Dnb NOR (DNBNOR) Services Group with Total Combined Assets 25,65 of NOK 1470 Billion

DERIVATIVES, OSLO BØRS – FEBRUARY 2009

The OBX index decreased from 201.15 to 191.57 points in February, a fall of 4.8%, after a small increase in the year’s first month.

The average number of contracts in February was 52 643 contracts/day, which is below the 2008 average of 63 686.

The premium turnover for the stock derivatives increased in February. Single stock option turnover increased from 84 MNOK to 94 MNOK, whereas the stock forward exposure rose from 382 MNOK to 456 MNOK.

The premium turnover for the index derivatives, on the other hand, experienced a decrease last month. OBX option turnover decreased from 48 MNOK to 20 MNOK, and the OBX future exposure fell from 16.6 BNOK to 14.2 BNOK during February.

The three most traded stock options in terms of premium turnover were StatoilHydro with 32% of the turnover, Yara with 26%, and Norsk Hydro with 13% of the total stock option premium turnover.

Top three with regards to stock forwards were Yara with 44%, StatoilHydro with 23%, and Telenor with 8% of the total forward exposure.

Expirations in February: DnB NOR, Norsk Hydro, Storebrand, Tandberg and Yara.

For more detailed information, please read ahead 

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. The presentation does not in any way constitute a recommendation by Oslo Børs.

TURNOVER – CONTRACTS/DAY (AVERAGE)

Contracts/Day last month

OBX - FUTURES 35 251

STOCK OPTIONS 10 740

OBX - OPTIONS STOCK FORWARDS 1 868 4 784

Contracts/Day YTD 2009

OBX - FUTURES 37 181

STOCK OPTIONS 9 037

OBX - OPTIONS STOCK FORWARDS 2 969 4 726

LIQUIDITY – OPTION PREMIUM DISTRIBUTION

Option Premium last month

10.7 % 4.4 % 3.2 % 3.2 % 3.0 % StatoilHydro Yara International 3.0 % OBX - options 17.6 % 2.9 % Norsk Hydro

1.4 % Renewable Energy Corp. 0.7 % Storebrand 0.7 % DnB NOR 0.7 % Telenor 0.3 % SeaDrill Tandberg Orkla Acergy Marine Harvest Group Norske Skog 21.7 % 26.5 % Tomra

Option Premium YTD 2009

6.0 % 5.6 % 3.8 % 3.2 % OBX - options 3.2 % 20.6 % StatoilHydro 2.4 % 1.9 % Yara International 1.9 % Norsk Hydro 0.9 % Renewable Energy Corp. 0.5 % 0.4 % SeaDrill 0.3 % Telenor DnB NOR Orkla Tandberg Storebrand Acergy Norske Skog 21.4 % Marine Harvest Group 27.6 % Tomra

SINGLE STOCK FORWARDS - EXPOSURE DISTRIBUTION

Stock Forward Premium last month

8.3 % 8.0 % 3.7 % Yara International 3.3 % StatoilHydro 2.6 % Telenor 2.6 % 23.0 % 1.9 % DnB NOR 1.1 % 0.9 % Royal Caribbean C. 0.6 % Renewable Energy Corp. 0.2 % Norsk Hydro 0.1 % SeaDrill 0.0 % 0.0 % Orkla Marine Harvest Group Tandberg Norske Skog Acergy Tomra Storebrand TGS Nopec Geo.

43.6 %

Stock Forward Premium YTD 2009

6.9 % 5.8 % 7.3 % 5.7 % Yara International 4.3 % StatoilHydro 2.7 % Telenor 2.4 % DnB NOR 1.3 % Renewable Energy Corp. 18.9 % 0.7 % 0.4 % Orkla 0.2 % Norsk Hydro 0.1 % SeaDrill 0.0 % Royal Caribbean Cruises 0.0 % Marine Harvest Group Tandberg Norske Skog Acergy Tomra Storebrand TGS Nopec Geo. 43.4 %

