E XCHANGE RULES AND CLEARING RULES OF NASDAQ DERIVATIVES MARKETS

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1 FEE LIST Table of Contents EQUITY DERIVATIVES DANISH DERIVATIVES FINNISH DERIVATIVES NORWEGIAN DERIVATIVES SWEDISH DERIVATIVES PAN-NORDIC DERIVATIVES FORWARDS ON BASKETS ADMINISTRATION FEES DELAY FEE IN CONNECTION WITH DELAYED DELIVERY - EQUITIES DELAY FEE IN CONNECTION WITH DELAYED DELIVERY ALLOWANCES AND ELECTRICITY CERTIFICATES DELAY FEE IN CONNECTION WITH DELAYED DELIVERY DEBT SECURITIES DELAY FEE IN CONNECTION WITH PAYMENT FEE FOR INSUFFICIENT DEPOSITS AND FEE FOR ERRONEOUS INSTRUCTIONS IN CONNECTION WITH DEFAULT FUND AND/OR LOSS SHARING POOL CONTRIBUTION TRANSFER FEE FOR GUARANTEE REDUCTIONS RE-REGISTRATION FEE FOR TRANSFER OF CONTRACTS FIXED INCOME DERIVATIVES INSTRUMENTS FOR WHICH THE CO-OPERATING EXCHANGE IS THE PRIMARY EXCHANGE TRANSACTION FEES AND MARKET ACCESS FEE - FUTURES CONTRACTS AND DS FUTURE CONTRACTS TRANSACTION FEES AND MARKET ACCESS FEE - OPTION CONTRACTS SEax = derivatives based on Swedish shares SEetf = derivatives based on Exchange Traded Funds UTLax = derivatives based on foreign shares SDB = derivatives based on Swedish depository receipts FIax = derivatives based on Finnish shares NOax = derivatives based on Norwegian shares DKax = derivatives based on Danish shares NNOax = derivatives based on Norwegian shares NRUax = derivatives based on depository receipts traded in USD 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 1 ( 30)

2 EQUITY DERIVATIVES MARKET ACCESS FEE The Exchange charges an annual market access fee for trading in equity derivatives in accordance what is stated below. The market access fee will be charged to the members annually in advance. New members will be charged from the first month as member of the Exchange. A refund of parts of the market access fee, proportionally to the number of months left of the calendar year, will be allowed in the event of termination of the exchange membership. Exchange Member that is a Non Clearing Member Exchange Member that also is a Direct Clearing Member Exchange Member that also is a General Clearing Member EUR per year EUR per year EUR per year The Exchange may from time to time offer discounts or other deviations from the abovementioned market access fees. Such discount or deviations will be notified separately. One market access fee per group of companies The Exchange will only charge one market access fee per group of companies, i.e. if a group of companies contains of more than one legal entity which is a Non Clearing Member, a Direct Clearing Member or a General Clearing Member, the Exchange will only charge such group of companies one market access fee. The Exchange will invoice the member with the highest market access fee within the group of companies. A member who asserts that it belongs to a certain group of companies or members who assert that they constitute a group of companies, and thus, in both cases, that only one market access fee shall be charged to the group of companies, are responsible to demonstrate that it belongs to such group of companies or that they constitute a group of companies, respectively, in order to not be charged the annual market access fee. If the member(s) cannot provide such evidence the Exchange will charge the member(s) a market access fee in accordance with the fee list above. TRANSACTION FEES Danish derivatives Options on Danish shares (DKax) traded in DKK Transaction 0.75 % of the premium*) Min. DKK 1 per contract Max. DKK 14 per contract 0.75 % of the premium*) Min. DKK 1 per contract Max. DKK 14 per contract Maximum fee is DKK per transaction Maximum fee is DKK per transaction Exercise and Assignment No fee is required for stock options with a premium No fee is required for stock options with a premium of of DKK 0.05 or less (For transactions part of an DKK 0.05 or less (For transactions part of an Average Average Price Trade, no fee is required if average Price Trade, no fee is required if average premium is premium is DKK 0.05 or less) DKK 0.05 or less) 0.075% of the exercise amount*) 0.075% of the exercise amount*) but not more than DKK per position exercised 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 2 ( 30)

3 Stock futures on Danish shares (DKax) traded in DKK Transaction 0.02% of the notional amount*) Close-out transactions are free of charge. Please note that for Omnibus Accounts, in order to avoid a transaction fee on close-outs, position effect Close needs to be requested already when executing, allocating or taking up the trade. Closing down the position using the position net down functionality available via the Genium INET Clearing Workstation and the OMnet API will not exclude the close-out trade from transaction fees. Maximum fee is DKK per transaction 0.02% of the notional amount*) Close-out transactions are free of charge. Maximum fee is DKK per transaction Danish stock index options (OMXC20CAP, OMXC25) traded in DKK Transaction DKK 1.6 per contract DKK 1.6 per contract and closing No fee is required for stock index options with a premium of DKK 0.10 or less (For transactions part of an Average Price Trade, no fee is required if average premium is DKK 0.10 or less) No fee is required for stock index options with a premium of DKK 0.10 or less (For transactions part of an Average Price Trade, no fee is required if average premium is DKK 0.10 or less) Danish stock index futures (OMXC20CAP, OMXC25) traded in DKK Transaction DKK 1.6 per contract DKK 1.6 per contract and closing Late Set-Off DKK 3.20 per contract The fee is charged for Set-Offs as a result of position adjustments if these do not take place in the window from 13:10 CET on the day of trade ( T ) until 12:50 CET on the day after trade ( T+1 ) N/A Flexible Contracts (DKax, OMXC20CAP, OMXC25) traded in DKK The fees specified above are also applicable for Flexible contracts 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 3 ( 30)

