DERIVATIVES, OSLO BØRS - OCTOBER 2015

Transcription

1 DERIVATIVES, OSLO BØRS - OCTOBER 2015 During October, the OBX index regained some of its previous loss and increased 6.1% to So far this year the index is up 4.9%. The average number of contracts traded in October was contracts/day. The average year-todate is , whereas the average for 2014 was The stock option premium increased by 42% to 116 MNOK in October (2015 avg: 89 MNOK), whereas the forward exposure fell by 62% to 428 MNOK (2015 avg: 900 MNOK). As for the index turnover, the OBX option premium fell by to 43 MNOK (2015 avg: 48 MNOK), whereas the index future turnover increased slightly by 1.4% to 13.3 BNOK (2015 avg: 13.3 BNOK). The most traded single stock option in October was Norsk Hydro with 35 MNOK, 31% of the total stock option premium turnover. Statoil and Storebrand followed with a turnover of 31 and 9 MNOK respectively. The top three stock derivatives accounted for 65% of the total stock option turnover for the month. DNB, Norwegian and Statoil were the most traded stock forwards, accounting for 47% of the total exposure. DNB had a turnover of 71 MNOK, 17% of the total. Starting October 1 st, Oslo Børs now offers derivatives (options and forwards/futures) on Nordic Semiconductor (NOD). With effect October 5 th, Oslo Børs changed the trading hours for the OBX futures to 09:00-16:20 CET (from 08:30-16:20 CET). Royal Caribbean Cruises (RCL) has applied for delisting. Following this, Oslo Børs currently offers November and December 2015 derivatives expiries only. Please note that Oslo Børs will remove the OBOSX capping as of the next revision December 18 th. From this date the constituents will be included in the OBOSX index with their free float number of shares. Oslo Børs offers standardised options and forwards/futures on 21 stocks and the OBX index. In addition, there are futures listed on the OBOSX index. There are eight 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.

2 Contracts/ day Contract Distribution Index Futures Single Stock Fwd/Fut OBX Index Options Stock Options Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15

3 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month OBX - OPTIONS STOCK FWD/FUT INDEX - FUTURES STOCK OPTIONS Contracts/day YTD 2015 INDEX - FUTURES STOCK FWD/FUT OBX - OPTIONS STOCK OPTIONS

4 LIQUIDITY - OPTION PREMIUM DISTRIBUTION 22.2 % 19.7 % Option Premium last month 5.4 % 4.7 % 3.3 %2.9 % 2.7 % 27.1 % 0.2 % 0.2 % 0.2 % 0.0 % 2.7 % 2.5 % 1.7 % 1.4 % 0.8 % 0.8 % 0.5 % 0.5 % 0.4 % 0.3 % OBX Options Norsk Hydro Statoil Storebrand Yara International Marine Harvest Group Seadrill Norwegian Air Shuttle DNB Telenor Subsea 7 Opera Software Royal Caribbean Cr. Petroleum Geo-Services Nordic Semiconductor TGS Nopec Geoph. Orkla Gjensidige Forsikring REC Silicon Aker Solutions DNO International Norske Skog 17.6 % 35.2 % Option Premium YTD % 8.1 % 5.2 % 4.8 % 3.4 % 2.7 % 2.6 % 2.5 % 1.6 % 1.7 % 1.3 % 1.2 % 1.1 % 0.9 % 0.4 % 0.4 % 0.2 % 0.2 % 0.1 % 0.1 % OBX Options Statoil Norsk Hydro Yara International DNB Storebrand Norwegian Air Shuttle Seadrill Telenor Marine Harvest Group Subsea 7 Opera Software TGS Nopec Geoph Petroleum Geo-Serv Royal Caribbean Cr DNO International REC Silicon Orkla Aker Solutions Gjensidige Forsikring Norske Skog Nordic Semiconductor

5 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION 14.4 % Stock Fwd/Fut Premium last month 8.0 % 5.8 % 4.5 % 14.2 % 3.7 % 3.2 % 3.2 % 2.4 % DNB Norwegian Air Shuttle Statoil Norsk Hydro Marine Harvest Group Gjensidige Forsikring Telenor Storebrand DNO International 15.8 % 16.7 % 1.9 % 1.5 % 1.5 % 1.4 % 1.2 % 0.5 % 0.1 % 0.1 % Nordic Semiconductor Yara International REC Silicon Subsea 7 Opera Software Petroleum Geo-Services Seadrill Orkla Aker Solutions Royal Caribbean Cruises 6.6 % 7.3 % 7.4 % 10.8 % Stock Fwd/Fut Premium YTD % 5.3 % 4.8 % 3.8 % 3.7 % 3.2 % 2.7 % 2.6 % 2.6 % 1.6 % 1.2 % 0.7 % 0.7 % Norsk Hydro Norwegian Air Shuttle Seadrill Statoil TGS Nopec Geoph. Marine Harvest Group Petroleum Geo-Services Gjensidige Forsikring DNO International DNB Telenor Yara International Subsea 7 Opera Software REC Silicon Storebrand Orkla 28.5 % 0.1 % 0.2 % 0.1 % Royal Caribbean Cr Nordic Semiconductor Aker Solutions Norske Skog

