DERIVATIVES, OSLO BØRS - MAY 2015

Transcription

1 DERIVATIVES, OSLO BØRS - MAY 2015 The OBX index increased slightly by 0.7% to points in May. So far this year the index is up 11.1%. The average number of contracts traded in May was contracts/day. The average year-to-date is , whereas the average for 2014 was The OBX option premium decreased by 28% to 21 MNOK (2015 avg: 26 MNOK), and the index future turnover fell by 15% to 12.2 BNOK (2015 avg: 12.8 BNOK). The stock option premium decreased slightly by 3% to 75 MNOK (2015 avg: 102 MNOK), whereas the forward exposure fell by 55% to 911 MNOK (2015 avg: MNOK). The most traded single stock option in May was Statoil with 33 MNOK, 44% of the total stock option premium turnover. Yara and Marine Harvest followed with a turnover of 7.9 and 7 MNOK respectively. The top three stock derivatives accounted for 63% of the total stock option turnover for the month. Norsk Hydro, Norwegian and Yara were the most traded stock forwards, accounting for 61% of the total exposure. Norsk Hydro had a turnover of 150 MNOK, 36% of the total. From July 1 st, the fees will be reduced as follows: A per transaction fee-cap is introduced - maximum fee per transaction per end-customer will be NOK Fees for stock forwards and futures are reduced to 0.04% (from 0.05%) Please note that the dividend adjustment rule will be changed from July 1st. Currently the derivative contracts are adjusted for the part of dividends exceeding 5% of the underlying stock s value. With the new dividend rule, only derivative contracts for dividends deemed extraordinary by Oslo Børs will be adjusted for. The 100% dividend adjusted group will remain (currently consisting of SDRL and MHG). The OBX index currently has 26 members as a result of Schibsted s introduction of a new share class. The listing of B-shares has been treated as a demerger where both the A- and B-shares are included. The OBX index will contain 26 constituents until the next rebalance effective June 19 th. Oslo Børs offers standardised options and forward/futures on 20 stocks and the OBX index. In addition, there are futures listed on the OBOSX index. There are 8 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 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15

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

4 LIQUIDITY - OPTION PREMIUM DISTRIBUTION 22.0 % Option Premium last month 7.2 % 6.8 % 8.2 % 3.8 % 3.7 % 3.5 % 2.1 % 1.9 % 1.6 % 1.5 % 0.9 % 0.8 % 0.6 % 0.6 % Statoil OBX Options Yara International Marine Harvest Group Norwegian Air Shuttle Petroleum Geo-Services Norsk Hydro Opera Software DNB Seadrill Subsea 7 Telenor Storebrand TGS Nopec Geophysical Co % 0.3 % 0.2 % 0.0 % 0.0 % 0.4 % Royal Caribbean Cruises DNO International Orkla REC Silicon Gjensidige Forsikring Norske Skog Aker Solutions 12.8 % Option Premium YTD % 8.4 % 4.7 % 4.6 % 3.0 % 3.0 % 2.8 % 2.5 % 2.2 % Statoil OBX Options Yara International Norsk Hydro Storebrand Norwegian Air Shuttle DNB Telenor Marine Harvest Group Seadrill 20.2 % 23.5 % 0.1 % 0.0 % 0.3 % 0.3 % 0.1 % 2.2 % 1.7 % 1.5 % 0.6 % 0.5 % Subsea 7 TGS Nopec Geophysical Co. Petroleum Geo-Services Opera Software Royal Caribbean Cruises DNO International Orkla Aker Solutions REC Silicon Gjensidige Forsikring Norske Skog AKAKS Basket

5 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION 18.0 % 6.9 % Stock Fwd/Fut Premium last month 6.4 % 5.8 % 4.0 % 3.7 % 3.6 % 3.5 % 3.0 % 2.8 % Norsk Hydro Norwegian Air Shuttle Yara International Gjensidige Forsikring DNO International REC Silicon Seadrill Petroleum Geo-Services Opera Software Royal Caribbean Cruises 36.3 % 0.0 % 0.0 % 2.6 % 1.2 % 1.2 % 0.4 % 0.2 % 0.2 % 0.1 % Marine Harvest Group DNB Telenor Statoil Storebrand Orkla Norske Skog Subsea 7 Aker Solutions TGS Nopec Geophysical Co. Stock Fwd/Fut Premium YTD 2015 Norsk Hydro Norwegian Air Shuttle 6.6 % 5.9 % 5.7 % 5.2 % 3.9 % 3.7 % 3.6 % 3.1 % 3.1 % Seadrill Statoil Marine Harvest Group TGS Nopec Geophysical Co. Petroleum Geo-Services 9.1 % 3.1 % Telenor Subsea 7 Gjensidige Forsikring 9.4 % 1.6 % 1.5 % 0.9 % 0.9 % DNO International DNB Opera Software REC Silicon Yara International 0.7 % Royal Caribbean Cruises 31.7 % 0.2 % 0.1 % Orkla Storebrand Norske Skog Aker Solutions

