Common use of Conclusion Clause in Contracts

Conclusion. Based on the information submitted by the Norwegian authori- ties, the Authority has doubts as to whether the measures in favour of Mesta AS involve State aid within the meaning of Article 61(1) of the EEA Agreement and whether the measures may be considered as compatible with Article 61(2) or (3) of the EEA Agreement. Consequently, and in accordance Article 4(4) of Part II of Protocol 3 to the Surveillance and Court Agreement, the Autho- rity is obliged to open the procedure provided for in Article 1 (2) of Part I of Protocol 3 of the Surveillance and Court Agree- ment. The decision to open proceedings is without prejudice to the final decision of the Authority, which may conclude that the measures in question are compatible with the functioning of the EEA Agreement or do not involve State aid at all. In light of the foregoing considerations, the Authority, acting under the procedure laid down in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement, requests the Norwegian authorities to submit their comments within one month of the date of receipt of this Decision. In light of the foregoing consideration, the Authority requires that, within one month of receipt of this decision, the Norwegian authorities provide all documents, information and data needed for assessment of the measures in favour of Mesta AS and requests the Norwegian authorities to forward a copy of this letter to the potential aid recipient of the aid imme- diately, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority has decided to open the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement against Norway regarding the restructuring and reorganisation measures in favour of Mesta AS, the contribution of assets and the transfer of transitional contracts to Mesta AS as well as the exemption of Mesta AS from paying document duty and regist- ration fee. The Norwegian authorities are requested, pursuant to Article 6(1) of Part II of Protocol 3 to the Surveillance and Court Agree- ment, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision. The Norwegian authorities are required to provide within one month from notification of this decision, all documents, infor- mation and data needed for assessment of the compatibility of the aid measure. The EC Commission shall be informed, in accordance with Protocol 27 (d) of the EEA Agreement, by means of a copy of this Decision. Other EFTA States, EC Member States, and interested parties shall be informed by the publishing of this Decision in its authentic language version, accompanied by a meaningful summary in languages other than the authentic language version, in the EEA Section of the Official Journal of the European Communities and the EEA Supplement thereto, inviting them to submit comments within one month from the date of publica- tion. Done at Brussels, 18 July 2007. This Decision is addressed to the Kingdom of Norway. Real estate and buildings 281 Machinery and equipment 594 Current assets 1 709 Stock/inventory 103 Other claims Liquidity 1 600 Total assets 2 686

Conclusion. Based on the information submitted by the Norwegian authori- tiesauthorities, the Authority has doubts as to whether cannot exclude the measures in favour of Mesta AS involve State possibi- lity that the contested funding constitutes aid within the meaning of Article 61(1) of EEA. Furthermore, the EEA Agreement and whether Authority has doubts that this funding can be regarded as complying with Article 61(3)(c) EEA. The Autho- rity thus doubts that the said measures may be considered as are compatible with Article 61(2) or (3) the functioning of the EEA Agreement. Consequently, and in accordance Article 4(4) of in Part II of Protocol 3 to the Surveillance and Court AgreementAgree- ment, the Autho- rity Authority is obliged to open the procedure provided for in Article 1 (21(2) of in Part I of Protocol 3 of the Surveillance and Court Agree- mentthat Protocol. The decision to open proceedings is without prejudice to the final decision of the Authority, which may conclude that the measures in question do not constitute aid within the meaning of Article 61(1) EEA or, if they do, that they are compatible with the functioning of the EEA Agreement or do not involve State aid at allAgreement. In light of the foregoing considerations, the Authority, acting under in accordance with the procedure laid down in Article 1(2) of in Part I of Protocol 3 to the Surveillance and Court Agreement, requests that the Norwegian authorities to submit their comments within one month of the date of receipt of this Decision. In light of the foregoing