DERIVATIVES, OSLO BØRS - JANUARY 2012

The OBX was up 2.3% to 365.95 points in January.

In the first month of 2012, the average number of contracts traded was 39 502 contracts/day (2011 average: 53 719).

The premium turnover for stock options increased by 57% to 68 MNOK, whereas the stock forward exposure was improved by 25% to 580 MNOK. As for the OBX products, the future turnover decreased by 9% to 14 BNOK, and the index options rose by 62% to 33 MNOK.

In comparison, the average monthly turnover numbers for 2011 were as follows: Stock options: 117 MNOK Stock forwards: 985 MNOK OBX options: 33.3 MNOK OBX futures: 21 BNOK

The most traded stock option in January was Statoil with 23 MNOK or 33% of the stock option premium turnover. Yara and Petroleum Geo-Services followed.

Norsk Hydro, Statoil and Yara were the most traded stock forwards. had a turnover of 130 MNOK, 22% of the total.

Oslo Børs reduced the derivatives fees from 1 February.

Please keep in mind that the holder of a Norwegian call option must exercise the option 1 trading day prior to the ex-dividend date for right to dividend.

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

100 000 95 000 90 000 85 000 80 000 75 000 70 000 65 000 60 000 55 000 50 000 Index Futures 45 000 40 000 Single Stock Fwd/Fut Contracts/day 35 000 OBX Index Options

30 000 Stock Options 25 000 20 000 15 000 10 000 5 000 0 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month

OBX - FUTURES 17 573

STOCK FWD/FUT 6 924

STOCK OPTIONS 12 952 OBX - OPTIONS 2 052

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

OBX Options

Option Premium last month Statoil

Yara International 15.1 % 4.8 % 4.0 % Petroleum Geo-Services 3.5 %

2.9 % Royal Caribbean Cruises 22.3 % 2.6 % Marine Harvest Group Norsk Hydro 2.4 % DNB

Renewable Energy 1.9 % Corporation 1.9 % Orkla 1.2 % 1.1 % 1.1 % 0.9 % 0.9 % 0.2 % Forsikring

0.2 % Tomra

0.1 % Norske Skog 32.8 % Statoil Fuel & Retail

SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Norsk Hydro Stock Fwd/Fut Premium last month Statoil

9.9 % 8.9 % 6.2 % DNB 5.4 % Royal Caribbean Cruises 15.6 % Seadrill 3.7 % Aker Solutions

Petroleum Geo-Services 3.2 % Renewable Energy 2.5 % Corporation Subsea 7 1.9 % Storebrand 1.1 % Marine Harvest Group

0.9 % Telenor

0.6 % Gjensidige Forsikring 0.5 % Norske Skog

0.4 % Orkla 16.6 % 0.1 % Tomra 0.0 % Statoil Fuel & Retail 22.5 % 0.0 % TGS Nopec Geophysical Co.

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PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

180 700 000

160 171 169 161 600 000

140 149 500 000 120 125

110

100 109 109 400 000 Contracts - 96 102

80 300 000 72 60 68

200 000 Turnover Premium MNOK 40 43

100 000 Open Interest (avg) 20

0 0 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12

Turnover Premium Open Interest (avg)

Single Stock Forwards & Futures

2 000 500 000

1 800 1 750 450 000

1 600 400 000

1 585

1 502 1 411 1 400 350 000

1 200 300 000

1 092

Contracts - 1 000 250 000

800 200 000

790

838 672

600 650 150 000

580

643 Turnover Premium MNOK

400 463 100 000

446 Open Open Interest (avg) 200 50 000

0 0 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12

Turnover Premium Open Interest (Avg)

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PREMIUM - OBX DERIVATIVES

OBX - Index Options

90 60 000

80 50 000 77 70

60 40 000

50 Contracts - 30 000 40 44 44 37 38 30 33 20 000 30 27 26 28 Turnover Premium MNOK 20 20 10 000 18 Open Interest(avg) 10 15

0 0 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12

Turnover premium / month Open interest (avg)