PREMIUM – SINGLE STOCK DERIVATIVES

Single Stock Options

600 700 000

600 000 500 564

500 000 400

400 000

300 409 362 300 000

200

Turnover Premium MNOK Premium Turnover 200 000 Open(avg) Interest - Contracts 241 100 227 173 100 000 185 183 143 105 84 94 0 0 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Des 08 Jan 09 Feb 09

Turnover premium/month - Stock Options Open Interest (avg) - Stock Options

Single Stock Forwards

1 600 250 000

1 400

200 000

1 404 1 200

1 000 150 000

1 119

800

904

958

868 780 100 000

600 892 Turnover Premium MNOK Premium Turnover

400 Open(avg) Interest - Contracts

466 50 000

382

200 370

271

162

0 0 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Des 08 Jan 09 Feb 09

Turnover premium/ month - Single Stock Fwds Open Interest (avg) - Single Stock Fwds

PREMIUM - OBX DERIVATIVES

OBX - Index Options

200 100 000

180 90 000 188 160 80 000 169 168

140 70 000

120 60 000

100 50 000

80 40 000 84 87

Turnover Premium MNOK Premium Turnover 60 30 000 Open(avg)- Interest Contracts 79 69 63 40 20 000 62 48

20 33 10 000 20 0 0 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Des 08 Jan 09 Feb 09 Turnover premium/ month - OBX-indexoptions Open Interest (avg) - OBX-indexoptions

OBX - Index Futures

30 000 300 000

29 85129

29 78029

28 34728

25 000 250 000

25 72125

27 61827

23 83223 20 000 19426 200 000

16 55916

16 11616 15 000 64316 150 000

14 91414

14 22014

10 000 100 000

Turnover exposure MNOK exposure Turnover Open(avg)- Interest Contracts

5 000 50 000

0 0 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Des 08 Jan 09 Feb 09

Turnover exposure/month - OBX-indexfutures Open Interest (avg) - OBX-indexfutures

BROKER STATISTICS – FEBRUARY 2009

Only companies with more than 0,5% of the total market are shown (for more detailed information on the broker statistics, please see: http://www.oslobors.no/ob/statistikk?languageID=1&p_menuid=17

Options

11.1 %

23.0 % 4.2 %

2.9 % Non-Norwegian 2.5 % DnBNOR 2.0 % Handelsbanken 0.8 % 0.7 % SEB Enskilda 0.5 % Nordea Pareto Net Fonds Fondsfinans Carnegie First

51.6 %

Forwards 18.3 %

5.2 %

2.9 %

2.8 % DnBNOR 1.6 % Non-Norwegian Carnegie First Handelsbanken Nordea

69.1 %

OBX Futures

35.3 %

8.9 %

4.7 % Handelsbanken 1.4 % 0.7 % DnBNOR 0.6 % Non-Norwegian Nordea SEB Enskilda RS Platou ABG Sundal Collier

47.7 %

OBX INDEX - CONSTITUENCIES 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 implemented on the third Friday in June and December. In the period between the composition review dates, the number of shares for each constituent is fixed with exception of continuous adjustments for corporate actions with priority for existing shareholders. The OBX Index is a tradable index with exchange traded futures and options available.

27.02.09: 191.57 All time high (22.05.08 close): 462.70

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 send “Request for OBX Morning Report” to [email protected] ).

Date: 2. mar. 2009 Date Codes OBX close - prev. day: 191.57 Expiry Front: 19.03.09 C/O Divisor: 1 858 716 538 3M NIBOR: 3.15 % Expiry Middle: 16.04.09 D/P % weight of OSEAX: 39.45 % USDNOK: 7.10 Expiry Back: 20.05.09 E/Q Expiry Long: 16.07.09 G/S

Weight % Last Day Dividend Dividend Last Update PV Close Free Float Free Float Ticker in OBX Incl. Div. Stock in NOK Note Reference Div. Info (Div. OBX) Prev. day Stocks - OBX Value - OBX Industry

