Energy sector continue downward SI trend

NORDIC SHORT REPORT 16 WEEK 27 Energy sector continue downward SI trend Odd Weidel Phone : (+47) 24 14 74 81 Mobile : (+47) 90 68 59 Email : odd.weidel@sb1markets.no

NAS SI down last 6M now within buysi range Consensus %age buy rating vs. short interest per company 18% 16% OTE1V PGSREC Oversold or too bullish analysts? 14% SUBC NOD 12% % MHG 8% AVANCE NOKIA 6% 4% 2 2% Undersold ORNBV or analysts CHR too bearish? ELI1V 0% 0% % % 30% 40% 50% 60% 70% 80% 90% 0% % buy rating GJF SHBA YAR SKAB NZYMB SWMA TLSN ABB BAKKA MAERSKA TLS1V

REC most shorted of Nordics Norwegian short interest (SI) per company Top SI per company, OBX 2,0 % 4,0 % 6,0 % 8,0 % 1 12,0 % 14,0 % 16,0 % 18,0 % REC PGS NOD SUBC SDRL NAS MHG TGS FRO AVANCE DNO STL OPERA SCH SCH BWLPG DETNOR STB GJF NHY YAR DNB ORK TEL BAKKA NO Weekly SI chg. per company 2,50 % 2,00 % 1,50 % 1,00 % 0,50 % 0,00 % 0,50 % 1,00 % FRO MHG SUBC BWLPG SDRL REC OPERA BAKKA NO AVANCE SCH GJF SCH PGS DNO STL DETNOR STB NAS TGS NHY TEL NOD DNB ORK YAR 3

GEN rose most last week Nordic short interest (SI) per company Top SI per company 0,0% 2,0% 4,0% 6,0% 8,0%,0% 12,0% 14,0% 16,0% 18,0% OTE1V REC NO PGS NO NOD NO KNEBV SUBC NO SDRL NO WDH FING B MEO1V TEL2 B NAS NO NESTE MHG NO TGS NO ALFA FRO NO AVANCE KCR1V SSAB A Weekly SI chg. per company 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% 0,5% 1,0% GEN TEL2 B FRO NO VALMT MHG NO FLS KCR1V MAERSK B GETI B SUBC NO ERIC B SAMAS TGS NO NHY NO WDH TEL NO NOD NO DNB NO ORK NO YAR NO 4

SI in Norway down 39bp last week Last weeks top/bottom 2 largest SI changes per Nordic country Norway Sweden 1,0 % 0,8 % 0,5 % 0,6 % 0,4 % 0,5 % 1,0 % 0,2 % 0,2 % 1,5 % 0,4 % 2,0 % 0,6 % 2,5 % Finland FRO NO MHG NO ORK NO YAR NO 0,8 % Denmark TEL2 B GETI B SSAB A SAND 1,0 % 0,8 % 0,6 % 0,4 % 1,0 % 0,2 % 2,0 % 0,2 % 3,0 % 0,4 % 0,6 % 4,0 % 0,8 % 1,0 % 5 5,0 % VALMT KCR1V SAMAS NOKIA 1,2 % GEN FLS COLO B WDH

Norway still most shorted of Nordics Overview Nordic short sale per country Top three short interest sectors, Nordic 30% 25% % 15% % 5% Semicond. & Semi. Equip. Energy Health Care Equip. & Services 0% mai. 07 mai. 08 mai. 09 mai. mai. 11 mai. 12 mai. 13 mai. 14 mai. 15 mai. 16 Bottom three short interest sectors, Nordic Data description: Shares from constituents in OBX, OMXS30, OMXC and OMXH25 Sector classification using GICS level2 Monthly data from July 06 > now 16% 14% 12% % 8% 6% 4% 2% 0% mai. 07 mai. 08 mai. 09 mai. mai. 11 mai. 12 mai. 13 mai. 14 mai. 15 mai. 16 Banks Com. & Prof. Services Consumer Durables 6

Pharma., Biotech. & Life Sciences sector SI rose most last week Nordic short interest per sector per sector 0,0% 2,0% 4,0% 6,0% 8,0%,0% 12,0% 14,0% 16,0% Semicond. & Semi. Equip. Energy Health Care Equip. & Services Utilities Tech. Hardware & Equip. Capital Goods Media Retailing Consumer Services Transportation Food, Beverage & Tobacco Software & Services Food & Staples Retailing Materials Telecommunication Services Auto & Comp. Diversified Financials Insurance Pharma., Biotech. & Life Sciences Banks Com. & Prof. Services Consumer Durables chg. last week per sector 1,2% 1,0% 0,8% 0,6% 0,4% 0,2% 0,0% 0,2% 0,4% Pharma., Biotech. & Life Sciences Food, Beverage & Tobacco Transportation Retailing Consumer Durables Com. & Prof. Services Energy Media Banks Software & Services Capital Goods Telecommunication Services Food & Staples Retailing Diversified Financials Consumer Services Health Care Equip. & Services Materials Insurance Auto & Comp. Semicond. & Semi. Equip. Utilities Tech. Hardware & Equip. 7