OBX - Index Futures

30 000 160 000

155 000 25 000

25 598 150 000

23 830

21 612

25 403 21 842

20 000 145 000

21 506

23 746

20 813 17 597

140 000

Contracts 19 686

15 000 -

15 615 16 807 14 197 135 000

10 000 130 000

Turnover exposureMNOK 125 000

5 000 Open Interest(avg) 120 000

0 115 000 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan 12

Turnover exposure MNOK Open Interest (avg)

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BROKER STATISTICS - JANUARY 2012

Options Turquoise 10.1 % Enskilda Securities 4.7 % DNB Bank ASA 17.8 % 4.3 % Handelsbanken Capital 2.3 % Markets First Securities ASA 1.8 % Nordea Markets 1.1 %

0.9 % Sparebank 1 Markets AS 23.9 % Nordnet Bank AB 0.6 % 0.6 % Pareto Securities AS 0.6 % NetFonds AS 0.5 % ABG Sundal Collier Norge 0.1 % ASA Danske Bank AS

Terra Markets AS

Norne Securities AS

30.7 % Fondsfinans ASA

Arctic Securities ASA

Stock Forwards & Futures

3.4 % DNB Bank ASA

1.9 % Terra Markets AS

1.9 % Handelsbanken Capital Markets 1.1 % First Securities ASA 0.4 % Sparebank 1 Markets AS 0.3 % Nordea Markets

Nordnet Bank AB 90.9 %

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OBX Futures 13.6 % DNB Bank ASA 21.0 % 5.0 % Turquoise 4.8 % Handelsbanken 2.4 % Capital Markets Enskilda Securities 1.1 % 0.9 % First Securities ASA

0.2 % Nordea Markets

0.2 % Sparebank 1 Markets AS Carnegie ASA 0.1 % 0.1 % Nordnet Bank AB ABG Sundal Collier 0.1 % Norge ASA Danske Bank AS

Fondsfinans ASA

RS Platou Markets 50.5 % AS

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OBX INDEX - CONSTITUENTS AND OTHER INFORMATION

The OBX Index consists of the 25 most traded securities in the OSEBX Index. 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 third Friday in July 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.

31.01.12: 365.95 All time high (22.05.08 close): 462.70

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

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

The OBX INDEX consists of the 25 most Last (NOK): 357.6 OBX Index (OBX) Sector: N/A traded securities in the OSEBX Index. Avg.Imp.Vol last month: 23 % The constituents are selected on the ISIN: NO 000 000 0021 Expiry: Each Month basis of six months turnover rating (Jun & Dec). It is a semi-annually revised, Reuters: .OBX Open Int Options (avg): 30 229 free float adjusted total return index (dividend adjusted). Bloomberg: OBX NO Open Int Fut (avg): 131 125 Home: www.oslobors.no Weight of All Shares: 42.92% O/I Options avg. 2011: 30 229 Liquidity: Tradable in blocks of around O/I Fut avg. 2011: 131 125 Domicile: 5000 contracts. Derivatives: Options & Futures Market Maker(s): 7

Sector : Oil & Gas Equipment & Aker Solutions (AKSO) Last (NOK): 79.55 AKER SOLUTIONS is a leading global oil Services 10101020 services company that provides ISIN: NO 0010215684 Avg.Imp.Vol last month: 44 % engineering services, technologies, product : AKSO.OL solutions and field-life solutions for the oil Reuters Expiry: Mar, Jun, Sep, Dec and gas industry. Home: www.akersolutions.com Bloomberg : AKSO NO Open Int (avg): 4 796

OBX Weight : 1.82% O/I avg. 2011: 4 796 Liquidity: Tradable for volumes around 2000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

DNB (DNB) Sector : Diversified Banks 40101010 Last (NOK): 64.75 DNB is Norway's leading financial services group with total combined assets of NOK ISIN: NO 001 003 1479 Avg.Imp.Vol last month: 34 % 2141 billion. Reuters : DNB.OL Expiry: Each Month Home: www.dnb.no Bloomberg : DNB NO Open Int (avg): 19 291 Liquidity: Tradable in blocks of 3000 OBX Weight : 9.50% O/I avg. 2011: 19 291 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

