DERIVATIVES, BØRS - APRIL 2015

The OBX index increased by 3.2% to 578.09 points during April. An all-time high was reached on April 15th at 600.64 points. So far this year the index is up 10.4%.

The average number of contracts traded in April was 37 648 contracts/day. The average year-to-date is 42 716, whereas 2014 was 47 289.

There were some mixed turnover numbers for April. The OBX option premium increased by 45% to 29 MNOK (2015 avg: 27 MNOK), and the index future turnover increased by 4% to 14.4 BNOK (2015 avg: 13 BNOK). The stock option premium decreased slightly by 1% to 77 MNOK (2015 avg: 109 MNOK), whereas the forward exposure fell by 65% to 911 MNOK (2015 avg: 1 313 MNOK).

The most traded single stock option in April was with 15 MNOK, 19% of the total stock option premium turnover. Yara and Norwegian followed with a turnover of 11.6 and 11.2 respectively. The top three stock derivatives accounted for 49% of the total stock option turnover for the month.

Norsk Hydro, and Norwegian and were the most traded stock forwards, accounting for 62% of the total exposure. Norsk Hydro had a turnover of 278 MNOK, 31% of the total.

Effective April 13th, Oslo Børs implemented monthly expiries for all underlyings as well as longer maturities for some underlyings.

Oslo Børs offers standardised options and forward/futures on 20 stocks and the OBX index. 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 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15

TURNOVER - CONTRACTS/DAY (average)

Contracts/day last month

INDEX - FUTURES 12 810

STOCK FWD/FUT 10 051

OBX - OPTIONS 2 145 STOCK OPTIONS 12 643

Contracts/day YTD 2015

INDEX - FUTURES 11 428

STOCK FWD/FUT 14 459

OBX - OPTIONS 2 226 STOCK OPTIONS 14 603

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

OBX Options

Option Premium last month Norsk Hydro 5.4 % 6.6 % 5.3 % 10.5 % 5.3 %

3.6 % Marine Harvest Group 2.3 % 1.6 % 1.6 % Statoil DNB

10.9 % Royal Caribbean Cruises 1.2 % 0.9 % Opera Software 0.9 % TGS Nopec Geophysical Co. Seadrill 0.8 % DNO International 0.8 % 13.8 % 0.4 % Petroleum Geo-Services 0.3 % 0.1 % Orkla 0.0 % REC Silicon 27.6 % Gjensidige Forsikring Norske Skog

Statoil Option Premium YTD 2015 OBX Options 5.9 % Yara International 9.3 % 5.1 % Norsk Hydro 4.3 % Storebrand 3.3 % DNB 13.6 % 3.0 % Norwegian Air Shuttle 2.6 % Telenor 2.5 % Seadrill 2.2 % Subsea 7 TGS Nopec Geophysical Co. 1.9 % Marine Harvest Group 1.6 % Petroleum Geo-Services 1.3 % Royal Caribbean Cruises 0.6 % Opera Software 0.5 % DNO International 0.3 % Orkla 0.3 % 19.9 % Aker Solutions 0.1 % REC Silicon 0.1 % 21.7 % Gjensidige Forsikring 0.0 % Norske Skog AKAKS Basket

SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

Norsk Hydro

Stock Fwd/Fut Premium last month Seadrill 7.1 % 5.1 % Norwegian Air Shuttle 4.7 % Gjensidige Forsikring 11.2 % 4.4 % Statoil Marine Harvest Group 2.9 % Telenor 2.7 % Petroleum Geo-Services 2.4 % Yara International 2.3 % Subsea 7

19.7 % 2.0 % DNO International 1.4 % Opera Software 1.2 % Royal Caribbean Cruises 1.2 % REC Silicon 0.4 % DNB 0.3 % 0.2 % Storebrand Orkla 0.1 % 0.0 % Aker Solutions 30.6 % Norske Skog

TGS Nopec Geophysical Co.

