Oslo Børs VPS Holding ASA4th Quarter 2015

11 February 2016

4th quarter at a glance

2

• Seven companies admitted to trading on Merkur Market at its launch on 13 January

• Two new companies admitted to listing in the quarter

• 107 new fixed income issues admitted to listing and 376 new fixed income issues registered in VPS in the quarter

• Higher levels of trading and settlement activity in 2015 relative to 2014

• Continuing high level of activity in the securities registration and mutual funds areas at VPS

• Due to increased complexity, the further planning work related to the new core system at VPS is expected to take until mid-April

• Proposal to the Annual General Meeting to pay a dividend of NOK 4.15 per share – a total of NOK 6.75 for the 2015 financial year

4th quarter at a glance

3

• Revenues down NOK 9 million to NOK 223 million from Q414

• Expenses down NOK 2 million to NOK 121 million from Q414

• EBITDA down NOK 7 million to NOK 102 million from Q414

Oslo Clearing is presented as discontinued operation. Revenues and EBITDA Q113 to Q214 are restated.

230 231 222209

232 226 234211

223

0

50

100

150

200

250

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

NO

K m

illio

n

Revenues Oslo Børs VPS

111 115 120109 109 106

124110

10248%50%

54%

52%

47% 47%

53%52%

46%

40%

45%

50%

55%

0

50

100

150

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

NO

K m

illio

n

EBITDA and EBITDA-margin Oslo Børs VPS

EBITDA EBITDA margin

Oslo Børs

• Revenues down NOK 10 million to NOK 110 million from Q414

• EBITDA down NOK 4 million to NOK 60 million from Q414

4

6964

59 61 64

53

6859 60

56% 55% 56% 58%53%

49%

59% 57% 55%

-10%

10%

30%

50%

70%

0

20

40

60

80

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

NO

K m

illio

n

EBITDA and EBITDA-margin Oslo Børs

EBITDA EBITDA margin

0

50 000

100 000

150 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues Oslo Børs

Equity Markets Fixed Income Markets Derivatives Markets

Financial Market data Other

Oslo Børs – primary market

• Steady increase in number of listed bonds and certificates

• Fixed fees from issuers NOK 27 million – up 2% from Q414

• Fixed fees driven by number of issuers and market capitalisation January 1

• Market cap. issuers 2016 up 4% from 2015

5

1 5701 613

1 679 1 690 1 695 1 709 1 715 1 713 1 721

1414 1442 1454 14751509

1571 1546 1571 1580

1000

1200

1400

1600

1800

1 000

1 200

1 400

1 600

1 800

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

Nu

mb

er

Number and market value of listed bonds and certificates

Number Value (NOK bill)

218 213 216 219 220 216 218 215 213

19682003

21452097

1955

2088 2091

1939

2042

1800

1900

2000

2100

2200

100

150

200

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

No

. of

issu

ers

Number of and market capitalisation of issuers of equity

No. of issuers Market cap (NOK bill)

0

10 000

20 000

30 000

40 000

50 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues primary market

Fixed fees- issuers Prospectus and admission fees

Oslo Børs – primary market

• Prospectus and admission fees down NOK 4 million to NOK 12 million in Q415

• Revenues driven by number and size of IPOs and issues

• Two new equity listings in Q415

• Continued interest for listing of both equities and fixed income

• Merkur Market launched 13 January 2016

6

8 610

4 523 4 758 4 583

13 669

3 055

9 530

5 276

9 478

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

NO

K m

illio

n

Issues of equity

6

1

7

6

5

3

7

02

0

1

2

3

4

5

6

7

8

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

New listings

Oslo Børs – secondary market

• Revenues from trading on Oslo

Børs and Fish Pool down NOK 8 million to NOK 33 million from

Q414

• Value of equity turnover on

Oslo Børs down 18% from Q414

- Revenues down NOK 3 million

• Derivatives revenues driven by

activity level and composition of derivatives trading

- No of contracts on Oslo Børs

down 28% from Q414

- Volume on Fish Pool down 60% from Q414

- Revenues down NOK 4 million from Q4147

247291

242 230

344 337

283262

2834 8085 529

4 9825 460

7 878 7 479

5 989 6 002 6 170

0

2 000

4 000

6 000

8 000

0

100

200

300

400

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

Val

ue

Equities - value of turnover and number oftransactions

Value (NOK bill) Trans (1000)

0

10 000

20 000

30 000

40 000

50 000

60 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues secondary market

Equities trading Derivatives trading Fixed Income trading

Oslo Børs – market data

• Revenues NOK 34 million – up NOK 1 million from Q414

• Revenues primarily driven by number of professional end users of data from Oslo Børs

• Professional users estimated down 3% from Q414

8

39 316 40 33839 039 39 351 40 369

42 04340 707 40 272 40 785

0

10 000

20 000

30 000

40 000

50 000

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

Market data - number of end-users

05 000

10 00015 00020 00025 00030 00035 00040 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues market data