1 ACY Acergy 2.02 % 25.05.09 $0.22 1.56 ii) www.acergy-group.com 18.02.09 1.55 36.85 194 953 972 7 184 053 868 Oil & Gas Equipment & Services 2 AKER Aker 0.89 % 02.04.09 5.00 ii) www.akerasa.com 27.02.09 4.99 125.75 25 328 580 3 185 068 935 Oil & Gas Equipment & Services 3 AKSO Aker Solutions 1.72 % 02.04.09 1.60 ii) www.akersolutions.com 19.02.09 1.60 38.00 161 419 902 6 133 956 276 Oil & Gas Equipment & Services 4 DNBNOR DnBNOR 5.28 % 21.04.09 0.00 ii) www.dnbnor.com 12.02.09 0.00 25.65 732 959 488 18 800 410 867 Diversified Banks 5 DNO DNO International 1.05 % 18.06.09 i) www.dno.no 19.02.09 0.00 4.35 855 814 066 3 722 791 187 Oil & Gas Exploration & Prod. 6 FOE Fred Olsen Energy 1.52 % 26.05.09 25.00 ii) www.fredolsen-energy.com 11.02.09 24.82 162.75 33 219 564 5 406 484 041 Oil & Gas Drilling 7 FRO Frontline 1.26 % 06.03.09 $0.25 1.78 ii) www.frontline.bm 26.02.09 1.77 147.50 30 304 991 4 469 986 173 Oil & Gas Storage & Transport. 8 GOGL Golden Ocean Group 0.09 % 0.00 ii) www.goldenocean.no 29.01.09 0.00 1.97 166 194 064 327 402 306 Marine 9 MHG Marine Harvest 1.16 % 27.05.09 0.00 i) www.marineharvest.com 11.02.09 0.00 1.70 2 435 228 830 4 139 889 011 Packaged Foods & Meats 10 NHY Norsk Hydro 4.25 % 05.05.09 0.00 ii) www.hydro.com 29.01.09 0.00 22.80 663 479 224 15 127 326 307 Aluminum 11 NSG Norske Skog 0.59 % 23.04.09 0.00 ii) www.norskeskog.com 05.02.09 0.00 11.65 180 168 959 2 098 968 372 Paper Products 12 ORK Orkla 9.62 % 23.04.09 2.25 ii) www.orkla.no 19.02.09 2.24 42.20 811 838 864 34 259 600 061 Industrial Conglomerates 13 PGS Petroleum Geo Services 1.10 % 14.05.09 i) www.pgs.com 11.02.09 0.00 23.35 167 210 680 3 904 369 378 Oil & Gas Equipment & Services 14 PRS ProSafe 1.60 % 14.05.09 i) www.prosafe.com 19.02.09 0.00 25.50 222 924 230 5 684 567 865 Oil & Gas Equipment & Services 15 REC Renewable Energy Corp 2.02 % 19.05.09 0.00 i) www.recgroup.com 11.02.09 0.00 48.50 148 206 157 7 187 998 615 Elec. Components & Equipm. 16 SCH Schibsted 0.45 % 15.05.09 2.00 ii) www.schibsted.no 30.01.09 1.99 41.50 38 753 615 1 608 275 023 Publishing 17 SDRL SeaDrill 4.34 % 0.00 ii) www.seadrill.com 27.02.09 0.00 54.00 285 890 791 15 438 102 714 Oil & Gas Drilling 18 SEVAN Sevan Marine 0.34 % 29.04.09 0.00 ii) www.sevanmarine.com 27.02.09 0.00 6.54 186 322 025 1 218 546 044 Oil & Gas Equipment & Services 19 STB Storebrand 2.20 % 22.04.09 0.00 ii) www.storebrand.no 19.02.09 0.00 22.00 356 148 001 7 835 256 022 Multi-line Insurance 20 STL StatoilHydro 36.94 % 19.05.09 7.25 ii) www.statoilhydro.com 17.02.09 7.20 118.00 1 114 775 432 131 543 500 976 Integrated Oil & Gas 21 SUB Subsea 7 0.89 % 03.02.09 0.00 39.45 80 767 489 3 186 277 441 Oil & Gas Equipment & Services 22 TEL Telenor 8.50 % 11.05.09 0.00 ii) www.telenor.com 19.02.09 0.00 36.50 828 944 423 30 256 471 440 Integrated Telecomm. Services 23 TGS TGS Nopec Geophysical 1.33 % 04.06.09 0.00 i) www.tgsnopec.no 12.02.09 0.00 46.20 102 669 900 4 743 349 380 Oil & Gas Equipment & Services 24 TAA Tandberg 2.86 % 23.04.09 1.25 ii) www.tandberg.com 18.02.09 1.24 90.80 111 981 441 10 167 914 843 Communications Equipment 25 YAR Yara International 7.99 % 07.05.09 4.50 ii) www.yara.com 17.02.09 4.47 151.00 188 418 982 28 451 266 282 Fertilizers & Agricult. Chemicals Tot: OBX 100.00 % 191.57 10 123 923 670 356 081 833 425 Note Note Explanation

