DERIVATIVES, BØRS - FEBRUARY 2015

The OBX index increased by 2.8% to 557.66 points during February. So far this year the index is up 6.5%.

The average number of contracts traded in February was 37 508 contracts/day. The average for the two first months of 2015 is 39 525, whereas 2014 was 47 289.

The stock option premium decreased by 23% to 122 MNOK, but the number is still well above the 2014 average of 96 MNOK. The forward exposure increased by 35% to 1 014 MNOK (2014 avg: 1021 MNOK).

The OBX option premium decreased by 36% to 23 MNOK (2014 avg: 56 MNOK), and the index future turnover fell by 22% to 10.5 BNOK (2014 avg: 15 BNOK).

The most traded single stock option in February was with 29 MNOK, 24% of the total stock option premium turnover. Statoil and Yara followed with a turnover of 26 and 22 MNOK respectively. The top three stock derivatives accounted for 63% of the total stock option turnover for the month.

Norsk Hydro, Statoil and Marine Harvest Group were the most traded stock forwards, accounting for 45% of the total exposure. had a turnover of 243 MNOK, 24% of the total.

Oslo Børs offers standardised options and forward/futures on 20 stocks, the OBX index, and the AKAKS Basket. In addition, there are futures listed on the OBOSX index.

There are 8 market makers in Norwegian derivatives.

This summary continues with a presentation of general statistics, followed by a product- and volatility overview towards the end. We hope to see you back in the derivatives market next month.

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

Contract Distribution

80 000

75 000

70 000

65 000

60 000

55 000

50 000

45 000

40 000 Index Futures 35 000 Single Stock 30 000 Fwd/Fut Contracts/ Contracts/ day OBX Index Options 25 000 Stock Options 20 000

15 000

10 000

5 000

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

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month

STOCK FWD/FUT INDEX - FUTURES 10 274 9 473

OBX - OPTIONS 2 255

STOCK OPTIONS 15 506

Contracts/day YTD 2015

INDEX - FUTURES STOCK FWD/FUT 10 854 8 709

OBX - OPTIONS 2 656

STOCK OPTIONS 17 306

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

Storebrand Option Premium last month Statoil 6.3 % OBX Options 15.4 % 6.1 % Norsk Hydro 3.6 % DNB 3.6 % Petroleum Geo-Services 2.61.5 % % 1.6 % 1.4 % 15.9 % 1.0 % 0.9 % Opera Software 0.8 % Marine Harvest Group Royal Caribbean Cruises 0.6 % Orkla 0.4 % TGS Nopec Geophysical Co. 0.4 % REC Silicon DNO International 17.8 % 0.1 % 0.1 % Gjensidige Forsikring 19.9 % 0.1 % 0.0 % Norske Skog AKAKS Basket

Statoil Option Premium YTD 2015 OBX Options 9.0 % Yara International 8.6 % Norsk Hydro

17.2 % Storebrand 5.0 % DNB Seadrill 3.2 % Telenor 2.4 % 2.2 % Petroleum Geo-Services Norwegian Air Shuttle 2.0 % Subsea 7 1.4 % 17.3 % 1.5 % TGS Nopec Geophysical Co. 1.0 % 0.9 % Marine Harvest Group 0.8 % Royal Caribbean Cruises 0.4 % Opera Software 0.3 % Orkla 0.3 % REC Silicon 0.1 % DNO International 0.1 % Aker Solutions 0.1 % 26.2 % Gjensidige Forsikring 0.0 Norske Skog % AKAKS Basket

SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Norsk Hydro Stock Fwd/Fut Premium last month Statoil 6.3 % 6.6 % Marine Harvest Group 5.1 % Norwegian Air Shuttle 7.0 % 4.6 % Subsea 7 4.4 % Telenor 7.9 % DNB 3.9 % Petroleum Geo-Services Opera Software Gjensidige Forsikring 2.6 % Seadrill 1.7 % Orkla 1.5 % Storebrand 8.3 % 1.4 % DNO International 1.4 % REC Silicon 0.2 % Yara International 0.1 % Aker Solutions 13.1 % 0.1 % Norske Skog 0.0 % Royal Caribbean Cruises 0.0 % AKAKS Basket 23.9 % TGS Nopec Geophysical Co.