Key market activities

9

• Market activities to attract issuers

- Domestic and international

- Equities and fixed income

• Marketing Merkur Market

• Marketing Team Engine in Norway

• Market activities to attract new trading members and increase market share in trading

- Continuous improvement of microstructure

- Efficient post trade

• Preparing for MiFID 2

VPS

• Revenues NOK 111 million - in line with Q414

• EBITDA down NOK 3 million to NOK 43 million from Q414

• Modernisation of core IT-system

- Due to increased complexity, the further planning work related to

the new core system at VPS is expected to take until mid-April

10

4354

62

49 4654

5952

43

41%47%

54%49%

41%46%

50% 49%

38%

0%

10%

20%

30%

40%

50%

60%

0

20

40

60

80

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

NO

K m

illio

n

EBITDA and EBITDA-margin VPS

EBITDA EBITDA margin

0

50 000

100 000

150 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues VPS

Investor products Issuer products Settlement products Fund products Other revenues

VPS – investor products

• Revenues NOK 29 million –up NOK 2 million from Q414

• Revenues primarily driven by number of VPS accounts and market value of holdings January 1

- Accounts and holdings January 1 2016 in level with

January 1 2015

11 Please note change from gross number of investor accounts to number of investor accounts that directly affect the revenues of Investor products

1084 1063 1066 1076 1065 1077 1098 1102 1094

4589 46414781 4743

45814773 4737

4575 4659

2000

2500

3000

3500

4000

4500

5000

600

800

1000

1200

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415No

. of

acco

un

ts (

10

00

)

Number of investor accounts and market value of holdings

Income-earning accounts (1000) Holdings (NOK bill)

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues investor products

VPS – issuer products

• Revenues NOK 32 million – down NOK 1 million from Q414

• Revenues driven by number and composition of issuers and level and composition of corporate activity

- AGM-season in Q2

• Additional revenue from value added products

- AGM-services

- Bond holders’ meeting

- Stock purchase programs

- Nominee-ID

12

1 126 1 102 1 104 1 098 1 097 1 063 1 056 1 042 1 038

2292 2338 2378 2383 2354 2341 2332 2337 2317

0

1 000

2 000

3 000

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

Number of companies and bond issues registered

Companies Bond issues

0

10 000

20 000

30 000

40 000

50 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues issuer products

VPS – settlement products

• Revenues down NOK 2 million to NOK 26 million in Q415

• Revenues driven by number of participants and number of settlement transactions

13

22 000

23 000

24 000

25 000

26 000

27 000

28 000

29 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues settlement products

2 7583 027

2 760 2 784

3 450 3 366

2 896 2 9663 155

0

1 000

2 000

3 000

4 000

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

Number of trade transactions processed in VPS (1000)

VPS – fund products

• Revenues in Q415 up NOK 2 million to NOK 22 million from Q414

• Evolution up NOK 1 million

• Revenues in VPS primarily driven by assets under management and number of transactions

• Strong competition from international providers and internal IT in targeted markets

• Loss of a customer in 2016

14

0

5 000

10 000

15 000

20 000

25 000

30 000

Q42013

Q12014

Q22014

Q32014

Q42014

Q12015

Q22015

Q32015

Q42015

NO

K 1

00

0

Revenues fund products

452 461

499 498 508542 536

514539

11081015

901 884 919989 945 946 986

0

500

1000

300

400

500

600

Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

No

k b

illio

n

Asset under management and number of transactions

AUM (NOK bill) Transactions (1000)

Oslo Market Solutions

• Revenues up NOK 0.3 million from Q414

• EBITDA up NOK 0.2 million from Q414

15

5,1

6,5 6,3

5,14,2

5,2 5,15,7

4,75,5

1,01,7

1,1 1,5 0 0,5 0,2 1,0 0,7 0,70

2

4

6

8

Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415

Revenues and EBITDA Oslo Market Solutions

Revenues EBITDA

Summary

• Continued relatively good activity in the capital markets

• Continued intense competition and pressure on market share

• Continuous focus on operating costs

• Continuous assessment of new products and new positions in order to adapt to challenging competitive environment

• Focus forward

- Attract new listings/registrations and members

- Increased sale to existing customers

- Strengthen competitive position in secondary market

- Successful execution of projects

- modernisation of VPS IT

- Implementation of new regulation

16

Appendix

18

P&L 4th Quarter 4th Quarter Change Change

2015 2014 in % 2015 2014 in %

Operating revenues 222 930 231 775 -4 % 894 858 892 742 0 %

Operating expenses

Capitalisation of internal resources 0 0 0 -1 709

Salary and other personnel expenses 72 378 74 967 267 094 261 573

Other operating expenses 48 611 47 812 186 563 178 252

Depreciations and write-downs 13 342 11 211 49 267 47 527

Amortisations 815 20 963 3 261 83 853

Operating expenses before capitalisation of internal

resources, depreciations and amortisations 120 989 122 779 -1 % 453 657 439 825 3 %