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

8 BROKER STATISTICS - MAY 2015 Equity Options 13.8 % LSE Derivatives DNB BANK ASA 23.7 % 5.6 % 4.5 % 1.7 % 1.0 % 0.7 % 0.6 % 0.4 % 0.4 % 0.3 % Danske Bank A/S Sparebank 1 Markets Nordea Markets Arctic Securities ASA NetFonds AS Enskilda Securities Handelsbanken Capital Markets Carnegie ASA 47.1 % ABG Sundal Collier Norge ASA Pareto Securities AS 14.0 % Index Options 11.0 % 2.9 % 1.3 % 0.6 % 0.5 % 0.2 % DNB BANK ASA LSE Derivatives Danske Bank A/S Enskilda Securities Nordea Markets Sparebank 1 Markets 33.1 % Handelsbanken Capital Markets NetFonds AS 36.4 % Pareto Securities AS

9 Stock Forwards & Futures 88.0 % DNB BANK ASA Sparebank 1 Markets 5.9 % Carnegie ASA 5.3 % Danske Bank A/S 0.8 % 0.1 % Handelsbanken Capital Markets 37.0 % Index Futures 6.4 % 3.8 % 2.4 % 2.1 % 1.8 % 1.7 % 0.4 % DNB BANK ASA LSE Derivatives Handelsbanken Capital Markets Sparebank 1 Markets Enskilda Securities 0.1 % Carnegie ASA Danske Bank A/S NetFonds AS Nordea Markets 44.3 % Arctic Securities ASA "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 (currently 26 due to demerger in Schibsted), 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 [email protected]. Date: 1. jun OBX OBOSX Close - prev. day: OBOSX weight of OBX: 9.49 % Divisor: USDNOK: 7.79 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 AKA Akastor 0.23 % 3.22 % Oil & Gas Equipment & Services 2 AKSO Aker Solutions 0.79 % % Oil & Gas Equipment & Services 3 BWLPG BW LPG Limited 0.61 % $ Oil & Gas Storage & Transportation 4 DETNOR Det Norske Oljeselskap 0.60 % Oil & Gas Exploration & Production 5 DNB DNB % Diversified Banks 6 DNO DNO 0.78 % Oil & Gas Exploration & Production 7 FOE Fred Olsen Energy 0.23 % 3.13 % Oil & Gas Drilling 8 GJF Gjensidige Forsikring 2.78 % Multi-line Insurance 9 GOGL Golden Ocean Group 0.14 % Marine 10 MHG Marine Harvest 3.20 % Packaged Foods & Meats 11 NAS Norwegian 1.05 % Airlines 12 NHY Norsk Hydro 6.04 % Aluminum 13 OPERA Opera Software 1.04 % Internet Software & Services 14 ORK Orkla 5.75 % Packaged Foods & Meats 15 PGS Petroleum Geo-Services 1.18 % % Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 4.31 % $ Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.36 % Semiconductor Equipment 18 SCHA Schibsted A 4.66 % Publishing 19 SCHB Schibsted B 0.00 % Publishing 20 SDRL Seadrill 2.26 % % Oil & Gas Drilling 21 STB Storebrand 1.45 % Life & Health Insurance 22 STL Statoil % Integrated Oil & Gas 23 SUBC Subsea 7 S.A % % Oil & Gas Equipment & Services 24 TEL Telenor % ) Integrated Telecom. Services 25 TGS TGS Nopec Geophysical 2.31 % % Oil & Gas Equipment & Services 26 YAR Yara International 8.16 % 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) Telenor has, subject to approval at AGM , proposed a dividend of total NOK 7.30 for Pay-out in two tranches: NOK 3.80 last day inclusive and NOK 3.50 expected last day inclusive NB: Norwegian Stock derivatives will be adjusted for the part of dividends exceeding 5% of underlying fixing (vwap) on last Cum-date. SDRL and MHG are adjusted for the full dividend amount. Legends: = Recent updates XX.XX = Upcoming Dividend XX.XX = Upcoming Dividend exceeding 5% of Current Stock Price (Prev. Close). 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) Domicile: Norway 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: Liquidity: Tradable in blocks of around 5000 contracts. Sector: N/A Last (NOK): Avg.Imp.Vol last month: 16 % ISIN: NO Expiry: Each Month Reuters:.OBX Open Int Options (avg): Bloomberg: OBX NO Open Int Fut (avg): Weight of All Shares: 44.61% O/I Options avg. ytd: O/I Fut avg. ytd: Derivatives: Options & Futures Market Maker(s): 8 OBOSX Index (OBOSX) 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: Sector: OBX Index & Energy Last (NOK): Equipment and Service Index Avg.Imp.Vol last month: N/A ISIN: NO Expiry: Each Month Reuters:.OBOSX Bloomberg: OBOSX.IND Weight of OBX: 9.49% Derivatives: Futures Open Int Fut (avg): O/I Fut avg. ytd: Market Maker(s): Aker Solutions (AKSO) AKER SOLUTIONS is a global provider of Sector: Oil & Gas Equipment & products, systems and services to the oil and Services Last (NOK): gas industry. Its engineering, design and ISIN : NO Avg.Imp.Vol last month: 52 % technology bring discoveries into Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec production and maximize recovery. Home: Bloomberg : AKSO NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 0.79% O/I avg. ytd: Domicile: Norway contracts. 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: 21 % services related to the money and capital markets. Reuters : DNB.OL Expiry: Each Month Home: Bloomberg : DNB NO Open Int (avg): Liquidity: Tradable in blocks of 3000 OBX Weight : 15.46% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 7 DNO International (DNO) DNO International 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): ISIN : NO Avg.Imp.Vol last month: 60 % Reuters : DNO.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : DNO NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 0.78% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 2 Gjensidige Forsikring (GJF) GJENSIDIGE FORSIKRING is Norway's largest general insurance company, with business Sector: Multi-line Insurance Last (NOK): in Denmark, Sweden and the Baltic ISIN : NO Avg.Imp.Vol last month: 20 % countries. The group also offers banking, Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec pension and saving products in Norway. Home: Bloomberg : GJF NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 2.78% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

