DERIVATIVES, BØRS - MAY 2015

The OBX index increased slightly by 0.7% to 581.86 points in May. So far this year the index is up 11.1%.

The average number of contracts traded in May was 32 860 contracts/day. The average year-to-date is 40 942, whereas the average for 2014 was 47 289.

The OBX option premium decreased by 28% to 21 MNOK (2015 avg: 26 MNOK), and the index future turnover fell by 15% to 12.2 BNOK (2015 avg: 12.8 BNOK). The stock option premium decreased slightly by 3% to 75 MNOK (2015 avg: 102 MNOK), whereas the forward exposure fell by 55% to 911 MNOK (2015 avg: 1 133 MNOK).

The most traded single stock option in May was Statoil with 33 MNOK, 44% of the total stock option premium turnover. Yara and Marine Harvest followed with a turnover of 7.9 and 7 MNOK respectively. The top three stock derivatives accounted for 63% of the total stock option turnover for the month.

Norsk Hydro, Norwegian and Yara were the most traded stock forwards, accounting for 61% of the total exposure. had a turnover of 150 MNOK, 36% of the total.

From July 1st, the fees will be 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%)

Please note that the dividend adjustment rule will be changed from July 1st. Currently the derivative contracts are 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).

The OBX index currently has 26 members as a result of Schibsted’s introduction of a new share class. The listing of B-shares has been treated as a demerger where both the A- and B-shares are included. The OBX index will contain 26 constituents until the next rebalance effective June 19th.

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

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month

INDEX - FUTURES 11 582

STOCK FWD/FUT 9 014

OBX - OPTIONS STOCK OPTIONS 1 921 10 342

Contracts/day YTD 2015

INDEX - FUTURES 11 456

STOCK FWD/FUT 13 479

OBX - OPTIONS 2 171 STOCK OPTIONS 13 836

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

Statoil

Option Premium last month OBX Options 7.2 % 6.8 % 3.8 % Marine Harvest Group 8.2 % 3.7 % Petroleum Geo-Services

3.5 % Norsk Hydro 2.1 % Opera Software 1.9 % 1.6 % DNB 22.0 % 1.5 % 0.9 % 0.8 % 0.6 %

0.6 % TGS Nopec Geophysical Co.

0.4 % Royal Caribbean Cruises DNO International 0.3 % Orkla 0.2 % 0.0 % REC Silicon 0.0 % Forsikring 34.0 %

Statoil Option Premium YTD 2015 OBX Options 5.1 % Yara International 8.4 % 4.7 % Norsk Hydro 4.6 % Storebrand 12.8 % 3.0 % 3.0 % Norwegian Air Shuttle 2.8 % DNB Telenor 2.5 % Marine Harvest Group 2.2 % Seadrill

2.2 % Subsea 7 TGS Nopec Geophysical Co. 1.7 % Petroleum Geo-Services 1.5 % Opera Software 0.6 % Royal Caribbean Cruises 0.5 % DNO International 20.2 % 0.3 % Orkla 0.3 % Aker Solutions 0.1 % REC Silicon 0.1 % 23.5 % Gjensidige Forsikring Norske Skog 0.0 % AKAKS Basket

SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Norsk Hydro

Stock Fwd/Fut Premium last month Norwegian Air Shuttle 6.4 % 5.8 % Yara International 4.0 % Gjensidige Forsikring 6.9 % 3.7 % DNO International 3.6 % REC Silicon 3.5 % Seadrill 18.0 % Petroleum Geo-Services 3.0 % Opera Software

2.8 % Royal Caribbean Cruises

Marine Harvest Group

2.6 % DNB 1.2 % 1.2 % Telenor 0.4 % Statoil 0.2 % Storebrand 0.2 % Orkla 0.1 % Norske Skog 0.0 % 0.0 % Subsea 7 36.3 % Aker Solutions

TGS Nopec Geophysical Co.