Stock Fwd/Fut Premium YTD 2015 Norsk Hydro Seadrill 5.3 % Norwegian Air Shuttle 6.2 % 4.1 % 6.2 % Statoil 3.9 % Marine Harvest Group 3.4 % 7.0 % TGS Nopec Geophysical Co. 3.1 % 3.0 % Petroleum Geo-Services Telenor 8.7 % Subsea 7 Gjensidige Forsikring 2.9 % DNB 1.4 % Opera Software DNO International 1.1 % REC Silicon 1.0 % 9.5 % Yara International 0.8 % Orkla 0.8 % Royal Caribbean Cruises 0.2 % Storebrand 0.1 % Norske Skog 31.3 % 0.0 % Aker Solutions AKAKS Basket

PREMIUM - SINGLE STOCK DERIVATIVES

Single Stock Options

250 800 000

700 000

200 200 600 000

500 000

150 159

Contracts - 131 400 000 115 122 100 113 300 000 87 78 77 200 000 Turnover Turnover Premium MNOK 63 50 67 66 40 100 000 Open Interest (avg)

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

Turnover Premium Open Interest (avg)

Single Stock Forwards & Futures

3 000 400 000

350 000 2 500 2 573

300 000

2 000

250 000

Contracts -

1 500 200 000

1 1 501 1 1 435

150 000

1 000 1 006

1 1 014 911

873 100 000

Turnover Turnover Premium MNOK

753

698

665 786

500 518

50 000 Open Interest (avg) 355

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

Turnover Premium Open Interest (Avg)

PREMIUM - INDEX DERIVATIVES

OBX - Index Options

140 120 000

132 120 100 000 120

100 80 000

80

Contracts Contracts - 60 000

60 61 52 40 000 40 46

Turnover Turnover Premium MNOK 40 37 36 29 20 000 20 Open Interest (avg) 26 23 20 20

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

Turnover premium / month Open interest (avg)

Index Futures

30 000 120 000

25 000 100 000

20 000 80 000

19 871 Contracts

15 000 60 000 -

14 354

15 761

14 177

17 912

15 095

13 796

13 480

16 029

15 656

12 663 12 059

10 000 10 546 40 000 Turnover Turnover exposure MNOK

5 000 20 000 Open Interest (avg)

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

Turnover exposure MNOK Open Interest (avg)

BROKER STATISTICS - APRIL 2015

LSE Derivatives Equity Options 8.5 % DNB ASA 6.3 % 16.8 % Danske Bank A/S 5.1 % Nordea Markets 2.5 % Enskilda Securities 1.2 % 1.0 % Sparebank 1 Markets 0.9 % 0.7 % NetFonds AS 0.2 % Arctic Securities ASA

Handelsbanken Capital Markets 0.2 % Swedbank Norge

Pareto Securities AS

Carnegie ASA 26.1 % 30.6 % Fondsfinans ASA

Index Options LSE Derivatives 9.6 % 13.7 % DNB BANK ASA 8.3 %

Danske Bank A/S 4.7 %

1.5 % Nordea Markets 1.0 % 0.5 % Enskilda Securities

Sparebank 1 Markets

NetFonds AS 18.2 %

Pareto Securities AS

42.4 % Handelsbanken Capital Markets

Stock Forwards & Futures

70.3 % 18.8 % DNB BANK ASA

LSE Derivatives

Sparebank 1 Markets

Carnegie ASA 7.1 %

Danske Bank A/S

2.9 % Handelsbanken 0.3 % Capital Markets 0.3 % Fondsfinans ASA 0.2 %

Index Futures 32.6 % DNB BANK ASA 8.5 % LSE Derivatives 4.6 % 2.42.3 % % Handelsbanken 2.0 % Capital Markets 1.4 % Sparebank 1 Markets 0.2 % Carnegie ASA

0.1 % Enskilda Securities

Danske Bank A/S

NetFonds AS

Nordea Markets

Arctic Securities ASA 45.7 %

"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.