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Gjensidige Forsikring GJENSIDIGE FORSIKRING is one of the Sector : Multi-line Insurance Last (NOK): 68.60 (GJF) leading players in the Nordic insurance 40301030 market. The group offers general insurance products in Norway, Sweden, Denmark and ISIN: NO 0010582521 Avg.Imp.Vol last month: 21 % the three Baltic countries. In addition the Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec group offers online retail banking, and pension and savings products in Norway Bloomberg : GJF NO Open Int (avg): 3 526 Home: www.gjensidige.com

OBX Weight : 2.13% O/I avg. 2011: 3 526 Liquidity: Tradable for volumes around 2000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

Marine Harvest Group Sector : Packaged Foods & Meats Last (NOK): 3.44 (MHG) 30202030 MARINE HARVEST is the world’s leading seafood company offering farmed salmon ISIN: NO 000 305 4108 Avg.Imp.Vol last month: 55 % and processed seafood to customers in Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec more than 70 markets worldwide. Home: www.marineharvest.com Bloomberg : MHG NO Open Int (avg): 55 829

Liquidity: Tradable in blocks of 10 000 OBX Weight: 1.34% O/I avg. 2011: 55 829 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

Norsk Hydro (NHY) NORSK HYDRO is a global supplier of Sector : Aluminium 15104010 Last (NOK): 31.33 aluminium with activities throughout the ISIN: NO 000 505 2605 Avg.Imp.Vol last month: 38 % value chain, from bauxite extraction to Reuters : NHY.OL Expiry: Each Month the production of rolled and extruded aluminium products and building systems. Based in Norway, the company employs Bloomberg : NHY NO and NOHYF US Open Int (avg): 26 558 23,000 people in more than 40 countries. Home: www.norskhydro.com

Liquidity: Tradable in blocks of 3000 OBX Weight : 4.46% O/I avg. 2011: 26 558 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 7

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Sector: Paper Products Norske Skog (NSG) Last (NOK): 7.34 15105020 NORSKE SKOG is a world leading 112 ISIN: NO 000 413 5633 Avg.Imp.Vol last month: producer of newsprint and magazine % paper, with 14 paper mills around the world. Reuters : NSG.OL Expiry: Mar, Jun, Sep, Dec Home: www.norskeskog.com Bloomberg: NSG NO Open Int (avg): 1 268

OBX Weight: N/A O/I avg. 2011: 1 268 Liquidity: Tradable in blocks of Derivatives: Options & Domicile: Norway 5000 contracts. Market Maker(s): 3 Fwd/Fut

Sector : Industrial Conglomerates Orkla (ORK) Last (NOK): 48.21 ORKLA is the leading branded consumer 20105010 goods company in the Nordic region. At ISIN: NO 000 373 3800 Avg.Imp.Vol last month: 24 % present, Orkla operates in the branded consumer goods, aluminium solutions and Reuters : ORK.OL Expiry: Each Month financial investment sectors. The Group has 30 000 employees in more than 40 Bloomberg : ORK NO Open Int (avg): 7 322 countries. Home: www.orkla.no

Liquidity: Tradable for volumes around OBX Weight : 6.08% O/I avg. 2011: 7 322 Domicile: Norway 3000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

Petroleum Geo- PETROLEUM GEO-SERVICES offers a broad Sector : Oil & Gas Equipment & Last (NOK): 76.55 Services (PGS) range of products including; seismic and Services 10101020 electromagnetic services, data acquisition, processing, reservoir ISIN: NO 001 019 9151 Avg.Imp.Vol last month: 44 % analysis/interpretation and multi-client Reuters : PGS.OL Expiry: Mar, Jun, Sep, Dec library data. Helps oil companies to find oil and gas reserves offshore worldwide. Bloomberg : PGS NO Open Int (avg): 6 977 Home: www.pgs.com Liquidity: Tradable for volumes around OBX Weight : 2.56% O/I avg. 2011: 6 977 Domicile: Norway 1000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