Stock Fwd/Fut Premium YTD 2015 Norsk Hydro Statoil 4.9 % Marine Harvest Group 5.4 % 4.8 % Norwegian Air Shuttle 8.1 % 4.8 % DNB 4.6 % Telenor 8.1 % 4.0 % Opera Software Seadrill 2.6 % Gjensidige Forsikring Subsea 7 2.0 % Petroleum Geo-Services 10.5 % 1.3 % Orkla DNO International 1.2 % Storebrand 1.0 % REC Silicon 0.8 % Yara International 0.3 % Royal Caribbean Cruises 14.1 % 0.3 % Norske Skog 21.2 % 0.0 % Aker Solutions 0.0 % AKAKS Basket TGS Nopec Geophysical Co.

PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

250 800 000

700 000

200 200 600 000

500 000

150 159

Contracts - 131 400 000 122 115 100 113 300 000

88 87 200 000 Turnover Turnover Premium MNOK 74 67 66 50 63

40 100 000 Open Interest (avg)

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

Turnover Premium Open Interest (avg)

Single Stock Forwards & Futures

2 500 900 000

800 000

2 000 1 1 959 700 000

600 000

1 500 1 1 501

500 000 Contracts

- 1 1 435

400 000

1 1 072 1 1 006 1 000 1 014

300 000

873

786

753

698 Turnover Turnover Premium MNOK

665 200 000

500

518 Open Interest Open Interest (avg)

100 000 355

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

Turnover Premium Open Interest (Avg)

PREMIUM - INDEX DERIVATIVES

OBX - Index Options

140 120 000

132 120 120 100 000

100 80 000

80

Contracts Contracts - 60 000

60 61 52 40 000 40 46

Turnover Turnover Premium MNOK 39 40 36 37 36

20 000 Open Interest Open Interest (avg) 20 26 23 20

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

Turnover premium / month Open interest (avg)

Index Futures

30 000 120 000

25 000 100 000

20 000 80 000

17 912

Contracts

16 029

19 871 -

15 000 15 656 60 000

15 095

15 761

14 177

13 480

13 536 10 546

10 000 12 059 40 000

12 663

12 519 Turnover Turnover exposure MNOK

5 000 20 000 Open Interest (avg)

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

Turnover exposure MNOK Open Interest (avg)

BROKER STATISTICS - FEBRUARY 2015

DNB ASA Equity Options 10.5 % LSE Derivatives

10.0 % Sparebank 1 Markets

3.3 % Danske Bank A/S 1.7 % 1.3 % Nordea Markets

1.1 % Enskilda Securities 1.1 % Nordnet Bank AB 0.7 % 0.5 % NetFonds AS 0.4 % Arctic Securities ASA 0.2 % Swedbank Norge 23.6 % 0.3 % 0.2 % Handelsbanken Capital Markets ABG Sundal Collier Norge ASA Carnegie ASA

Pareto Securities AS

45.0 % Fondsfinans ASA

Index Options LSE Derivatives 17.9 % DNB BANK ASA

5.1 % 3.4 % Danske Bank A/S

2.4 % Sparebank 1 Markets 1.8 % 1.1 % 0.7 % Enskilda Securities 0.5 % Nordnet Bank AB

Nordea Markets

27.7 % Handelsbanken Capital Markets

NetFonds AS

39.5 % Pareto Securities AS

Stock Forwards & Futures

79.5 % DNB BANK ASA

Sparebank 1 Markets 13.1 %

Carnegie ASA

4.9 % LSE Derivatives

1.2 % Danske Bank A/S 0.9 % 0.2 % Fondsfinans ASA

Index Futures 8.2 % DNB BANK ASA 30.2 % 7.8 % LSE Derivatives 2.9 % 2.6 % Enskilda Securities 1.9 % Handelsbanken 1.7 % Capital Markets 0.6 % Carnegie ASA

Sparebank 1 Markets 0.1 % NetFonds AS 0.1 % Danske Bank A/S

Nordea Markets

Nordnet Bank AB

Arctic Securities ASA 43.8 %

"LSE Derivatives" is a composite entry and includes all derivatives members at London Stock Exchange Derivatives Market.

