T+2 IMPLEMENTATION Questions & Answers

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1 T+2 IMPLEMENTATION Questions & Answers BACKGROUND The Nordic Securities Association, Euroclear Finland, Euroclear Sweden and other Nordic Central Securities Depositories (CSDs), Central Counterparts (CCPs), Stock Exchanges and Regulators have agreed on a common date to implement the T+2 settlement cycle. The decided implementation day will be 6 October The settlement in the Nordic market will be changed from T+3 to T+2. The decision was motivated by the general harmonisation of post trade in Europe. It is regulated by the European Union CSD regulation, which requires that the settlement cycle is harmonised to T+2 as of 1 January 2015 at the latest. However, considering the year end freezing period, the best possible time was agreed to be early October. We will help participants and issuers to prepare and make the necessary adjustments according to the new settlement cycle. This document will work as guidance in the adoption of the new settlement cycle. PURPOSE AND SCOPE OF THIS DOCUMENT This document aims to guide the participants and provide answers to the most common questions regarding the transition in the Finnish market. This is intended to be a living document to be edited when new information is available. BACKGROUND AND TIMETABLE When will Finland join the shorter settlement cycle? T+2 standard settlement will be implemented on Monday, 6 October Transactions with a trade date before or on Friday, 3 October 2014 will be settled according to a T+3 settlement lifecycle.

2 - Transactions with a trade date as from Monday, 6 October 2014 will be settled according to a T+2 settlement lifecycle. Why are you shortening the standard settlement cycle from T+3 to T+2? Shortening the settlement cycle is part of European harmonisation of post trade. It aims at improving efficiency and removing barriers between borders. How is the T+2 implementation coordinated between market participants in the Nordic markets? The implementation is coordinated between market participants, CCPs, CSDs and stock exchanges. Euroclear Finland is coordinating the implementation for the Finnish market. In the Nordic markets, the coordination is as follows: - In Denmark, the Danish Securities Dealers Association and the Danish Bankers Association is coordinating the implementation for the Danish market. - In Finland, Euroclear Finland is coordinating the implementation for the Finnish market. - In Sweden, the Swedish Securities Dealers Association is coordinating the implementation for the Swedish market. - In Baltic markets, NASDAQ OMX stock exchanges in Tallinn, Riga and Vilnius are coordinating the implementation for the Baltic markets - In Iceland, NASDAQ OMX Iceland and the Icelandic Securities Depository are jointly coordinating the implementation for the Icelandic market - In Norway the Oslo Bors VPS group is coordinating the implementation for the Norwegian Market. Is there a working group within market infrastructures/users for the preparation and roll-out of T+2? Euroclear Finland has been appointed to coordinate the transition for the Finnish market. On a European level the T2S Harmonisation Steering Group (HSG) has appointed a working group for the implementation of T+2, the T2S T+2 Task Force. What is the T2S T+2 Task Force and what is the group s assignment?

3 The T+2 Task Force is a working group of the T2S Harmonisation Steering Group (HSG) with the primary focus to ensure coordination between the respective T2S markets move to T+2. In addition the group will encourage coordination with other European markets also moving to T+2. The T+2 Task Force s assignment is to develop and publish a number of recommendations as well as monitor the implementation of these recommendations and the process for moving to T+2. The T+2 Task Force recommendations will be agreed by the HSG and endorsed by the T2S Advisory Group (AG). The T+2 Task Force can only propose recommendations for best practices to the T2S relevant governance structures (HSG and AG). The Advisory Group will take a final decision as to what recommendations should be issued and to whom. According to the draft CSDR provisions, the competent supervisory authorities of the trading venues are the sole regulatory actors for T+2. INSTRUMENTS, TRADES AND TRANSACTIONS Which instruments will be included in the T+2 settlement? According to the CSD Regulation, the T+2 settlement cycle is applicable to all trades that settle in Euroclear Finland, if they are traded: - on a regulated market moving to T+2, such as NasdaqOMX Nordic (also including non-regulated First North markets). - on a Multilateral Trading Facility (MTF) or an Organized Trading Facility (OTF), if and when applicable - for Over The Counter (OTC) the recommendation cycle is T+2, unless both parties agree otherwise. This is also recommendation from the T2S T+2 Task Force. NASDAQ OMX will provide further information regarding the impact of transition to T+2 standard settlement on NASDAQ OMX Nordic and NASDAQ OMX Baltic exchanges directly to the members and relevant stakeholders of the exchanges. For more info please see: Will T+2 settlement apply to all transactions settled in Euroclear Finland?