4 Finnish derivatives Options on Finnish shares (FIax) traded in EURO Transaction 0.75 % of the premium*) Min per contract Max 1.5 per contract 0.75 % of the premium*) Min per contract Max 1.5 per contract Maximum fee is EUR 800 per transaction Maximum fee is EUR 800 per transaction Exercise and Assignment 0.075% of the exercise amount*) 0.075% of the exercise amount*) but not more than EUR 800 per position exercised Forwards on Finnish shares (FIax) traded in EURO Transaction 0.02% of the settlement amount*) 0.02% of the settlement amount*) Maximum fee is EUR 600 per transaction Maximum fee is EUR 600 per transaction Flexible Contracts (FIax) traded in EURO The fees specified above are also applicable for Flexible contracts 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 4 ( 30)

5 Norwegian derivatives Norwegian derivatives Revenue The Exchange s monthly revenues from Norwegian derivatives shall be shared with the members trading Sharing Norwegian derivatives in accordance with appendix 9 of the Exchange Rules. Options (incl. Weekly Options) on Norwegian shares (NNOax and weekly option) traded in NOK Transaction 0.75 % of the premium*) Min. NOK 1 per contract Max. NOK 14 per contract 0.75 % of the premium*) Min. NOK 1 per contract Max. NOK 14 per contract Maximum fee is NOK per transaction Maximum fee is NOK per transaction Exercise and Assignment No fee is required for stock options with a premium No fee is required for stock options with a premium of of NOK 0.05 or less (For transactions part of an NOK 0.05 or less (For transactions part of an Average Average Price Trade, no fee is required if average Price Trade, no fee is required if average premium is premium is NOK 0.05 or less) NOK 0.05 or less) 0.075% of the exercise amount*) 0.075% of the exercise amount*) but not more than NOK per position exercised Futures on Norwegian shares (NNOax) traded in NOK Transaction 0.02% of the notional amount*) Close-out transactions are free of charge. Please note that for Omnibus Accounts, in order to avoid a transaction fee on close-outs, position effect Close needs to be requested already when executing, allocating or taking up the trade. Closing down the position using the position net down functionality available via the Genium INET Clearing Workstation and the OMnet API will not exclude the close-out trade from transaction fees. Maximum fee is NOK per transaction 0.02% of the notional amount*) Close-out transactions are free of charge. Maximum fee is NOK per transaction Forwards on Norwegian shares (NNOax) traded in NOK Transaction 0.02% of the notional amount*) 0.02% of the notional amount*) Maximum fee is NOK per transaction Maximum fee is NOK per transaction 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 5 ( 30)

6 Norwegian stock index options (OMXO20) traded in NOK Transaction NOK 2.00 per contract and closing No fee is required for stock index options with a premium of NOK 0.10 or less (For transactions part of an Average Price Trade, no fee is required if average premium is NOK 0.10 or less) NOK 2.00 per contract No fee is required for stock index options with a premium of NOK 0.10 or less (For transactions part of an Average Price Trade, no fee is required if average premium is NOK 0.10 or less) Norwegian stock index futures (OMXO20) traded in NOK Transaction NOK 2.00 per contract and closing Late Set-Off NOK 4.00 per contract The fee is charged for Set-Offs as a result of position adjustments if these do not take place in the window from 13:10 CET on the day of trade ( T ) until 12:50 CET on the day after trade ( T+1 ) NOK 2.00 per contract N/A Flexible Contracts (NNOax, OMXO20) traded in NOK The fees specified above are also applicable for Flexible contracts 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 6 ( 30)

7 Swedish derivatives Options (incl. Weekly Options) on Swedish shares and Exchange Traded Funds (SEax, SDB, SEetf and weekly option) traded in SEK Transaction 0.75 % of the premium*) Min. SEK 1 per contract Max. SEK 14 per contract 0.75 % of the premium*) Min. SEK 1 per contract Max. SEK 14 per contract Volume discount: A volume discount is given to clearing accounts, and related trading accounts, that during one calendar month have traded more than Swedish option contracts (SEax, SDB, SEetf and weekly options), excluding contracts with no fee. The next three coming months, the account is charged according to the following: 0.35 % of the premium Min. SEK 1 per contract Max. SEK 14 per contract Exercise and Assignment No fee is required for options with a premium of SEK No fee is required for options with a premium of SEK 0.05 or less (For transactions part of an Average Price 0.05 or less (For transactions part of an Average Price Trade, no fee is required if average premium is SEK Trade, no fee is required if average premium is SEK 0.05 or less) 0.05 or less) Maximum fee is SEK per transaction Maximum fee is SEK per transaction 0.075% of the exercise amount*) 0.075% of the exercise amount*) but not more than SEK 8000 per position exercised Accounts covered by the volume discount as described above: 0.06% of the exercise amount*) but not more than SEK 8000 per position exercised Futures on Swedish shares (SEax, SDB) traded in SEK Transaction 0.02% of the notional amount*) Close-out transactions are free of charge. Please note that for Omnibus Accounts, in order to avoid a transaction fee on close-outs, position effect Close needs to be requested already when executing, allocating or taking up the trade. Closing down the position using the position net down functionality available via the Genium INET Clearing Workstation and the OMnet API will not exclude the close-out trade from transaction fees. Maximum fee is SEK per transaction 0.02% of the notional amount*) Close-out transactions are free of charge. Maximum fee is SEK per transaction 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 7 ( 30)

