IMMEDIATE CHANGES TO CERTAIN US BANKING SECTOR CFDs

On 15 July 2008, the U.S. Securities and Exchange Commission (“SEC”) issued an emergency order (“ SEC Order”) that was created to protect investors against the “naked” short selling of 19 US traded financial companies. The SEC Order will be effective from today Monday, 21 July 2008.

The SEC Order means that no person may short sell any of the 19 listed CFDs or Stocks, unless they have borrowed, or arranged to borrow, the security prior to affecting the sale, and deliver the security on the settlement date. This means that that a client must have borrowed the security, or arranged to borrow it, prior to executing a short sale.

As it is now, the SEC Order will be effective from Monday, 21 July 2008 through to 11:59 p.m. EDT on 29 July 2008. If the SEC decides that this Order is in the public interest, they can exercise their right to extend the SEC Order by 10 days, up to their 30-day limit. The SEC has indicated that this Order will be in place for no more than 30 calendar days in total.

Due to this change, Saxo Bank clients will not be able to short sell any of the securities specified in the SEC Order directly on the trading platform. This includes CFDs. Saxo Bank is still able to facilitate short sell CFD orders exceeding USD 100,000 on an ad-hoc basis. Please contact your Account Manager should you wish to execute such a trade.

INSTRUMENTS CHANGED TO NON-SHORTABLE AS OF 21 JULY

• Bank of America (BAC:xnys)

• Citigroup Inc. (C:xnys)

• Credit Suisse Group (CS:xnys)

• Allianz SE (AZ:xnys)

• Goldman Sachs (GS:xnys)

• JP Morgan Chase & Co. (JPM:xnys)

• Lehman Brothers (LEH:xnys)

• Merrill Lynch (MER:xnys)

• Morgan Stanley (MS:xnys)

INSTRUMENTS ALREADY SET AS NON-SHORTABLE (PRIOR TO THE SEC ORDER)

• Barclays Plc (BCS:xnys)

• Deutsche Bank AG (DB:xnys)

• Royal Bank of Scotland Group Plc (RBS:xnys)

• UBS AG (UBS:xnys)

• Freddie Mac (FRE:xnys)

• Fannie Mae (FNM:xnys)

ADDITIONAL SECURITIES AFFECTED BY THE SEC ORDER BUT NOT OFFERED BY SAXO BANK

• BNP Paribas

• Daiwa Securities Group Inc.

• HSBC Holdings Plc

• Mizuho Financial

Weiterführende Links:

SEC beschränkt Leerverkäufe