considerationFurthermore, the Authority requires that, within one month of receipt of this decisionDecision, the Norwegian authorities provide all documents, information and data needed for the assessment of the measures nature of the contested funding and its compatibility with the functioning of the EEA Agreement, including, in favour of Mesta AS particular, the specific questions raised at points I.2.1(d) and II.1.2(a) and (b). It requests that the Norwegian authorities to forward a copy of this letter to the potential aid recipient recipients of the funding immediately. The Authority would also draw the attention of the Norwegian authorities to the fact that Article 1(3) in Part I of Protocol 3 to the Surveillance and Court Agreement constitutes a standstill obligation and that Article 14 in Part III of that Protocol provides that, in the event of a negative decision, all unlawful aid imme- diatelymay be recovered from the beneficiary, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority has decided to open the formal investigation procedure provided for in Article 1(2) of in Part I of Protocol 3 to the Surveillance and Court Agreement against Norway regarding the restructuring and reorganisation measures various forms of contested funding described in favour of Mesta AS, the contribution of assets and the transfer of transitional contracts to Mesta AS as well as the exemption of Mesta AS from paying document duty and regist- ration feeforegoing at point I.2.1. The Norwegian authorities are requested, pursuant to Article 6(1) of in Part II of Protocol 3 to the Surveillance and Court Agree- mentAgreement, to submit their comments on the opening of the formal investigation procedure within one month from the notification of this Decision. The Norwegian authorities are required to provide provide, within one month from notification of this decisionDecision, all documents, infor- mation information and data needed for the assessment of the compatibility nature of the aid measure. The EC Commission shall be informed, in accordance funding and its compatibi- lity with Protocol 27 (d) the functioning of the EEA Agreement, by means including, in particular, the specific questions raised at points I.2.1(d) and II.1.2(a) and (b) of a copy of this Decisionthe foregoing. Other EFTA States, EC Member States, and interested parties shall be informed of the matter by the publishing publica- tion of this Decision in its authentic language version, accompanied by a meaningful summary in languages other than the authentic language version, in the EEA Section of the Official Journal of the European Communities Union and the EEA Supplement thereto, inviting them to submit comments within one month from the date of publica- tion. Done at Brussels, 18 July 2007publication. This Decision is addressed to the Kingdom of Norway. Real estate and buildings 281 Machinery and equipment 594 Current assets 1 709 Stock/inventory 103 Other claims Liquidity 1 600 Total assets 2 686Only the English version is authentic. Done at Brussels, 13 December 2006.

Conclusion. Based on the information submitted by the Norwegian authori- tiesIcelandic authorities, the Authority has doubts as cannot exclude the possibility that the 2007 amendments to whether the measures in favour Harbour Act and certain aspects of Mesta AS involve State the 2003 Harbour Act constitute aid within the meaning of Article 61(1) of the EEA Agreement and whether Agreement. Furthermore, the Authority has doubts that these measures may can be considered regarded as complying with Article 61(2)(b) or 61(3)(c) of the EEA Agreement, possibly in combination with the require- ments laid down in the Shipbuilding Guidelines or the Regional Aid Guidelines or by way of direct application. The Authority thus doubts that the above measures are compatible with Article 61(2) or (3) the functioning of the EEA Agreement. Consequently, and in accordance Article 4(4) of Part II of Protocol 3 to the Surveillance and Court Agreement, the Autho- rity is obliged to open the procedure provided for in Article 1 (2) of Part I of Protocol 3 of the Surveillance and Court Agree- ment. The decision to open proceedings is without prejudice to the final decision of the Authority, which may conclude that the measures in question do not constitute aid or are compatible with the functioning of the EEA Agreement or do Agreement. The Authority notes that were the measures to be identified as new aid within the meaning of Article 1(c) in Part II to Protocol 3 of the Surveillance and Court Agreement, any breach of the standstill operation leads to the classification of the aid as unlawful within