8 Forwards on Swedish shares (SEax, SDB) traded in SEK Transaction 0.02% of the notional amount*) Maximum fee is SEK per transaction 0.02% of the notional amount*) Maximum fee is SEK per transaction Swedish stock index Monthly and Weekly options (OMXS30) traded in SEK Transaction SEK 3.50 per contract SEK 3.50 per contract and closing No fee is required for stock index options with a premium of SEK 0.10 or less (For transactions part of an Average Price Trade, no fee is required if average premium is SEK 0.10 or less) No fee is required for stock index options with a premium of SEK 0.10 or less (For transactions part of an Average Price Trade, no fee is required if average premium is SEK 0.10 or less) is capped at contracts per transaction. Volume discount is given in accordance with the following Tiers Tier 1 A volume discount is given to clearing accounts that has traded more than contracts OMXS30 and VINX30 options altogether during one calendar month. The two next coming months, the clearing account pays SEK 2 per contract. Tier contracts (per calendar year): SEK 0.50, given that the clearing account trades on Tier 1 discount Tier 3 > contracts (per calendar year): SEK 0.35, given that the clearing account trades on Tier 1 discount 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 8 ( 30)

9 Swedish stock index futures (OMXS30, OMXSB) traded in SEK Transaction and closing SEK 3.50 per contract SEK 3.50 per contract Volume discount: A volume discount is given to clearing accounts, and related trading accounts, that during one calendar month have traded more than Swedish stock index futures contracts. The following three calendar months, the clearing account pays SEK 2.25 per contract. Late Set-Off SEK 7.00 per contract The fee is charged for Set-Offs as a result of position adjustments if these do not take place in the window from 13:10 CET on the day of trade ( T ) until 12:50 CET on the day after trade ( T+1 ) N/A Swedish stock index dividend futures (OMXS30DVP) traded in SEK Transaction and closing Late Set-Off SEK 1.50 per contract Maximum is SEK per transaction SEK 3.00 per contract The fee is charged for Set-Offs as a result of position adjustments if these do not take place in the window from 13:10 CET on the day of trade ( T ) until 12:50 CET on the day after trade ( T+1 ). SEK 1.50 per contract Maximum is SEK per transaction N/A Flexible Contracts (SEax, SDB, OMXS30, OMXSB) traded in SEK The fees specified above are also applicable for Flexible contracts 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 9 ( 30)

10 Pan-Nordic derivatives Nordic stock index options (VINX30) traded in EURO Transaction and closing 0.25 per contract 0.25 per contract A volume discount is given to clearing accounts that has traded more than contracts OMXS30 and VINX30 options altogether during one calendar month. The two next coming months, the clearing account pays only 0.15 per contract. Nordic stock index futures traded in EURO Transaction 0.25 per contract 0.25 per contract and closing, VINX30 Late Set-Off 0.50 per contract The fee is charged for Set-Offs as a result of position adjustments if these do not take place in the window from 13:10 CET on the day of trade ( T ) until 12:50 CET on the day after trade ( T+1 ) N/A Flexible Contracts (VINX30) traded in EURO The fees specified above are also applicable for Flexible contracts 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 10( 30)

11 Forwards on baskets Forward contracts on baskets traded in SEK Transaction and closing % of the notional amount *) level is based on turnover in terms of notional amount traded in previous calendar quarter. The following calendar quarter the fee is as follows: Level 1 fee: % of the notional amount *) Level 2 fee: Turnover BSEK 20 previous quarter % of the notional amount *) Turnover for accounts belonging to the same individual end-customer is aggregated if the Clearing House is notified by the clearing member to do so. Forward contracts on baskets traded in EUR and USD (End-customer accounts and designated subaccounts) Transaction and closing % of the notional amount *) % of the notional amount *) *) s are calculated per contract and is rounded off to three (3) decimals 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 11( 30)

12 ADMINISTRATION FEES Delay fee in connection with delayed Delivery - Equities If a Counterparty fails to timely perform Delivery of Deliverable Instruments in respect of Equities pursuant to the instructions of the Clearing House, the Counterparty will be debited a delay fee of V * S * D + F1. The delay fee is debited irrespective of whether the Clearing House has suffered any damage. If the Clearing House would fail to timely perform Delivery of Deliverable Instruments the affected Counterparty is credited V * S * D + F2. The delay fee is applicable without prejudice to any other measures the Clearing House may take in connection with a delayed Delivery, such as Buy-in or any measure in accordance with section 1.8 of the Clearing Rules. If a Buy-in is made by the Clearing House, the Clearing House will debit the Counterparty a Buy-in fee. The delay fee and, if applicable, Buy-in fee are debited / credited to the appropriate Cash Collateral Bank Account. DKK / NOK / SEK V = Variable fee S = Settlement amount D = Number of delayed days Settlement amount divided by one million and rounded up to nearest integer. Actual Settlement Date - Original Settlement Date F 1= Fixed fee Counterparty F 2= Fixed fee Clearing House EUR Settlement amount divided by one hundred thousand and rounded up to nearest integer. Actual Settlement Date - Original Settlement Date Buy-in fee 15% of settlement amount 15% of settlement amount Delay fee in connection with delayed Delivery Allowances and Electricity Certificates If a Counterparty fails to timely perform Delivery of Deliverable Instruments in respect of Allowances and Electricity Certificates pursuant to the instructions of the Clearing House and the times specified in the applicable Contract Specification, the Counterparty will be debited a delay fee of V * S * D + F1. The delay fee is debited irrespective of whether the Clearing House has suffered any damage. If the Clearing House would fail to timely perform Delivery of Deliverable Instruments the affected Counterparty is credited V * S * D + F2. The delay fee is applicable without prejudice to any other measures the Clearing House may take in connection with a delayed Delivery. The delay fee is debited / credited to the appropriate Cash Collateral Bank Account. SEK EUR V = Variable fee S = Settlement amount D = Number of delayed days Settlement amount divided by one million and rounded up to nearest integer. Actual Settlement Date - Original Settlement Date F 1= Fixed fee Counterparty F 2= Fixed fee Clearing House Settlement amount divided by one hundred thousand and rounded up to nearest integer. Actual Settlement Date - Original Settlement Date Buy-in fee 15% of settlement amount 15% of settlement amount Delay In Connection With Delayed Delivery Debt Securities If a Counterparty fails to timely perform Delivery of Deliverable Instruments of Debt Securities denominated in SEK or NOK pursuant to the instructions of the Clearing House, the Counterparty will be 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 12( 30)