OBX INDEX - CONSTITUENTS AND OTHER INFORMATION

The OBX Index consists of the 25 most traded equities, 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.

27.02.15: 557.66 All time high (19.06.14 close): 580.17

The current OBX and OBOSX Index compositions can be found below. The Derivatives department at Oslo Børs distributes a daily report with information on the indices and their components. If you would like to receive this daily update, please contact [email protected].

Date: 2. mar. 2015 OBX OBOSX Close - prev. day: 557.66 67.52 OBOSX weight of OBX: 9.14 % Divisor: 1 514 038 774 1 142 347 084 USDNOK: 7.68

Weight % Weight % Close Last Day Dividend Dividend Last Update Multiplier Multiplier Value Multiplier Multiplier Value Ticker Company Name in OBX in OBOSX Prev. day Note Incl. Div. Stock in NOK Div. Info OBX OBX OBOSX OBOSX Industry 1 AKA Akastor 0.32 % 4.48 % 17.96 08.04.15 27.02.15 149 624 413 2 687 254 457 192 564 197 3 458 452 978 Oil & Gas Equipment & Services 2 AKSO Aker Solutions 0.76 % 10.74 % 43.00 09.04.15 1.45 27.02.15 149 624 413 6 433 849 759 192 564 197 8 280 260 471 Oil & Gas Equipment & Services 3 BWLPG BW LPG Limited 0.59 % 60.50 19.05.15 $1.15 8.83 27.02.15 81 765 829 4 946 832 655 Oil & Gas Storage & Transportation 4 DETNOR Det Norske Oljeselskap 0.47 % 39.06 13.04.15 27.02.15 101 309 301 3 957 141 297 Oil & Gas Exploration & Production 5 DNB DNB 14.45 % 124.80 23.04.15 3.80 27.02.15 977 279 316 121 964 458 637 Diversified 6 DNO DNO 1.08 % 14.98 28.05.15 27.02.15 606 137 553 9 079 940 544 Oil & Gas Exploration & Production 7 FOE Fred Olsen Energy 0.25 % 3.52 % 63.70 27.05.15 27.02.15 33 132 064 2 110 512 477 42 640 430 2 716 195 391 Oil & Gas Drilling 8 GJF Gjensidige Forsikring 3.16 % 133.60 23.04.15 5.90 27.02.15 199 974 568 26 716 602 285 Multi-line 9 GOGL 0.17 % 5.40 27.02.15 268 388 577 1 449 298 316 Marine 10 MHG Marine Harvest 3.53 % 96.75 17.04.15 27.02.15 307 752 591 29 775 063 179 Packaged Foods & Meats 11 NAS Norwegian 0.83 % 233.20 12.05.15 27.02.15 29 887 818 6 969 839 158 Airlines 12 NHY Norsk Hydro 7.41 % 43.80 06.05.15 1.00 27.02.15 1 427 882 601 62 541 257 924 Aluminum 13 OPERA Opera Software 0.94 % 59.15 02.06.15 27.02.15 133 666 532 7 906 375 368 Internet Software & Services 14 ORK Orkla 5.81 % 60.20 16.04.15 2.50 27.02.15 815 142 291 49 071 565 918 Packaged Foods & Meats 15 PGS Petroleum Geo-Services 1.10 % 15.45 % 43.24 13.05.15 0.70 27.02.15 214 114 978 9 258 331 649 275 562 510 11 915 322 932 Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 4.38 % 587.00 27.02.15 62 945 361 36 948 926 907 Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.49 % 2.216 05.05.15 27.02.15 1 851 051 637 4 101 930 428 Semiconductor Equipment 18 SCH Schibsted 4.35 % 456.30 08.05.15 3.50 27.02.15 80 557 644 36 758 452 957 Publishing 19 SDRL Seadrill 2.19 % 27.46 % 88.50 27.02.15 208 488 552 18 451 236 852 239 364 159 21 183 728 072 Oil & Gas Drilling 20 STB Storebrand 1.45 % 27.29 15.04.15 27.02.15 447 499 099 12 212 250 412 Life & Health Insurance 21 STL Statoil 19.04 % 144.50 19.05.15 1.80 27.02.15 1 112 784 054 160 797 295 803 Integrated Oil & Gas 22 SUBC Subsea 7 S.A. 2.37 % 19.21 % 76.00 27.02.15 263 306 463 20 011 291 188 194 987 112 14 819 020 512 Oil & Gas Equipment & Services 23 TEL Telenor 13.68 % 153.80 1) 20.05.15 7.30 27.02.15 750 729 015 115 462 122 507 Integrated Telecom. Services 24 TGS TGS Nopec Geophysical 2.25 % 19.13 % 186.90 06.05.15 8.50 27.02.15 101 535 776 18 977 036 534 78 966 577 14 758 853 241 Oil & Gas Equipment & Services 25 YAR Yara International 8.97 % 422.00 11.05.15 13.00 27.02.15 179 470 053 75 736 362 366 Fertilizers & Agricultural Chemicals Tot: OBX 100.00 % 557.66 844 325 229 575 Tot: OBOSX 100.00 % 67.52 77 131 833 597 Note Note Explanation Gen. AGM/ Last inclusive dates as notified on respective company's web page, and dividend proposed by the board AGM Norske Skogindustrier ASA (NSG) 16.04.2015 1) Telenor have, subject to approval at AGM 20.05.2015, proposed a dividend of total NOK 7.30 for 2014. Pay-out in two tranches: NOK 3.80 expected last day inclusive 27.05.2015 and NOK 3.50 expected last day inclusive 30.10.2015 NB: Norwegian Stock derivatives will be adjusted for the part of dividends exceeding 5% of underlying fixing (vwap) on last Cum-date. SDRL and MHG are adjusted for the full dividend amount. Legends: = Recent updates XX.XX = Upcoming Dividend XX.XX = Upcoming Dividend exceeding 5% of Current Stock Price (Prev. Close). DISCLAIMER: Information and estimates given in this document are solely intended as a service to the market. Oslo Børs accepts no responsibilty for the accuracy of the information and estimates. Oslo Børs shall not be liable for any loss or damage w hatsoever or how soever caused or arising in connection w ith the information and estimates given in this document.

