Oslo Børs your Gateway to International investors

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2 Oslo Børs your Gateway to International investors September 2008

3 Agenda About Oslo Børs Listing opportunities in Oslo Listing requirements Summary

4 Marketplaces and products Equities Equities ETFs Derivatives Bonds Bonds Market Data

5 Equities traded in two markets Stock exchange listing Fully regulated Derivatives Separate indices 231 companies listed Authorised marketplace launched 2 May 2007 Fully regulated Less stringent admission Separate indices 34 companies listed Identical market monitoring and investor protection 31 July 2008

6 Oslo Børs an International Exchange Main focus on Energy, Shipping and Seafood Access to both local and international funding Access to a highly active and liquid market Access to a skilled financial market, including research Listing process, including fee level, is competitive

7 Number of IPOs in 2007 London (ex AIM) Deutsc he Börse Oslo Børs Oslo Børs Oslo Axess Euronext OMX Borse It aliana Luxembourg December 2007 Source: FESE/NOREX.

8 Oslo Børs sector representation PCCs; 8 % Financials; 7 % Health Care; 6 % IT; 15 % Consumer Staples; 7 % Materials; 5 % Industrials; 18 % Consumer Discretionary; 4 % Utilities; 1 % Telecom; 1 % Energy; 29 % 31 August 2008 Based on number of companies listed. Sectors according to the GICS classification.

9 Oslo Axess - sector representation Energy; 47 % Industrials; 4 % IT; 4 % Financials; 5 % Health C are; 1 % Consumer Staples; 7 % Materials; 31 % 31 August 2008 Market Capitalisation. Sectors according to the GICS classification.

10 Energy focus In total 271 listed companies - Energy sector: 29% of total USD 356 (EUR 226) (NOK 1,806) billion in total market capitalization - Energy sector: 52% of total USD 37 (EUR 23) (NOK 189) billion in total trading volume - Energy sector: 47% of total 30 June 2008

11 Energy sector at Oslo Børs Sub-industries in Energy Number of companies ( ) Market cap, billion USD ( ) Trading volume, billion USD ( ) # % $ % $ % Oil & Gas Drilling Oil & Gas Equipment & Services Integrated Oil & Gas Oil & Gas Exploration & Production Oil & Gas Storage & Transportation TOTAL ENERGY December 2007

12 Oil & Gas companies listed in Oslo Company name Domicile Market cap (USD) StatoilHydro NORWAY DNO International NORWAY PA Resources SWEDEN Norwegian Energy Company NORWAY Revus Energy NORWAY Det norske oljeselskap NORWAY Questerre Energy Corporation CANADA Norse Energy Corp. NORWAY Aker Exploration NORWAY Rocksource NORWAY Artumas Group CANADA InterOil Exploration and Production NORWAY Transeuro Energy Corp. CANADA CanArgo Energy Corporation UNITED STATES August 2008

13 Cost efficient trading and distribution Efficient trading - Decentralised & fully electronic - Real-time market surveillance Cooperation between Nordic and Baltic exchanges - Common trading platform & rules - GICS: Common international sector classification 59 members - 23 local banks/brokerage firms - 36 international investment banks 31 August 2008

14 International members Reykjavik Glitnir Banki Landsbanki Straumur-Burdaras London ABN AMRO Bear Stearns Credit Suisse Deutsche Bank Dresdner Kleinwort Goldman Sachs HSBC Instinet Jefferies JP Morgan JP Morgan Cazenove Knight Equities Lehman Brothers Merrill Lynch Morgan Stanley UBS 31 August 2008 Copenhagen Danske Bank E*Trade Sydbank Paris BNP Arbitrage Crédit Agricole Société Générale Amsterdam All Options IMC Securities Nyenburgh Zürich Timber Hill Stockholm Avanza Erik Penser E*Trade Glitnir AB H&Q Neonet Nordnet

15 Market share International members 45 % 40 % 35 % 34 % 41 % 41 % 37 % 30 % 25 % 26 % 20 % 15 % 15 % 10 % 5 % 0 % * *January - August August 2008

16 Local members Norway ABG Sundal Collier Norge ASA Arctic Securities ASA Carnegie ASA Christiania Securities ASA DnB NOR ASA First Securities ASA Fondsfinans ASA FöreningsSparbanken AB Glitnir Securities ASA Kaupthing ASA Net Fonds ASA Nordea Markets Norges Bank NRP ASA Orion Securities ASA Pareto Securities ASA Skandiabanken SEB Enskilda Securities Skandinaviska Enskilda Banken A/S Sparebank1 Nord-Norge Securities ASA Storebrand Bank ASA Svenska Handelsbanken AB 31 August 2008

17 Attractive market for international investors.. own 40% of market cap and conduct 70% of trading OTHER 13 % SWITZERLAND 2 % GERMANY 3 % USA 34 % CYPRUS 6 % NORDIC 7 % BENELUX 11 % 31 August 2008 Source: The Norwegian Central Securities Depository (VPS). UK 24 %