Company section

Share price AVANCE: 0,05% SI chg. last week 5 95 85 30 % % % 16,0 % 14,0 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 16 14 12 8 6 4 2 75 65 0 % 55 45 35 % % 5 95 85 75 65 55 45 3 6 3 1 2 6 2 1 1 6 1 1 # shares outstanding Thousands 25 30 % 35 25 Quantity On Loan 6 1 9

# shares outstanding Share price Thousands BAKKA NO: 0,00% SI chg. last week 327 307 % 8 % 6 % 0,8 % 0,7 % 0,6 % 0,5 % 0,4 % 0,3 % 3 2 2 1 287 4 % 0,2 % 0,1 % 1 267 2 % 0 % 247 2 % 4 % 327 307 3 260 227 6 % 287 267 2 160 8 % 247 1 7 % 227 7 Quantity On Loan 60

Share price BWLPG: 0,23% SI chg. last week 64 30 % 8,0 % 7,0 % 6,0 % 14 12 59 54 % % 5,0 % 4,0 % 3,0 % 2,0 % 1,0 % 8 6 4 2 49 0 % 44 % 64 5 480 39 59 54 4 980 4 480 34 % 49 44 3 980 3 480 39 2 980 29 30 % 34 29 Quantity On Loan 2 480 1 980 # shares outstanding Thousands 11

Share price DETNOR: 0,47% SI chg. last week 60 % 14,0 % 12,0 % 25 90 50 % 1 8,0 % 15 80 70 40 % 30 % % 6,0 % 4,0 % 2,0 % 5 60 50 40 % 0 % % % 90 80 70 60 50 40 Quantity On Loan 12 4 11 4 4 9 4 8 4 7 4 6 4 5 4 4 4 3 4 # shares outstanding Thousands 12

# shares outstanding Share price Thousands DNB: 1,37% SI chg. last week 128 123 2 % 170 % 1 % 2 15,0 % 1 90 80 70 60 50 40 30 118 70 % 5,0 % 113 8 % 30 % 80 % 3 98 130 % 180 % 128 123 118 113 256 260 6 260 156 260 93 230 % 8 3 6 260 88 280 % 98 93 88 Quantity On Loan 56 260 6 260 13

Share price DNO: 0,26% SI chg. last week 9 % 8 % 6 % 4 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 14 12 8 6 4 2 8 7 2 % 0 % 2 % 6 5 4 4 % 6 % 8 % % 9 8 7 6 5 4 Quantity On Loan 67 9 62 9 57 9 52 9 47 9 42 9 37 9 # shares outstanding Thousands 14

Share price FRO: 0,66% SI chg. last week 130 1 1 0 50 % 30 % % 45,0 % 4 35,0 % 3 25,0 % 2 15,0 % 1 5,0 % 9 8 7 6 5 4 3 2 1 90 80 70 60 % 30 % 50 % 130 1 1 0 90 80 70 60 Quantity On Loan 12 600 600 8 600 6 600 4 600 2 600 600 # shares outstanding Thousands 15

Share price GJF: 0,12% SI chg. last week 140 135 130 125 180 % 80 % % 1 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 0 90 80 70 60 50 40 30 1 115 1 5 2 % 3 % 4 % 140 135 130 125 1 115 1 5 Quantity On Loan 38 280 33 280 28 280 23 280 18 280 13 280 8 280 3 280 # shares outstanding Thousands 16

Share price MHG: 0,56% SI chg. last week 139 129 % % 0 % 9,0 % 8,0 % 7,0 % 6,0 % 5,0 % 4,0 % 3,0 % 2,0 % 1,0 % 16 14 12 8 6 4 2 119 % 9 99 89 % 30 % 40 % 139 129 119 9 99 89 Quantity On Loan 43 000 38 000 33 000 28 000 23 000 18 000 13 000 8 000 3 000 # shares outstanding Thousands 17

Share price NAS: 0,57% SI chg. last week % 3 25 362 15 % 25,0 % 2 15 342 % 15,0 % 1 5,0 % 5 322 5 % 0 % 302 282 5 % % 362 342 5 130 4 630 322 4 130 262 15 % 302 282 3 630 242 % 262 242 Quantity On Loan 3 130 2 630 # shares outstanding Thousands 18

# shares outstanding Share price Thousands NHY: 0,92% SI chg. last week 34 33 0 % 14,0 % 12,0 % 1 8,0 % 6,0 % 35 30 25 15 32 4,0 % 31 30 50 % 2,0 % 5 29 0 % 28 27 50 % 34 33 32 31 30 251 9 1 9 151 9 26 29 28 1 9 25 0 % 27 26 25 Quantity On Loan 51 9 1 9 19

Share price NOD: 1,19% SI chg. last week 54 49 44 30 % % % 0 % % 18,0 % 16,0 % 14,0 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 50 45 40 35 30 25 15 5 % 39 34 30 % 40 % 50 % 54 49 44 39 34 Quantity On Loan 19 680 18 680 17 680 16 680 15 680 14 680 13 680 12 680 11 680 # shares outstanding Thousands