31.03.15: 561.09 All time high (15.04.15 close): 600.64

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: 4. mai. 2015 OBX OBOSX Close - prev. day: 578.04 71.69 OBOSX weight of OBX: 9.50 % Divisor: 1 502 041 654 1 150 247 961 USDNOK: 7.58

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 0.25 % 3.40 % 14.70 08.04.15 16.03.15 149 624 413 2 199 478 871 190 842 053 2 805 378 179 Oil & Gas Equipment & Services 2 AKSO Aker Solutions 0.79 % 10.62 % 45.88 09.04.15 1.45 10.04.15 149 624 413 6 864 768 068 190 842 053 8 755 833 392 Oil & Gas Equipment & Services 3 BWLPG BW LPG Limited 0.63 % 66.65 19.05.15 $1.15 8.72 31.03.15 81 765 829 5 449 692 503 Oil & Gas Storage & Transportation 4 DETNOR Det Norske Oljeselskap 0.64 % 54.95 13.04.15 14.04.15 101 309 301 5 566 946 090 Oil & Gas Exploration & Production 5 DNB DNB 15.08 % 134.00 23.04.15 3.80 30.04.15 977 279 316 130 955 428 344 Diversified 6 DNO DNO 0.99 % 14.15 28.05.15 27.03.15 608 628 119 8 612 087 884 Oil & Gas Exploration & Production 7 FOE Fred Olsen Energy 0.26 % 3.46 % 67.50 27.05.15 31.03.15 33 132 064 2 236 414 320 42 259 087 2 852 488 373 Oil & Gas Drilling 8 GJF Gjensidige Forsikring 3.02 % 131.10 23.04.15 5.90 31.03.15 199 974 568 26 216 665 865 Multi-line 9 GOGL 0.16 % 37.05 07.04.15 36 900 745 1 367 172 602 Marine 10 MHG Marine Harvest 3.26 % 92.05 26.05.15 1.30 29.04.15 307 752 591 28 328 626 002 Packaged Foods & Meats 11 NAS Norwegian 1.09 % 316.00 12.05.15 14.04.15 29 887 818 9 444 550 488 Airlines 12 NHY Norsk Hydro 5.85 % 35.59 06.05.15 1.00 10.04.15 1 427 882 601 50 818 341 770 Aluminum 13 OPERA Opera Software 1.13 % 73.40 02.06.15 0.26 30.04.15 133 666 532 9 811 123 449 Internet Software & Services 14 ORK Orkla 5.55 % 59.10 16.04.15 2.50 28.04.15 815 142 291 48 174 909 398 Packaged Foods & Meats 15 PGS Petroleum Geo-Services 1.23 % 16.52 % 49.88 13.05.15 0.70 30.04.15 214 114 978 10 680 055 103 273 098 093 13 622 132 879 Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 3.73 % 514.50 28.05.15 14.04.15 62 945 361 32 385 388 235 Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.45 % 2.110 06.05.15 27.04.15 1 851 051 637 3 905 718 954 Semiconductor Equipment 18 SCH Schibsted 4.35 % 469.30 08.05.15 3.50 17.04.15 80 557 644 37 805 702 329 Publishing 19 SDRL Seadrill 2.29 % 19.13 % 95.45 23.04.15 208 488 552 19 900 232 288 165 222 524 15 770 489 916 Oil & Gas Drilling 20 STB Storebrand 1.37 % 26.66 15.04.15 27.02.15 447 499 099 11 930 325 979 Life & Health Insurance 21 STL Statoil 20.38 % 159.00 19.05.15 1.80 30.04.15 1 112 784 054 176 932 664 586 Integrated Oil & Gas 22 SUBC Subsea 7 S.A. 2.54 % 19.10 % 83.65 17.04.15 14.04.15 263 306 463 22 025 585 630 188 276 830 15 749 356 830 Oil & Gas Equipment & Services 23 TEL Telenor 14.73 % 170.30 1) 20.05.15 3.80 16.04.15 750 729 015 127 849 151 255 Integrated Telecom. Services 24 TGS TGS Nopec Geophysical 2.24 % 27.77 % 191.40 06.05.15 8.50 23.04.15 101 535 776 19 433 947 526 119 657 766 22 902 496 412 Oil & Gas Equipment & Services 25 YAR Yara International 7.99 % 386.40 11.05.15 13.00 27.04.15 179 470 053 69 347 228 479 Fertilizers & Agricultural Chemicals Tot: OBX 100.00 % 578.04 868 242 206 017 Tot: OBOSX 100.00 % 71.69 82 458 175 980 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 has, 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 20.05.2015 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): 578.04 OBX Index (OBX) Sector: N/A traded securities on Oslo Børs. The Avg.Imp.Vol last month: 16 % 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): 45 576 semi-annually revised, free float adjusted total return index (dividend adjusted). Bloomberg: OBX NO Open Int Fut (avg): 51 879 Home: www.oslobors.no Weight of All Shares: 44.42% O/I Options avg. ytd: 50 718 Liquidity: Tradable in blocks of around 5000 O/I Fut avg. ytd: 66 582 Domicile: contracts. Derivatives: Options & Futures Market Maker(s): 8