13 debited a delay fee of (S * D / Y / 1000) The delay fee is debited irrespective of whether the Clearing House has suffered any damage. If the Clearing House would fail to timely perform Delivery of Deliverable Instruments the affected Counterparty is credited S * D / Y / The delay fee is applicable without prejudice to any other measures the Clearing House may take in connection with a delayed Delivery. The delay fee is debited / credited to the appropriate Cash Collateral Bank Account. If a Counterparty fails to timely perform Delivery of Deliverable Instruments of Debt Securities in denominated DKK or EUR pursuant to the instructions of the Clearing House, the Counterparty will be debited a fixed delay fee of 500/50 DKK/EUR. SEK NOK DKK EUR F=Fixed fee S = Settlement amount D = Number of delayed days Actual Settlement Date Original Settlement Date Actual Settlement Date Original Settlement Date Y = Denominator in day count convention 360 days 360 days Delay fee in connection with payment If a Counterparty fails to have sufficient balance for the debit of any payment in accordance with the applicable Payment Report, the Counterparty will be debited a delay fee of F. The delay fee is debited irrespective of whether the Clearing House has suffered any damage. The delay fee is applicable without prejudice to any other measures the Clearing House may take in connection with the late payments. The delay fee is calculated per Counterparty per day and debited to the appropriate Cash Collateral Bank Account. DKK / NOK / SEK EUR GBP USD F= Fixed fee for insufficient deposits and fee for erroneous instructions in connection with Default Fund and/or Loss Sharing Pool contribution transfer If a Counterparty fails to perform deposits to meet its Default Fund and/or Loss Sharing Pool requirement on time, in accordance with the Clearing Rules, the Counterparty will be debited a fee of F. The fee is debited irrespective of whether the Clearing House has suffered any damage. If a Counterparty fails to ensure correct confirmation of a transfer pursuant to the instructions of the Clearing House, the Counterparty will be debited a fee of F. The fee is applicable for erroneous instructions on deposits and callback transactions. The fee is debited irrespective of whether the Clearing House has suffered any damage. 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 13( 30)

14 The fees are applicable without prejudice to any other measures the Clearing House may take in connection with erroneous transactions and late deposits. The delay fee is calculated per Counterparty per day and debited to the appropriate Cash Collateral Bank Account. DKK / NOK / SEK EUR GBP USD F= Fixed fee for Guarantee reductions If a Clearing Member or Customer wishes to reduce its guarantee amount, cancel a guarantee or change the expiry date of a guarantee, it will be debited a fee. The fee per change is set out below. EUR GBP Fixed fee per change Re-registration for Transfer of Contracts If a Clearing Member submits a request on a re-registration form to the Clearing House, and the Clearing House performs the transfer of Contract/s, the Clearing Member will be debited a fee per Contract with a cap of M. If the Contracts are transferred to another Clearing Member, the fee will be debited to the receiving Clearing Member. The fee is debited in connection with the transfer, in the currency of the transferred Contracts. DKK / NOK / SEK EUR Maximum fee (M) Variable fee per contract 30 3 Individual Client Segregated Account (ICA) Opening fee If a Clearing Member wishes to open a new ICA, it will be debited a onetime opening fee. DKK / NOK / SEK EUR GBP USD If the Clearing Member chooses to immediately transfer an existing position into the newly opened ICA, a position transfer discount will be applied. The discount is a maximum 250 EUR/GBP/USD or 2500DKK/NOK/SEK. Additional Settlement Account fee If a Clearing Member requests additional settlement accounts, in addition to one in respect of House flows and one in respect of Client flows, a monthly fee will be debited the Clearing Member for the additional settlement accounts. DKK / NOK / SEK EUR GBP USD JUNE 2017 APPENDIX 3 FEE LIST PAGE 14( 30)

15 Indirect Pledge Account (IDP) fee for manual account opening/closing If a Clearing Member wishes to open or close an Indirect Pledge Account without doing so through the web-based member portal provided by the Exchange and Clearing House, the Clearing Member will be debited a fee per opening or closing and per account. SEK Opening of account 200 Closing of account 100 Compression and Generic Rates Netting fees In Connection with Compression or Generic Rates Netting, the Clearing House will charge the following fees. SEK per terminated trade regardless of notional amount JUNE 2017 APPENDIX 3 FEE LIST PAGE 15( 30)

