DERIVATIVES, BØRS SEPTEMBER 2010

The OBX index increased in September by 8.6% to 349.95 points. The index is up 3% so far this year.

The average number of contracts traded in September was 47 918 contracts/day (2010 average: 55 334).

The premium turnover for stock options fell by 19% to 67 MNOK, whereas the stock forward exposure fell by 6% to 639 MNOK. As for the OBX products, the future turnover decreased by 8% to 23 BNOK, and the index options increased 13% to 38 MNOK.

The most traded stock option in September was Statoil with 16 MNOK or 23% of the stock option premium turnover. Yara and followed.

Statoil, and Seadrill were the most traded stock forwards. Statoil was the most traded with 325 MNOK, 51% of the total.

Expirations in September: OBX, Statoil, , , Marine Harvest and Seadrill.

Expirations next month (21 October): OBX, Statoil, Acergy, Orkla, , Renewable Energy Corp., Royal Caribbean Cruises, TGS Nopec Geophysical, Petroleum Geo Services.

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. 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/day OBX Index Options 25 000 Stock Options 20 000

15 000

10 000

5 000

0 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month

OBX - FUTURES 30 456

STOCK OPTIONS 10 821 STOCK FWD/FUT 3 599

OBX - OPTIONS 3 043

Contracts/day YTD 2010

OBX - FUTURES 34 039

STOCK OPTIONS 12 671

STOCK FWD/FUT 5 592

OBX - OPTIONS 3 032

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

Option Premium last month OBX - options Statoil 13.7 % 13.9 % Seadrill 4.6 % 4.4 % Norsk Hydro 2.2 % Renewable Energy Corp. 1.8 % Orkla 1.8 % DnB NOR 1.4 % 14.8 % 1.4 % Norske Skog 1.3 % 0.9 % 0.9 % Royal Caribbean C. 0.8 % Telenor 0.1 % Petroleum Geo-Services

Acergy

Marine Harvest Group 35.9 % Tomra

Option Premium YTD 2010 5.8 % OBX - options Yara International 16.4 % 5.8 % 5.4 % Statoil

Seadrill

4.2 % Norsk Hydro

2.8 % Renewable Energy Corp. 2.8 % Telenor

Petroleum Geo-Services 2.6 % 2.0 % Orkla

1.4 % DnB NOR

0.9 % Acergy 0.6 % 18.6 % 0.5 % Royal Caribbean Cruises 0.1 % Marine Harvest Group

Norske Skog

Storebrand 29.9 % Tomra

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SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Stock Fwd/Fut Premium last month

10.1 %

7.9 % Statoil 11.7 % Norsk Hydro Seadrill 5.7 % Telenor Yara International Royal Caribbean C. 5.6 % Orkla 1.7 % Petroleum Geo-Services 1.7 % DnB NOR 1.2 % 1.1 % Renewable Energy Corp. 0.9 % Storebrand 0.8 % Marine Harvest Group 0.6 % Acergy 0.1 % 0.1 % TGS Nopec Geo. 0.0 % Norske Skog 50.9 % Tomra

Stock Fwd/Fut Premium YTD 2010

8.6 % Statoil 8.6 % Norsk Hydro Telenor 9.9 % 6.7 % Seadrill

Yara International 4.6 % Royal Caribbean Cruises 3.8 % Renewable Energy Corp.

2.0 % Orkla

1.9 % DnB NOR

1.1 % Petroleum Geo-Services

1.1 % TGS Nopec Geo. 0.8 % Marine Harvest Group 14.5 % 0.7 % Storebrand

0.5 % Acergy 0.1 % Tandberg 0.0 % Norske Skog

Tomra 35.1 %

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PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

160 600 000

140 148 142 500 000

120 131

119 400 000 100

97 Contracts - 80 92 300 000 91 89 83 83 73 60 67 200 000

40 Turnover Premium MNOK

100 000 Open Open Interest (avg) 20

0 0 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10

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

Single Stock Forwards & Futures

1 400 300 000

1 200 1 222

250 000 1 130

1 000 1 003

200 000

860 982

800 Contracts

- 785

806 150 000 686

600 619

639 682

100 000 642

400 Turnover Premium MNOK

50 000

200 Open Interest (avg)

0 0 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10

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

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PREMIUM - OBX DERIVATIVES

OBX - Index Options

80 70 000

70 60 000 70 68 60 50 000 59 50 57 56 40 000

50 Contracts - 40

38 30 000 30

20 000 20 Turnover Premium MNOK 38 20 19 21 32 10 000 Open Interest(avg) 10

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

OBX - Index Futures

30 000 250 000

240 000

25 000

26 662

24 167

24 954 23 076

24 173 230 000

22 871 23 291

20 000

20 672 21 235

23 800 220 000

21 796 Contracts

15 000 - 19 210 210 000

10 000

200 000 Turnover exposureMNOK

5 000 Open Interest(avg) 190 000

0 180 000 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10

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

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BROKER STATISTICS - SEPTEMBER 2010

