The operating revenues for the Oslo Børs VPS group was MNOK 235 in the fourth quarter of 2009 (MNOK 273). Operating profit before amortisations and write-downs was MNOK 96.6 (MNOK 107.0).

A more detailed presentation of the group accounts and business areas is provided in the quarterly report (enclosed).

Relative to the fourth quarter of 2008, revenues declined by NOK 38 million or 14%. The reduction related largely to revenue from trading and settlement of shares and fixed annual fees paid by issuers and investors based on market values. The year-on-year decrease in revenues reflects reduced market activity, lower market values and the price reductions that came into effect in 2008 and 2009.

Costs before amortisations and write-downs of excess value for the fourth quarter were NOK 28 million or 17% lower than in the same period in 2008.

As a result of changes made to the estimated amortisation periods for the excess value that arose as a result of the merger of Oslo Børs Holding and VPS Holding in November 2007, cumulative amortisation of excess value for 2009 as a whole was NOK 30 million higher than for 2008.

Goodwill allocated to VPS was written down by NOK 114 million in the fourth quarter of 2009 due to a change in revenue expectations resulting from the decision to discontinue the funds system project.

Outlook for 2010

The group’s revenues vary in line with activity levels. The reductions in fees implemented in 2008 and 2009 will have an effect on operating revenues in 2010. Oslo Børs VPS is committed to offering a pricing structure that is competitive and that encourages active use of the group's services. Competition is expected to continue to increase. Oslo Børs VPS will again consider adjusting certain of its fees and prices in 2010 as well as further measures to improve the efficiency of its services for the benefit of its customers.

Operating expenses before amortisations and write-downs for 2010 are at present expected to be a little over NOK 500 million, of which depreciation is expected to account for around NOK 70 million. Capitalisation of internal costs will be in the order of NOK 20 million, while amortisation of excess values is expected to be around NOK 80 million. Investment spending planned for 2010 is expected to approach NOK 100 million.

For further information, please contact:
CFO Geir Heggem, tel. +47 22 34 17 22 / +47 952 38 811
SVP Corporate Communications Per Eikrem, tel. +47 22 34 17 40 / +47 930 60 000

Oslo, 18 February 2010