16 Fixed Income Derivatives Fixed income products (OMr) - Customer Transaction s for Omnibus-, end customer- and designated sub- accounts s for standardized derivatives are expressed in currency units in respective fee currency and per contract. Standardized Derivatives Transaction and Closing fee Delivery fee Product Currency Base Level 1 25% Level 2 60% Base Level 1 25% Level 2 60% Swedish Government bond Futures SGB2Y SEK ,75 26 * SGB5Y SEK 26 19,5 10, ,75 26 * SGB10Y SEK 30 22, ,75 26 * Options on Swedish Government bond Futures SGB2Y option SEK 8 6 3,2 SGB5Y option SEK 11 8,25 4,4 SGB10Y option SEK ,8 Swedish Mortgage bond futures STH2Y SEK 6 4,5 2, ,75 26 * NDH2Y SEK 6 4,5 2, ,75 26 * SWH2Y SEK 6 4,5 2, ,75 26 * STH5Y SEK 13 9,75 5, ,75 26 * NDH5Y SEK 13 9,75 5, ,75 26 * SWH5Y SEK 13 9,75 5, ,75 26 * SCBC5Y SEK 13 9,75 5, ,75 26 * STIBOR FRA forwards and futures FRA SEK 2 1,5 0,8 3STIBFRA SEK 1 0,75 0,4 Options on STIBOR FRA forwards and futures FRA, 3STIBFRA option SEK 0,9 0,675 0,36 RIBA futures RIBA SEK 1 0,75 0,4 NIBOR FRA forwards and futures 3NFRA, 3NIBFRA NOK 2 1,5 0,8 6NFRA, 6NIBFRA NOK 2 1,5 0,8 Options on NIBOR FRA forwards and futures 3NFRA, 3NIBFRA option NOK 0,9 0,675 0,36 6NFRA, 6NIBFRA option NOK 0,9 0,675 0,36 CIBOR futures CIBOR DKK 2 1,5 0,8 Danish Mortgage bond futures MBF DKK ** * Max Delivery fee for end-customers and designated sub-accounts: 25,000 SEK per contract ** Max Closing fee for end-customers and designated sub-accounts: 10,000 DKK per series 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 16( 30)

17 s for REPO Contracts are expressed in respective fee currency and calculated as (fee x SC x d/360) Buy-sell-back/Sell-buy-back REPO Contracts for Swedish and Danish Listed Bonds Transaction Product Currency Base Level 1 25% Level 2 60% SEK Repo SEK 0, , ,00002 DKK Repo DKK 0, , ,00002 s for Generic Rates Instruments are expressed in currency units in respective fee currency and per million Generic Rates Instruments Registration Maintenance Product Currency Base Level 1 25% Level 2 60% Base Level 1 25% Level 2 60% SEK IRS SEK 3 2,25 1,2 0,5 0,375 0,2 SEK OIS SEK 2 1,5 0,8 2 1,5 0,8 SEK FRA SEK 2 1,5 0,8 2 1,5 0,8 EUR IRS 3M EUR 3 2,25 1,2 0,5 0,375 0,2 EUR IRS 6M EUR 3 2,25 1,2 1 0,75 0,4 EUR FRA 3M EUR 2 1,5 0,8 2 1,5 0,8 EUR FRA 6M EUR 2 1,5 0,8 2 1,5 0,8 DKK IRS 3M DKK 3 2,25 1,2 0,5 0,375 0,2 DKK IRS 6M DKK 3 2,25 1,2 1 0,75 0,4 DKK FRA 3M DKK 2 1,5 0,8 2 1,5 0,8 DKK FRA 6M DKK 2 1,5 0,8 2 1,5 0,8 NOK IRS 6M NOK 3 2,25 1,2 1 0,75 0,4 NOK FRA 6M NOK 2 1,5 0,8 2 1,5 0,8 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 17( 30)

18 Client Rebate Models Discount Models Products included Accounts Included Level 1 (25%) Threshold Level 2 (60%) Threshold ETD Standard Discount Group A ICA, DP and Certain Omnibus subaccounts used for a single client > > OTC/REPO Standard Discount Group B ICA, DP and Certain Omnibus subaccounts used for a single client > > High Turnover - Single account All Fixed Income Products in all currencies ICA, DP and Certain Omnibus subaccounts used for a single client > > High Turnover - Multiple account All Fixed Income Products in all currencies ICA, DP and Certain Omnibus subaccounts held by or for the same client > > Level 1 Rebate: 25% Discount on the ordinary base fees Level 2 Rebate: 60% Discount on the ordinary base fees Group A RIBA Futures STIBOR FRA Forwards and Futures Swedish Mortgage Bond Futures Swedish Government Bond Futures NIBOR FRA Forwards and Futures Options on Swedish Government Bond Futures Options on STIBOR FRA Forwards and Futures Options on NIBOR FRA Forwards and Futures CIBOR Futures Danish Mortgage Bond Futures Group B Generic Rates Instruments in SEK Generic Rates Instruments in DKK Generic Rates Instruments in NOK Generic Rates Instruments in EUR Buy-sell-back/Sell-buy-back REPO Contracts for Swedish Listed Bonds Buy-sell-back/Sell-buy-back REPO Contracts for Danish Listed Bonds General Information regarding Discount Models The ETD Standard Discount and OTC/REPO Standard Discount models are automatically applied on all accounts covered by this fee list and trading the specific products. High Turnover Single account and High Turnover Multiple account are applied on accounts provided that the model has been elected for the relevant account in accordance with the instructions of the clearinghouse. Discounts are granted when fees per clearing account(s) in aggregate amount to the above specified threshold per year. Discounts are only applied on fees in relation to events that occur after the day when the respective threshold has been reached. The discounted fees are reset annually, i.e. at the start of each calendar year the ordinary fees are applied. For the purpose of counting towards the abovementioned thresholds, fees in other currencies are converted to SEK at prevailing exchange rates as determined by the Clearing House 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 18( 30)

