DERIVATIVES, BØRS - JULY 2015

The OBX index increased by 1% to 574.48 points in July. So far this year the index is up 9.7%.

The average number of contracts traded in July was 30 291 contracts/day. The average year-to-date is 38 446, whereas the average for 2014 was 47 289.

In July, the stock option premium increased by 26% to 67 MNOK (2015 avg: 90 MNOK), whereas the forward exposure fell by 60% to 363 MNOK (2015 avg: 991 MNOK). As for the index derivatives, they fell compared to the June record levels. The OBX option premium decreased by 64% to 21 MNOK (2015 avg: 30 MNOK). The index future turnover fell by 16% to 12.2 BNOK (2015 avg: 13 BNOK).

The most traded single stock option in July was Statoil with 18 MNOK, 27% of the total stock option premium turnover. and Yara followed with a turnover of 10.3 and 8.9 MNOK respectively. The top three stock derivatives accounted for 56% of the total stock option turnover for the month.

Norsk Hydro, Yara and Norwegian were the most traded stock forwards, accounting for 63% of the total exposure. Norsk Hydro had a turnover of 110 MNOK, 30% of the total.

3 changes came into force July 1st:

1. The fees are reduced as follows:  A per transaction fee-cap is introduced - maximum fee per transaction per end-customer will be NOK 15 000  Fees for stock forwards and futures are reduced to 0.04% (from 0.05%)

2. The dividend adjustment rule is changed. Previously the derivative contracts were adjusted for the part of dividends exceeding 5% of the underlying stock’s value. With the new dividend rule, only derivative contracts for dividends deemed extraordinary by Oslo Børs will be adjusted for. The 100% dividend adjusted group will remain (currently consisting of SDRL and MHG).

3. Trading safeguards (order entry limits) have been introduced for futures and forward contracts.

Oslo Børs offers standardised options and forward/futures on 20 stocks and the OBX index. In addition, there are futures listed on the OBOSX index.

There are 8 market makers in Norwegian derivatives.

This summary continues with a presentation of general statistics, followed by a product- and volatility overview towards the end. We hope to see you back in the derivatives market next month.

Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs.

Contract Distribution

80 000

75 000

70 000

65 000

60 000

55 000

50 000

45 000

40 000 Index Futures 35 000 Single Stock 30 000 Fwd/Fut Contracts/ Contracts/ day OBX Index Options 25 000 Stock Options 20 000

15 000

10 000

5 000

0 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month STOCK FWD/FUT 2 821 INDEX - FUTURES 9 214 OBX - OPTIONS 1 531

STOCK OPTIONS 16 726

Contracts/day YTD 2015

INDEX - FUTURES 11 138

STOCK FWD/FUT 11 690

OBX - OPTIONS 2 162 STOCK OPTIONS 13 456

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

OBX Options

Option Premium last month Statoil 7.2 % 4.4 % Norsk Hydro 10.1 % 4.3 % 3.0 % 3.0 % DNB 2.4 % Opera Software 11.6 % 2.0 % 1.6 %

1.4 % 1.3 % DNO International 1.0 % Royal Caribbean Cruises REC Silicon 0.9 % TGS Nopec Geophysical Co. 0.7 % 20.3 % Marine Harvest Group 0.4 % Orkla 0.2 % 0.0 % Forsikring 24.3 % 0.0 % Petroleum Geo-Services

OBX Options

Option Premium YTD 2015 Statoil

4.7 % Yara International 8.5 % 4.5 % Norsk Hydro 11.2 % 4.2 % Storebrand 3.4 % Norwegian Air Shuttle 2.8 % 2.6 % DNB Telenor 2.2 % Seadrill 2.0 % Marine Harvest Group

2.0 % Subsea 7

1.7 % Opera Software

1.3 % TGS Nopec Geophysical Co.

