Dnb NOR (DNBNOR)

DERIVATIVES, OSLO BØRS - SEPTEMBER 2013

The OBX index increased 0.6% to 459.57 points in September. So far this year the index is up 12%.

The average number of contracts traded in September was 58 446 contracts/day. The average for the year is 43 905 contracts/day.

The stock option premium decreased by 10% to 73 MNOK in September. Despite the fall, the premium is still above the average for the year: 66 MNOK. The forward exposure rose by 75% to 1.1 BNOK (2013 avg: 761 MNOK). A good month for the stock derivatives, and the open interest is also steadily rising from the more quiet Summer months. As for the index products, the OBX option premium increased by 100% to 22 MNOK (2013 avg: 33 MNOK), whereas the index future turnover increased by 12% to 15.2 BNOK (2013 avg: 13.3 BNOK), the highest so far this year!

The most traded stock option in September was Statoil with 14 MNOK or 20% of the total stock option premium turnover. Seadrill and Subsea 7 followed. The top three stock derivatives accounted for 46% of the total stock option turnover for the month.

Norsk Hydro, Statoil and Yara were the most traded stock forwards. Norsk Hydro had a turnover of 222 MNOK, 20% of the total.

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

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month INDEX FUTURES 15 595

STOCK FWD/FUT 23 203

STOCK OPTIONS 17 759

OBX - OPTIONS 1 888

Contracts/day YTD 2013

INDEX FUTURES 14 403

STOCK FWD/FUT 12 708

STOCK OPTIONS OBX - OPTIONS 13 494 3 300

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

OBX Options Option Premium last month Statoil 6.5 % 5.8 % 7.2 % 5.0 % Seadrill Subsea 7 3.6 % Marine Harvest Group 2.6 % 10.0 % Storebrand 2.5 % 2.3 % Yara International

Norwegian Air Shuttle

Renewable Energy Corp 2.1 % 10.5 % Telenor 1.0 % Petroleum Geo-Services

1.0 % DNB

0.8 % Norsk Hydro Gjensidige Forsikring 0.6 % Royal Caribbean Cruises 0.4 % TGS Nopec Geophysical Co. 15.1 % 0.1 % DNO International 0.1 % 22.9 % Aker Solutions Orkla Norske Skog

OBX Options Option Premium YTD 2013 Statoil

6.0 % Yara International 7.6 % 4.9 % Subsea 7 4.6 % DNB 8.2 % 3.7 % 2.7 % Seadrill 2.5 % Storebrand 2.2 % Telenor

13.8 % 2.3 % Norsk Hydro 1.9 % Royal Caribbean Cruises Petroleum Geo-Services 1.7 % TGS Nopec Geophysical Co. 1.4 % Aker Solutions

1.2 % Marine Harvest Group 0.9 % Renewable Energy Corp 0.7 % Norwegian Air Shuttle 0.1 % Gjensidige Forsikring

0.1 % Orkla

0.0 % DNO International 33.4 % Norske Skog Tomra

4

SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Norsk Hydro Stock Fwd/Fut Premium last month Statoil 5.5 % 6.8 % 5.1 % Yara International 4.6 % Renewable Energy Corp 7.7 % 3.9 % Petroleum Geo-Services

3.2 % Seadrill

8.1 % Telenor

3.2 % Norwegian Air Shuttle Royal Caribbean Cruises

Subsea 7 2.2 % Marine Harvest Group

Gjensidige Forsikring 2.0 % DNB 9.5 % 1.6 % Orkla

Aker Solutions 1.1 % DNO International 0.8 % TGS Nopec Geophysical Co. 0.1 % 19.9 % 0.0 % Storebrand Norske Skog 14.7 %

Stock Fwd/Fut Premium YTD 2013 Norsk Hydro Statoil

Yara International 6.2 % 6.2 % 5.1 % 4.2 % Seadrill 10.1 % 3.8 % Telenor 3.4 % Royal Caribbean Cruises 2.9 % Petroleum Geo-Services Renewable Energy Corp 11.8 % 2.8 % Subsea 7

