This, together with our customers and the Oslo Stock Exchange, will strengthen product development and VPS’ position in terms of increased competition and consolidation in the securities market”, says VPS President and CEO Jan Hellstrøm.

More integration will give positive effects to our customer through more simplified and better services.

Mr Hellstrøm is convinced that coordinating product development and standardisation will strengthen the Norwegian securities market’s international competitiveness.

VPS aims to continue all customer and partner agreements in effect.

VPS’ purchase of NOS’ financial clearing operation will be effected by merging Imarex and NOS ownership followed by the formation of two companies in a holding model, one for the marketplace and one for clearing. The merged entity will demerge financial clearing and sell it to VPS Holding ASA. VPS Holding ASA aims to continue financial clearing in a separate subsidiary on a par with VPS ASA and Manamind AS.

A merger and demerger agreement will be signed in the course of April and VPS will take over the financial clearing operation on 1 September 2006.

VPS is to pay NOK 175 million for NOS’ financial clearing, and will receive NOK 103 million in cash and shares for its stake in NOS.

For further information please contact:
Jan Hellstrøm, President and CEO, VPS Holding ASA
Phone: + 47 91 11 54 32 ore e-mail: jhe@vps.no