Share price OPERA: 0,02% SI chg. last week 72 50 % 2 35 30 67 62 57 40 % 30 % % % 15,0 % 1 5,0 % 25 15 5 52 47 42 0 % % % 30 % 72 67 62 57 52 47 42 Quantity On Loan 18 460 16 460 14 460 12 460 460 8 460 6 460 # shares outstanding Thousands 21

# shares outstanding Share price Thousands ORK: 1,46% SI chg. last week 76 71 66 180 % 80 % % 1 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 0 90 80 70 60 50 40 30 61 2 % 76 71 141 790 121 790 1 790 3 % 66 81 790 61 790 61 41 790 56 4 % 56 Quantity On Loan 21 790 1 790 22

Share price PGS: 0,% SI chg. last week 38 33 30 % 25 % % 15 % % 5 % 18,0 % 16,0 % 14,0 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 18 16 14 12 8 6 4 2 28 0 % 23 18 5 % % 15 % % 38 33 28 23 18 Quantity On Loan 34 8 29 8 24 8 19 8 14 8 # shares outstanding Thousands 23

# shares outstanding Share price Thousands REC: 0,07% SI chg. last week 2 2 2 1 % 15 % % 5 % 0 % 25,0 % 2 15,0 % 1 5,0 % 18 16 14 12 8 6 4 2 1 5 % % 2 2 2 374 3 324 3 1 1 15 % % 1 1 1 1 Quantity On Loan 274 3 224 3 174 3 24

Share price SCH: 0,16% SI chg. last week 3 300 70 % 50 % 30 % % 9,0 % 8,0 % 7,0 % 6,0 % 5,0 % 4,0 % 3,0 % 2,0 % 1,0 % 45 40 35 30 25 15 5 280 % 30 % 260 50 % 3 7 070 300 6 070 # shares outstanding Thousands 240 70 % 280 5 070 90 % 260 4 070 3 070 2 1 % 240 2 Quantity On Loan 2 070 1 070 25

Share price SDRL: 0,% SI chg. last week % 25,0 % 30 74 64 15 % % 2 15,0 % 1 25 15 5 % 5,0 % 5 54 44 0 % 5 % % 34 24 14 15 % % 25 % 30 % 74 64 54 44 34 24 14 Quantity On Loan 76 930 71 930 66 930 61 930 56 930 51 930 46 930 41 930 36 930 # shares outstanding Thousands 26

Share price STB: 0,48% SI chg. last week % 6,0 % 14 36 35 15 % % 5,0 % 4,0 % 3,0 % 12 8 6 34 5 % 2,0 % 1,0 % 4 2 33 32 0 % 5 % 31 % 30 29 28 27 15 % % 25 % 30 % 36 35 34 33 32 31 30 29 28 27 Quantity On Loan 19 790 17 790 15 790 13 790 11 790 9 790 7 790 5 790 3 790 # shares outstanding Thousands 27

# shares outstanding Share price Thousands STL: 0,43% SI chg. last week 140 1 % 2 15,0 % 45 40 35 30 135 130 70 % 1 5,0 % 25 15 125 1 % 30 % 5 115 1 80 % 140 135 213 080 5 0 95 130 % 180 % 230 % 130 125 1 115 1 5 0 95 Quantity On Loan 163 080 113 080 63 080 13 080 28

Share price SUBC: 0,28% SI chg. last week 79 % 15 % 16,0 % 14,0 % 12,0 % 1 25 15 74 % 8,0 % 6,0 % 69 64 5 % 0 % 4,0 % 2,0 % 5 59 54 49 44 5 % % 15 % % 79 74 69 64 59 54 49 44 Quantity On Loan 34 730 32 730 30 730 28 730 26 730 24 730 22 730 730 18 730 16 730 # shares outstanding Thousands 29

# shares outstanding Share price Thousands TEL: 1,13% SI chg. last week 16,0 % 70 14,0 % 60 166 156 180 % 80 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 50 40 30 146 % 136 126 1 % 2 % 166 156 146 125 460 5 460 85 460 65 460 136 45 460 116 3 % 126 116 Quantity On Loan 25 460 5 460 30

Share price TGS: 0,71% SI chg. last week 175 60 % 2 45 40 35 165 40 % 15,0 % 30 25 155 % 1 5,0 % 15 5 145 0 % 135 125 115 5 % 40 % 60 % 175 165 155 145 135 125 115 5 Quantity On Loan 18 650 16 650 14 650 12 650 650 8 650 # shares outstanding Thousands 31

Share price YAR: 2,23% SI chg. last week 406 2 % 18,0 % 16,0 % 60 50 386 366 160 % 1 % 14,0 % 12,0 % 1 8,0 % 6,0 % 4,0 % 2,0 % 40 30 346 60 % 326 % 306 286 266 40 % 90 % 140 % 406 386 366 346 326 306 286 266 Quantity On Loan 42 380 37 380 32 380 27 380 22 380 17 380 12 380 7 380 2 380 # shares outstanding Thousands 32

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