Articles of Association IMAREX ASA (as amended on 1 July 2008)

Section 1 - Company Name

The Company’s name is IMAREX ASA, and the Company is a public limited liability company.

Section 2 - Registered office

The registered office of the Company is in Oslo municipality.

Section 3 - Company business

The objective of the Company is to operate a market place for derivatives, conduct clearing activities, brokerage of derivatives and financial instruments and other related activities. These activities may be conducted by the Company itself, by its subsidiaries, or through participation in other companies or in cooperation with others.

Section 4 - Share capital

The Company’s share capital is NOK 15 089 866, divided into 15 089 866 shares, each with a nominal value of NOK 1.

Section 5 - Board of Directors

The Board of Directors of the Company shall consist of three to eight Directors, as decided by the General Meeting. The Chairman and the Deputy Chairman of the Board of Directors shall be elected by the General Meeting. The Managing Director of the Company cannot be a member of the Board of Directors.

Section 6 - Signatory Rights

The right to sign on behalf of the Company shall be exercised by the Chairman of the Board of Directors alone or by two Directors jointly.

Section 7 - Nomination Committee

The Company shall have a Nomination Committee consisting of three members elected by the General Meeting for a period of three years at a time. The Nomination Committee shall have maximum one member which also is a member of the Board of Directors of the Company, and shall not include any representatives from the Company’s management. The Nomination Committee shall make a proposal to the General Meeting with regard to the shareholder elected members of the Board of Directors, its Chairman, Deputy Chairman, as well as the remuneration of the members of the Board of Directors. The proposal shall be made to the Chairman of the Board no later than three weeks prior to the General Meeting.

Section 8 - General Meeting

The Ordinary General Meeting shall consider and resolve the following matters:· Approval of the annul accounts and the annual report, including distribution of dividend.· Any other matters which according to law or the Articles of Association fall under the General Meeting.