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

5.2 % Seadrill 5.7 % 3.9 % 5.9 % 3.7 % Statoil

3.6 % Marine Harvest Group 6.6 % 3.1 % TGS Nopec Geophysical Co. 3.1 % Petroleum Geo-Services

Telenor 9.1 % Subsea 7

3.1 % Gjensidige Forsikring

DNO International 1.6 % DNB 1.5 % Opera Software 9.4 % 0.9 % REC Silicon 0.9 % Yara International 0.7 % Royal Caribbean Cruises 0.2 % Orkla 0.1 % Storebrand 31.7 % Norske Skog

Aker Solutions

PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

250 800 000

700 000

200 600 000 200

500 000

150 159

Contracts - 131 400 000 122 100 113 115 300 000 87 77 78 75 200 000 Turnover Turnover Premium MNOK 63 50 66 40 100 000 Open Interest (avg)

0 0 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 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 1 435 200 000 1 1 501

150 000 1 1 014

1 000 1 006

911 873

786 100 000

Turnover Turnover Premium MNOK 753

500 665 Open Interest Open Interest (avg)

518 50 000

413 355

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

Turnover Premium Open Interest (Avg)

PREMIUM - INDEX DERIVATIVES

OBX - Index Options

140 120 000

132 120 100 000 120

100 80 000

80

Contracts Contracts - 60 000

60 61 52 40 000 40 46

Turnover Turnover Premium MNOK 40 36 20 000

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

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

Turnover premium / month Open interest (avg)

Index Futures

30 000 120 000

25 000 100 000

20 000 80 000

19 871

Contracts 15 761

15 000 60 000 -

16 029

17 912

13 796

14 354

15 656

14 177

12 191

12 663 15 095

10 000 10 546 40 000

13 480 Turnover Turnover exposure MNOK

5 000 20 000 Open Interest (avg)

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

Turnover exposure MNOK Open Interest (avg)

BROKER STATISTICS - MAY 2015

LSE Derivatives Equity Options 13.8 % DNB ASA

5.6 % Danske Bank A/S

23.7 % 4.5 % Sparebank 1 Markets 1.7 % 1.0 % Nordea Markets 0.7 % 0.6 % Arctic Securities ASA 0.4 % 0.4 % NetFonds AS 0.3 % Enskilda Securities

Handelsbanken Capital Markets Carnegie ASA

ABG Sundal Collier Norge ASA 47.1 % Pareto Securities AS

Index Options DNB BANK ASA 14.0 % LSE Derivatives

11.0 % Danske Bank A/S

2.9 % 1.3 % Enskilda Securities 0.6 % 0.5 % Nordea Markets 0.2 %

Sparebank 1 Markets

Handelsbanken Capital Markets 33.1 % NetFonds AS

36.4 % Pareto Securities AS

Stock Forwards & Futures

88.0 %

DNB BANK ASA

Sparebank 1 Markets

Carnegie ASA 5.9 %

5.3 % Danske Bank A/S

0.8 %

0.1 % Handelsbanken Capital Markets

Index Futures 37.0 % DNB BANK ASA 6.4 % LSE Derivatives 3.8 % 2.4 % 2.1 % Handelsbanken Capital Markets 1.8 % 1.7 % Sparebank 1 Markets 0.4 % Enskilda Securities

0.1 % Carnegie ASA

Danske Bank A/S

NetFonds AS

Nordea Markets

Arctic Securities ASA 44.3 %

"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 (currently 26 due to demerger in Schibsted), 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.

29.05.15: 581.86 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: 1. jun. 2015 OBX OBOSX Close - prev. day: 581.86 71.08 OBOSX weight of OBX: 9.49 % Divisor: 1 483 085 429 1 152 633 675 USDNOK: 7.79