1.0 % Petroleum Geo-Services

Royal Caribbean Cruises 21.7 % 0.4 % 0.4 % DNO International 0.2 % Orkla

0.2 % REC Silicon 0.1 % 24.8 % Aker Solutions Gjensidige Forsikring Norske Skog

SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Norsk Hydro

Stock Fwd/Fut Premium last month Yara International

11.4 % Norwegian Air Shuttle

Statoil 12.3 % 7.2 % Marine Harvest Group

Petroleum Geo-Services 4.1 % 20.5 % DNB 4.0 % Seadrill

Gjensidige Forsikring 2.5 % Storebrand

2.0 % DNO International 1.7 % 1.3 % Telenor 1.2 % Orkla 1.1 % 0.3 % REC Silicon 0.2 % 0.0 % Royal Caribbean Cruises 0.0 % Aker Solutions 0.0 % Subsea 7 0.0 % 0.0 % Norske Skog 30.2 % Opera Software

TGS Nopec Geophysical Co.

Stock Fwd/Fut Premium YTD 2015 Norsk Hydro Norwegian Air Shuttle

4.8 % Seadrill 4.8 % 4.7 % 6.5 % 3.4 % Marine Harvest Group 3.3 % Statoil 6.7 % 3.0 % 3.0 % TGS Nopec Geophysical Co. Petroleum Geo-Services

Gjensidige Forsikring 8.9 % 2.8 % Telenor

DNO International 2.6 % DNB Subsea 7 1.6 % Opera Software 1.1 % 9.6 % Yara International 0.9 % REC Silicon 0.8 % Storebrand 0.1 % Royal Caribbean Cruises 0.1 % Orkla 31.3 % Norske Skog

Aker Solutions

PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

250 800 000

700 000

200 200 600 000

500 000

150 159

Contracts - 131 400 000

100 113 122 300 000 87 78 77 200 000 Turnover Turnover Premium MNOK 75 67 50 63 53 100 000 Open Interest (avg) 40

0 0 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15

Turnover Premium Open Interest (avg)

Single Stock Forwards & Futures

3 000 400 000

350 000

2 500 2 573

300 000

2 000

250 000

Contracts -

1 500 200 000

1 1 501 1 1 435

150 000

1 000

910

1 1 014

911 786

873 100 000

753 Turnover Turnover Premium MNOK

500 518

50 000 Open Interest (avg)

363

413 355

0 0 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15

Turnover Premium Open Interest (Avg)

PREMIUM - INDEX DERIVATIVES

OBX - Index Options

140 90 000

132 80 000 120 120 70 000 100 60 000

80

50 000 Contracts -

60 40 000 61 58 30 000 40 40 Turnover Turnover Premium MNOK 36 20 000

29 Open Interest (avg) 20 26 23 20 20 21 21 10 000

0 0 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15

Turnover premium / month Open interest (avg)

Index Futures

30 000 120 000

25 000 100 000

20 000 80 000

19 871

17 912 Contracts

15 000 60 000 -

15 656

14 354

14 555

14 14 177

12 191

12 183

15 761 13 480

10 000 12 663 40 000

13 796

Turnover Turnover exposure MNOK 10 546

5 000 20 000 Open Interest (avg)

0 0 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15

Turnover exposure MNOK Open Interest (avg)

BROKER STATISTICS - JULY 2015

LSE Derivatives Equity Options DNB BANK ASA 14.9 % 14.5 % Enskilda Securities

2.5 % 2.0 % Danske Bank A/S 1.8 % Sparebank 1 Markets 1.1 % 0.9 % Nordea Markets 0.9 % 0.5 % Handelsbanken Capital Markets Arctic Securities ASA 0.1 % NetFonds AS

0.1 % Carnegie ASA

Fearnley Fonds 29.2 % 31.5 % Pareto Securities AS

Fondsfinans ASA

Index Options LSE Derivatives 17.1 % Danske Bank A/S 11.9 %

DNB BANK ASA 2.7 % 1.9 % 1.3 % Enskilda Securities 0.6 % 0.6 % NetFonds AS

Nordea Markets

Sparebank 1 Markets

25.1 % Pareto Securities AS

38.8 % Handelsbanken Capital Markets

Stock Forwards & Futures 86.6 %

DNB BANK ASA

Carnegie ASA

8.8 % Sparebank 1 Markets 3.2 % 1.3 %

Danske Bank A/S

Index Futures 12.1 % LSE Derivatives 5.7 % 31.8 % DNB BANK ASA 4.2 % 2.4 % Handelsbanken Capital Markets 2.0 % 1.1 % Enskilda Securities 0.9 % Sparebank 1 Markets