6 Turnover Premium MNOK Open Interest (avg) - Contracts Turnover Premium MNOK Open Interest (avg) - Contracts PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 0 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct Turnover Premium Open Interest (Avg)

7 Turnover exposure MNOK Open Interest (avg)- Contracts Turnover Premium MNOK Open Interest (avg)- Contracts PREMIUM - INDEX DERIVATIVES OBX - Index Options Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Turnover premium / month Open interest (avg) Index Futures Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 0 Turnover exposure MNOK Open Interest (avg)

8 BROKER STATISTICS - OCTOBER % Equity Options 8.3 % LSE Derivatives DNB BANK ASA Enskilda Securities 23.2 % 5.5 % 2.8 % 1.0 % 0.6 % 0.5 % 0.3 % 0.1 % 0.1 % 0.1 % Danske Bank A/S Nordea Markets Sparebank 1 Markets Fearnley Fonds ABG Sundal Collier Norge ASA NetFonds AS Handelsbanken Capital Markets Arctic Securities ASA 38.6 % Fondsfinans ASA Pareto Securities AS 17.5 % Index Options 14.4 % 3.3 % 1.5 % 1.1 % 0.9 % 0.8 % 0.1 % Enskilda Securities LSE Derivatives DNB BANK ASA Danske Bank A/S Sparebank 1 Markets Handelsbanken Capital Markets Nordea Markets Pareto Securities AS 24.8 % NetFonds AS 35.5 % Swedbank Norge

9 Index Futures 19.4 % 11.6 % 7.8 % LSE Derivatives DNB BANK ASA 21.1 % 2.3 % 2.1 % 1.4 % 0.1 % Sparebank 1 Markets Handelsbanken Capital Markets Enskilda Securities Danske Bank A/S Carnegie ASA Nordea Markets 34.2 % Arctic Securities ASA Stock Forwards & Futures 89.3 % DNB BANK ASA Sparebank 1 Markets 8.2 % Carnegie ASA 2.5 % "LSE Derivatives" is a composite entry and includes all derivatives members at London Stock Exchange Derivatives Market.

10 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 : All time high ( close):

11 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 mps@oslobors.no. Date: 2. nov OBX OBOSX Close - prev. day: OBOSX weight of OBX: 7.50 % Divisor: USDNOK: 8.48 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 AKSO Aker Solutions 0.65 % % Oil & Gas Equipment & Services 2 BWLPG BW LPG Limited 0.54 % Oil & Gas Storage & Transportation 3 DETNOR Det Norske Oljeselskap 0.68 % Oil & Gas Exploration & Production 4 DNB DNB % Diversified Banks 5 DNO DNO 0.71 % Oil & Gas Exploration & Production 6 FOE Fred Olsen Energy 0.17 % 3.60 % Oil & Gas Drilling 7 FRO Frontline 0.19 % Oil & Gas Storage & Transportation 8 GJF Gjensidige Forsikring 3.32 % Multi-line Insurance 9 MHG Marine Harvest 4.94 % Packaged Foods & Meats 10 NAS Norwegian 1.13 % Airlines 11 NHY Norsk Hydro 5.58 % Aluminum 12 NOD Nordic Semiconductor 0.85 % Integrated Telecommunication Services 13 OPERA Opera Software 0.94 % Internet Software & Services 14 ORK Orkla 7.55 % * Packaged Foods & Meats 15 PGS Petroleum Geo-Services 0.97 % % Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 5.51 % Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.36 % Semiconductor Equipment 18 SCHA Schibsted A 2.95 % Publishing 19 SDRL Seadrill 1.39 % % Oil & Gas Drilling 20 STB Storebrand 1.71 % Life & Health Insurance 21 STL Statoil % ) Integrated Oil & Gas 22 SUBC Subsea 7 S.A % % Oil & Gas Equipment & Services 23 TEL Telenor % Integrated Telecom. Services 24 TGS TGS Nopec Geophysical 2.18 % % Oil & Gas Equipment & Services 25 YAR Yara International 8.87 % Fertilizers & Agricultural Chemicals Tot: OBX % Tot: OBOSX % Note Note Explanation Gen. AGM/ Last inclusive dates as notified on respective company's web page, and dividend proposed by the board 1) Statoil has declared a quarterly dividend of USD with last day inclusive (announcement of NOK conversion after record date) NB: Norwegian Stock derivatives are adjusted for extraordinary dividends. SDRL and MHG are adjusted for all dividends. *minimum Legends: = Recent updates XX.XX = Upcoming Dividend 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.