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

The OBX INDEX consists of the 25 most Last (NOK): 557.66 OBX Index (OBX) Sector: N/A traded securities on Oslo Børs. The Avg.Imp.Vol last month: 18 % constituents are selected on the basis of six ISIN: NO 000 000 0021 Expiry: Each Month months turnover rating (Jun & Dec). It is a Reuters: .OBX Open Int Options (avg): 59 569 semi-annually revised, free float adjusted total return index (dividend adjusted). Bloomberg: OBX NO Open Int Fut (avg): 73 100 Home: www.oslobors.no Weight of All Shares: 45.12% O/I Options avg. ytd: 57 278 Liquidity: Tradable in blocks of around 5000 O/I Fut avg. ytd: 76 487 Domicile: contracts. Derivatives: Options & Futures Market Maker(s): 8

Sector: OBX Index & Energy Last (NOK): 67.52 OBOSX Index (OBOSX) The OSLO BØRS OBX OIL SERVICE INDEX is a free float adjusted total return index Equipment and Service Index Avg.Imp.Vol last month: N/A (dividend adjusted) composed of the most ISIN: NO 001 059 0086 Expiry: Each Month liquid shares within the Oil Service sector. Reuters: .OBOSX Open Int Fut (avg): 796 Only companies that are members of both Bloomberg: OBOSX.IND the OBX index and the Energy Equipment Weight of OBX: 9.14% and Service Index are included. O/I Fut avg. ytd: 630 Domicile: Norway Home: www.oslobors.no Derivatives: Futures Market Maker(s): 2

AKER SOLUTIONS is a global provider of Sector: Oil & Gas Equipment & Aker Solutions (AKSO) Last (NOK): 42.31 products, systems and services to the oil and Services 10101020 gas industry. Its engineering, design and ISIN : NO 0010716582 Avg.Imp.Vol last month: 62 % technology bring discoveries into Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec production and maximize recovery. Bloomberg : AKSO NO Open Int (avg): 3 342 Home: www.akersolutions.com