0.2 % Danske Bank A/S

NetFonds AS

Carnegie ASA

Nordea Markets

Arctic Securities 39.6 % ASA

"LSE Derivatives" is a composite entry and includes all derivatives members at London Stock Exchange Derivatives Market.

OBX INDEX - CONSTITUENTS AND OTHER INFORMATION

The OBX Index consists of the 25 most traded equities, and the constituents are selected on the basis of six months turnover rating. It is a semi-annually revised free float adjusted total return index (dividend adjusted) with composition changes and cappings implemented on the first Friday after the third Thursday in June and December. In the period between the composition review dates, the number of shares for each constituent is fixed with exception of cappings and continuous adjustments for corporate actions. The OBX Index is a tradable index with exchange traded futures and options available.

31.07.15: 574.48 All time high (15.04.15 close): 600.64

The current OBX and OBOSX Index compositions can be found below. The Derivatives department at Oslo Børs distributes a daily report with information on the indices and their components. If you would like to receive this daily update, please contact [email protected].

Date: 3. aug. 2015 OBX OBOSX Close - prev. day: 574.48 58.07 OBOSX weight of OBX: 7.74 % Divisor: 1 453 268 706 1 112 922 078 USDNOK: 8.19

Weight % Weight % Close Last Day Dividend Dividend Last Update Multiplier Multiplier Value Multiplier Multiplier Value Ticker Company Name in OBX in OBOSX Prev. day Note Incl. Div. Stock in NOK Div. Info OBX OBX OBOSX OBOSX Industry 1 AKSO Aker Solutions 0.59 % 10.97 % 32.54 01.07.15 151 843 891 4 941 000 213 217 874 510 7 089 636 555 Oil & Gas Equipment & Services 2 BWLPG BW LPG Limited 0.60 % 66.95 01.07.15 74 357 615 4 978 242 324 Oil & Gas Storage & Transportation 3 DETNOR Det Norske Oljeselskap 0.62 % 50.10 14.07.15 103 065 907 5 163 601 941 Oil & Gas Exploration & Production 4 DNB DNB 14.95 % 133.20 26.04.16 21.07.15 937 169 181 124 830 934 909 Diversified Banks 5 DNO DNO 0.60 % 7.60 01.07.15 661 563 872 5 024 577 608 Oil & Gas Exploration & Production 6 FOE Fred Olsen Energy 0.15 % 2.85 % 38.02 10.07.15 33 706 542 1 281 522 727 48 364 121 1 838 803 880 Oil & Gas Drilling 7 FRO Frontline 0.17 % 25.10 18.09.15 07.07.15 57 366 164 1 439 890 716 Oil & Gas Storage & Transportation 8 GJF Gjensidige Forsikring 3.19 % 131.10 16.07.15 203 441 385 26 671 165 574 Multi-line Insurance 9 MHG Marine Harvest 4.15 % 100.90 16.07.15 343 386 017 34 647 649 115 Packaged Foods & Meats 10 NAS Norwegian 1.21 % 352.40 16.07.15 28 617 453 10 084 790 437 Airlines 11 NHY Norsk Hydro 5.30 % 30.47 21.07.15 1 452 684 035 44 263 282 546 Aluminum 12 NOD Nordic Semiconductor 1.03 % 52.15 14.07.15 165 053 696 8 607 550 246 Integrated Telecommunication Services 13 OPERA Opera Software 1.09 % 65.00 21.07.15 140 294 054 9 119 113 510 Internet Software & Services 14 ORK Orkla 6.47 % 65.20 01.07.15 828 199 893 53 998 633 024 Packaged Foods & Meats 15 PGS Petroleum Geo-Services 0.97 % 18.03 % 37.28 21.07.15 217 827 525 8 120 610 132 312 551 694 11 651 927 152 Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 4.58 % 729.00 01.07.15 52 488 772 38 264 314 788 Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.33 % 1.467 21.07.15 1 883 147 