14 Marine Harvest Group (MHG) MARINE HARVEST is the world s leading Sector: Packaged Foods & Meats seafood company offering a wide range of Last (NOK): seafood products and produce one fourth of ISIN : NO Avg.Imp.Vol last month: 32 % the world's farmed salmon. The company is Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec present in 18 countries and has 5000 employees worldwide. Bloomberg : MHG NO Open Int (avg): Home: Liquidity: Tradable in blocks of 2000 OBX Weight: 3.20% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 4 Norwegian Air Shuttle (NAS) NORWEGIAN AIR SHUTTLE is Europe's third largest low cost airline and the second Sector: Airlines Last (NOK): largest airline in Scandinavia. Norwegian ISIN : NO Avg.Imp.Vol last month: 47 % operates 55 aircraft on 239 routes to 94 Reuters : NAS.OL Expiry: Mar, Jun, Sep, Dec destinations and employs approximately 2000 people. Bloomberg : NAS NO Open Int (avg): Home: Liquidity: Tradable in blocks of around 500 OBX Weight: 1.05% O/I avg. Ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 2 Norsk Hydro (NHY) NORSK HYDRO is a global supplier of Sector: Aluminum Last (NOK): aluminium with activities throughout the ISIN : NO Avg.Imp.Vol last month: 30 % value chain, from bauxite extraction to the Reuters : NHY.OL Expiry: Each Month production of rolled and extruded aluminium products and building systems. Based in Norway, the company employs people in more than 40 countries. Bloomberg : NHY NO and NOHYF US Open Int (avg): Home: Liquidity: Tradable in blocks of 5000 OBX Weight : 6.04% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 7

15 Norske Skog (NSG) NORSKE SKOG is one of the world's biggest Sector: Paper Products Last (NOK): 3.83 producer of publication paper, with 12 paper ISIN : NO Avg.Imp.Vol last month: 84 % mills in 10 countries and a production Reuters : NSG.OL Expiry: Mar, Jun, Sep, Dec capacity of around 4 mill. tonnes per year. Home: Bloomberg : NSG NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight : N/A O/I avg. ytd: 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: 50 % Reuters : OPERA.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : OPERA NO Open Int (avg): Liquidity: Tradable for volumes around 500 OBX Weight : 1.04% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 1 Orkla (ORK) ORKLA operates in the branded consumer goods, aluminium solutions and financial investment sectors. The Group has a turnover of NOK 57 billion and employees in more than 40 countries. Home: Sector: Industrial Conglomerates Last (NOK): ISIN : NO Avg.Imp.Vol last month: 21 % Reuters : ORK.OL Expiry: Each Month Bloomberg : ORK NO Open Int (avg): Liquidity: Tradable for volumes around 3000 OBX Weight : 5.75% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 5