i) AGM/ Last inclusive dates as notified on respective web pages and dividend estimates as the (rounded) average of several publicly available estimates (subject to change). Please note that individual estimates may vary. ii) Dividend proposed by the board iii) Tomra, dividend proposal of NOK 0.50 per share, AGM to be held 21.04.2009 NB: 1) For right to dividend, single stock derivatives must be exercised 2 days prior to ex-div date. 2) Norwegian Stock derivatives will be adjusted for the part of dividends exceeding 5% of underlying Fixing/VWAP on Cum-date. 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 whatsoever or howsoever caused or arising in connection with the information and estimates given in this document.

TH OSLO BØRS – LISTED DERIVATIVES (AS OF FEBRUARY 27 2009) OPEN INTEREST – OPTIONS AND FUTURES ONLY

The OBX Index consists of the 25 most Sector: N/A Last (NOK): OBX Index (OBX) traded securities in the OSEBX Index. The 191,57 constituents are selected on the basis of ISIN: NO 000 000 0021 Avg.Imp.Vol last month: 46% six months turnover rating (Jun & Dec). It is a semi-annually revised, free float Reuters: .OBX Expiry: Each Month adjusted total return index (dividend Open Int Options (avg): 23 803 adjusted). Home: www.oslobors.no Bloomberg: OBX NO Open Int Fut (avg): 190 583 Liquidity: Tradable in blocks of O/I Options avg. 2009: 26 500 Weight of All Shares: 39,45% 1000 contracts and often even up to 5000 O/I Fut avg. 2009: 196 738 Domicile: Norway contracts. Derivatives: Options & Futures Market Maker(s): 6

Acergy S.A. is a seabed-to-surface Sector: Oil & Gas Equipment & Last (NOK): Acergy (ACY) engineering and construction contractor Services 10101020 36,85 for the offshore oil and gas industry ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 75% worldwide. Reuters: ACY.OL Expiry: Jan, Apr, Jul, Oct Home: www.acergy-group.com Bloomberg: ACY NO Open Int (avg): 3 248

Liquidity: OBX Weight: 2,02% O/I avg. 2009: 3 629 Tradable in blocks of 500 contracts. Domicile: Luxembourg Derivatives: Options & Forwards Market Maker(s): 2

DnBNOR is Norway's leading financial Sector: Diversified Banks 40101010 Last (NOK): DnB NOR (DNBNOR) services group with total combined assets 25,65 of NOK 1470 billion. ISIN: NO 001 003 1479 Avg.Imp.Vol last month: 83%

Home: www.dnbnor.com Reuters: DNB.OL Expiry: Feb, May, Aug, Nov

Bloomberg: DNB NO Open Int (avg): 16 585 Liquidity: Tradable in blocks of 1000-3000 OBX Weight: 5,28% O/I avg. 2009: 14 763 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 3