088 2 762 576 778 Semiconductor Equipment 18 SCHA Schibsted A 2.80 % 284.80 11.05.16 16.07.15 81 971 303 23 345 427 094 Publishing 19 SDRL Seadrill 1.83 % 17.54 % 73.85 01.07.15 206 778 144 15 270 565 934 153 522 720 11 337 652 872 Oil & Gas Drilling 20 STB Storebrand 1.80 % 32.94 01.07.15 455 612 408 15 007 872 720 Life & Health Insurance 21 STL Statoil 18.75 % 138.20 2) 13.08.15 1.80 01.07.15 1 132 478 243 156 508 493 183 Integrated Oil & Gas 22 SUBC Subsea 7 S.A. 2.27 % 31.46 % 71.55 16.07.15 264 965 894 18 958 309 716 284 110 643 20 328 116 507 Oil & Gas Equipment & Services 23 TEL Telenor 15.54 % 179.20 1) 30.10.15 3.50 01.07.15 724 126 652 129 763 496 038 Integrated Telecom. Services 24 TGS TGS Nopec Geophysical 2.13 % 19.15 % 172.30 13.07.15 103 019 999 17 750 345 828 71 830 646 12 376 420 306 Oil & Gas Equipment & Services 25 YAR Yara International 8.87 % 406.60 21.07.15 182 178 516 74 073 784 606 & Agricultural Chemicals Tot: OBX 100.00 % 574.48 834 877 751 707 Tot: OBOSX 100.00 % 58.07 64 622 557 273 Note Note Explanation Gen. AGM/ Last inclusive dates as notified on respective company's web page, and dividend proposed by the board 1) Second tranche of Telenor's 2015 dividend has last day inclusive 30.10.2015 and a dividend amount of 3.50 2) Statoil has announced a second quarter dividend of NOK 1.80 with last day inclusive 12.11.2015 NB: Norwegian Stock derivatives are adjusted for extraordinary dividends. SDRL and MHG are adjusted for all dividends. Legends: = Recent updates XX.XX = Upcoming Dividend DISCLAIMER: Information and estimates given in this document are solely intended as a service to the market. Oslo Børs accepts no responsibilty for the accuracy of the information and estimates. Oslo Børs shall not be liable for any loss or damage w hatsoever or how soever caused or arising in connection w ith the information and estimates given in this document.

OSLO BØRS - LISTED DERIVATIVES OPEN INTEREST - OPTIONS AND INDEX FUTURES ONLY

The OBX INDEX consists of the 25 most Last (NOK): 574.48 OBX Index (OBX) Sector: N/A traded securities on Oslo Børs. The Avg.Imp.Vol last month: 17 % constituents are selected on the basis of six ISIN: NO 000 000 0021 Expiry: Each Month months turnover rating (Jun & Dec). It is a semi-annually revised, free float adjusted Reuters: .OBX Open Int Options (avg): 59 107 total return index (dividend adjusted). Home: www.oslobors.no Bloomberg: OBX NO Open Int Fut (avg): 50 108 Weight of All Shares: 43.68% O/I Options avg. ytd: 54 525 Liquidity: Tradable in blocks of around 5000 O/I Fut avg. ytd: 58 997 Domicile: contracts. Derivatives: Options & Futures Market Maker(s): 8

Sector: OBX Index & Energy Last (NOK): 58.07 OBOSX Index (OBOSX) The OSLO BØRS OBX OIL SERVICE INDEX is a free float adjusted total return index Equipment and Service Index Avg.Imp.Vol last month: N/A (dividend adjusted) composed of the most ISIN: NO 001 059 0086 Expiry: Each Month liquid shares within the Oil Service sector. Reuters: .OBOSX Open Int Fut (avg): 97 Only companies that are members of both Bloomberg: OBOSX.IND the OBX index and the Energy Equipment Weight of OBX: 7.74% and Service Index are included. O/I Fut avg. ytd: 435 Domicile: Norway Home: www.oslobors.no Derivatives: Futures Market Maker(s): 2

