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1 . NORWAY MAY :

( A ) FOR A PERIOD OF TWO YEARS AFTER ACCESSION , DEFER THE LIBERALIZATION OF CAPITAL IMPORTS FOR DIRECT INVESTMENT , IN THE FORM OF LONG-TERM LOANS , IN UNDERTAKINGS ALREADY ESTABLISHED IN NORWAY ;

( B ) FOR A PERIOD OF TWO YEARS AFTER ACCESSION , DEFER THE LIBERALIZATION OF COMMERCIAL CREDITS FOR A PERIOD NOT EXCEEDING FIVE YEARS WHERE THE FOREIGN LENDER IS A FINANCIAL INSTITUTION ;

( C ) FOR A PERIOD OF TWO YEARS AFTER ACCESSION , DEFER THE LIBERALIZATION OF PURCHASES BY NON-RESIDENTS OF SHARES DENOMINATED IN NORWEGIAN KRONER AND DEALT IN ON THE STOCK EXCHANGE IN NORWAY , INCLUDING PHYSICAL TRANSFERS OF THE SECURITIES IN QUESTION ;

( D ) FOR A PERIOD OF FIVE YEARS AFTER ACCESSION , DEFER THE LIBERALIZATION OF OPERATIONS EFFECTED BY PERSONS RESIDENT IN NORWAY IN FOREIGN SECURITIES DEALT IN ON THE STOCK EXCHANGE , INCLUDING PHYSICAL TRANSFERS OF THE SECURITIES IN QUESTION .

2 . FROM THE DATE OF ACCESSION NORWAY WILL , WHEN GRANTING AUTHORIZATIONS FOR THE OPERATIONS REFERRED TO IN PARAGRAPH 1 ( A ) , AVOID DISCRIMINATION BETWEEN NORWEGIAN UNDERTAKING , WHETHER OR NOT THEY ARE CONTROLLED BY UNDERTAKINGS OF OTHER MEMBER STATES .

3 . WITH REGARD TO THE OPERATIONS REFERRED TO IN PARAGRAPH 1 ( B ) , NORWAY WILL ENDEAVOUR TO HAVE RECOURSE TO INSTRUMENTS OF ECONOMIC POLICY COMPATIBLE WITH COMMUNITY RULES RATHER THAN TO EXCHANGE RESTRICTIONS .

4 . RECOGNIZING THAT IT IS DESIRABLE TO PROCEED , FROM THE DATE OF ACCESSION , TO A PROGRESSIVE LIBERALIZATION OF THE OPERATIONS REFERRED TO IN PARAGRAPH 1 ( C ) , NORWAY WILL ENDEAVOUR TO TAKE APPROPRIATE MEASURES TO THIS END .