Liquidity: Tradable for volumes around 2000 OBX Weight : 0.76% O/I avg. ytd: 2 903 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

DNB (DNB) DNB is Norway's largest financial services Sector: Diversified Banks 40101010 Last (NOK): 126.20 group and offers financial products and ISIN : NO 001 003 1479 Avg.Imp.Vol last month: 23 % services related to the money and capital Reuters : DNB.OL Expiry: Each Month markets. Home: www.dnb.no Bloomberg : DNB NO Open Int (avg): 40 073 Liquidity: Tradable in blocks of 3000 OBX Weight : 14.45% O/I avg. ytd: 39 652 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

Sector: Oil & Gas Exploration & DNO International (DNO) DNO International is an international Last (NOK): 14.60 independent petroleum company engaged Production 10102020 in the acquisition, exploration, ISIN : NO 000 392 1009 Avg.Imp.Vol last month: 63 % 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): 30 698 Liquidity: Tradable for volumes around 1000 OBX Weight : 1.08% O/I avg. ytd: 30 201 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

GJENSIDIGE FORSIKRING is Norway's largest Gjensidige Forsikring (GJF) Sector: Multi-line Insurance 40301030 Last (NOK): 133.00 general insurance company, with business in Denmark, and the Baltic ISIN : NO 0010582521 Avg.Imp.Vol last month: 20 % countries. The group also offers banking, Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec and saving products in Norway. Home: www.gjensidige.com Bloomberg : GJF NO Open Int (avg): 1 652

Liquidity: Tradable for volumes around 2000 OBX Weight : 3.16% O/I avg. ytd: 1 381 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

MARINE HARVEST is the world’s leading Sector: Packaged Foods & Meats Marine Harvest Group (MHG) Last (NOK): 97.25 seafood company offering a wide range of 30202030 seafood products and produce one fourth of ISIN : NO 000 305 4108 Avg.Imp.Vol last month: 30 % the world's farmed salmon. The company is Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec present in 18 countries and has 5000 employees worldwide. Bloomberg : MHG NO Open Int (avg): 6 469 Home: www.marineharvest.com Liquidity: Tradable in blocks of 2000 OBX Weight: 3.53% O/I avg. ytd: 4 763 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

NORWEGIAN AIR SHUTTLE is Europe's third Norwegian Air Shuttle (NAS) Sector: Airlines 20302010 Last (NOK): 217.50 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 2000 people. Bloomberg : NAS NO Open Int (avg): 4 711 Home: www.norwegian.no Liquidity: Tradable in blocks of around 500 OBX Weight: 0.83% O/I avg. Ytd: 3 956 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Norsk Hydro (NHY) NORSK HYDRO is a global supplier of Sector: Aluminum 15104010 Last (NOK): 43.97 aluminium with activities throughout the ISIN : NO 000 505 2605 Avg.Imp.Vol last month: 29 % value chain, from bauxite extraction to the Reuters : NHY.OL Expiry: Each Month production of rolled and extruded aluminium products and building systems. Based in Norway, the company employs 22 Bloomberg : NHY NO and NOHYF US Open Int (avg): 173 653 000 people in more than 40 countries. Home: www.hydro.com Liquidity: Tradable in blocks of 5000 OBX Weight : 7.41% O/I avg. ytd: 162 695 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 7

Norske Skog (NSG) NORSKE SKOG is one of the world's biggest Sector: Paper Products 15105020 Last (NOK): 4.50 producer of publication paper, with 12 paper ISIN : NO 000 413 5633 Avg.Imp.Vol last month: 82 % mills in 10 countries and a production Reuters : NSG.OL Expiry: Mar, Jun, Sep, Dec capacity of around 4 mill. tonnes per year. Home: www.norskeskog.com Bloomberg : NSG NO Open Int (avg): 5 777 Liquidity: Tradable in blocks of 2000 OBX Weight : N/A O/I avg. ytd: 4 720 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