AKER SOLUTIONS is a global provider of Sector: Oil & Gas Equipment & Aker Solutions (AKSO) Last (NOK): 31.57 products, systems and services to the oil and Services 10101020 gas industry. Its engineering, design and ISIN : NO 001 071 6582 Avg.Imp.Vol last month: 52 % technology bring discoveries into Reuters : AKSO.OL Expiry: Each Month production and maximize recovery. Home: www.akersolutions.com Bloomberg : AKSO NO Open Int (avg): 561

Liquidity: Tradable for volumes around 2000 OBX Weight : 0.59% O/I avg. ytd: 2 655 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

DNB (DNB) DNB is Norway's largest financial services Sector: Diversified Banks 40101010 Last (NOK): 133.10 group and offers financial products and ISIN : NO 001 003 1479 Avg.Imp.Vol last month: 23 % services related to the money and capital Reuters : DNB.OL Expiry: Each Month markets. Home: www.dnb.no Bloomberg : DNB NO Open Int (avg): 6 740 Liquidity: Tradable in blocks of 3000 OBX Weight : 14.95% O/I avg. ytd: 24 404 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

Sector: Oil & Gas Exploration & DNO (DNO) Last (NOK): 7.03 DNO ASA is an international independent Production 10102020 petroleum company engaged in the ISIN : NO 000 392 1009 Avg.Imp.Vol last month: 61 % acquisition, exploration, development and operation of oil and natural gas properties. Reuters : DNO.OL Expiry: Each Month Home: www.dno.no Bloomberg : DNO NO Open Int (avg): 17 517 Liquidity: Tradable for volumes around 1000 OBX Weight : 0.60% O/I avg. ytd: 26 701 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

GJENSIDIGE is Norway's largest general Gjensidige Forsikring (GJF) Sector: Multi-line Insurance 40301030 Last (NOK): 130.80 insurance company, with business in Denmark, Sweden and the Baltic countries. ISIN : NO 0010582521 Avg.Imp.Vol last month: 19 % The group also offers banking, pension and Reuters : GJF.OL Expiry: Each Month saving products in Norway. Home: www.gjensidige.com Bloomberg : GJF NO Open Int (avg): 1 371

Liquidity: Tradable for volumes around 2000 OBX Weight : 3.19% O/I avg. ytd: 1 292 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

MARINE HARVEST is one of the largest Sector: Packaged Foods & Meats Marine Harvest Group (MHG) Last (NOK): 102.10 seafood companies in the world, and the 30202030 world's largest producer of Atlantic salmon. ISIN : NO 000 305 4108 Avg.Imp.Vol last month: 28 % The company employs 11 700 people, and is represented in 24 countries. In 2013 the Reuters : MHG.OL Expiry: Each Month company had a turnover of NOK 25.5 billion. Home: www.marineharvest.com Bloomberg : MHG NO Open Int (avg): 9 758 Liquidity: Tradable in blocks of 2000 OBX Weight: 4.15% O/I avg. ytd: 14 710 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

NORWEGIAN AIR SHUTTLE is the third largest Norwegian Air Shuttle (NAS) Sector: Airlines 20302010 Last (NOK): 364.80 low cost carrier in Europe with 20 million customers annually. The company has a total ISIN : NO 001 019 6140 Avg.Imp.Vol last month: 44 % of 401 routes to 124 destinations, and employs 3500. The company has 268 Reuters : NAS.OL Expiry: Each Month undelivered aircraft on firm order. Home: www.norwegian.no Bloomberg : NAS NO Open Int (avg): 6 062 Liquidity: Tradable in blocks of around 500 OBX Weight: 1.21% O/I avg. Ytd: 6 598 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Norsk Hydro (NHY) NORSK HYDRO is a global aluminium Sector: Aluminum 15104010 Last (NOK): 30.38 company with production, sales and trading activities throughout the value chain. Based ISIN : NO 000 505 2605 Avg.Imp.Vol last month: 32 % in Norway, the company has 13,000 employees involved in activities in more Reuters : NHY.OL Expiry: Each Month than 50 countries on all continents. Bloomberg : NHY NO and NOHYF US Open Int (avg): 136 259 Home: www.hydro.com Liquidity: Tradable in blocks of 5000 OBX Weight : 5.30% O/I avg. ytd: 132 495 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 7