Aker Solutions 1.7 % DNB 1.3 % Gjensidige Forsikring 0.7 % Norwegian Air Shuttle 0.6 % Marine Harvest Group 0.6 % Orkla 0.3 % 17.6 % Storebrand 0.0 % TGS Nopec Geophysical Co. 20.7 % DNO International

Norske Skog

5

PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

90 700 000

80 83 81 600 000

70 73 500 000 66 60 68 59 61 57 60 59

55 Contracts

50 53 400 000 -

40 300 000 36 30 200 000

Turnover Turnover Premium MNOK 20

100 000 Open Interest (avg) 10

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

Turnover Premium Open Interest (avg)

Single Stock Forwards & Futures

1 200 700 000

1 1 131 1 1 115

1 1 017 600 000

1 000 988

500 000

800

806 Contracts

773 400 000

- 647

600 636

300 000

502

533

527 453 400 436

200 000 Turnover Turnover Premium MNOK 200

100 000 Open Interest (avg)

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

Turnover Premium Open Interest (Avg)

6

PREMIUM - INDEX DERIVATIVES

OBX - Index Options

60 90 000

80 000 50 52 70 000 47 44 40 60 000 39 37

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

20 22 30 000 21

Turnover Turnover Premium MNOK 20 000 10 11 Open Interest (avg) 10 000

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

Turnover premium / month Open interest (avg)

Index Futures

30 000 120 000

25 000 100 000

20 000 80 000

18 719

Contracts -

15 000 15 209 60 000

14 544

13 498

13 623

12 712

13 893

15 511

12 798 12 277

10 000 40 000

12 060

13 335

12 294 Turnover Turnover exposure MNOK

5 000 20 000 Open Interest (avg)

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

Turnover exposure MNOK Open Interest (avg)

7

BROKER STATISTICS - SEPTEMBER 2013

DNB Bank ASA 7.9 % Equity Options 6.7 % Turquoise 8.6 %

5.8 % Enskilda Securities

Danske Bank AS 12.5 % 3.6 % Nordnet Bank AB 1.4 % Sparebank 1 Markets 1.3 % 0.4 % Carnegie ASA 0.3 % Handelsbanken Capital Markets NetFonds AS 20.1 % 0.1 %

Nordea Markets

ABG Sundal Collier Norge ASA First Securities ASA 31.2 %

Pareto Securities AS

Index Options Enskilda Securities 7.7 % 14.2 % DNB Bank ASA 6.8 % 3.9 % Turquoise 3.5 %

3.0 % Danske Bank AS

1.3 % First Securities ASA 1.2 % Handelsbanken Capital 1.2 % Markets Nordnet Bank AB

22.4 % NetFonds AS

Sparebank 1 Markets

Nordea Markets 34.7 % Pareto Securities AS

8

Stock Forwards & Futures

85.6 %

DNB Bank ASA

Sparebank 1 Markets 5.0 %

4.2 % Turquoise

2.9 % Carnegie ASA

2.3 %

Handelsbanken Capital Markets

Index Futures

8.7 % 6.9 % DNB Bank ASA 15.1 % 5.4 % Turquoise

3.2 % ABG Sundal Collier Norge ASA 1.6 % Sparebank 1 Markets 1.4 % Enskilda Securities

0.2 % Handelsbanken Capital Markets Nordea Markets 0.1 % Danske Bank AS 19.0 % Carnegie ASA

Nordnet Bank AB

RS Platou Markets 38.3 % AS

"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.

30.09.13: 459.57 All time high (14.08.13 close): 464.38

10

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. okt. 2013 OBX OBOSX Close - prev. day: 459.57 115.54 OBOSX weight of OBX: 20.62 % Divisor: 1 577 008 754 1 293 406 648 USDNOK: 6.00