Options 6.4 % 6.5 % 3.8 %

3.7 % 3.3 %

DnB NOR 3.0 % Non-Norwegian Handelsbanken 26.8 % 2.5 % SEB Enskilda 1.3 % Pareto 0.7 % Nordea Nordnet 0.6 % Argo Carnegie Net Fonds 0.3 % Fondsfinans First Danske Bank

41.2 %

Stock Forwards & Futures

DnB NOR

98.3 % Terra Markets 0.8 % Handelsbanken 0.6 % Nordea 0.2 % First 0.1 %

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OBX Futures

35.6 % 6.8 %

4.8 % DnB NOR 2.9 % Handelsbanken Non-Norwegian 2.2 % Erik Penser Argo 2.0 % SEB Enskilda 0.2 % Nordea 0.2 % Fondsfinans 0.1 % ABG Sundal Collier Terra Markets 0.1 % Nordnet

45.0 %

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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 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.

30.09.10: 349.95 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

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Marine Harvest Group Sector : Packaged Foods & Meats MARINE HARVEST is the world's leading Last (NOK): 5.32 (MHG) seafood company. They offer customers 30202030 and consumers a wide range of seafood ISIN: NO 000 305 4108 Avg.Imp.Vol last month: 36 % products and produce one fourth of the world's farmed salmon. The company is : MHG.OL Expiry: Mar, Jun, Sep, Dec present in 18 countries and has 7500 employees worldwide. Bloomberg : MHG NO Open Int (avg): 63 362 Home: www.marineharvest.com

Liquidity: Tradable in blocks of 10 000 OBX Weight: 2.06% O/I avg. 2010: 63 687 Domicile: contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Norsk Hydro (NHY) Sector : Aluminium 15104010 Last (NOK): 36.78 NORSK HYDRO is a global supplier of aluminium and aluminium products. Based ISIN: NO 000 505 2605 Avg.Imp.Vol last month: 38 % in Norway, the company employs 25,000 Reuters : NHY.OL Expiry: Feb, May, Aug, Nov people in more than 30 countries. Home: www.norskhydro.com Bloomberg : NHY NO and NOHYF US Open Int (avg): 58 857

Liquidity: Tradable in blocks of 3000 OBX Weight : 4.11% O/I avg. 2010: 58 685 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 6

Norske Skog (NSG) Sector: Paper Products 15105020 Last (NOK): 12.10 NORSKE SKOG is one of the world's Avg.Imp.Vol last ISIN: NO 000 413 5633 62 % biggest producers of publication paper, month: with 14 paper mills in 11 countries and Expiry: Mar, Jun, Sep, a production capacity of around 4.5 mill. Reuters: NSG.OL tonnes per year. Dec Home: www.norskeskog.com Bloomberg: NSG NO Open Int (avg): 12 473

Liquidity: Tradable in blocks of OBX Weight: N/A O/I avg. 2010: 16 821 Domicile: Norway 1000-2000 contracts. Derivatives: Options & Fwd/Fut Market Maker(s): 4

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14

15

16

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MARKET MAKERS

Argo Securities: OBX, DNBNOR, NHY, ORK, RCL, SDRL, STL, TEL

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

Handelsbanken Capital Markets: OBX, ACY, DNBNOR, MHG, NHY, NSG, ORK, PGS, REC, SDRL, STB, STL, TEL, TOM, YAR, RCL, TGS

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

SEB Enskilda: OBX, DNBNOR, NHY, STL, TEL

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

ACY ATM Implied Vol

120 %

100 %

80 %

60 %

40 %

20 %

DNBNOR 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.

MHG ATM Implied Vol

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

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 %

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.

ORK ATM Implied Vol 80 %

70 %

60 %

50 %

40 %

30 %

20 %

PGS ATM Implied Vol 80 %

70 %

60 %

50 %

40 %

30 %

20 %

RCL 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.

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

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

STB ATM Implied Vol 130 % 120 % 110 % 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 %

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.

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

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 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.