19 INSTRUMENTS FOR WHICH THE CO-OPERATING EXCHANGE IS THE PRIMARY EXCHANGE TRANSACTION FEES 1 AND MARKET ACCESS FEE 2 Futures Contracts, DS Future Contracts and Monthly DS Futures Contracts All Contract types combined Trading Commodity Market Access EUR (Exchange Member ( EM ) and NCM) Nordic Power - EUR Variable 3 Commodity Market Access Market Access Nordic power; Trading Clearing Additional Trading Account (per account) EUR (EM and NCM) EUR (GCM) EUR (DCM) EUR ETS / MTS Transactions Trading Clearing Futures and DS Futures: EUR/MWh steps between: EUR/MWh 4 Combined Trading and Clearing Future/DS Future Standard Combination Orders (COMBOs) Futures EUR/MWh DS Futures: None Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) Combined Trading and Clearing Combined Trading and Clearing Future/DS Future Standard Combination Orders (COMBOs) Futures and DS Futures: steps between: EUR/MWh 4 Futures: EUR/MWh DS Futures : None European Energy EUR Variable 3 Commodity Market Access * Market Access European Energy: * Applicable for members only trading European Energy EUR Contracts Individually (Excluding Nordic Power) Trading Clearing Additional Trading Account (per account) EUR (EM and NCM) Free of charge EUR JUNE 2017 APPENDIX 3 FEE LIST PAGE 19( 30)

20 ETS / MTS Transactions - European Power** Trading Clearing Futures, DS Futures and Monthly DS Futures: EUR/MWh EUR/MWh ** German, Dutch, French, Belgian, Spanish and Italian Electricity - European Gas*** Trading Clearing - Renewables Combined Trading and Clearing Monthly DS Futures: EUR/MWh EUR/MWh Futures: EUR/WPH *** Dutch TTF, German NCG and Gaspool, French Peg Nord and TRS Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) - European Power ** Combined Trading and Clearing Futures, DS Futures and Monthly DS Futures: EUR/MWh ** German, Dutch, French, Belgian, Spanish and Italian Electricity - European Gas*** Combined Trading and Clearing - Renewables Combined Trading and Clearing European Energy Clearing Registration German and French Electricity Monthly DS Futures: EUR/MWh Futures: EUR/WPH Futures and DS Futures EUR/MWh *** Dutch TTF, German NCG and Gaspool, French Peg Nord and TRS UK Energy GBP Variable 3 Commodity Market Access * Market Access UK Energy: * Applicable for members only trading UK Energy GBP Contracts Trading Clearing Additional Trading Account (per account) EUR (EM and NCM) Free of charge EUR JUNE 2017 APPENDIX 3 FEE LIST PAGE 20( 30)

21 ETS / MTS Transactions -UK Power Trading Clearing -UK Natural Gas **** Trading Clearing Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) - UK Power Combined Trading and Clearing - UK Natural Gas Combined Trading and Clearing Futures and Monthly DS Futures: GBP/MWh GBP/MWh Monthly DS Futures: GBP pence/therms GBP pence/therms Futures and Monthly DS Futures: GBP/MWh Monthly DS Futures: ****Natural Gas NBP and Zeebrugge GBP pence/therms Swedish Electricity Certificates SEK Variable 3 Commodity Market Access * El-Cert Market Access : * Applicable for members only trading El-Cert Trading Clearing Additional Trading Account (per account) EUR (EM and NCM) Free of charge EUR 750 ETS / MTS Transactions Trading SEK/El-Cert lot Clearing Volume Delivery 5 Registry SEK/El-Cert lot SEK/El-Cert lot Based on number of El-Cert Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) Combined Trading and Clearing Volume Delivery 5 Registry SEK/El Cert 0.25 SEK/El Cert Based on number of El Cert European Allowance Contracts - EUR Variable 3 Commodity Market Access * 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 21( 30)

22 Allowances Market Access : Trading Clearing Additional Trading Account (per account) * Applicable for members only trading Allowance Contracts EUR (EM and NCM) EUR (DCM) EUR (GCM) EUR 750 ETS / MTS Transactions Combined Trading and Clearing Transfer EUR/tCO2 None Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) Combined Trading and Clearing Transfer EUR/tCO 2 None Freight and Fuel Oil - USD Variable 3 Commodity Market Access * Freight and Fuel Oil Market Access *Applicable for members only trading Freight and Fuel Oil Contracts Trading Clearing Additional Trading Account (per account) EUR Free of charge EUR JUNE 2017 APPENDIX 3 FEE LIST PAGE 22( 30)