18 Trading volumes on Oslo Børs (daily averages) 31 August 2008

19 Trading volumes - relative development 8,0 7,0 6,0 5,0 4,0 Oslo Børs OMX Exchanges Deutsche Börse London SE Nasdaq NYSE TSX Group 3,0 2,0 1,0 - Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Incl. July Source: WFE

20 Index performances - relative development Oslo (OSEBX) Frankfurt (DAX) Toronto (TSE 500) Stockholm (OMXS30) Nasdaq Composite FTSE 100 Dow Jones (DJIA) 31 August 2008 Source: Reuters

21 Non-Norwegian companies, by country 50 in total Panama; 1 Netherlands; 2 Singapore; 2 US; 2 Israel; 1 BVI; 1 Denmark; 1 Canada; 5 Sweden; 7 Cyprus; 5 UK; 2 Liberia; 2 Bermuda; 13 Luxembourg; 2 Cayman Islands; 4 31 August 2008 Based on companies listed.

22 Non-Norwegian companies, by sector Industrials; 6 IT; 4 Health Care; 3 Materials; 5 Consumer Discretionary; 1 Consumer Staples; 2 Financials; 1 Energy; August 2008 Figures are number of companies listed. Sectors according to the GICS classification.

23 Oil & Gas E&P in Oslo The energy focused market and entrepreneurial spirit in Oslo was an excellent fit for Questerre..we currently enjoy a strong following from several brokerage firms with excellent liquidity..our average daily trading volumes are over 800,000 in Oslo as compared to 72,000 in Toronto. CEO Michael Binnion, Questerre Energy Quote from Investing in Norway, 2007.

24 Questerre Energy Corp Number of shares traded, daily average pr quarter Questerre Energy (shares traded per day) Questerre Energy Oslo Børs Questerre Energy Toronto 31 July 2008

25 Northland Resources Number of shares traded, daily average pr quarter Northland Resources (shares traded per day) Northland Resources Oslo Børs Northland Resources Toronto 31 July 2008

26 Comparison: Oslo Børs vs AIM in London OSLO (*) AIM Number of listed companies, by end July ,639 Market cap, by end July 2008 (USD billion) % 231% Turnover value 2005 (USD billion) % Turnover value 2006 (USD billion) % Turnover value 2007 (USD billion) % Turnover value 2008 (USD billion), by end July % Number of trades ,479,644 2,241, % Number of trades ,846,162 3,525, % Number of trades ,096,366 4,164, % Number of trades 2008, by end July 9,066,873 2,525, % 31 July 2008 (*) All Oslo figures are excluding the Oslo Axess market.

27 Formal listing requirements Market cap > NOK 300 million (USD 55 million) Minimum 3 yrs track record Operations must be in commercial phase Free float >25 % Number of independent shareholders > 500 Market cap > NOK 8 million (USD 1.5 million) Track record > 1 interim report Pre-commercial companies are welcome Free float >25 % Number of independent shareholders > 100

28 Issuer effective: Financial reporting Non-Norwegian companies may: Report in English Report in local currency IFRS is required as reporting standard for companies domiciled within EU/EEA. Non-EU/EEA companies may apply certain internationally accepted accounting standards, e.g. US or Canadian GAAP. Quarterly reporting is required

29 Issuer effective: Information disclosure Companies may disclose solely in English One centralized communication system for: Company disclosures Financial filing Distribution of such to vendors, news agents, press, etc Similar disclosure requirements as for most regulated markets

30 Issuer effective: Competitive costs Introduction fee: Varies related to market cap. (Oslo Børs / Oslo Axess): - Mrkt cap less than CAD 45,000 fee is CAD 45,000 / 40,000 - Mrkt cap less than CAD 90,000 fee is CAD 65,000 / 45,000 - Mrkt cap less than CAD 180,000 fee is CAD 90,000 / 65,000 - Mrkt cap more than CAD 180,000 fee is CAD 135,000 / 100,000 Prospectus fee: CAD 9,000 Annual listing fee: CAD 11 per CAD 180,000 in market capitalisation, minimum fee is CAD 20,000 - maximum fee is CAD 180,000. Exchange rate: CAD 1 = NOK 5.4. Figures above are approximate as fees are paid in NOKs.

31 Issuer effective: Short time to market Written description of fulfilment of listing criteria 1 week before meeting with Oslo Børs Introductory meeting with Oslo Børs 3 weeks before filing application Application for listing 4 weeks before Stock Exchange Board meeting Start Week 1 Week 4 Week 8 Within next 45 days Written Introductory Application OB Board Prospectus description meeting submitted meeting finalised Compliance approval First day meeting of listing

32 Summary Oslo offers attractive financial opportunities for foreign companies Access to European and US institutional investors Both BOND and EQUITY market can be used efficiently Extreme focus and visibility within certain strong sectors International rules and regulations

33 Contact information Mr. Inge A. Myhrvold Vice President Head of Issuer Sales Tel:

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