Sector: Internet Software & Services Opera Software (OPERA) OPERA SOFTWARE delivers the best Internet Last (NOK): 55.10 45101010 experience on any device. The company ISIN : NO 001 004 0611 Avg.Imp.Vol last month: 69 % targets PCs, mobile phones, portable media Reuters : OPERA.OL Expiry: Mar, Jun, Sep, Dec players, set-top boxes, gaming consoles and other vertical markets. Bloomberg : OPERA NO Open Int (avg): 4 246 Home: www.opera.com

Liquidity: Tradable for volumes around 500 OBX Weight : 0.94% O/I avg. ytd: 3 526 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1

Sector: Industrial Conglomerates Orkla (ORK) ORKLA operates in the branded consumer Last (NOK): 60.20 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. Bloomberg : ORK NO Open Int (avg): 9 919 Home: www.orkla.no

Liquidity: Tradable for volumes around 3000 OBX Weight : 5.81% O/I avg. ytd: 7 079 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

Sector: Oil & Gas Equipment & Petroleum Geo-Services (PGS) Last (NOK): 42.61 PETROLEUM GEO-SERVICES is a Services 10101020 technologically focused oilfield service ISIN : NO 001 019 9151 Avg.Imp.Vol last month: 53 % 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): 14 479

Liquidity: Tradable for volumes around 2000 OBX Weight : 1.10% O/I avg. ytd: 12 998 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

ROYAL CARIBBEAN CRUISES is a global cruise Sector: Hotels, Resorts & Cruise Lines Royal Caribbean Cruises (RCL) Last (NOK): 600.00 vacation company that operates Royal 25301020 Caribbean International, Celebrity Cruises, ISIN : LR 000 886 2868 Avg.Imp.Vol last month: 35 % Pullmantur, Azamara Cruises and CDF Croisières de France. The company has a Reuters : RCL.OL Expiry: Mar, Jun, Sep, Dec combined total of 38 ships in service and five under construction. Bloomberg : RCL NO Open Int (avg): 3 575 Home: www.rclinvestor.com Liquidity: Tradable in blocks of 1000 OBX Weight : 4.38% O/I avg. ytd: 3 409 Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Sector: Semiconductor Equipment REC Silicon (REC) Last (NOK): 2.21 REC SILICON is a leading producer of 45301010 advanced silicon materials, delivering high- ISIN : NO 001 011 2675 Avg.Imp.Vol last month: 65 % purity polysilicon and silane gas to the solar Reuters : REC.OL Expiry: Each Month and electronics industries worldwide. Home: www.recsilicon.com Bloomberg : REC NO Open Int (avg): 55 691

Liquidity: Tradable in blocks of 4000-5000 OBX Weight : 0.49% O/I avg. ytd: 54 523 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Seadrill (SDRL) SEADRILL is an international drilling Sector: Oil and Gas Drilling 10101010 Last (NOK): 84.90 contractor providing services within drilling ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 61 % and well services. Seadrill has 7 000 employees, representing 25 nationalities on Reuters : SDRL.OL Expiry: Mar, Jun, Sep, Dec five continents. Home: www.seadrill.com Bloomberg : SDRL NO Open Int (avg): 11 288

Liquidity: Tradable for volumes around 2000 OBX Weight : 2.19% O/I avg. ytd: 11 239 Domicile: Bermuda contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

STOREBRAND is a leading player in the Sector: Life & Health Insurance Storebrand (STB) Last (NOK): 27.80 markets for long-term savings and 40301020 insurance. The group consists of the ISIN : NO 000 305 3605 Avg.Imp.Vol last month: 34 % 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): 132 954 Home: www.storebrand.com Liquidity: Tradable in blocks of 5000 OBX Weight : 1.45% O/I avg. ytd: 139 233 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

STATOIL is the leading producer of Statoil (STL) Sector: Integrated Oil & Gas 10102010 Last (NOK): 143.10 petroleum on the NCS and has substantial production outside of Norway. Statoil is the ISIN : NO 001 009 6985 Avg.Imp.Vol last month: 31 % world's largest operator of offshore Reuters : STL.OL Expiry: Each month petroleum production with activities in 32 countries and approximately 30 000 Bloomberg : SYO NO and STO US Open Int (avg): 139 790 employees. Liquidity: Tradable in blocks of 5000 OBX Weight : 19.04% O/I avg. ytd: 127 089 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 8