Marine Harvest Marine Harvest is the world's leading seafood company. They offer customers Sector: Packaged Foods & Meats Last (NOK): 1,70 Group (MHG) and consumers a wide range of seafood 30202030 products and produce one fourth of the ISIN: NO 000 305 4108 world's farmed salmon. The company is Avg.Imp.Vol last month: 76% present in 18 countries and has 7500 employees worldwide. Reuters: MHG.OL Expiry: Mar, Jun, Sep, Dec Home: www.marineharvest.com Bloomberg: MHG NO Open Int (avg): 46 916 Liquidity: Tradable in blocks of up to O/I avg. 2009: 36 052 OBX Weight: 1,16% 10 000 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 3

Hydro is a global supplier of aluminum Sector: Aluminium Last (NOK): Norsk Hydro (NHY) and aluminum products. Based in Norway, 15104010 22,80 the company employs 25,000 people in ISIN: NO 000 505 2605 Avg.Imp.Vol last month: 66% more than 30 countries. Reuters: NHY.OL Expiry: Feb, May, Aug, Nov Home: www.hydro.com Bloomberg: NHY NO and NOHYF US Open Int (avg): 25 561 Liquidity: Tradable in blocks of 1000-3000 OBX Weight: 4,25% O/I avg. 2009: 22 444

contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 7

Norske Skog (NSG) Norske Skog is one of the world's biggest Sector: Paper Products 15105020 Last (NOK): 11,65 producer of publication paper, with 16

paper mills in 12 countries and a ISIN: NO 000 413 5633 Avg.Imp.Vol last month: 74% production capacity of around 5.2 mill. Reuters: NSG.OL Expiry: Mar, Jun, Sep, Dec tonnes per year. Home: www.norskeskog.com Bloomberg: NSG NO Open Int (avg): 11 881

Liquidity: Tradable in blocks of 1000- OBX Weight: 0,59% O/I avg. 2009: 9 911 1500 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 3

Sector: Industrial Conglomerates Orkla operates in the branded consumer Last (NOK): Orkla (ORK) 20105010 42,20 goods, aluminium solutions, materials,

renewable energy and financial ISIN: NO 000 373 3800 Avg.Imp.Vol last month: 54%

investment sectors. The group has a Reuters: ORK.OL Expiry: Jan, Apr, Jul, Oct turnover of NOK 70 billion and 35,000 employees in more than 40 countries. Bloomberg: ORK NO Open Int (avg): 11 425 Home: www.orkla.no

Liquidity: Tradable in volumes around OBX Weight: 9,62% O/I avg. 2009: 13 763 1000-2000 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 4

Sector: Electrical Components & Renewable Energy Renewable Energy Corporation (REC) was Equipment founded in 1996. REC has a presence in Last (NOK): 48,50 Corporation (REC) 20104010 all parts of the industry value chain from

production of raw material to solar energy ISIN: NO 001 011 2675 Avg.Imp.Vol last month: 82% products. The company has customers Reuters: REC.OL Expiry: Jan, Apr, Jul, Oct around the world and approx. 1 400 employees in 4 countries on 3 continents. Bloomberg: REC NO Open Int (avg): 9 124 Home: www.recgroup.com

Liquidity: Tradable in blocks of around OBX Weight: 2,02% O/I avg. 2009: 10 449 1000 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 1

Sector: Oil and Gas Drilling Seadrill Limited is an international drilling Last (NOK): SeaDrill (SDRL) 10101010 54,00 contractor providing services within drilling and well services. Seadrill has ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 74% 6,000 employees, representing 25 Reuters: SDRL.OL Expiry: Mar, Jun, Sep, Dec nationalities, on five continents. Home: www.seadrill.com Bloomberg: SDRL NO Open Int (avg): 14 267

Liquidity: Tradable for volumes around OBX Weight: 4,34% O/I avg. 2009: 11 810 1000-2000 contracts. Domicile: Bermuda Derivatives: Options & Forwards Market Maker(s): 3

Sector: Multi-Line Insurance Storebrand is a leading player in the Last (NOK): Storebrand (STB) 40301030 22,00 markets for long-term savings and

insurance. The group consists of the ISIN: NO 000 305 3605 Avg.Imp.Vol last month: 85%

following business areas: life insurance, Reuters: STB.OL Expiry: Feb, May, Aug, Nov asset management, banking and non-life insurance. Home: www.storebrand.com Bloomberg: STB NO Open Int (avg): 8 893