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 1.89 % 9.72 % 84.45 10.04.14 26.09.13 162 305 468 13 706 696 773 172 007 021 14 525 992 923 Oil & Gas Equipment & Services 2 ALGETA Algeta ASA 1.23 % 232.00 26.09.13 38 313 855 8 888 814 360 Biotechnology 3 DETNOR Det Norske Oljeselskap 0.87 % 81.40 26.09.13 77 389 049 6 299 468 589 Oil & Gas Exploration & Production 4 DNB DNB 12.31 % 91.30 26.09.13 977 279 316 89 225 601 551 Diversified Banks 5 DNO DNO International 1.12 % 13.36 26.09.13 606 137 553 8 097 997 708 Oil & Gas Exploration & Production 6 EMGS Electromagnetic Geoservices 0.21 % 1.06 % 7.540 26.09.13 198 880 055 1 499 555 615 210 767 796 1 589 189 182 Oil & Gas Equipment & Services 7 FOE Fred Olsen Energy 1.22 % 6.27 % 267.00 26.09.13 33 132 064 8 846 261 088 35 112 481 9 375 032 427 Oil & Gas Drilling 8 GJF Gjensidige Forsikring 2.51 % 90.80 26.09.13 199 968 999 18 157 185 109 Multi-line Insurance 9 MHG Marine Harvest 2.49 % 6.420 26.09.13 2 810 948 924 18 046 292 092 Packaged Foods & Meats 10 NAS Norwegian 0.79 % 217.30 26.09.13 26 371 604 5 730 549 549 Airlines 11 NHY Norsk Hydro 3.15 % 24.93 26.09.13 916 905 672 22 858 458 403 Aluminum 12 ORK Orkla 4.89 % 43.80 10.04.14 26.09.13 808 947 789 35 431 913 158 Packaged Foods & Meats 13 PGS Petroleum Geo-Services 2.22 % 11.39 % 74.30 26.09.13 216 109 975 16 056 971 143 229 027 607 17 016 751 200 Oil & Gas Equipment & Services 14 PLCS Polarcus 0.24 % 1.24 % 3.830 26.09.13 456 499 061 1 748 391 404 483 785 571 1 852 898 737 Oil & Gas Equipment & Services 15 PRS Prosafe 1.56 % 8.03 % 48.00 26.09.13 235 960 972 11 326 126 656 250 065 166 12 003 127 968 Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 2.50 % 229.50 26.09.13 79 020 187 18 135 132 917 Hotels, Resorts & Cruise Lines 17 REC Renewable Energy Corp 0.65 % 2.612 26.09.13 1 796 742 364 4 693 091 055 Semiconductor Equipment 18 SCH Schibsted 3.44 % 310.00 07.05.14 26.09.13 80 411 151 24 927 456 810 Publishing 19 SDRL Seadrill 6.20 % 31.86 % 269.80 26.09.13 166 501 822 44 922 191 576 176 454 205 47 607 344 509 Oil & Gas Drilling 20 STB Storebrand 1.64 % 33.32 26.09.13 357 754 894 11 920 393 068 Life and Health Insurance 21 STL Statoil 20.98 % 136.50 26.09.13 1 113 743 748 152 026 021 602 Integrated Oil & Gas 22 SUBC Subsea 7 S.A. 4.56 % 17.60 % 125.00 26.09.13 264 448 986 33 056 123 250 210 390 637 26 298 829 625 Oil & Gas Equipment & Services 23 TEL Telenor 14.60 % 137.40 26.09.13 769 869 819 105 780 113 131 Integrated Telecom. Services 24 TGS TGS Nopec Geophysical 2.50 % 12.83 % 177.00 26.09.13 102 205 024 18 090 289 248 108 314 168 19 171 607 736 Oil & Gas Equipment & Services 25 YAR Yara International 6.25 % 248.30 26.09.13 182 368 721 45 282 153 424 Fertilizers & Agricultural Chemicals Tot: OBX 100.00 % 459.57 724 753 249 276 Tot: OBOSX 100.00 % 115.54 ############ 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.

11

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

The OBX INDEX consists of the 25 most Last (NOK): 459.57 OBX Index (OBX) Sector: N/A traded securities on Oslo Børs. The Avg.Imp.Vol last month: 14 % 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): 63 358 adjusted total return index (dividend adjusted). Home: www.oslobors.no Bloomberg: OBX NO Open Int Fut (avg): 87 141 Weight of All Shares: 43.99% O/I Options avg. ytd: 65 695 Liquidity: Tradable in blocks of around O/I Fut avg. ytd: 78 239 Domicile: Norway 5000 contracts. Derivatives: Options & Futures Market Maker(s): 6