Sector: Oil & Gas Equipment & Subsea 7 (SUBC) Last (NOK): 74.80 Subsea 7 S.A. is a seabed-to-surface Services 10101020 engineering, construction and services ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 53 % contractor to the offshore energy industry Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec worldwide. Home: www.subsea7.com Bloomberg: SUBC NO Open Int (avg): 38 568

Liquidity: Tradable in blocks of 2000 OBX Weight: 2.37% O/I avg. ytd: 36 315 Domicile: Luxembourg contracts. Derivatives: Options & Fwd/Fut Market Maker(s): 6

Sector: Integrated Telecom. Services Telenor (TEL) TELENOR Group is a leading international Last (NOK): 153.60 50101020 provider of communications services and ISIN : NO 001 006 3308 Avg.Imp.Vol last month: 22 % 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): 19 859 Liquidity: Traded in volumes of 3000 OBX Weight : 13.68% O/I avg. ytd: 17 885 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7

TGS-NOPEC provides multi-client Sector: Oil & Gas Equipment & TGS-Nopec (TGS) Last (NOK): 186.20 geoscience data and services to oil and gas Services 10101020 Exploration and Production companies ISIN : NO 000 307 8800 Avg.Imp.Vol last month: 41 % around the globe. TGS also provides high- end depth imaging services to help resolve Reuters : TGS.OL Expiry: Mar, Jun, Sep, Dec complex seismic imaging problems. Bloomberg : TGS NO Open Int (avg): 10 256 Home: www.tgs.com

OBX Weight : 2.25% O/I avg. ytd: 9 425 Liquidity: Tradable for volumes around 1000 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

Sector: Fertilizers & Agricultural Yara (YAR) YARA International ASA delivers solutions Last (NOK): 425.30 for sustainable agriculture and the Chemicals 15101030 environment. Founded in Norway in 1905, ISIN : NO 001 020 8051 Avg.Imp.Vol last month: 27 % Yara has a worldwide presence with sales to Reuters : YAR.OL Expiry: Each Month 150 countries. Home: www.yara.com Bloomberg : YAR NO Open Int (avg): 26 617

Liquidity: Traded in blocks of around 2000 OBX Weight : 8.97% O/I avg. ytd: 23 532 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

MARKET MAKERS

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

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

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

Handelsbanken: OBX, DNB, NHY, PGS, RCL, SDRL, STB, STL, SUBC, YAR

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

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

Susquehanna Intl. Sec. Ltd: OBX, AKSO, DNB, DNO, GJF, MHG, NHY, NSG, ORK, PGS, REC, SDRL, STB, STL, SUBC, TEL, TGS, YAR

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

OPTIONS - ATM IMPLIED VOLATILITIES

Daily Volatilities = average of Last Bid+Offer vol. for ATM CALLS and PUTS for the nearest two months. Lack of data may occur, thus volatilities should be seen as indicative.

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

AKSO ATM Implied Vol 70%

60%

50%

40%

30%

20%

DNB ATM Implied Vol 130%

110%

90%

70%

50%

30%

10%

DNO ATM Implied Vol 80% 75% 70% 65% 60% 55% 50% 45% 40%

GJF ATM Implied Vol 30%

25%

20%

15%

10%

MHG ATM Implied Vol 150% 130% 110% 90% 70% 50% 30% 10%

NHY ATM Implied Vol 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

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

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

ORK ATM Implied Vol 80%

70%

60%

50%

40%

30%

20%

10%

OPERA ATM Implied Vol 40%

35%

30%

25%

20%

15%

10%

PGS ATM Implied Vol 80%

70%

60%

50%

40%

30%

20%

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

RCL ATM Implied Vol 80%

70%

60%

50%

40%

30%

20%

SDRL ATM Implied Vol

110%

90%

70%

50%

30%

10%

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

SUBC ATM Implied Vol 130%

110%

90%

70%

50%

30%

10%

STB ATM Implied Vol 140%

120%

100%

80%

60%

40%

20%

TGS ATM Implied Vol 60% 55% 50% 45% 40% 35% 30% 25% 20%

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

YAR ATM Implied Vol 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

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