Norske Skog (NSG) NORSKE SKOG is one of the world's biggest Sector: Paper Products 15105020 Last (NOK): 2.58 producer of publication paper, with 9 paper ISIN : NO 000 413 5633 Avg.Imp.Vol last month: 82 % mills in 7 countries and a production Reuters : NSG.OL Expiry: Each Month capacity of around 3 mill. tonnes per year. Home: www.norskeskog.com Bloomberg : NSG NO Open Int (avg): 1 714

Liquidity: Tradable in blocks of 2000 OBX Weight : N/A O/I avg. ytd: 4 137 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Sector: Internet Software & Services Opera Software (OPERA) Last (NOK): 65.10 OPERA SOFTWARE delivers the best Internet 45101010 experience on any device. The company ISIN : NO 001 004 0611 Avg.Imp.Vol last month: 55 % targets PCs, mobile phones, portable media players, set-top boxes, gaming consoles and Reuters : OPERA.OL Expiry: Each Month other vertical markets. Home: www.opera.com Bloomberg : OPERA NO Open Int (avg): 12 636

Liquidity: Tradable for volumes around 500 OBX Weight : 1.09% O/I avg. ytd: 7 794 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1

Sector: Industrial Conglomerates Orkla (ORK) ORKLA is a leading supplier of branded Last (NOK): 66.05 consumer goods to the grocery sector, out- 20105010 of-home sector and bakeries with its main ISIN : NO 000 373 3800 Avg.Imp.Vol last month: 20 % markets in the Nordics and the Baltics. In 2014, the Group had a turnover of NOK 30 bn Reuters : ORK.OL Expiry: Each Month and 13,000 employees. Home: www.orkla.no Bloomberg : ORK NO Open Int (avg): 3 939 Liquidity: Tradable for volumes around 3000 OBX Weight : 6.47% O/I avg. ytd: 6 074 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

Sector: Oil & Gas Equipment & Petroleum Geo-Services (PGS) Last (NOK): 36.37 PETROLEUM GEO-SERVICES is a Services 10101020 technologically focused oilfield service ISIN : NO 001 019 9151 Avg.Imp.Vol last month: 47 % company involved in providing geophysical services worldwide. Reuters : PGS.OL Expiry: Each Month Home: www.pgs.com Bloomberg : PGS NO Open Int (avg): 10 577

Liquidity: Tradable for volumes around 2000 OBX Weight : 0.97% O/I avg. ytd: 14 822 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

ROYAL CARIBBEAN CRUISES is a global cruise Sector: Hotels, Resorts & Cruise Lines Royal Caribbean Cruises (RCL) Last (NOK): 742.00 vacation company that operates Royal 25301020 Caribbean International, Celebrity Cruises, ISIN : LR 000 886 2868 Avg.Imp.Vol last month: 32 % Pullmantur, Azamara Cruises and CDF Croisières de France. The company has a Reuters : RCL.OL Expiry: Each Month combined total of 38 ships in service and five under construction. Bloomberg : RCL NO Open Int (avg): 740 Home: www.rclinvestor.com Liquidity: Tradable in blocks of 1000 OBX Weight : 4.58% O/I avg. ytd: 2 281 Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