12 OSLO BØRS - LISTED DERIVATIVES OPEN INTEREST - OPTIONS AND INDEX FUTURES ONLY OBX Index (OBX) OBOSX Index (OBOSX) The OBX INDEX consists of the 25 most traded securities on Oslo Børs. The constituents are selected on the basis of six months turnover rating (Jun & Dec). It is a semi-annually revised, free float adjusted total return index (dividend adjusted). Home: Domicile: Norway The OSLO BØRS OBX OIL SERVICE INDEX is a free float adjusted total return index (dividend adjusted) composed of the most liquid shares within the Oil Service sector. Only companies that are members of both the OBX index and the Energy Equipment and Service Index are included. Home: Domicile: Norway ISIN: NO Last (NOK): Sector: N/A Avg.Imp.Vol last month: 20 % Expiry: Each Month Reuters:.OBX Open Int Options (avg): Bloomberg: OBX NO Open Int Fut (avg): Weight of All Shares: 43. O/I Options avg. ytd: Derivatives: Options & Futures Sector: OBX Index & Energy Equipment and Service Index O/I Fut avg. ytd: Market Maker(s): 8 Last (NOK): Avg.Imp.Vol last month: ISIN: NO Expiry: Each Month Reuters:.OBOSX Bloomberg: OBOSX.IND Weight of OBX: 7. Derivatives: Futures O/I Fut avg. ytd: Market Maker(s): 1 N/A Open Int Fut (avg): Aker Solutions (AKSO) AKER SOLUTIONS is a global provider of products, systems and services to the oil and gas industry. Its engineering, design and technology bring discoveries into production and maximize recovery. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 54 % Reuters : AKSO.OL Expiry: Each Month Bloomberg : AKSO NO Open Int (avg): OBX Weight : 0.65% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

13 DNB (DNB) DNB is Norway's largest financial services Sector: Diversified Banks Last (NOK): group and offers financial products and ISIN : NO Avg.Imp.Vol last month: 31 % services related to the money and capital Reuters : DNB.OL Expiry: Each Month markets. Bloomberg : DNB NO Open Int (avg): Home: OBX Weight : 12.80% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 7 DNO (DNO) DNO ASA is an international independent petroleum company engaged in the acquisition, exploration, development and operation of oil and natural gas properties. Home: Sector: Oil & Gas Exploration & Production Last (NOK): 9.08 ISIN : NO Avg.Imp.Vol last month: 65 % Reuters : DNO.OL Expiry: Each Month Bloomberg : DNO NO Open Int (avg): OBX Weight : 0.71% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2 Gjensidige Forsikring (GJF) GJENSIDIGE is Norway's largest general Sector: Multi-line Insurance Last (NOK): insurance company, with business in ISIN : NO Avg.Imp.Vol last month: 21 % Denmark, Sweden and the Baltic countries. Reuters : GJF.OL The group also offers banking, pension and Expiry: Each Month saving products in Norway. Bloomberg : GJF NO Open Int (avg): Home: OBX Weight : 3.32% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3

14 Marine Harvest Group (MHG) MARINE HARVEST is one of the largest seafood companies in the world, and the world's largest producer of Atlantic salmon. The company employs people, and is represented in 24 countries. In 2013 the company had a turnover of NOK 25.5 billion. Home: Sector: Packaged Foods & Meats Last (NOK): ISIN : NO Avg.Imp.Vol last month: 25 % Reuters : MHG.OL Expiry: Each Month Bloomberg : MHG NO Open Int (avg): OBX Weight: 4.94% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 4 Norwegian Air Shuttle (NAS) NORWEGIAN AIR SHUTTLE is the third largest low cost carrier in Europe with 20 Sector: Airlines Last (NOK): million customers annually. The company ISIN : NO Avg.Imp.Vol last month: 42 % has a total of 401 routes to 124 destinations, and employs The Reuters : NAS.OL Expiry: Each Month company has 268 undelivered aircraft on firm order. Bloomberg : NAS NO Open Int (avg): Home: OBX Weight: 1.13% O/I avg. Ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2 Norsk Hydro (NHY) NORSK HYDRO is a global aluminium Sector: Aluminum Last (NOK): company with production, sales and trading activities throughout the value ISIN : NO Avg.Imp.Vol last month: 39 % chain. Based in Norway, the company has Reuters : NHY.OL Expiry: Each Month 13,000 employees involved in activities in more than 50 countries on all continents. Bloomberg : NHY NO and NOHYF US Open Int (avg): Home: OBX Weight : 5.58% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 7