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 AKA Akastor 0.23 % 3.22 % 13.50 08.04.15 16.03.15 149 624 413 2 019 929 576 195 412 886 2 638 073 961 Oil & Gas Equipment & Services 2 AKSO Aker Solutions 0.79 % 10.88 % 45.62 09.04.15 1.45 10.04.15 149 624 413 6 825 865 721 195 412 886 8 914 735 859 Oil & Gas Equipment & Services 3 BWLPG BW LPG Limited 0.61 % 64.30 19.05.15 $1.15 8.96 29.05.15 81 765 829 5 257 542 805 Oil & Gas Storage & Transportation 4 DETNOR Det Norske Oljeselskap 0.60 % 51.05 13.04.15 06.05.15 101 309 301 5 171 839 816 Oil & Gas Exploration & Production 5 DNB DNB 15.46 % 136.50 23.04.15 3.80 26.05.15 977 279 316 133 398 626 634 Diversified 6 DNO DNO 0.78 % 11.01 28.05.15 29.05.15 608 628 119 6 700 995 590 Oil & Gas Exploration & Production 7 FOE Fred Olsen Energy 0.23 % 3.13 % 59.30 27.05.15 06.05.15 33 132 064 1 964 731 395 43 271 229 2 565 983 880 Oil & Gas Drilling 8 GJF Gjensidige Forsikring 2.78 % 120.00 23.04.15 5.90 06.05.15 199 974 568 23 996 948 160 Multi-line 9 GOGL 0.14 % 32.44 29.05.15 36 900 745 1 197 060 168 Marine 10 MHG Marine Harvest 3.20 % 89.65 26.05.15 1.30 29.04.15 307 752 591 27 590 019 783 Packaged Foods & Meats 11 NAS Norwegian 1.05 % 301.90 12.05.15 14.04.15 29 887 818 9 023 132 254 Airlines 12 NHY Norsk Hydro 6.04 % 36.49 06.05.15 1.00 10.04.15 1 427 882 601 52 103 436 110 Aluminum 13 OPERA Opera Software 1.04 % 67.30 02.06.15 0.26 26.05.15 133 666 532 8 995 757 604 Internet Software & Services 14 ORK Orkla 5.75 % 60.90 16.04.15 2.50 28.04.15 815 142 291 49 642 165 522 Packaged Foods & Meats 15 PGS Petroleum Geo-Services 1.18 % 16.28 % 47.70 13.05.15 0.70 26.05.15 214 114 978 10 213 284 451 279 639 030 13 338 781 731 Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 4.31 % 591.00 15.05.15 $0.30 2.34 29.05.15 62 945 361 37 200 708 351 Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.36 % 1.683 06.05.15 26.05.15 1 851 051 637 3 115 319 905 Semiconductor Equipment 18 SCHA Schibsted A 4.66 % 499.50 08.05.15 3.50 29.05.15 80 557 644 40 238 543 178 Publishing 19 SCHB Schibsted B 0.00 % 0.00 29.05.15 80 557 644 0 Publishing 20 SDRL Seadrill 2.26 % 16.93 % 93.70 29.05.15 208 488 552 19 535 377 322 148 030 062 13 870 416 809 Oil & Gas Drilling 21 STB Storebrand 1.45 % 27.90 15.04.15 27.02.15 447 499 099 12 485 224 862 Life & Health Insurance 22 STL Statoil 18.80 % 145.80 13.08.15 1.80 20.05.15 1 112 784 054 162 243 915 073 Integrated Oil & Gas 23 SUBC Subsea 7 S.A. 2.49 % 30.22 % 81.50 17.04.15 14.04.15 263 306 463 21 459 476 735 303 737 625 24 754 616 438 Oil & Gas Equipment & Services 24 TEL Telenor 15.33 % 176.20 1) 30.10.15 3.50 28.05.15 750 729 015 132 278 452 443 Integrated Telecom. Services 25 TGS TGS Nopec Geophysical 2.31 % 19.34 % 196.00 06.05.15 8.50 18.05.15 101 535 776 19 901 012 096 80 838 583 15 844 362 268 Oil & Gas Equipment & Services 26 YAR Yara International 8.16 % 392.20 11.05.15 13.00 26.05.15 179 470 053 70 388 154 787 & Agricultural Chemicals Tot: OBX 100.00 % 581.86 862 947 520 340 Tot: OBOSX 100.00 % 71.08 81 926 970 946 Note Note Explanation Gen. AGM/ Last inclusive dates as notified on respective company's web page, and dividend proposed by the board 1) Telenor has, subject to approval at AGM 20.05.2015, proposed a dividend of total NOK 7.30 for 2014. Pay-out in two tranches: NOK 3.80 last day inclusive 20.05.2015 and NOK 3.50 expected last day inclusive 30.10.2015