REC SILICON is a leading producer of Sector: Semiconductor Equipment REC Silicon (REC) Last (NOK): 1.48 advanced silicon materials, delivering high- 45301010 purity polysilicon and silane gas to the solar ISIN : NO 001 011 2675 Avg.Imp.Vol last month: 70 % and electronics industries worldwide. The company is headquartered in Moses Lake, Reuters : REC.OL Expiry: Each Month Washington and employs 800 people. Home: www.recsilicon.com Bloomberg : REC NO Open Int (avg): 61 011 Liquidity: Tradable in blocks of 4000-5000 OBX Weight : 0.33% O/I avg. ytd: 52 270 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Seadrill (SDRL) SEADRILL is an international drilling Sector: Oil and Gas Drilling 10101010 Last (NOK): 70.95 contractor providing services within drilling and well services. Seadrill's versatile fleet ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 58 % includes semi-submersibles, jack-ups, tender rigs and deepwater drillships.Seadrill Reuters : SDRL.OL Expiry: Each Month has 7 000 employees, representing 25 nationalities on five continents. Bloomberg : SDRL NO Open Int (avg): 6 358 Home: www.seadrill.com Liquidity: Tradable for volumes around 2000 OBX Weight : 1.83% O/I avg. ytd: 9 089 Domicile: Bermuda contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

STOREBRAND is a leading player in the Sector: Life & Health Insurance Storebrand (STB) Last (NOK): 32.97 markets for long-term savings and 40301020 insurance. The group consists of the ISIN : NO 000 305 3605 Avg.Imp.Vol last month: 34 % following business areas: life insurance, asset management, banking and non-life Reuters : STB.OL Expiry: Each Month insurance. Bloomberg : STB NO Open Int (avg): 25 078 Home: www.storebrand.com Liquidity: Tradable in blocks of 5000 OBX Weight : 1.80% O/I avg. ytd: 76 044 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

STATOIL is an international energy company Statoil (STL) Sector: Integrated Oil & Gas 10102010 Last (NOK): 136.20 with app. 23 000 employees and operations in 34 countries. Building on 40 years of ISIN : NO 001 009 6985 Avg.Imp.Vol last month: 28 % experience , the company is committed to accommodating the world's energy needs in Reuters : STL.OL Expiry: Each month a responsible manner, applying technology and creating innovative business solutions. Bloomberg : SYO NO and STO US Open Int (avg): 82 903 Home: www.statoil.com Liquidity: Tradable in blocks of 5000 OBX Weight : 18.75% O/I avg. ytd: 105 067 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 8

Subsea 7 S.A. is a seabed-to-surface Sector: Oil & Gas Equipment & Subsea 7 (SUBC) Last (NOK): 69.20 engineering, construction and services Services 10101020 contractor to the offshore energy industry worldwide. They provide integrated ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 43 % services, and plan, design and deliver complex projects in harsh and challenging Reuters: SUBC.OL Expiry: Each Month environments. Bloomberg: SUBC NO Open Int (avg): 10 381 Home: www.subsea7.com Liquidity: Tradable in blocks of 2000 OBX Weight: 2.27% O/I avg. ytd: 21 412 Domicile: Luxembourg contracts. Derivatives: Options & Fwd/Fut Market Maker(s): 6

Sector: Integrated Telecom. Services Telenor (TEL) TELENOR Group is a leading international Last (NOK): 180.60 50101020 provider of communications services and ISIN : NO 001 006 3308 Avg.Imp.Vol last month: 20 % one of the largest mobile operators worldwide. Reuters : TEL.NO Expiry: Each Month Home: www.telenor.com Bloomberg : TEL NO and TELN US Open Int (avg): 14 270

Liquidity: Traded in volumes of 3000 OBX Weight : 15.54% O/I avg. ytd: 14 241 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

Sector: Oil & Gas Equipment & TGS-Nopec (TGS) TGS-NOPEC provides multi-client Last (NOK): 170.00 geoscience data and services to oil and gas Services 10101020 Exploration and Production companies ISIN : NO 000 307 8800 Avg.Imp.Vol last month: 37 % around the globe. TGS also provides high- end depth imaging services to help resolve Reuters : TGS.OL Expiry: Each Month complex seismic imaging problems. Home: www.tgs.com Bloomberg : TGS NO Open Int (avg): 2 156