15 Nordic Semiconductor (NOD) NORDIC SEMICONDUCTOR develops and sells integrated circuits and related Sector: Semiconductors Last (NOK): solutions for short-range wireless ISIN : NO Avg.Imp.Vol last month: 44 % communication. The company specializes in ultra-low power (ULP) components, Reuters : NOD.OL Expiry: Each Month based on its proprietary 2.4 GHz RF Bloomberg : NOD NO Open Int (avg): 232 technology. Home: OBX Weight : 0.85% O/I avg. ytd: 222 Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3 Norske Skog (NSG) Sector: Paper Products Last (NOK): 2.38 NORSKE SKOG is one of the world's biggest ISIN : NO Avg.Imp.Vol last month: 100 % producer of publication paper, with 9 paper mills in 7 countries and a production Reuters : NSG.OL Expiry: Each Month capacity of around 3 mill. tonnes per year. Home: Bloomberg : NSG NO Open Int (avg): OBX Weight : N/A O/I avg. ytd: 222 Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2 Opera Software (OPERA) OPERA SOFTWARE delivers the best Internet experience on any device. The company targets PCs, mobile phones, portable media players, set-top boxes, gaming consoles and other vertical markets. Home: Sector: Internet Software & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 72 % Reuters : OPERA.OL Expiry: Each Month Bloomberg : OPERA NO Open Int (avg): OBX Weight : 0.94% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 1

16 Orkla (ORK) ORKLA is a leading supplier of branded consumer goods to the grocery sector, outof-home sector and bakeries with its main markets in the Nordics and the Baltics. In 2014, the Group had a turnover of NOK 30 bn and 13,000 employees. Home: Sector: Industrial Conglomerates Last (NOK): ISIN : NO Avg.Imp.Vol last month: 22 % Reuters : ORK.OL Expiry: Each Month Bloomberg : ORK NO Open Int (avg): OBX Weight : 7.55% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 5 Petroleum Geo-Services (PGS) PETROLEUM GEO-SERVICES is a technologically focused oilfield service company involved in providing geophysical services worldwide. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 50 % Reuters : PGS.OL Expiry: Each Month Bloomberg : PGS NO Open Int (avg): OBX Weight : 0.97% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 5 Royal Caribbean Cruises (RCL) ROYAL CARIBBEAN CRUISES is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Cruises and CDF Croisières de France. The company has a combined total of 38 ships in service and five under construction. Home: Sector: Hotels, Resorts & Cruise Lines Last (NOK): ISIN : LR Avg.Imp.Vol last month: 32 % Reuters : RCL.OL Expiry: November and December 2015 due to application of delisting. Bloomberg : RCL NO Open Int (avg): 645 OBX Weight : 5.51% O/I avg. ytd: Domicile: Liberia Derivatives : Options & Fwd/Fut Market Maker(s): 3

17 REC Silicon (REC) Sector: Semiconductor Equipment REC SILICON is a leading producer of advanced silicon materials, delivering highpurity Last (NOK): 1.48 polysilicon and silane gas to the ISIN : NO Avg.Imp.Vol last month: 71 % solar and electronics industries worldwide. Reuters : REC.OL The company is headquartered in Moses Expiry: Each Month Lake, Washington and employs 800 people. Bloomberg : REC NO Open Int (avg): Home: OBX Weight : 0.36% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3 Seadrill (SDRL) SEADRILL is an international drilling contractor providing services within Sector: Oil and Gas Drilling Last (NOK): drilling and well services. Seadrill's ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 71 % versatile fleet includes semi-submersibles, jack-ups, tender rigs and deepwater Reuters : SDRL.OL Expiry: Each Month drillships.seadrill has employees, representing 25 nationalities on five Bloomberg : SDRL NO Open Int (avg): continents. Home: OBX Weight : 1.39% O/I avg. ytd: Domicile: Bermuda Derivatives : Options & Fwd/Fut Market Maker(s): 6 Storebrand (STB) STOREBRAND is a leading player in the markets for long-term savings and insurance. The group consists of the following business areas: life insurance, asset management, banking and non-life insurance. Home: Sector: Life & Health Insurance Last (NOK): ISIN : NO Avg.Imp.Vol last month: 42 % Reuters : STB.OL Expiry: Each Month Bloomberg : STB NO Open Int (avg): OBX Weight : 1.71% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 5