NB: Norwegian Stock derivatives will be adjusted for the part of dividends exceeding 5% of underlying fixing (vwap) on last Cum-date. SDRL and MHG are adjusted for the full dividend amount. Legends: = Recent updates XX.XX = Upcoming Dividend XX.XX = Upcoming Dividend exceeding 5% of Current Stock Price (Prev. Close). 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): 581.86 OBX Index (OBX) Sector: N/A traded securities on Oslo Børs. The Avg.Imp.Vol last month: 16 % constituents are selected on the basis of six ISIN: NO 000 000 0021 Expiry: Each Month months turnover rating (Jun & Dec). It is a Reuters: .OBX Open Int Options (avg): 55 805 semi-annually revised, free float adjusted total return index (dividend adjusted). Bloomberg: OBX NO Open Int Fut (avg): 51 271 Home: www.oslobors.no Weight of All Shares: 44.61% O/I Options avg. ytd: 51 633 Liquidity: Tradable in blocks of around 5000 O/I Fut avg. ytd: 63 826 Domicile: contracts. Derivatives: Options & Futures Market Maker(s): 8

Sector: OBX Index & Energy Last (NOK): 71.08 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): 283 Only companies that are members of both Bloomberg: OBOSX.IND the OBX index and the Energy Equipment Weight of OBX: 9.49% and Service Index are included. O/I Fut avg. ytd: 574 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): 45.61 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: Mar, Jun, Sep, Dec production and maximize recovery. Bloomberg : AKSO NO Open Int (avg): 3 000 Home: www.akersolutions.com

Liquidity: Tradable for volumes around 2000 OBX Weight : 0.79% O/I avg. ytd: 3 256 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): 135.40 group and offers financial products and ISIN : NO 001 003 1479 Avg.Imp.Vol last month: 21 % services related to the money and capital Reuters : DNB.OL Expiry: Each Month markets. Home: www.dnb.no Bloomberg : DNB NO Open Int (avg): 18 173 Liquidity: Tradable in blocks of 3000 OBX Weight : 15.46% O/I avg. ytd: 30 623 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

Sector: Oil & Gas Exploration & DNO International (DNO) DNO International is an international Last (NOK): 10.77 independent petroleum company engaged Production 10102020 in the acquisition, exploration, ISIN : NO 000 392 1009 Avg.Imp.Vol last month: 60 % development and operation of oil and Reuters : DNO.OL Expiry: Mar, Jun, Sep, Dec natural gas properties. Home: www.dno.no Bloomberg : DNO NO Open Int (avg): 29 601 Liquidity: Tradable for volumes around 1000 OBX Weight : 0.78% O/I avg. ytd: 28 886 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

GJENSIDIGE FORSIKRING is Norway's largest Gjensidige Forsikring (GJF) Sector: Multi-line Insurance 40301030 Last (NOK): 119.70 general insurance company, with business in Denmark, and the Baltic ISIN : NO 0010582521 Avg.Imp.Vol last month: 20 % countries. The group also offers banking, Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec and saving products in Norway. Home: www.gjensidige.com Bloomberg : GJF NO Open Int (avg): 1 588

Liquidity: Tradable for volumes around 2000 OBX Weight : 2.78% O/I avg. ytd: 1 280 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

MARINE HARVEST is the world’s leading Sector: Packaged Foods & Meats Marine Harvest Group (MHG) Last (NOK): 90.65 seafood company offering a wide range of 30202030 seafood products and produce one fourth of ISIN : NO 000 305 4108 Avg.Imp.Vol last month: 32 % the world's farmed salmon. The company is Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec present in 18 countries and has 5000 employees worldwide. Bloomberg : MHG NO Open Int (avg): 33 498 Home: www.marineharvest.com Liquidity: Tradable in blocks of 2000 OBX Weight: 3.20% O/I avg. ytd: 14 702 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