the meaning of Article 1(f) of Part II of Protocol 3 to the Surveillance and Court Agreement. Unlawful aid which is not involve compatible with the EEA State aid at allprovisions is subject to recovery. In light of the foregoing considerations, the Authority, acting under the procedure laid down in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement, requests invites the Norwegian Icelandic authorities to submit their comments on this Decision within one month of the date of receipt of this Decisionthereof. In light of the foregoing considerationconsiderations, the Authority requires that, invites the Icelandic authorities within one month of receipt of this decision, the Norwegian authorities to provide all documents, information and data needed for assessment of the measures in favour of Mesta AS and requests the Norwegian authorities to forward a copy of this letter to the potential aid recipient compatibility of the aid imme- diatelyabove measures, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority finds that as far as breakwater constructions, marking of approach channels, depth, protective installations and dredging are concerned, no State aid is involved as regards support for these projects under Article 24(2)(a), (b) and (c) of the 2003 Harbour Act. The damage compensation clause in 26(3), subparagraph 3, of the 2003 Harbour Act therefore does not involve any State aid within the meaning of Article 61(1) of the EEA Agreement, in so far as it relates to these projects. The EFTA Surveillance Authority has decided to open the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement against Norway Iceland regarding the restructuring 2007 amendments to the Harbour Act and reorganisation measures certain aspects of the 2003 Harbour Act, namely in favour of Mesta AS, the contribution of assets relation to support for pilot vessels and the transfer of transitional contracts to Mesta AS as well as the exemption of Mesta AS from paying document duty and regist- ration feequay installations. The Norwegian Icelandic authorities are requestedinvited, pursuant to Article 6(1) of Part II of Protocol 3 to the Surveillance and Court Agree- mentAgreement, to submit their comments on the opening of the formal investigation investi- gation procedure within one month from the notification of this Decision. The Norwegian authorities are required to provide within one month from notification of this decision, all documents, infor- mation xxxxxx and data needed for assessment of the compatibility of the aid measure. The EC Commission shall be informed, in accordance with Protocol 27 (d) of the EEA Agreement, by means of a copy of this Decision. Other EFTA States, EC Member States, and interested parties shall be informed by the publishing of this Decision in its authentic language version, accompanied by a meaningful summary in languages other than the authentic language version, in the EEA Section of the Official Journal of the European Communities and the EEA Supplement thereto, inviting them to submit comments within one month from the date of publica- tion. Done at Brussels, 18 July 2007. This Decision is addressed to the Kingdom Republic of NorwayIceland. Real estate and buildings 281 Machinery and equipment 594 Current assets 1 709 Stock/inventory 103 Other claims Liquidity 1 600 Total assets 2 686Only the English version is authentic. Done at Brussels, 12 December 2007. The Icelandic authorities are invited to provide within one month from notification of this Decision, all documents, infor-

Conclusion. Based on On the information submitted by basis of the Norwegian authori- tiesforegoing assessment, had the Icelandic authorities notified the capitalisation measures and deposit guarantee involved in Phase 1 and Phase 2 of the process of restoring and restructuring Arion Bank in advance, the Authority has doubts as to whether would in all probability have temporarily approved the measures in favour of Mesta AS involve State as aid within the meaning of Article 61(1) of the EEA Agreement and whether the measures may be considered as compatible with Article 61(2) or (3) the functioning of the EEA Agreement. ConsequentlyThe aid granted could, however, only have been considered compatible on a temporary basis, conditional upon the submission of a detailed restructuring plan for the bank and a satisfactory assessment by the Authority of its future viability. Although the Icelandic authorities have committed to submit a restructuring plan for the Authority’s assessment, in accordance Article 4(4) view of Part II of Protocol 3 to the Surveillance and Court Agreementtime period that has elapsed