Liquidity: Tradable in blocks of 500-1000 OBX Weight: 2,20% O/I avg. 2009: 8 222 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 2

StatoilHydro is the leading operator on Sector: Integrated Oil & Gas Last (NOK): StatoilHydro (STL) the Norwegian continental shelf, and one 10102010 118,00 of the world’s largest operators for ISIN: NO 001 009 6985 Avg.Imp.Vol last month: 51% offshore oil and gas activities. The company has 31 000 employees in more Reuters: STL.OL Expiry: Mar, Jun, Sep, Dec than 40 countries. Bloomberg: SYO NO and STO US Open Int (avg): 38 479 Home: www.statoilhydro.com

Liquidity: Good liquidity for 1000-3000 OBX Weight: 36,94% O/I avg. 2009: 33 054 contracts, and even more. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 6

Sector: Communications Equipment TANDBERG is a leading global provider of Last (NOK): Tandberg (TAA) 45201020 90,80 visual communication products and

services with systems and software for ISIN: NO 000 562 0856 Avg.Imp.Vol last month: 67%

video, voice and data. Reuters: TAA.OL Expiry: Feb, May, Aug, Nov Home: www.tandberg.com Bloomberg: TAA NO Open Int (avg): 10 438

Liquidity: Traded in blocks of 500-1000 OBX Weight: 2,86% O/I avg. 2009: 11 044 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 2

Telenor is a leading international provider Sector: Integrated Telecom. Last (NOK): Telenor (TEL) of communications services and one of Services 50101020 36,50 the largest mobile operators worldwide. ISIN: NO 001 006 3308 Avg.Imp.Vol last month: 56%

Home: www.telenor.no Reuters: TEL.NO Expiry: Jan. Apr, Jul, Oct Bloomberg: TEL NO and TELN US Open Int (avg): 12 658

Liquidity: Traded in volumes of 1000- OBX Weight: 8,50% O/I avg. 2009: 26 279 5000 contracts. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 6

TOMRA is a leading global provider of Sector: Environmental & Facilities Last (NOK): Tomra (TOM) advanced solutions enabling recovery and Services 20201050 23,80 recycling of used materials. ISIN: NO 000 566 8905 Avg.Imp.Vol last month: 61%

Home: www.tomra.com Reuters: TOM.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg: TOM NO Open Int (avg): 3 099 OBX Weight: N/A O/I avg. 2009: 2 640 Liquidity: Slow activity. Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 3

Yara International ASA is the world’s Sector: Fertilizers & Agricultural Last (NOK): Yara (YAR) leading supplier of mineral fertilizers Chemicals 15101030 151,00 selling more than 20 million tonnes of ISIN: NO 001 020 8051 Avg.Imp.Vol last month: 65% fertilizers in more than 120 countries. Reuters: YAR.OL Expiry: Feb, May, Aug, Nov Home: www.yara.com Bloomberg: YAR NO Open Int (avg): 36 333 Liquidity: Traded in blocks of around 1000-3000 contracts. OBX Weight: 7,99% O/I avg. 2009: 34 867

Domicile: Norway Derivatives: Options & Forwards Market Maker(s): 4

Royal Caribbean RCL is a global cruise vacation company Sector: Hotels, Resorts & Cruise Last (NOK): 44,90 Cruises (RCL) that operates Royal Caribbean Lines 25301020 International and Celebrity Cruises, with a ISIN: LR 000 886 2868 Avg.Imp.Vol last month: N/A combined total of 29 ships in service and one under construction. Reuters: RCL.OL Expiry: Jan, Apr, Jul, Oct

Home: www.rclinvestor.com Bloomberg: RCL NO Open Int (avg): N/A Liquidity: The forwards are not traded OBX Weight: N/A O/I avg. 2009: N/A very much, but market maker quotes Domicile: Liberia sharp prices on demand. Derivatives: Forwards Only Market Maker(s): 1