NORWEGIAN AIR SHUTTLE is Europe's third Norwegian Air Shuttle (NAS) Sector: Airlines 20302010 Last (NOK): 298.60 largest low cost airline and the second largest airline in Scandinavia. Norwegian ISIN : NO 001 019 6140 Avg.Imp.Vol last month: 47 % operates 55 aircraft on 239 routes to 94 Reuters : NAS.OL Expiry: Mar, Jun, Sep, Dec destinations and employs approximately 2000 people. Bloomberg : NAS NO Open Int (avg): 9 484 Home: www.norwegian.no Liquidity: Tradable in blocks of around 500 OBX Weight: 1.05% O/I avg. Ytd: 6 130 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Norsk Hydro (NHY) NORSK HYDRO is a global supplier of Sector: Aluminum 15104010 Last (NOK): 36.31 aluminium with activities throughout the ISIN : NO 000 505 2605 Avg.Imp.Vol last month: 30 % value chain, from bauxite extraction to the Reuters : NHY.OL Expiry: Each Month production of rolled and extruded aluminium products and building systems. Based in Norway, the company employs 22 Bloomberg : NHY NO and NOHYF US Open Int (avg): 133 651 000 people in more than 40 countries. Home: www.hydro.com Liquidity: Tradable in blocks of 5000 OBX Weight : 6.04% O/I avg. ytd: 136 231 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): 3.83 producer of publication paper, with 12 paper ISIN : NO 000 413 5633 Avg.Imp.Vol last month: 84 % mills in 10 countries and a production Reuters : NSG.OL Expiry: Mar, Jun, Sep, Dec capacity of around 4 mill. tonnes per year. Home: www.norskeskog.com Bloomberg : NSG NO Open Int (avg): 4 060 Liquidity: Tradable in blocks of 2000 OBX Weight : N/A O/I avg. ytd: 4 854 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Sector: Internet Software & Services Opera Software (OPERA) OPERA SOFTWARE delivers the best Internet Last (NOK): 66.70 45101010 experience on any device. The company ISIN : NO 001 004 0611 Avg.Imp.Vol last month: 50 % targets PCs, mobile phones, portable media Reuters : OPERA.OL Expiry: Mar, Jun, Sep, Dec players, set-top boxes, gaming consoles and other vertical markets. Bloomberg : OPERA NO Open Int (avg): 9 769 Home: www.opera.com

Liquidity: Tradable for volumes around 500 OBX Weight : 1.04% O/I avg. ytd: 5 881 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1

Sector: Industrial Conglomerates Orkla (ORK) ORKLA operates in the branded consumer Last (NOK): 61.40 20105010 goods, aluminium solutions and financial ISIN : NO 000 373 3800 Avg.Imp.Vol last month: 21 % investment sectors. The Group has a Reuters : ORK.OL Expiry: Each Month turnover of NOK 57 billion and 30 000 employees in more than 40 countries. Bloomberg : ORK NO Open Int (avg): 6 799 Home: www.orkla.no

Liquidity: Tradable for volumes around 3000 OBX Weight : 5.75% O/I avg. ytd: 6 760 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

Sector: Oil & Gas Equipment & Petroleum Geo-Services (PGS) Last (NOK): 47.96 PETROLEUM GEO-SERVICES is a Services 10101020 technologically focused oilfield service ISIN : NO 001 019 9151 Avg.Imp.Vol last month: 48 % company involved in providing geophysical Reuters : PGS.OL Expiry: Mar, Jun, Sep, Dec services worldwide. Home: www.pgs.com Bloomberg : PGS NO Open Int (avg): 18 749

Liquidity: Tradable for volumes around 2000 OBX Weight : 1.18% O/I avg. ytd: 15 323 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): 598.00 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: Mar, Jun, Sep, Dec combined total of 38 ships in service and five under construction. Bloomberg : RCL NO Open Int (avg): 2 059 Home: www.rclinvestor.com Liquidity: Tradable in blocks of 1000 OBX Weight : 4.31% O/I avg. ytd: 2 838 Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Sector: Semiconductor Equipment REC Silicon (REC) Last (NOK): 1.62 REC SILICON is a leading producer of 45301010 advanced silicon materials, delivering high- ISIN : NO 001 011 2675 Avg.Imp.Vol last month: 76 % purity polysilicon and silane gas to the solar Reuters : REC.OL Expiry: Each Month and electronics industries worldwide. Home: www.recsilicon.com Bloomberg : REC NO Open Int (avg): 55 006