since the aid was granted, the Autho- rity Authority is obliged required to open a formal investigation procedure into the procedure provided for in Article 1 (2) of Part I of Protocol 3 of the Surveillance and Court Agree- mentmeasures adopted. The decision to open proceedings a formal investigation procedure is without prejudice to the final decision of the Authority, which may conclude that the measures in question do not constitute State aid or are compatible with the functioning of the EEA Agreement or do Agreement. The Authority also regrets that the Icelandic authorities did not involve State aid at all. In light of the foregoing considerations, the Authority, acting under the procedure laid down in respect their obligations pursuant to Article 1(21(3) of Part I of Protocol 3 3. The Icelandic authorities are therefore reminded that any plans to grant further restructuring or other aid to the Surveillance and Court Agreement, requests the Norwegian authorities bank must be notified to submit their comments within one month of the date of receipt of this Decision. In light of the foregoing consideration, the Authority requires that, within one month of receipt of this decision, the Norwegian authorities provide all documents, information and data needed for assessment of the measures approved in favour of Mesta AS and requests the Norwegian authorities to forward a copy of this letter to the potential aid recipient of the aid imme- diatelyadvance, HAS ADOPTED THIS DECISION: The EFTA Surveillance Authority has decided to open the formal investigation procedure provided for in Article 1(2) of Part I of Protocol 3 to the Surveillance and Court Agreement against Norway regarding is opened into the restructuring measures undertaken by the Icelandic State to restore certain operations of (old) Kaupthing Bank hf and reorganisation measures in favour of Mesta AS, the contribution of assets establish and the transfer of transitional contracts to Mesta AS as well as the exemption of Mesta AS from paying document duty and regist- ration feecapitalise New Kaupthing Bank hf (now renamed Arion Bank). The Norwegian Authority requires that a detailed restructuring plan for Arion Bank be submitted as soon as possible and in any event no later than 31 March 2011. The measures involve unlawful State aid from the dates of their implementation to the date of this Decision in view of the failure by the Icelandic authorities are requested, pursuant to comply with the requirement to notify the Authority before implementing aid in accordance with Article 6(11(3) of Part II I of Protocol 3 to the Surveillance 3. (1) See paragraphs 10 and Court Agree- ment24, to submit their comments on the opening and footnote 13, of the formal investigation procedure within one month from Authority’s guidelines: xxxx://xxx.xxxxxxxx.xxx/?0=0&xxxxXxxxXX= 16604&1=1 (2) The issue is referred to in the notification CBI's Financial Stability Report for the second half of this Decision2010 (pp. 18-21), xxxx://xxx. xxxxxxxxxx.xx/xxxxxxx/xxxxxxx.xxxx?xxxxxx=0000 and the Annual Report of the FME for 2010 (currently only available in Icelandic, pp. 31-32): xxxx://xxx.xxx.xx/xxxxxxx/xxxxxxx.xxxx?xxxxxx=0000 See also the following news reports: xxxx://xxx.xxxxxxxxxxxx.xxx/xxxx/0000-00-00/xxxxxxx-xxxx-xxxxxxx-xxx-xx-xxxxxxxx-xx-xxxxx-x-xx-xxxx-xxxxxx.xxxx xxxx://xxx.xxxxxxxxxxxx.xxx/xxxx/0000-00-00/xxxxxxx-xxxxxx-xxx-xxxx-xxxxx-0-xxxxxxx-xx-xxxxxx.xxxx (3) xxxx://xxx.xxxxxxxxxx.xx/xxxxxxx/xxxxxxx.xxxx?xxxxxx=0000 The Norwegian Icelandic authorities are required requested to provide within one month from notification of this decisionDecision, all documents, infor- mation information and data needed for assessment of the compatibility of the aid measure. The EC Commission shall be informed, in accordance with Protocol 27 (d) of the EEA Agreement, by means of a copy of this Decision. Other EFTA States, EC Member States, and interested parties shall be informed by the publishing of this Decision in its authentic language version, accompanied by a meaningful summary in languages other than the authentic language version, in the EEA Section of the Official Journal of the European Communities and the EEA Supplement thereto, inviting them to submit comments within one month from the date of publica- tion. Done at Brussels, 18 July 2007. This Decision is addressed to the Kingdom Republic of NorwayIceland. Real estate and buildings 281 Machinery and equipment 594 Current assets 1 709 Stock/inventory 103 Other claims Liquidity 1 600 Total assets 2 686Only the English language version of this Decision is authentic. Done at Brussels, 15 December 2010.