23 ETS / MTS Transactions -Tankers Combined Trading and Clearing ; TC2, TC5, TC6, TC7, TC9, TC12, TC14, TC15, TD3, TD7, TD8, TD20 MRA LPG1 Delivery Settlement 0.6 USD/Lot -Dry Freight Combined Trading and Clearing ; CS4TC, CS5TC, PM4TC, SM6TC, SM10TC, HS6TC, C3, C4, C5, C7 P1A, P2A, P3A 4 USD/lot -Fuel Oil Combined Trading and Clearing ; RDM35FOSS, SPO180FOSS, SPO380FOSS, MED35FOSS 0.0 Block Trades and Exchange Future for Swap (EFS) -Tankers 8 Combined Trading and Clearing ; TC2, TC5, TC6, TC7, TC9, TC12, TC14, TC 15, TD3, TD7, TD8, TD20, MRA LPG1 Delivery Settlement 0.6 USD/lot 8, 9, 10 -Dry Freight Combined Trading and Clearing ; CS4TC, CS5TC, PM4TC, SM6TC, SM10TC, HS6TC C3, C4, C5, C7, P1A, P2A, P3A 4 USD/lot -Fuel Oil 8 Combined Trading and Clearing ; RDM35FOSS, SPO180FOSS, SPO380FOSS, MED35FOSS 0.03 USD/ton Ferrous Contracts 8 - USD Variable 3 Commodity Market Access * Ferrous Contracts Markets Access : * Applicable for members only trading Ferrous Contracts Trading Clearing EUR Free of charge 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 23( 30)

24 ETS / MTS Transactions - Iron Ore Combined Trading and Clearing ; Iron Ore CHN 6 20 USD/lot Steel Combined Trading and Clearing ; US Shredded Scrap Steel Midwest US Hot Rolled Coil ASEAN Hot Rolled Coil 2 USD/lot 2 USD/lot 2 USD/lot Coking Coal Combined Trading and Clearing ; Australian Coking Coal 20 USD/lot Block Trades and Exchange Future for Swap (EFS) Iron Ore Combined Trading and Clearing ; Iron Ore CHN 6 Steel Combined Trading and Clearing ; US Shredded Scrap Steel Midwest US Hot Rolled Coil ASEAN Hot Rolled Coil Coking Coal Combined Trading and Clearing ; Australian Coking Coal 20 USD/lot 2 USD/lot 2 USD/lot 2 USD/lot 20 USD/lot Seafood - NOK Clearing 12 Commodity Market Access * Seafood Contracts Markets Access : *Applicable for members only trading Seafood Contracts Clearing NOK (DCM) EUR (GCM) 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 24( 30)

25 Third Party Exchange Transactions 8 Clearing ; Clearing Members 11 GCM/DM **** NOK/kg 0.06NOK/kg **** General Clearing Members and Clearing Members registering Clearing Transactions on behalf of its Clients, or Clearing Members holding a Financial Institution Agreement with the Third Party Exchange Options Contracts Nordic Power - EUR Variable 3 Commodity Market Access * Market Access Nordic power; Trading Clearing EUR (GCM and DCM) EUR (GCM) EUR (DCM) ETS / MTS Transactions Trading EUR/MWh, maximum fee per Transaction = 10 % of Option Premium Clearing ; Regardless of option exercise: Option Premium s 0.5 %, maximum fee = EUR/MWh In case of option exercise: Option Exercise Clearing of Contract Base Clearing of Contracts Base for Average Rate Future None 50 % discount None Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) Regardless of option exercise: :Option Premium s In case of option exercise: Option Exercise Clearing of Contract Base Clearing of Contracts Base for Average Rate Future 0.5 % maximum fee = EUR/MWh None 50 % Discount None 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 25( 30)

26 European Energy EUR Variable 3 Commodity Market Access * Market Access European Energy: * Applicable for members only trading European Energy EUR Contracts Individually (Excluding Nordic Power) Trading Clearing Additional Trading Account (per account) EUR (EM and NCM) Free of charge EUR 750 ETS / MTS Transactions German Electricity Trading EUR/MWh, maximum fee per Transaction = 10 % of Option Premium Clearing ; Regardless of option exercise: Option Premium s In case of option exercise: Option Exercise Clearing of Contract Base 0.5 %, maximum fee = EUR/MWh None 50 % discount None Clearing of Contracts Base for Average Rate Future Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) German Electricity Regardless of option exercise: :Option Premium s In case of option exercise: Option Exercise Clearing of Contract Base Clearing of Contracts Base for Average Rate Future 0.5 % maximum fee = EUR/MWh None 50 % Discount None Allowances Contracts - EUR Variable 3 Commodity Market Access Trading Clearing Additional Trading Account (per account) EUR (EM and NCM) EUR (DCM) EUR (GCM) EUR JUNE 2017 APPENDIX 3 FEE LIST PAGE 26( 30)

27 ETS / MTS Transactions Combined Trading and Clearing Transfer EUR/tCO 2 None Block Trades and Exchange Future for Swap (EFS) / Exchange Future for Physical (EFP) Combined Trading and Clearing EUR/tCO 2 Transfer 7 None Freight and Fuel Oil USD Variable 3 Commodity Market Access * Freight and Fuel Oil Market Access *Applicable for members only trading Freight and Fuel Oil Contracts Trading Clearing Additional Trading Account (per account) EUR Free of charge EUR 750 ETS / MTS Transactions -Tankers Combined Trading and Clearing fee; TC2, TC5, TC6, TC7, TC12, TC14 TD3, TD7, TD8, TD20 MRA LPG1 -Dry Freight Combined Trading and Clearing fee; CS4TC, CS5TC, PM4TC, SM6TC, SM10TC HS6TC C3, C4, C5, C7 P1A, P2A, P3A 4 USD/lot Block Trades and Exchange Future for Swap ( EFS) -Tankers 8 Combined Trading and Clearing fee; TC2, TC5, TC6, TC7, TC12, TC14 TD3, TD5, TD7, TD8, TD20 MRA LPG1 -Dry Freight 8,9 Combined Trading and Clearing fee; CS4TC, CS5TC, PM4TC, SM6TC, SM10TC, HS6TC C3, C4, C5, C7 P1A, P2A, P3A 4 USD/lot 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 27( 30)