Liquidity: Tradable in blocks of 4000-5000 OBX Weight : 0.36% O/I avg. ytd: 51 997 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): 93.00 contractor providing services within drilling ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 59 % and well services. Seadrill has 7 000 employees, representing 25 nationalities on Reuters : SDRL.OL Expiry: Mar, Jun, Sep, Dec five continents. Home: www.seadrill.com Bloomberg : SDRL NO Open Int (avg): 8 769

Liquidity: Tradable for volumes around 2000 OBX Weight : 2.26% O/I avg. ytd: 9 788 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): 27.00 markets for long-term savings and 40301020 insurance. The group consists of the ISIN : NO 000 305 3605 Avg.Imp.Vol last month: 33 % following business areas: life insurance, Reuters : STB.OL Expiry: Mar, Jun, Sep, Dec asset management, banking and non-life insurance. Bloomberg : STB NO Open Int (avg): 59 250 Home: www.storebrand.com Liquidity: Tradable in blocks of 5000 OBX Weight : 1.45% O/I avg. ytd: 93 677 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

STATOIL is the leading producer of Statoil (STL) Sector: Integrated Oil & Gas 10102010 Last (NOK): 143.70 petroleum on the NCS and has substantial production outside of Norway. Statoil is the ISIN : NO 001 009 6985 Avg.Imp.Vol last month: 26 % world's largest operator of offshore Reuters : STL.OL Expiry: Each month petroleum production with activities in 32 countries and approximately 30 000 Bloomberg : SYO NO and STO US Open Int (avg): 98 804 employees. Liquidity: Tradable in blocks of 5000 OBX Weight : 18.80% O/I avg. ytd: 112 145 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 8

Sector: Oil & Gas Equipment & Subsea 7 (SUBC) Last (NOK): 81.05 Subsea 7 S.A. is a seabed-to-surface Services 10101020 engineering, construction and services ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 43 % contractor to the offshore energy industry Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec worldwide. Home: www.subsea7.com Bloomberg: SUBC NO Open Int (avg): 15 770

Liquidity: Tradable in blocks of 2000 OBX Weight: 2.49% O/I avg. ytd: 26 035 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): 175.60 50101020 provider of communications services and ISIN : NO 001 006 3308 Avg.Imp.Vol last month: 20 % one of the largest mobile operators Reuters : TEL.NO Expiry: Each Month worldwide. Home: www.telenor.com Bloomberg : TEL NO and TELN US Open Int (avg): 12 480 Liquidity: Traded in volumes of 3000 OBX Weight : 15.33% O/I avg. ytd: 14 348 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

TGS-NOPEC provides multi-client Sector: Oil & Gas Equipment & TGS-Nopec (TGS) Last (NOK): 193.80 geoscience data and services to oil and gas Services 10101020 Exploration and Production companies ISIN : NO 000 307 8800 Avg.Imp.Vol last month: 36 % around the globe. TGS also provides high- end depth imaging services to help resolve Reuters : TGS.OL Expiry: Mar, Jun, Sep, Dec complex seismic imaging problems. Bloomberg : TGS NO Open Int (avg): 7 490 Home: www.tgs.com

OBX Weight : 2.31% O/I avg. ytd: 9 004 Liquidity: Tradable for volumes around 1000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

Sector: Fertilizers & Agricultural Yara (YAR) YARA International ASA delivers solutions Last (NOK): 387.90 for sustainable agriculture and the Chemicals 15101030 environment. Founded in Norway in 1905, ISIN : NO 001 020 8051 Avg.Imp.Vol last month: 26 % Yara has a worldwide presence with sales to Reuters : YAR.OL Expiry: Each Month 150 countries. Home: www.yara.com Bloomberg : YAR NO Open Int (avg): 19 729

Liquidity: Traded in blocks of around 2000 OBX Weight : 8.16% O/I avg. ytd: 21 039 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.