Liquidity: Tradable for volumes around 1000 OBX Weight : 2.13% O/I avg. ytd: 7 399 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

Sector: Fertilizers & Agricultural Yara (YAR) YARA International ASA delivers solutions Last (NOK): 408.70 Chemicals 15101030 for sustainable agriculture and the environment. The industrial products and ISIN : NO 001 020 8051 Avg.Imp.Vol last month: 27 % solutions reduce emissions, improve air quality and support safe and efficient Reuters : YAR.OL Expiry: Each Month operations. Founded in Norway in 1905. Home: www.yara.com Bloomberg : YAR NO Open Int (avg): 12 607

Liquidity: Traded in blocks of around 2000 OBX Weight : 8.87% O/I avg. ytd: 19 471 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

MARKET MAKERS

DNB Markets: OBX, OBOSX, AKSO, DNO, GJF, MHG, NAS, NHY, NSG, OPERA, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, TGS, YAR

Danske Bank Markets: OBX, OBOSX, AKSO, DNB, NAS, PGS, SDRL, STL, TEL, SUBC, YAR

Enskilda Securities: OBX, DNB, NHY, ORK, STL, TEL, YAR

Handelsbanken: OBX, DNB, NHY, PGS, RCL, SDRL, STB, STL, SUBC, YAR

Nordea Markets: OBX, DNB, GJF, NHY, STB, STL, TEL

Sparebank 1 Markets: OBX, DNB, MHG, NHY, ORK, SDRL, STL, SUBC, TEL

Susquehanna Intl. Sec. Ltd: OBX, AKSO, DNB, DNO, GJF, MHG, NHY, NSG, ORK, PGS, REC, SDRL, STB, STL, SUBC, TEL, TGS, YAR

Timber Hill Europe: OBX, DNB, MHG, NHY, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, YAR

OPTIONS - ATM IMPLIED VOLATILITIES

Daily Volatilities = average of Last Bid+Offer vol. for ATM CALLS and PUTS for the nearest two months. Lack of data may occur, thus volatilities should be seen as indicative.

OBX ATM Implied Vol 90% 80% 70% 60% 50% 40% 30% 20% 10%

AKSO ATM Implied Vol 70%

60%

50%

40%

30%

20%

DNB ATM Implied Vol 130%

110%

90%

70%

50%

30%

10%

DNO ATM Implied Vol 80% 75% 70% 65% 60% 55% 50% 45% 40%

GJF ATM Implied Vol 30%

25%

20%

15%

10%

MHG ATM Implied Vol 150% 130% 110% 90% 70% 50% 30% 10%

NHY ATM Implied Vol 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

NAS ATM Implied Vol 100% 90% 80% 70% 60% 50% 40% 30% 20%

NSG ATM Implied Vol 140% 130% 120% 110% 100% 90% 80% 70% 60% 50% 40%

ORK ATM Implied Vol 80%

70%

60%

50%

40%

30%

20%

10%

OPERA ATM Implied Vol 90%

80%

70%

60%

50%

40%

30%

PGS ATM Implied Vol 80%

70%

60%

50%

40%

30%

20%

REC ATM Implied Vol 140% 130% 120% 110% 100% 90% 80% 70% 60% 50% 40%

RCL ATM Implied Vol 80%

70%

60%

50%

40%

30%

20%

SDRL ATM Implied Vol

110%

90%

70%

50%

30%

10%

STL ATM Implied Vol 90% 80% 70% 60% 50% 40% 30% 20% 10%

SUBC ATM Implied Vol 130%

110%

90%

70%

50%

30%

10%

STB ATM Implied Vol 140%

120%

100%

80%

60%

40%

20%

TGS ATM Implied Vol 60% 55% 50% 45% 40% 35% 30% 25% 20%

TEL ATM Implied Vol 90% 80% 70% 60% 50% 40% 30% 20% 10%

YAR ATM Implied Vol 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

Disclaimer: All information in this presentation is obtained from documents already available to the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs.