DERIVATIVES, OSLO BØRS - JULY 2013

The OBX index fell 5% to 431.03 points in June. So far this year the index is up 5%. During the half yearly June revision of the OBX, Songa exited the index whereas Polarcus entered.

The average number of contracts traded in June was 62 821 contracts/day, the highest since June 2011! The average for the year is 45 755 contracts/day.

June has been a good month, and the turnover increased for all groups. The stock option premium increased by 26% to 83 MNOK, the highest since February 2012 (2013 avg: 63 MNOK). The forward exposure rose by 85% to 988 MNOK (2013 avg: 762 MNOK). As for the index products, the OBX option premium increased by 52% to 47 MNOK (2013 avg: 38 MNOK), and the index future turnover rose by 18% to 14.5 BNOK, the highest this year (2013 avg: 12.9 BNOK).

The most traded stock option in June was with 17 MNOK or 21% of the total stock option premium turnover. Statoil and Yara followed. The top three stock derivatives accounted for 48% of the total stock option turnover for the month.

Norsk Hydro, Yara and Statoil were the most traded stock forwards. had a turnover of 187 MNOK, 19% of the total.

Options and forwards/futures on (NAS) were offered from June 17th.

June 20th was the last listing day of standardised derivatives on Tomra (TOM).

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

70 000

65 000

60 000

55 000

50 000

45 000

40 000

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

20 000 Stock Options

15 000

10 000

5 000

0 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month OBX - FUTURES 16 624

STOCK FWD/FUT 28 391

STOCK OPTIONS 13 751

OBX - OPTIONS 4 056

Contracts/day YTD 2013

OBX - FUTURES 14 646

STOCK FWD/FUT 13 594

STOCK OPTIONS 13 603 OBX - OPTIONS 3 911

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

OBX Options Option Premium last month Subsea 7 5.5 % 5.0 % Statoil 6.0 % 4.3 % 2.9 % 2.9 % 11.6 % 2.9 % DNB 2.7 % Petroleum Geo-Services 2.6 %

Telenor

13.1 % 1.4 % Norsk Hydro

1.3 % Royal Caribbean Cruises

0.7 % TGS Nopec Geophysical Co. 0.4 % Norwegian Air Shuttle 0.3 % Renewable Energy Corp 0.2 % Forsikring

0.1 % Marine Harvest Group 0.1 % Orkla 36.0 % DNO International Norske Skog

OBX Options Option Premium YTD 2013 Statoil 6.2 % 6.6 % Yara International 4.8 % DNB 8.7 % 3.4 % Subsea 7 3.4 % Storebrand 12.1 % 3.3 % Seadrill 2.8 % 2.5 % Norsk Hydro 2.3 % TGS Nopec Geophysical Co.

2.3 % Petroleum Geo-Services 1.1 % Aker Solutions 1.1 % Royal Caribbean Cruises Marine Harvest Group 0.9 % Gjensidige Forsikring 0.7 % Renewable Energy Corp 0.3 % 0.1 % Orkla

0.1 % Norwegian Air Shuttle

0.0 % DNO International 37.3 % Norske Skog Tomra

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SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Norsk Hydro Stock Fwd/Fut Premium last month Yara International 6.5 % 5.6 % Statoil 10.3 % Renewable Energy Corp 5.3 % 5.0 % Petroleum Geo-Services Telenor 3.4 % Gjensidige Forsikring 3.2 % 17.1 % Royal Caribbean Cruises Seadrill

3.0 % Subsea 7 Aker Solutions 1.3 % DNB 1.1 % Marine Harvest Group 0.6 % Norwegian Air Shuttle 0.5 % Storebrand

0.5 % DNO International 0.0 % Orkla 0.0 % 19.0 % Norske Skog 0.0 % 17.8 % TGS Nopec Geophysical Co.

Stock Fwd/Fut Premium YTD 2013 Norsk Hydro Statoil

Yara International 7.2 % 6.6 % 5.3 % Seadrill

11.1 % 4.2 % Telenor

3.8 % Royal Caribbean Cruises 3.6 % Petroleum Geo-Services

Subsea 7 11.5 % 3.4 % Renewable Energy Corp

Aker Solutions 2.5 % DNB 0.9 % 0.9 % Gjensidige Forsikring 0.5 % Storebrand 0.2 % Marine Harvest Group 0.2 % TGS Nopec Geophysical Co. 15.5 % 0.1 % Orkla 0.0 % DNO International 22.4 % Norwegian Air Shuttle

Norske Skog

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PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

90 700 000

80 83 600 000

70 68 71 66 500 000 60 60 59 59

55 400 000 Contracts

50 56 53 57 -

40 43 300 000 36 30 200 000

Turnover Turnover Premium MNOK 20

100 000 Open Interest (avg) 10

0 0 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Turnover Premium Open Interest (avg)

Single Stock Forwards & Futures

1 200 700 000 1 1 131

1 1 017 600 000

1 000 988

500 000

800 806 773

400 000 Contracts -

600 647

564 300 000

533

453 502

400 436 401

200 000

296 Turnover Turnover Premium MNOK 200

100 000 Open Interest (avg)

0 0 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Turnover Premium Open Interest (Avg)

6

PREMIUM - INDEX DERIVATIVES

OBX - Index Options

60 90 000

80 000 50 52 70 000 47 47 46 40 44 60 000

37 50 000 Contracts 34 - 30 32 32 31 31 40 000 28

20 30 000 21

Turnover Turnover Premium MNOK 20 000

10 Open Interest Open Interest (avg) 10 000

0 0 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Turnover premium / month Open interest (avg)

Index Futures

30 000 140 000

120 000 25 000

100 000

20 000 18 719

19 19 617 80 000

Contracts 17 095

15 000 -

18 18 781

14 544 15 511

13 335 60 000

13 893

12 060 12 294

10 000 12 712

12 798 40 000

12 12 277 Turnover Turnover exposure MNOK

5 000 Open Interest (avg) 20 000

0 0 Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

Turnover exposure MNOK Open Interest (avg)

7

BROKER STATISTICS - JULY 2013

Turquoise Equity Options 12.8 % DNB Bank ASA 10.0 % Enskilda Securities

4.0 % 2.7 % Danske Bank AS 1.8 % Nordnet Bank AB 1.1 % 0.7 % Sparebank 1 Markets 0.7 % AS 0.2 % First Securities ASA 29.7 % 0.1 % Nordea Markets

Handelsbanken Capital Markets NetFonds AS

Carnegie ASA 36.2 % Pareto Securities AS

Index Options Enskilda Securities 16.5 % Turquoise 7.9 %

DNB Bank ASA 3.2 % 2.8 % 19.1 % 2.4 % Danske Bank AS 1.8 % NetFonds AS 1.7 %

0.6 % First Securities ASA

Nordnet Bank AB 0.3 %

Sparebank 1 Markets AS Pareto Securities AS

Nordea Markets

43.7 % Handelsbanken Capital Markets

8

Stock Forwards & Futures

92.4 %

DNB Bank ASA

Handelsbanken Capital Markets

Turquoise

3.4 % 1.6 % Carnegie ASA

1.5 % Sparebank 1 Markets 1.0 % AS

0.1 % Danske Bank AS

Index Futures

11.6 % 9.6 % DNB Bank ASA

Turquoise 4.7 % 17.0 % 3.7 % ABG Sundal Collier Norge ASA Sparebank 1 2.3 % Markets AS Handelsbanken 1.2 % Capital Markets Danske Bank AS 0.1 % Enskilda Securities

0.1 % Nordea Markets 0.1 % Carnegie ASA

Nordnet Bank AB

RS Platou Markets AS 20.0 % 29.5 % Arctic Securities ASA

"Turquoise" is a composite entry and includes all derivatives members at Turquoise

9

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.

28.06.13: 431.03 All time high (22.05.08 close): 462.70

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The current OBX and OBOSX Index composition 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. jul. 2013 OBX OBOSX Close - prev. day: 431.03 108.59 OBOSX weight of OBX: 20.86 % Divisor: 1 582 203 697 1 310 216 975 USDNOK: 6.07

Weight % Weight % Close Last Day Dividend Dividend Last Update Free Float Free Float Multiplier Multiplier Value Ticker Company Name in OBX in OBOSX Prev. day Note Incl. Div. Stock in NOK Div. Info Stocks - OBX Value - OBX OBOSX OBOSX Industry 1 AKSO Aker Solutions 1.97 % 9.99 % 82.65 12.04.13 4.00 25.06.13 162 305 468 13 414 546 930 172 007 021 14 216 380 286 Oil & Gas Equipment & Services 2 ALGETA Algeta ASA 1.30 % 231.20 11.04.13 24.06.13 38 313 855 8 858 163 276 Biotechnology 3 DETNOR Det Norske Oljeselskap 0.95 % 83.30 17.04.13 25.06.13 77 389 049 6 446 507 782 Industrial Conglomerates 4 DNB DNB 12.60 % 87.95 30.04.13 2.10 24.06.13 977 279 316 85 951 715 842 Diversified Banks 5 DNO DNO International 0.99 % 11.10 12.06.13 25.06.13 606 137 553 6 728 126 838 Oil & Gas Exploration & Production 6 EMGS Electromagnetic Geoservices 0.30 % 1.52 % 10.250 21.06.13 25.06.13 198 880 055 2 038 520 564 210 767 796 2 160 369 909 Oil & Gas Equipment & Services 7 FOE Fred Olsen Energy 1.17 % 5.92 % 240.00 28.05.13 20.00 25.06.13 33 132 064 7 951 695 360 35 112 481 8 426 995 440 Oil & Gas Drilling 8 GJF Gjensidige Forsikring 2.62 % 89.35 25.04.13 6.85 25.06.13 199 968 999 17 867 230 061 Multi-line Insurance 9 MHG Marine Harvest 2.54 % 6.160 23.05.13 0.10 25.06.13 2 810 948 924 17 315 445 372 Packaged Foods & Meats 10 NAS Norwegian 1.03 % 265.40 15.05.13 25.06.13 26 371 604 6 999 023 702 Airlines 11 NHY Norsk Hydro 3.26 % 24.24 08.05.13 0.75 25.06.13 916 905 672 22 225 793 489 Aluminum 12 ORK Orkla 5.90 % 49.76 18.04.13 2.50 25.06.13 808 947 789 40 253 241 981 Industrial Conglomerates 13 PGS Petroleum Geo-Services 2.34 % 11.91 % 74.00 14.05.13 1.65 25.06.13 216 109 975 15 992 138 150 229 027 607 16 948 042 918 Oil & Gas Equipment & Services 14 PLCS Polarcus 0.33 % 1.68 % 4.950 06.06.13 24.06.13 456 499 061 2 259 670 352 483 785 571 2 394 738 576 Oil & Gas Equipment & Services 15 PRS Prosafe 1.85 % 9.38 % 53.35 22.05.13 0.87 25.06.13 235 960 972 12 588 517 856 250 065 166 13 340 976 606 Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 2.35 % 203.10 14.05.13 $0.12 0.70 25.06.13 79 020 187 16 048 999 980 Hotels, Resorts & Cruise Lines 17 REC Renewable Energy Corp 0.59 % 2.234 03.05.13 24.06.13 1 796 742 364 4 013 922 441 Semiconductor Equipment 18 SCH Schibsted 3.09 % 262.40 30.04.13 3.50 25.06.13 80 411 151 21 099 886 022 Publishing 19 SDRL Seadrill 5.99 % 30.41 % 245.20 04.06.13 $0.88 5.11 25.06.13 166 501 822 40 826 246 754 176 454 205 43 266 571 066 Oil & Gas Drilling 20 STB Storebrand 1.54 % 29.30 17.04.13 0.00 25.06.13 357 754 894 10 482 218 394 Life and Health Insurance 21 STL Statoil 20.46 % 125.30 14.05.13 6.75 25.06.13 1 113 743 748 139 552 091 624 Integrated Oil & Gas 22 SUBC Subsea 7 S.A. 4.13 % 15.75 % 106.50 02.07.13 $0.60 3.64 25.06.13 264 448 986 28 163 817 009 210 390 637 22 406 602 841 Oil & Gas Equipment & Services 23 TEL Telenor 13.59 % 120.40 15.05.13 6.00 25.06.13 769 869 819 92 692 326 208 Integrated Telecom. Services 24 TGS TGS Nopec Geophysical 2.65 % 13.44 % 176.50 04.06.13 8.00 25.06.13 102 205 024 18 039 186 736 108 314 168 19 117 450 652 Oil & Gas Equipment & Services 25 YAR Yara International 6.48 % 242.20 13.05.13 13.00 25.06.13 182 368 721 44 169 704 226 Fertilizers & Agricultural Chemicals Tot: OBX 100.00 % 431.03 681 978 736 949 Tot: OBOSX 100.00 % 108.59 ############ Note Note Explanation Gen. AGM/ Last inclusive dates as notified on respective company's web page, and dividend proposed by the board NB: Norwegian Stock derivatives will be adjusted for the part of dividends exceeding 5% of underlying fixing (vwap) on 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.

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

The OBX INDEX consists of the 25 most Last (NOK): 431.03 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 ISIN: NO 000 000 0021 Expiry: Each Month six months turnover rating (Jun & Dec). It is a semi-annually revised, free float Reuters: .OBX Open Int Options (avg): 82 990 adjusted total return index (dividend Bloomberg: OBX NO Open Int Fut (avg): 78 149 adjusted). Home: www.oslobors.no Weight of All Shares: 44.39% O/I Options avg. ytd: 64 777 Liquidity: Tradable in blocks of around O/I Fut avg. ytd: 73 391 Domicile: 5000 contracts. Derivatives: Options & Futures Market Maker(s): 6

Sector: OBX Index & Energy Last (NOK): 108.59 OBOSX Index (OBOSX) The OSLO BØRS OBX OIL SERVICE INDEX Equipment and Service Index Avg.Imp.Vol last month: N/A is a free float adjusted total return index ISIN: NO 001 059 0086 Expiry: Each Month (dividend adjusted) composed of the most liquid shares within the Oil Service Reuters: .OBOSX Open Int Fut (avg): 1 277 sector. Only companies that are Bloomberg: OBOSX.IND members of both the OBX index and the Weight of OBX: 20.86% Energy Equipment and Service Index are O/I Fut avg. ytd: 567 included. Home: www.oslobors.no Domicile: Norway Derivatives: Futures Market Maker(s): 2

Sector : Oil & Gas Equipment & Aker Solutions (AKSO) AKER SOLUTIONS is a leading global oil Last (NOK): 83.10 Services 10101020 services company that provides engineering services, technologies, product ISIN: NO 0010215684 Avg.Imp.Vol last month: 32 % solutions and field-life solutions for the oil Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec and gas industry. Home: www.akersolutions.com Bloomberg : AKSO NO Open Int (avg): 13 626

OBX Weight : 1.97% O/I avg. ytd: 8 317 Liquidity: Tradable for volumes around 2000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

12

Sector : Diversified Banks 40101010 Last (NOK): DNB (DNB) DNB is Norway's largest financial services 88.95 group and offers financial products and ISIN: NO 001 003 1479 Avg.Imp.Vol last month: 25 % services related to the money and capital markets. Reuters : DNB.OL Expiry: Each Month Home: www.dnb.no Bloomberg : DNB NO Open Int (avg): 25 696

Liquidity: Tradable in blocks of 3000 OBX Weight : 12.60% O/I avg. ytd: 31 109 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

DNO International Sector : Oil & Gas Exploration & Last (NOK): 11.15 (DNO) DNO International is an international Production 10102020 independent petroleum company engaged ISIN: NO 000 392 1009 Avg.Imp.Vol last month: 51 % in the acquisition, exploration, 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): 1 645

Liquidity: Tradable for volumes around OBX Weight : 0.99% O/I avg. ytd: 1 309 Domicile: Norway 1000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1

Gjensidige Forsikring GJENSIDIGE FORSIKRING is one of the Sector : Multi-line Insurance Last (NOK): 90.45 (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: 17 % 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): 1 442 Home: www.gjensidige.com

OBX Weight : 2.62% O/I avg. ytd: 5 026 Liquidity: Tradable for volumes around 2000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

13

Marine Harvest Group Sector : Packaged Foods & Meats Last (NOK): 6.31 (MHG) MARINE HARVEST is the world’s leading 30202030 seafood company offering a wide range of seafood products and produce one fourth ISIN: NO 000 305 4108 Avg.Imp.Vol last month: 26 % of the world's farmed salmon. The company Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec is present in 18 countries and has 5000 employees worldwide. Home: www.marineharvest.com Bloomberg : MHG NO Open Int (avg): 35 697

Liquidity: Tradable in blocks of 10 000 OBX Weight: 2.54% O/I avg. ytd: 88 015 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Norwegian Air Shuttle Sector : Airlines 20302010 Last (NOK): 268.60 (NAS) NORWEGIAN AIR SHUTTLE is Europe's third largest low cost airline and the second largest airline in Scandinavia. Norwegian ISIN: NO 001 019 6140 Avg.Imp.Vol last month*: 46 % operates 55 aircraft on 239 routes to 94 Reuters : NAS.OL Expiry: Mar, Jun, Sep, Dec destinations and employs approximately 2 000 people. Home: www.norwegian.no Bloomberg : NAS NO Open Int (avg)*: 411

OBX Weight: 1.03% O/I avg. Ytd*: 747 Liquidity: Listed June 17th Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

Norsk Hydro (NHY) NORSK HYDRO is a global supplier of Sector : Aluminum 15104010 Last (NOK): 24.22 aluminium with activities throughout the ISIN: NO 000 505 2605 Avg.Imp.Vol last month: 28 % 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): 61 871 23,000 people in more than 40 countries. Home: www.norskhydro.com

Liquidity: Tradable in blocks of 3000 OBX Weight : 3.26% O/I avg. ytd: 40 349 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 5

14

Sector: Paper Products Norske Skog (NSG) Last (NOK): 2.65 NORSKE SKOG is one of the world's 15105020 biggest producer of publication paper, ISIN: NO 000 413 5633 Avg.Imp.Vol last month: 77 % with 12 paper mills in 10 countries and a production capacity of around 4 Reuters: NSG.OL Expiry: Mar, Jun, Sep, Dec mill. tonnes per year. Home: www.norskeskog.com Bloomberg: NSG NO Open Int (avg): 6 210

OBX Weight: N/A O/I avg. ytd: 3 206 Liquidity: Tradable in blocks of Derivatives: Options & Domicile: Norway 5000 contracts. Market Maker(s): 1 Fwd/Fut

Sector : Industrial Conglomerates Orkla (ORK) Last (NOK): 50.20 ORKLA operates in the branded consumer 20105010 goods, aluminium solutions and financial ISIN: NO 000 373 3800 Avg.Imp.Vol last month: 19 % 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. Home: www.orkla.no Bloomberg : ORK NO Open Int (avg): 18 362

Liquidity: Tradable for volumes around OBX Weight : 5.90% O/I avg. ytd: 33 469 Domicile: Norway 3000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

Petroleum Geo- Sector : Oil & Gas Equipment & Last (NOK): 74.70 Services (PGS) PETROLEUM GEO-SERVICES is a Services 10101020 technologically focused oilfield service ISIN: NO 001 019 9151 Avg.Imp.Vol last month: 31 % 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): 12 695

Liquidity: Tradable for volumes around OBX Weight : 2.34% O/I avg. ytd: 9 444 Domicile: Norway 1000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

15

Royal Caribbean Sector : Hotels, Resorts & Cruise ROYAL CARIBBEAN CRUISES is a global Last (NOK): 204.20 Cruises (RCL) cruise vacation company that operates Lines 25301020 Royal Caribbean International, Celebrity ISIN: LR 000 886 2868 Avg.Imp.Vol last month: 30 % Cruises, Pullmantur, Azamara Cruises and CDF Croisières de France. The company Reuters : RCL.OL Expiry: Mar, Jun, Sep, Dec has a combined total of 38 ships in service and five under construction. Bloomberg : RCL NO Open Int (avg): 8 583 Home: www.rclinvestor.com

Liquidity: Tradable in blocks of 1000 OBX Weight : 2.35% O/I avg. ytd: 4 983 Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Renewable Energy Sector : Semiconductor Equipment RENEWABLE ENERGY CORPORATION was Last (NOK): 2.29 Corporation (REC) founded in 1996. REC has a presence in all 45301010 parts of the solar value chain from ISIN: NO 001 011 2675 Avg.Imp.Vol last month: 81 % production of raw material to solar panels Reuters : REC.OL Expiry: Each Month and solar systems. The company has an international customer base, and more than 3,000 employees worldwide. Bloomberg : REC NO Open Int (avg): 82 574 Home: www.recgroup.com

Liquidity: Tradable in blocks of 4000- OBX Weight : 0.59% O/I avg. ytd: 76 622 Domicile: Norway 5000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

SEADRILL is an international drilling Sector : Oil and Gas Drilling Seadrill (SDRL) Last (NOK): 248.30 contractor providing services within drilling 10101010 and well services. Seadrill?s versatile fleet ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 20 % includes semi-submersibles, jack-ups, tender rigs and deepwater drillships. Reuters : SDRL.OL Expiry: Mar, Jun, Sep, Dec Seadrill has 7,000 employees, representing 25 nationalities on five continents. Bloomberg : SDRL NO Open Int (avg): 15 566 Home: www.seadrill.com Liquidity: Tradable for volumes around OBX Weight : 5.99% O/I avg. ytd: 12 334 Domicile: Bermuda 3000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

16

Sector : Life & Health Insurance Storebrand (STB) STOREBRAND is a leading player in the Last (NOK): 29.84 markets for long-term savings and 40301020 insurance. The group consists of the ISIN: NO 000 305 3605 Avg.Imp.Vol last month: 32 % 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): 55 274 Home: www.storebrand.com

Liquidity: Tradable in blocks of 2000- OBX Weight : 1.54% O/I avg. ytd: 48 787 Domicile: Norway 3000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Sector : Integrated Oil & Gas Statoil (STL) STATOIL is the leading producer of Last (NOK): 126.50 petroleum on the NCS and has substantial 10102010 production outside of Norway. Statoil is the ISIN: NO 001 009 6985 Avg.Imp.Vol last month: 19 % world's largest operator of offshore Reuters : STL.OL Expiry: Each month petroleum production with activities in 32 countries and approximately 30 000 employees Bloomberg : SYO NO and STO US Open Int (avg): 61 193 Home: www.statoil.com Liquidity: Tradable in blocks of 5000 OBX Weight : 20.46% O/I avg. ytd: 54 573 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

Subsea 7 S.A. is a seabed-to-surface Sector: Oil & Gas Equipment & Subsea 7 (SUBC) Last (NOK): 105.50 engineering, construction and services Services 10101020 contractor to the offshore energy ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 23 % industry worldwide. Provides integrated services, and plan, design and deliver Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec complex projects in harsh and challenging environments. Bloomberg: SUBC NO Open Int (avg): 26 527 Home: www.subsea7.com Liquidity: Tradable in blocks of 2000 OBX Weight: 4.13% O/I avg. ytd: 15 340 contracts. Domicile: Luxembourg Derivatives: Options & Fwd/Fut Market Maker(s): 4

17

Sector : Integrated Telecom. Telenor (TEL) Last (NOK): 120.00 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: 19 % 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): 12 151

Liquidity: Traded in volumes of 3000 OBX Weight : 13.59% O/I avg. ytd: 11 643 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

Sector : Oil & Gas Equipment & TGS-Nopec (TGS) Last (NOK): 177.20 TGS-NOPEC provides multi-client Services 10101020 geoscience data and services to oil and ISIN: NO 000 307 8800 Avg.Imp.Vol last month: 30 % gas Exploration and Production companies around the globe. Reuters : TGS.OL Expiry: Mar, Jun, Sep, Dec Home: www.tgsnopec.no Bloomberg : TGS NO Open Int (avg): 9 117

OBX Weight : 2.65% O/I avg. ytd: 7 055 Liquidity: Tradable for volumes around 1000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 1

Sector : Fertilizers & Agricultural Yara (YAR) Last (NOK): 240.10 Chemicals 15101030 YARA International ASA is the world`s leading supplier of mineral fertilizers selling ISIN: NO 001 020 8051 Avg.Imp.Vol last month: 22 % more than 20 million tonnes of fertilizers in more than 120 countries. Reuters : YAR.OL Expiry: Each Month Home: www.yara.com Bloomberg : YAR NO Open Int (avg): 21 352

Liquidity: Traded in blocks of around OBX Weight : 6.48% O/I avg. ytd: 19 547 2000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 4

18

MARKET MAKERS

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

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

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

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

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

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

19

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%

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.

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%

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.

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

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% 10%

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.

PGS ATM Implied Vol 80%

70%

60%

50%

40%

30%

20%

RCL 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%

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.

SDRL ATM Implied Vol

110%

90%

70%

50%

30%

10%

STB ATM Implied Vol 140%

120%

100%

80%

60%

40%

20%

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

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.

SUBC ATM Implied Vol

120%

100%

80%

60%

40%

20%

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

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

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.

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 26 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.