Sector: OBX Index & Energy Last (NOK): 71.69 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): 438 Only companies that are members of both Bloomberg: OBOSX.IND the OBX index and the Energy Equipment Weight of OBX: 9.50% and Service Index are included. O/I Fut avg. ytd: 638 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): 45.86 products, systems and services to the oil and Services 10101020 gas industry. Its engineering, design and ISIN : NO 0010716582 Avg.Imp.Vol last month: 51 % technology bring discoveries into Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec production and maximize recovery. Bloomberg : AKSO NO Open Int (avg): 3 134 Home: www.akersolutions.com

Liquidity: Tradable for volumes around 2000 OBX Weight : 0.79% O/I avg. ytd: 3 313 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): 136.70 group and offers financial products and ISIN : NO 001 003 1479 Avg.Imp.Vol last month: 21 % services related to the money and capital Reuters : DNB.OL Expiry: Each Month markets. Home: www.dnb.no Bloomberg : DNB NO Open Int (avg): 20 221 Liquidity: Tradable in blocks of 3000 OBX Weight : 15.08% O/I avg. ytd: 33 356 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): 13.67 independent petroleum company engaged Production 10102020 in the acquisition, exploration, ISIN : NO 000 392 1009 Avg.Imp.Vol last month: 60 % 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): 25 698 Liquidity: Tradable for volumes around 1000 OBX Weight : 0.99% O/I avg. ytd: 28 729 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): 129.00 general insurance company, with business in Denmark, and the Baltic ISIN : NO 0010582521 Avg.Imp.Vol last month: 17 % 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): 727

Liquidity: Tradable for volumes around 2000 OBX Weight : 3.02% O/I avg. ytd: 1 213 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): 92.30 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: 32 % 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): 24 997 Home: www.marineharvest.com Liquidity: Tradable in blocks of 2000 OBX Weight: 3.26% O/I avg. ytd: 10 576 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): 315.10 largest low cost airline and the second largest airline in Scandinavia. Norwegian ISIN : NO 001 019 6140 Avg.Imp.Vol last month: 48 % 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): 6 511 Home: www.norwegian.no Liquidity: Tradable in blocks of around 500 OBX Weight: 1.09% O/I avg. Ytd: 5 394 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): 36.85 aluminium with activities throughout the ISIN : NO 000 505 2605 Avg.Imp.Vol last month: 28 % 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): 80 525 000 people in more than 40 countries. Home: www.hydro.com Liquidity: Tradable in blocks of 5000 OBX Weight : 5.85% O/I avg. ytd: 136 797 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): 4.48 producer of publication paper, with 12 paper ISIN : NO 000 413 5633 Avg.Imp.Vol last month: 79 % 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): 3 072 Liquidity: Tradable in blocks of 2000 OBX Weight : N/A O/I avg. ytd: 5 029 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): 73.80 45101010 experience on any device. The company ISIN : NO 001 004 0611 Avg.Imp.Vol last month: 53 % 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): 7 054 Home: www.opera.com