4 No. T+2 will not apply to OTC or primary market transactions i.e. issuance that typically has longer settlement period. However, for Over the Counter (OTC) the recommendation cycle is T+2, unless both parties agree otherwise. Will T+2 be applied also on manual on-exchange trades? Trades that are executed off order book, but in accordance with the Nordic Member Rules and subsequently reported to the exchange (manual trades) will implement T+2 as standard settlement. It will still be possible to report manual trades with non-standard settlement. SETTLEMENT When is the settlement for trades executed on 3 and 6 October? Settlement date for trades executed on 3 and 6 October will be 8 October, Will there be any changes to settlement date restrictions / validations in manual trades? NasdaqOMX has informed that the current rules apply: - In CCP cleared instruments settlement dates T+1 T+6 are accepted. - In non CCP cleared instruments settlement dates T+1 are accepted (i.e. T+6 is not the limit) Will HEXClear first optimisation on 8 October 2014 form separate netting for trade date 3 October and trade date 6 October transactions? No, HEXClear optimisation is not linked to Trade date. All transactions that are booked for Settlement Date 8 October 2014 are included in same netting. Will HEXClear cash obligation for 8 October 2014 be formed differently? No, the morning cash obligation is formed as usual. But because there will be transactions from trade date 3 October and 6 October, participant s cash obligation can be higher than usual.

5 SYSTEMS AND TESTING Is the settlement day implemented in the Euroclear Finland systems? HEXClear system supports the T+2 settlement cycle. Default settlement date in HEXClear for trades executed on 3 and 6 October will be 8 October, The default dates on Trade Add Screen in HEXClear User Interface will be changed according to the T+2 settlement cycle. The system will not execute any changes to transactions on implementation date, or at any other point, but transactions will settle as instructed. On Ramses, we kindly ask you to define the settlement day manually until the end of October according to the T+2 cycle. Our New System will support the T+2 cycle as of 3 November Will you provide testing possibilities? Euroclear Finland s test environment is available for testing. On the HEXClear test environment, the default dates on Trade Add Screen in HEXClear User Interface will be implemented during August-September. Euroclear Finland will not provide any test cases and testing is voluntary but recommended. Nasdaq OMX Nordic will also support testing with schedule below: Nasdaq OMX Nordic testing time schedule T+2 standard settlement will be available for testing in two phases: Phase 1 for early testing: June 16 June 27, 2014 Phase 2 for testing: August 18 October 3, 2014 During the period from June 30 to August 15, 2014, current T+3 standard settlement is rolled back to test systems. Will CCPs provide testing possibilities? Participants wishing their testing to include that the CCPs (EuroCCP or SIX X-Clear) sends settlement instructions to HEXClear must themselves make such arrangements directly with CCP. Also for other CCP/MTF related testing issues (securities lines used, testing windows ect) participant need to contact CCP or MTF directly. CCP contact - EuroCCP:

6 - SIX X-Clear: Will you provide Ramses testing possibilities? For Ramses side T+2 testing possibilities please contact Euroclear Finland Will there be changes in the market practices, Euroclear Finland s rules, CEO s decisions and other documents? Yes, there will be some changes on market practices, EFi rules and CEO decisions. More info will be provided later by Euroclear Finland. CORPORATE ACTIONS Will there be changes in schedules of corporate actions? Yes. The change will effect corporate actions, if the record day follows the settlement cycle. After 6 October, the record day will follow T+2 cycle instead of T+3. Should the company contact Euroclear Finland if they are planning to execute a corporate action event on 3 October or around the days that T+2 settlement will be implemented? Yes. We strongly advise you to contact Euroclear Finland if you are planning to execute a corporate action event (e.g. dividend payment, capital refund, bonus issue, rights issue) which might be affected by the settlement cycle change. Will the settlement cycle change have an effect on the payment schedule of dividens? Yes, after the settlement cycle change the record date of the dividend cannot be earlier than two trading days after the Annual General Meeting. Currently the record date cannot be earlier than three trading days after the AGM.

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