TGS-NOPEC is a global provider of Sector: Oil & Gas Equipment & Last (NOK): TGS-NOPEC (TGS) geoscience data and associated products Services 10101020 46,20 & services to the oil and gas industry. ISIN: NO 000 307 8800 Avg.Imp.Vol last month: N/A

Home: www.tgsnopec.no Reuters: TGS.OL Expiry: Jan, Apr, Jul, Oct Bloomberg: TGS NO Open Int (avg): N/A

Liquidity: The forwards are not traded OBX Weight: 1,33% O/I avg. 2009: N/A very much, but market maker quotes Domicile: Norway sharp prices on demand. Derivatives: Forwards Only Market Maker(s): 1

MARKET MAKERS:

Carnegie ASA: MHG, NHY, STL, TEL, YAR

DnB NOR Markets: OBX, ACY, MHG, NHY, NSG, ORK, REC, SDRL, STB, STL, TAA, TEL, TOM, YAR, (RCL, TGS)

Handelsbanken Capital Markets: OBX, NHY, SDRL, STL, YAR

Nordea Markets: OBX, ACY, NHY, NSG, ORK, TEL, TOM, TAA

SEB Enskilda (Sweden): OBX, DNBNOR, NHY, STL, TEL

Swedbank: OBX, DNBNOR, NHY, ORK, STL, TEL

Timber Hill Europe: OBX, DNBNOR, MHG, NHY, NSG, ORK, SDRL, STB, STL, TEL, TOM, YAR

OPTIONS – OBSERVED ATM IMPLIED VOLATILITIES (WEEK 10) Weekly Volatilities = average of Last Buy+Sell vol. for ATM CALLS and PUTS for front+back month. If no trade - last Bid/Offer is used. Lack of data may occur, thus volatilities should be seen as indicative.

OBX Observed ATM Implied Volatility

90.00 80.00 70.00 60.00 50.00 40.00 30.00 20.00

10.00

02.01.2004 05.03.2004 07.05.2004 09.07.2004 10.09.2004 12.11.2004 14.01.2005 18.03.2005 20.05.2005 22.07.2005 22.09.2005 24.11.2005 26.01.2006 30.03.2006 01.06.2006 03.08.2006 05.10.2006 07.12.2006 08.02.2007 26.04.2007 28.06.2007 30.08.2007 01.11.2007 03.01.2008 06.03.2008 08.05.2008 10.07.2008 11.09.2008 13.11.2008 15.01.2009 19.03.2009

ACY Observed ATM Implied Volatility

125.00 115.00 105.00 95.00 85.00 75.00 65.00 55.00 45.00

35.00

02.01.2006 02.02.2006 02.03.2006 02.04.2006 02.05.2006 02.06.2006 02.07.2006 02.08.2006 02.09.2006 02.10.2006 02.11.2006 02.12.2006 02.01.2007 02.02.2007 02.03.2007 02.04.2007 02.05.2007 02.06.2007 02.07.2007 02.08.2007 02.09.2007 02.10.2007 02.11.2007 02.12.2007 02.01.2008 02.02.2008 02.03.2008 02.04.2008 02.05.2008 02.06.2008 02.07.2008 02.08.2008 02.09.2008 02.10.2008 02.11.2008 02.12.2008 02.01.2009 02.02.2009 02.03.2009 02.04.2009

DNBNOR Observed ATM Implied Volatility

115.00 105.00 95.00 85.00 75.00 65.00 55.00 45.00 35.00 25.00

15.00

MHG Observed ATM Implied Volatility

140.00 130.00 120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00

30.00

05.01.2006 05.02.2006 05.03.2006 05.04.2006 05.05.2006 05.06.2006 05.07.2006 05.08.2006 05.09.2006 05.10.2006 05.11.2006 05.12.2006 05.01.2007 05.02.2007 05.03.2007 05.04.2007 05.05.2007 05.06.2007 05.07.2007 05.08.2007 05.09.2007 05.10.2007 05.11.2007 05.12.2007 05.01.2008 05.02.2008 05.03.2008 05.04.2008 05.05.2008 05.06.2008 05.07.2008 05.08.2008 05.09.2008 05.10.2008 05.11.2008 05.12.2008 05.01.2009 05.02.2009 05.03.2009 05.04.2009 05.05.2009