Sector: OBX Index & Energy Last (NOK): 115.54 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): 475 sector. Only companies that are Bloomberg: OBOSX.IND members of both the OBX index and the Weight of OBX: 20.62% Energy Equipment and Service Index are O/I Fut avg. ytd: 419 included. Home: www.oslobors.no Domicile: Norway Derivatives: Futures Market Maker(s): 2

Sector : Oil & Gas Equipment & Aker Solutions (AKSO) AKER SOLUTIONS is through its subsidiaries Last (NOK): 83.05 Services 10101020 and affiliates a leading global provider of engineering and construction services, ISIN: NO 0010215684 Avg.Imp.Vol last month: 29 % technology products and integrated Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec solutions. Home: www.akersolutions.com Bloomberg : AKSO NO Open Int (avg): 13 943

OBX Weight : 1.89% O/I avg. ytd: 10 536 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 93.30 group and offers financial products and ISIN: NO 001 003 1479 Avg.Imp.Vol last month: 24 % services related to the money and capital markets. Reuters : DNB.OL Expiry: Each Month Home: www.dnb.no Bloomberg : DNB NO Open Int (avg): 21 719

Liquidity: Tradable in blocks of 3000 OBX Weight : 12.31% O/I avg. ytd: 27 839 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

DNO International Sector : Oil & Gas Exploration & Last (NOK): 13.75 (DNO) DNO International is an international Production 10102020 independent petroleum company engaged ISIN: NO 000 392 1009 Avg.Imp.Vol last month: 49 % 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): 2 006

Liquidity: Tradable for volumes around OBX Weight : 1.12% O/I avg. ytd: 1 434 Domicile: Norway 1000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1

Gjensidige Forsikring Sector : Multi-line Insurance GJENSIDIGE FORSIKRING is Norway's Last (NOK): 91.40 (GJF) largest general insurance company, with 40301030 business in Denmark, Sweden and the ISIN: NO 0010582521 Avg.Imp.Vol last month: 17 % Baltic countries. The group also offers Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec banking, pension and saving products in Norway. Home: www.gjensidige.com Bloomberg : GJF NO Open Int (avg): 1 686

OBX Weight : 2.51% O/I avg. ytd: 3 644 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): 6.43 (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): 122 342

Liquidity: Tradable in blocks of 10 000 OBX Weight: 2.49% O/I avg. ytd: 76 438 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Norwegian Air Shuttle Sector : Airlines 20302010 Last (NOK): 226.20 (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: 43 % 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)*: 5 376

OBX Weight: 0.79% O/I avg. Ytd*: 3 070 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): 25.00 aluminium with activities throughout the ISIN: NO 000 505 2605 Avg.Imp.Vol last month: 23 % 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): 57 098 22 000 people in more than 40 countries. Home: www.hydro.com

Liquidity: Tradable in blocks of 3000 OBX Weight : 3.15% O/I avg. ytd: 48 825 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 5

14

Sector: Paper Products Norske Skog (NSG) Last (NOK): 3.38 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): 4 260

OBX Weight: N/A O/I avg. ytd: 3 626 Liquidity: Tradable in blocks of Derivatives: Options & Domicile: Norway 5000 contracts. Market Maker(s): 1 Fwd/Fut

Sector : Industrial Conglomerates Orkla (ORK) Last (NOK): 44.04 ORKLA operates in the branded consumer 20105010 goods, aluminium solutions and financial ISIN: NO 000 373 3800 Avg.Imp.Vol last month: 20 % 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): 10 021

Liquidity: Tradable for volumes around OBX Weight : 4.89% O/I avg. ytd: 24 932 Domicile: Norway 3000 contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

Petroleum Geo- Sector : Oil & Gas Equipment & Last (NOK): 74.30 Services (PGS) PETROLEUM GEO-SERVICES is a Services 10101020 technologically focused oilfield service ISIN: NO 001 019 9151 Avg.Imp.Vol last month: 29 % 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): 11 682

Liquidity: Tradable for volumes around OBX Weight : 2.22% O/I avg. ytd: 10 274 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): 230.80 Cruises (RCL) cruise vacation company that operates Lines 25301020 Royal Caribbean International, Celebrity ISIN: LR 000 886 2868 Avg.Imp.Vol last month: 29 % 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): 5 196 Home: www.rclinvestor.com