Total operating expenses 150 239 154 953 -3 % 521 278 569 496 -8 %

EBITDA 101 941 108 996 -6 % 441 201 452 917 -3 %

Operating profit (EBIT) 72 691 76 822 -5 % 373 580 323 246 16 %

Net financial items 4 922 7 733 14 382 19 284

Ordinary pre-tax profit 77 613 84 555 387 962 342 530

Tax 4 298 21 522 89 269 90 482

Earnings for the period - continued operations 73 315 63 033 16 % 298 693 252 048 19 %

Earnings for the period - discontinued operations 0 0 0 52 078 -100 %

Earnings for the period 73 315 63 033 16 % 298 693 304 126 -2 %

Actuarial gains/losses defined benefit pension plans 8 025 -21 055 8 025 -21 055

Tax-effect -2 167 5 685 -2 167 5 685

Total comprehensive income 79 173 47 663 66 % 304 551 288 756 5 %

Earnings per share (NOK) - continued operations 1,70 1,47 16 % 6,95 5,86 19 %

Diluted earnings per share (NOK) - continued operations 1,70 1,47 16 % 6,95 5,86 19 %

Earnings per share (NOK) - discontinued operations 0,00 0,00 0,00 1,21 -100 %

Diluted earnings per share (NOK) - discontinued operations 0,00 0,00 0,00 1,21 -100 %

continued operations 2,07 1,82 14 % 7,35 7,28 1 %

Breakdown revenues – Oslo Børs segment

19

OSLO BØRS

Revenues per area Q4 2015 Q4 2014 31.12.2015 31.12.2014

Equity Markets 54 287 60 839 211 071 224 887

Fixed Income Markets 12 604 11 993 48 707 45 419

Derivatives Markets 7 653 12 062 33 025 40 262

Financial Market data 33 520 32 957 132 393 127 074

Other 2 165 2 381 10 867 11 373

Total Oslo Børs 110 229 120 232 436 063 449 016

Revenues per category Q4 2015 Q4 2014 31.12.2015 31.12.2014

Fixed fees- issuers 26 743 26 227 102 665 98 746

Trading fees 32 547 40 250 134 526 144 004

Prospectus and admission fees 11 802 15 405 42 372 55 696

Financial market data 33 520 32 957 132 393 127 074

Other income 5 617 5 393 24 107 23 496

Total Oslo Børs 110 229 120 232 436 063 449 016

Breakdown revenues – VPS segment

20

VPS Q4 2015 Q4 2014 31.12.2015 31.12.2014

Investor products 28 924 27 242 117 669 113 739

Issuer products 32 205 32 886 133 760 131 920

Settlement products 26 182 27 999 105 923 104 003

Fund products 22 331 20 800 91 576 84 137

Other revenues 1 451 1 746 5 770 6 970

Total VPS 111 093 110 673 454 698 440 769

Balance sheet

21

31 Dec 31 Dec

2015 2014

Fixed assets

IT-systems 93 143 89 082

Customer relations - -

Registrations 6 200 9 700

Goodwill 491 551 500 988

Deferred tax assets 52 496 59 580

Tangible assets 51 745 59 120

Financial fixed assets 18 989 18 034

Current assets

Receivables 97 480 93 903

Cash and cash equivalents 578 482 781 217

Assets 1 390 086 1 611 624

Equity

Contributed equity 1 017 774 1 176 298

Non-controlling interests 337 1 132

Total equity 1 018 111 1 177 430

Liabilities

Pension liabilities 158 265 167 711

Deferred tax liabilities 4 031 4 951

Current liabilities 209 679 261 532

Equity and liabilities 1 390 086 1 611 624

Cash flow

22

4th Quarter 4th Quarter

2015 2014 2015 2014

Cash flow from

- operational activities 29 200 90 688 298 307 382 344

- investment activities -13 435 -16 917 -37 620 -676 373

- investments in systems and tangible assets -15 606 -25 703 -51 370 -33 343

- investments in subsidiaries 0 3 302 0 62 588

- investments in treasury bills and bonds 0 0 0 362 912

- received cash collateral from members 0 0 0 -1 090 075

- financial income 2 171 5 484 13 750 21 545

- financing activities -112 522 -185 -463 422 -496 044

Cash and cash equivalents at

period's start 675 239 707 631 781 217 1 571 290

Change in cash and cash equivalents -96 757 73 586 -202 735 -790 073

Cash and cash equivalents at

period's end 578 482 781 217 578 482 781 217

Cash flow per share (NOK) -2,25 1,71 -4,71 -18,37

Equity

23

4th Quarter 4th Quarter 31 Dec 31 Dec

2015 2014 2015 2014

Equity at period's start 1 050 402 1 129 248 1 177 430 1 382 670

Total comprehensive income 73 315 63 033 298 693 304 126

Dividends -111 780 0 -462 975 -494 504

Purchase of own shares -454 -412 9 196

Acturial gains/losses in the period 5 858 -15 370 5 858 -15 370

Change in non-controlling interests 770 931 -904 312

Equity at period's end 1 018 111 1 177 430 1 018 111 1 177 430

Equity ratio 73 % 74 % 73 % 74 %

Largest shareholders 8 February 2016

24

Share price Oslo Børs VPS Holding ASA

25