NHY Observed ATM Implied Volatility

100.00

90.00

80.00

70.00

60.00 50.00

40.00

30.00

04.01.2007 04.02.2007 04.03.2007 04.04.2007 04.05.2007 04.06.2007 04.07.2007 04.08.2007 04.09.2007 04.10.2007 04.11.2007 04.12.2007 04.01.2008 04.02.2008 04.03.2008 04.04.2008 04.05.2008 04.06.2008 04.07.2008 04.08.2008 04.09.2008 04.10.2008 04.11.2008 04.12.2008 04.01.2009 04.02.2009 04.03.2009 04.04.2009

NSG Observed ATM Implied Volatility

105.00 95.00 85.00 75.00 65.00 55.00 45.00 35.00 25.00

15.00

ORK Observed ATM Implied Volatility

80.00

70.00

60.00

50.00

40.00

30.00

20.00

10.00

REC Observed ATM Implied Volatility

125.00 115.00 105.00 95.00 85.00 75.00 65.00 55.00 45.00

35.00

04.01.2007 01.02.2007 01.03.2007 29.03.2007 26.04.2007 24.05.2007 21.06.2007 19.07.2007 16.08.2007 13.09.2007 11.10.2007 08.11.2007 06.12.2007 03.01.2008 31.01.2008 28.02.2008 27.03.2008 24.04.2008 22.05.2008 19.06.2008 17.07.2008 14.08.2008 11.09.2008 09.10.2008 06.11.2008 04.12.2008 02.01.2009 29.01.2009 26.02.2009 26.03.2009 23.04.2009

SDRL Observed ATM Implied Volatility

120.00 110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00

30.00

05.01.2006 16.02.2006 30.03.2006 11.05.2006 22.06.2006 03.08.2006 14.09.2006 26.10.2006 07.12.2006 18.01.2007 15.03.2007 26.04.2007 07.06.2007 19.07.2007 30.08.2007 11.10.2007 22.11.2007 03.01.2008 14.02.2008 27.03.2008 08.05.2008 19.06.2008 31.07.2008 11.09.2008 23.10.2008 04.12.2008 15.01.2009 26.02.2009 09.04.2009

STB Observed ATM Implied Volatility

140.00

120.00

100.00

80.00

60.00

40.00

20.00

STL Observed ATM Implied Volatility

80.00

70.00

60.00

50.00

40.00

30.00

20.00

02.01.2004 20.02.2004 09.04.2004 28.05.2004 16.07.2004 03.09.2004 22.10.2004 10.12.2004 28.01.2005 18.03.2005 06.05.2005 24.06.2005 12.08.2005 29.09.2005 17.11.2005 05.01.2006 23.02.2006 13.04.2006 01.06.2006 20.07.2006 07.09.2006 26.10.2006 14.12.2006 01.02.2007 05.04.2007 24.05.2007 12.07.2007 30.08.2007 18.10.2007 06.12.2007 24.01.2008 13.03.2008 01.05.2008 19.06.2008 07.08.2008 25.09.2008 13.11.2008 02.01.2009 19.02.2009 09.04.2009

TAA Observed ATM Implied Volatility

110.00 100.00 90.00 80.00 70.00 60.00 50.00 40.00

30.00

TEL Observed ATM Implied Volatility

85.00

75.00

65.00

55.00

45.00

35.00

25.00

15.00

TOM Observed ATM Implied Volatility

75.00 70.00 65.00 60.00 55.00 50.00 45.00 40.00 35.00 30.00

25.00

YAR Observed ATM Implied Volatility

100.00 90.00 80.00 70.00 60.00 50.00 40.00 30.00

20.00

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. The presentation does not in any way constitute a recommendation by Oslo Børs.