Liquidity: Tradable for volumes around 500 OBX Weight : 1.13% O/I avg. ytd: 5 028 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1

Sector: Industrial Conglomerates Orkla (ORK) ORKLA operates in the branded consumer Last (NOK): 59.15 20105010 goods, aluminium solutions and financial ISIN : NO 000 373 3800 Avg.Imp.Vol last month: 22 % 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): 7 259 Home: www.orkla.no

Liquidity: Tradable for volumes around 3000 OBX Weight : 5.55% O/I avg. ytd: 6 751 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

Sector: Oil & Gas Equipment & Petroleum Geo-Services (PGS) Last (NOK): 49.90 PETROLEUM GEO-SERVICES is a Services 10101020 technologically focused oilfield service ISIN : NO 001 019 9151 Avg.Imp.Vol last month: 48 % 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): 13 989

Liquidity: Tradable for volumes around 2000 OBX Weight : 1.23% O/I avg. ytd: 14 571 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): 523.50 vacation company that operates Royal 25301020 Caribbean International, Celebrity Cruises, ISIN : LR 000 886 2868 Avg.Imp.Vol last month: 33 % 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): 2 131 Home: www.rclinvestor.com Liquidity: Tradable in blocks of 1000 OBX Weight : 3.73% O/I avg. ytd: 3 010 Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

Sector: Semiconductor Equipment REC Silicon (REC) Last (NOK): 2.19 REC SILICON is a leading producer of 45301010 advanced silicon materials, delivering high- ISIN : NO 001 011 2675 Avg.Imp.Vol last month: 64 % 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): 44 076

Liquidity: Tradable in blocks of 4000-5000 OBX Weight : 0.45% O/I avg. ytd: 51 336 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): 100.60 contractor providing services within drilling ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 57 % 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): 7 162

Liquidity: Tradable for volumes around 2000 OBX Weight : 2.29% O/I avg. ytd: 10 012 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): 27.28 markets for long-term savings and 40301020 insurance. The group consists of the ISIN : NO 000 305 3605 Avg.Imp.Vol last month: 32 % following business areas: life insurance, Reuters : STB.OL Expiry: Mar, Jun, Sep, Dec asset management, banking and non-life insurance. Bloomberg : STB NO Open Int (avg): 55 493 Home: www.storebrand.com Liquidity: Tradable in blocks of 5000 OBX Weight : 1.37% O/I avg. ytd: 101 234 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): 158.10 petroleum on the NCS and has substantial production outside of Norway. Statoil is the ISIN : NO 001 009 6985 Avg.Imp.Vol last month: 27 % 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): 103 286 employees. Liquidity: Tradable in blocks of 5000 OBX Weight : 20.38% O/I avg. ytd: 115 073 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 8

Sector: Oil & Gas Equipment & Subsea 7 (SUBC) Last (NOK): 84.55 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: 44 % 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): 11 820

Liquidity: Tradable in blocks of 2000 OBX Weight: 2.54% O/I avg. ytd: 28 288 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): 174.70 50101020 provider of communications services and ISIN : NO 001 006 3308 Avg.Imp.Vol last month: 20 % 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): 11 464 Liquidity: Traded in volumes of 3000 OBX Weight : 14.73% O/I avg. ytd: 14 758 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): 192.00 geoscience data and services to oil and gas Services 10101020 Exploration and Production companies ISIN : NO 000 307 8800 Avg.Imp.Vol last month: 37 % 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): 8 799 Home: www.tgs.com

OBX Weight : 2.24% O/I avg. ytd: 9 337 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): 390.00 for sustainable agriculture and the Chemicals 15101030 environment. Founded in Norway in 1905, ISIN : NO 001 020 8051 Avg.Imp.Vol last month: 26 % 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): 15 151

Liquidity: Traded in blocks of around 2000 OBX Weight : 7.99% O/I avg. ytd: 21 326 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 90%

80%

70%

60%

50%

40%

30%

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.