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Measures Aimed To Prevent Amsterdam Exchanges Trading Systems From Being Overloaded

Date 16/03/2000

With reference to the introduction of World Online to Amsterdam Exchanges on 17 March 2000, we would reiterate the relevance of the regulatory measures that may be taken to prevent the trading systems from being overloaded. To reduce the number of World Online orders offered to the Limit Order Book, Amsterdam Exchanges will allow Seatholders on the first day of trading in the security concerned to net orders with the same limit price. The same will apply to the cumulation of such orders. This measure extends to orders without a limit price, the so-called orders at best price. Netting and cumulating of orders with different prices will not be allowed. This measure is subject to the current condition that Seatholders must offer customer orders to the Limit Order Book as soon as possible.

In the event of extremely large numbers of orders having to be executed at the first quote, as we are anticipating in respect of World Online, Amsterdam Exchanges may very briefly suspend the dealings in all other securities and derived option classes. The purpose of this measure is to enable TSA to process the order flow as soon as possible and subsequently to restore normal trading.

Should the above measures prove inadequate, Amsterdam Exchanges reserves the right to take additional steps.