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Sector: Oil & Gas Equipment & Subsea 7 S.A. is a seabed-to-surface Last (NOK): Subsea 7 (SUBC) Services 10101020 126.10 engineering and construction contractor ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 38 % for the offshore energy industry worldwide. Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec Home: www.subsea7.com Bloomberg: SUBC NO Open Int (avg): 3 517

Liquidity: Tradable in blocks of 2000 OBX Weight: 5.05% O/I avg. 2011: 3 517 contracts. Domicile: Luxembourg Derivatives: Options & Fwd/Fut Market Maker(s): 4

Sector : Integrated Telecom. Telenor (TEL) Last (NOK): 92.80 TELENOR is one of the world’s major mobile Services 50101020 operators with mobile operations in 11 ISIN: NO 001 006 3308 Avg.Imp.Vol last month: 24 % markets and in additionally 19 markets Reuters : TEL.NO Expiry: Each Month through the 31.67 per cent ownership in VimpelCom Ltd. Home: www.telenor.com Bloomberg : TEL NO and TELN US Open Int (avg): 19 655

Liquidity: Traded in volumes of 3000 OBX Weight : 11.97% O/I avg. 2011: 19 655 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

Sector : Environmental & Facilities Tomra (TOM) Last (NOK): 43.60 TOMRA is a leading global provider of Services 20201050 advanced solutions enabling recovery and ISIN: NO 000 566 8905 Avg.Imp.Vol last month: 32 % recycling of materials. Reuters : TOM.OL Expiry: Mar, Jun, Sep, Dec Home: www.tomra.com Bloomberg : TOM NO Open Int (avg): 1 008

OBX Weight: N/A O/I avg. 2011: 1 008 Liquidity: Slow activity. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

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MARKET MAKERS

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

DNB Markets: OBX, AKSO, GJF, MHG, NHY, NSG, ORK, PGS, REC, RCL, SDRL, STB, STL, SFR, SUBC, TEL, TOM, YAR, TGS

Handelsbanken Capital Markets: OBX, AKSO, GJF, DNB, MHG, NHY, NSG, ORK, PGS, REC, RCL, SDRL, STB, STL, SFR, SUBC, TEL, TOM, YAR, TGS

Nordea Markets: OBX, NHY, NSG, ORK, PGS, REC, STL, SUBC, TEL

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

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

First Securities ASA: OBX, DNB, NHY, ORK, STL, TEL, YAR

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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

120 %

100 %

80 %

60 %

40 %

20 %

Disclaimer: All information in this presentation is obtained from documents already available to 19 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.

GJF ATM Implied Vol 30 %

25 %

20 %

15 %

10 %

MHG ATM Implied Vol

140 % 120 % 100 % 80 % 60 % 40 % 20 %

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

Disclaimer: All information in this presentation is obtained from documents already available to 20 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.

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

ORK ATM Implied Vol 80 %

70 %

60 %

50 %

40 %

30 %

20 %

PGS ATM Implied Vol 80 %

70 %

60 %

50 %

40 %

30 %

20 %

Disclaimer: All information in this presentation is obtained from documents already available to 21 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.

RCL ATM Implied Vol 80 %

70 %

60 %

50 %

40 %

30 %

20 %

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

SDRL ATM Implied Vol 120 % 110 % 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 %

Disclaimer: All information in this presentation is obtained from documents already available to 22 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.

SFR ATM Implied Vol 50 %

45 %

40 %

35 %

30 %

25 %

20 %

STB ATM Implied Vol 140 %

120 %

100 %

80 %

60 %

40 %

20 %

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

Disclaimer: All information in this presentation is obtained from documents already available to 23 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.

SUBC ATM Implied Vol

120 %

100 %

80 %

60 %

40 %

20 %

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

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

Disclaimer: All information in this presentation is obtained from documents already available to 24 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.

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

Disclaimer: All information in this presentation is obtained from documents already available to 25 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.