NOS increases the Inter Commodity Spread Credit

As a result of the review, NOS will give more Inter Commodity Spread Credits for the following three dry bulk time charter routes:

• PM4TC and CS4TC
• SM6TC and CS4TC

As an example, the initial margin for a spread position in the PM4TC/CS4TC Calendar 09 contract will be reduced by approximately 20%. In general, the number of credit steps given is increased by one, meaning a reduction equal to 1/3 of the position with the lowest margin. The revised Inter Commodity Spread Credit matrix is shown in appendix 1.

The changes will come into effect from end of business Friday 8th February 2008 for margins to be posted by 15.00 CET Monday 11th February.

Any questions can be directed to NOS Clearing ASA:

Hanne Bævre Johansson
Vice President
+47 23 25 93 20

Morten Larsen
Vice President Risk Management
+47 23 25 93 09