28 Ferrous USD 8 Variable 3 Commodity Market Access * Ferrous Contracts Markets Access : Trading Clearing * Applicable for members only trading Ferrous Contracts EUR Free of charge ETS / MTS Transactions Iron Ore Combined Trading and Clearing ; Iron Ore CHN 6 20 USD/lot Steel Combined Trading and Clearing ; US Shredded Scrap Steel Midwest US Hot Rolled Coil ASEAN Hot Rolled Coil 2 USD/lot 2 USD/lot 2 USD/lot Coking Coal Combined Trading and Clearing ; Australian Coking Coal 20 USD/lot Block Trades and Exchange Future for Swap (EFS) Iron Ore Combined Trading and Clearing ; Iron Ore CHN 6 20 USD/lot Steel Combined Trading and Clearing ; US Shredded Scrap Steel Midwest US Hot Rolled Coil ASEAN Hot Rolled Coil 2 USD/lot 2 USD/lot 2 USD/lot Coking Coal Combined Trading and Clearing ; Australian Coking Coal 20 USD/lot 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 28( 30)

29 Portfolio Transfer Transfers Executed by the Clearinghouse; 13 External portfolio transfer (between two legal entities) or internal portfolio transfer (within the same legal entity): Clearing Free of charge 14 Portfolio transfer from a Clearing Client or Clearing Member to a General Clearing Member: Hourly fee Rate 15 NOK/SEK EUR GBP USD *minimum fee NOK/SEK 2 500, EUR 250, GBP 200 and USD 280 Transfers Executed by the member through the Clearing Workstation; External portfolio transfer (between participants): Clearing fee on both parties Internal portfolio transfer (within the same participant): Free of charge 16 1 is calculated per contract and is rounded off to four (4) decimals. 2 Commodity Market Access : Annual Commodity Market Access s are due and collected upfront during Q1 for the applicable calendar year. New memberships are debited upfront for the remaining months of the year. No refund is given in case of termination during a year. Trading and clearing of UK power contracts and Electricity Certificates (El-Cert) in addition to EUR Electricity Contracts are included in the Commodity Market Access for EUR Electricity Contracts. 3 The variable fees are due and collected upfront on an ongoing basis as a part of the daily settlement. Liquidity Provider Programs may be available as announced by the Exchange and/or the Clearinghouse. 4 The fee steps are calculated at the end of each quarter and the "new" fee level is based on most recent quarter's cleared volume. 0-3 TWh 3-8 TWh EUR/MWh EUR/MWh 8-15 TWh TWh EUR/MWh EUR/MWh TWh > 50 TWh EUR/MWh EUR/MWh For General Clearing Members (GCMs) and Clearing Members (CMs) registering Contracts on behalf of Clients, the number of TWh cleared in the most recent quarter is aggregated for House Accounts. For Individual Client Segregated Accounts and Single Client Accounts (excluding Non-Clearing Members accounts) the number of TWh cleared in the most recent quarter is calculated per NCM membership or individually per segregated account/over account belonging to the same legal entity. For General Clearing Members and Clearing Members holding an Omnibus Account with only one Single Client Account associated to it, the highest fee ( EUR/MWh) applies. 5 Only for net Delivery of March expiry DS Future Contracts. 6 Registry fee based on the maximum number of El-Cert held on a Clearing Account the previous quarter will be allocated to the members accordingly. 7 Exclude any fees from the applicable Allowance Registry(ies) which may apply to the individual member. 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 29( 30)

30 8 For members trading and clearing spreads and option strategies a rebate of 50 % of the total fee is given. To receive the strategy/spread rebate, the trades have to be reported as a strategy or spread. 9 For members trading and clearing full size calendars, half-year and quarterly Contracts, a rebate of 50 % of the total fee per trade is given. Full size calendars: volume per trade > 360 lots Full size half-year: volume per trade >180 lots Full size quarters: volume per trade >90 lots 10 Monthly volume discount on Dry Freight Futures Monthly volume Discounts above the threshold lots N/A lots 20 % Above 2000 lots 40 % 12 Delta hedge discount: An Exchange Transaction entailing a delta hedge in an Option Contract, i.e., an Options Contract and its Contract Base in the same Exchange Transaction has no Trading for the Contract Base provided that (i) the option and delta trades are conducted simultaneously and (ii) MPS is notified before or within ten (10) minutes from Contract Time. The discount is only available when establishing an initial position. Option strategy discount: Exchange Transactions consisting of two or more Options Contracts with the same Contract Base traded simultaneously receives a fee discount of 50 % of the trading fees that would normally apply to that Exchange Transaction. If the relevant Exchange Transaction also includes a delta trade, the delta hedging discount applies additionally. 13 The fee will be debited on the receiving Clearing Account, unless otherwise agreed between the parties.transfer can be executed in the following ways: 1) On trade level on original price (with or without premiums and fees) 2) On position level to the daily fix of the transfer day (option not applicable for DS Futures and EPADs) 14 When terminating Clearing Client Membership or Clearing Membership 15 Hourly for internal and external portfolio transfers based on the actual workload of the Clearinghouse 16 Please contact clearing@nasdaq.com or to get a refund 19 JUNE 2017 APPENDIX 3 FEE LIST PAGE 30( 30)