18 Statoil (STL) STATOIL is an international energy company with app employees and Sector: Integrated Oil & Gas Last (NOK): operations in 34 countries. Building on 40 years of experience, the company is ISIN : NO Avg.Imp.Vol last month: 31 % committed to accommodating the world's energy needs in a responsible manner, Reuters : STL.OL Expiry: Each month applying technology and creating innovative business solutions. Bloomberg : SYO NO and STO US Open Int (avg): Home: OBX Weight : 19.47% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 8 Subsea 7 (SUBC) Subsea 7 S.A. is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. They provide integrated services, and plan, design and deliver complex projects in harsh and challenging environments. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN: LU Avg.Imp.Vol last month: 45 % Reuters: SUBC.OL Expiry: Each Month Bloomberg: SUBC NO Open Int (avg): OBX Weight: 2.22% O/I avg. ytd: Domicile: Luxembourg Derivatives: Options & Fwd/Fut Market Maker(s): 6 Telenor (TEL) TELENOR Group is a leading international provider of communications services and one of the largest mobile operators worldwide. Home: Sector: Integrated Telecom. Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 24 % Reuters : TEL.NO Expiry: Each Month Bloomberg : TEL NO and TELN US Open Int (avg): OBX Weight : 14.33% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 7

19 TGS-Nopec (TGS) TGS-NOPEC provides multi-client geoscience data and services to oil and gas Exploration and Production companies around the globe. TGS also provides highend depth imaging services to help resolve complex seismic imaging problems. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 38 % Reuters : TGS.OL Expiry: Each Month Bloomberg : TGS NO Open Int (avg): OBX Weight : 2.18% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2 Yara (YAR) YARA International ASA delivers solutions for sustainable agriculture and the environment. The industrial products and solutions reduce emissions, improve air quality and support safe and efficient operations. Founded in Norway in Home: Sector: Fertilizers & Agricultural Chemicals Last (NOK): ISIN : NO Avg.Imp.Vol last month: 28 % Reuters : YAR.OL Expiry: Each Month Bloomberg : YAR NO Open Int (avg): OBX Weight : 8.87% O/I avg. ytd: Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 6

20 MARKET MAKERS DNB Markets: Danske Bank Markets: Enskilda Securities: Handelsbanken: Nordea Markets: Sparebank 1 Markets: Susquehanna Intl. Sec. Ltd: Timber Hill Europe: OBX, OBOSX, AKSO, DNO, GJF, MHG, NAS, NHY, NOD, NSG, OPERA, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, TGS, YAR OBX, AKSO, DNB, NAS, PGS, SDRL, STL, TEL, SUBC, YAR OBX, DNB, NHY, ORK, STL, TEL, YAR OBX, DNB, NHY, PGS, RCL, SDRL, STB, STL, SUBC, YAR OBX, DNB, GJF, NHY, STB, STL, TEL OBX, DNB, MHG, NHY, NOD, ORK, SDRL, STL, SUBC, TEL OBX, AKSO, DNB, DNO, GJF, MHG, NHY, NOD, NSG, ORK, PGS, REC, SDRL, STB, STL, SUBC, TEL, TGS, YAR OBX, DNB, MHG, NHY, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, YAR

21 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. 80% 20% 10% OBX ATM Implied Vol AKSO ATM Implied Vol 20% 1 DNB ATM Implied Vol 110% 90% 10%

22 80% 75% 65% 55% 45% DNO ATM Implied Vol GJF ATM Implied Vol 25% 20% 15% 10% % 90% 10% MHG ATM Implied Vol

23 100% 90% 80% 20% NAS ATM Implied Vol 100% 90% 80% 20% 10% NHY ATM Implied Vol NOD ATM Implied Vol 48% 46% 44% 42%

24 % 110% 100% 90% 80% NSG ATM Implied Vol 90% OPERA ATM Implied Vol 80% 80% 20% 10% ORK ATM Implied Vol

25 80% PGS ATM Implied Vol 20% 80% RCL ATM Implied Vol 20% % 110% 100% 90% 80% REC ATM Implied Vol

26 90% 80% 20% 10% STL ATM Implied Vol 1 SUBC ATM Implied Vol 110% 90% 10% SDRL ATM Implied Vol 110% 90% 10%

27 1 STB ATM Implied Vol 120% 100% 80% 20% 55% 45% 35% 25% 20% TGS ATM Implied Vol 90% 80% 20% 10% TEL ATM Implied Vol

28 100% 90% 80% 20% 10% YAR ATM Implied Vol 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.