Liquidity: Tradable in blocks of 1000 OBX Weight : 2.50% O/I avg. ytd: 5 522 Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Renewable Energy Sector : Semiconductor Equipment Last (NOK): 2.71 Corporation (REC) RENEWABLE ENERGY CORPORATION is a 45301010 leading global provider of solar electricity ISIN: NO 001 011 2675 Avg.Imp.Vol last month: 73 % solutions. 2 300 employees worldwide Reuters : REC.OL Expiry: Each Month generated revenues of more than NOK 7 billion in 2012. Home: www.recgroup.com Bloomberg : REC NO Open Int (avg): 40 265

Liquidity: Tradable in blocks of 4000- OBX Weight : 0.65% O/I avg. ytd: 66 197 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): 275.60 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): 19 950 Home: www.seadrill.com Liquidity: Tradable for volumes around OBX Weight : 6.20% O/I avg. ytd: 13 606 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): 34.64 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): 40 482 Home: www.storebrand.com

Liquidity: Tradable in blocks of 2000- OBX Weight : 1.64% O/I avg. ytd: 46 902 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): 134.40 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: 17 % 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): 67 530 Home: www.statoil.com Liquidity: Tradable in blocks of 5000 OBX Weight : 20.98% O/I avg. ytd: 55 287 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

Subsea 7 S.A. is a seabed-to-surface Sector: Oil & Gas Equipment & Last (NOK): Subsea 7 (SUBC) engineering, construction and services Services 10101020 127.90 contractor to the offshore energy ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 27 % 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): 63 850 Home: www.subsea7.com Liquidity: Tradable in blocks of 2000 OBX Weight: 4.56% O/I avg. ytd: 28 885 contracts. Domicile: Luxembourg Derivatives: Options & Fwd/Fut Market Maker(s): 4

17

Sector : Integrated Telecom. Telenor (TEL) Last (NOK): 138.60 Services 50101020 TELENOR Group is a leading international provider of communications services and ISIN: NO 001 006 3308 Avg.Imp.Vol last month: 17 % 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): 18 834

Liquidity: Traded in volumes of 3000 OBX Weight : 14.60% O/I avg. ytd: 13 489 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

Sector : Oil & Gas Equipment & TGS-Nopec (TGS) TGS-NOPEC provides multi-client Last (NOK): 176.90 geoscience data and services to oil and Services 10101020 gas Exploration and Production companies ISIN: NO 000 307 8800 Avg.Imp.Vol last month: 28 % 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. Home: www.tgs.com Bloomberg : TGS NO Open Int (avg): 8 490

OBX Weight : 2.50% O/I avg. ytd: 7 742 Liquidity: Tradable for volumes around 1000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 1

Sector : Fertilizers & Agricultural Yara (YAR) Last (NOK): 243.10 YARA International ASA delivers solutions Chemicals 15101030 for sustainable agriculture and the ISIN: NO 001 020 8051 Avg.Imp.Vol last month: 23 % environment. Founded in Norway in 1905, Yara has a worldwide presence with sales Reuters : YAR.OL Expiry: Each Month to 150 countries. Home: www.yara.com Bloomberg : YAR NO Open Int (avg): 28 069

Liquidity: Traded in blocks of around OBX Weight : 6.25% O/I avg. ytd: 21 625 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, DNB, NAS, PGS, SDRL, STL, TEL, 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%

NAS 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 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.

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

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 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.

REC ATM Implied Vol 140% 130% 120% 110% 100% 90% 80% 70% 60% 50% 40%

SDRL ATM Implied Vol

110%

90%

70%

50%

30%

10%

STB ATM Implied Vol 140%

120%

100%

80%

60%

40%

20%

Disclaimer: All information in this presentation is obtained from documents already available to 24 the public. Oslo Børs does not guarantee the accuracy of the information included in the presentation. This report will not be updated if any changes occur due to cancellations. The presentation does not in any way constitute a recommendation by Oslo Børs.

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

SUBC ATM Implied Vol

120%

100%

80%

60%

40%

20%

TEL 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 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.

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

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.