16 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: 48 % Reuters : PGS.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : PGS NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 1.18% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 5 Royal Caribbean Cruises (RCL) ROYAL CARIBBEAN CRUISES is a global cruise Sector: Hotels, Resorts & Cruise Lines vacation company that operates Royal Last (NOK): Caribbean International, Celebrity Cruises, Pullmantur, Azamara Cruises and CDF ISIN : LR Avg.Imp.Vol last month: 32 % Croisières de France. The company has a Reuters : RCL.OL Expiry: Mar, Jun, Sep, Dec combined total of 38 ships in service and five under construction. Bloomberg : RCL NO Open Int (avg): Home: Liquidity: Tradable in blocks of 1000 OBX Weight : 4.31% O/I avg. ytd: Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3 REC Silicon (REC) REC SILICON is a leading producer of advanced silicon materials, delivering highpurity polysilicon and silane gas to the solar and electronics industries worldwide. Home: Sector: Semiconductor Equipment Last (NOK): 1.62 ISIN : NO Avg.Imp.Vol last month: 76 % Reuters : REC.OL Expiry: Each Month Bloomberg : REC NO Open Int (avg): Liquidity: Tradable in blocks of OBX Weight : 0.36% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 3

17 Seadrill (SDRL) SEADRILL is an international drilling Sector: Oil and Gas Drilling Last (NOK): contractor providing services within drilling and well services. Seadrill has ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 59 % employees, representing 25 nationalities on Reuters : SDRL.OL Expiry: Mar, Jun, Sep, Dec five continents. Home: Bloomberg : SDRL NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 2.26% O/I avg. ytd: Domicile: Bermuda contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6 Storebrand (STB) STOREBRAND is a leading player in the Sector: Life & Health Insurance markets for long-term savings and Last (NOK): insurance. The group consists of the ISIN : NO Avg.Imp.Vol last month: 33 % following business areas: life insurance, asset management, banking and non-life Reuters : STB.OL Expiry: Mar, Jun, Sep, Dec insurance. Bloomberg : STB NO Open Int (avg): Home: Liquidity: Tradable in blocks of 5000 OBX Weight : 1.45% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 5 Statoil (STL) STATOIL is the leading producer of petroleum on the NCS and has substantial Sector: Integrated Oil & Gas Last (NOK): production outside of Norway. Statoil is the ISIN : NO Avg.Imp.Vol last month: 26 % world's largest operator of offshore Reuters : STL.OL Expiry: Each month petroleum production with activities in 32 countries and approximately Bloomberg : SYO NO and STO US Open Int (avg): employees. Liquidity: Tradable in blocks of 5000 OBX Weight : 18.80% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 8

18 Subsea 7 (SUBC) Subsea 7 S.A. is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. Home: Sector: Oil & Gas Equipment & Services Last (NOK): ISIN: LU Avg.Imp.Vol last month: 43 % Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec Bloomberg: SUBC NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight: 2.49% O/I avg. ytd: Domicile: Luxembourg contracts. 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: 20 % Reuters : TEL.NO Expiry: Each Month Bloomberg : TEL NO and TELN US Open Int (avg): Liquidity: Traded in volumes of 3000 OBX Weight : 15.33% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 7 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: 36 % Reuters : TGS.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : TGS NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 2.31% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 2

19 Yara (YAR) YARA International ASA delivers solutions for sustainable agriculture and the environment. Founded in Norway in 1905, Yara has a worldwide presence with sales to 150 countries. Home: Sector: Fertilizers & Agricultural Chemicals Last (NOK): ISIN : NO Avg.Imp.Vol last month: 26 % Reuters : YAR.OL Expiry: Each Month Bloomberg : YAR NO Open Int (avg): Liquidity: Traded in blocks of around 2000 OBX Weight : 8.16% O/I avg. ytd: 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, NSG, OPERA, ORK, PGS, REC, RCL, SDRL, STB, STL, SUBC, TEL, TGS, YAR OBX, OBOSX, 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, ORK, SDRL, STL, SUBC, TEL OBX, AKSO, DNB, DNO, GJF, MHG, NHY, 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. 90% 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% 10% NHY ATM Implied Vol 100% 90% 80% 20% NAS ATM Implied Vol % 110% 100% 90% 80% NSG ATM Implied Vol

24 80% ORK ATM Implied Vol 20% 10% 90% OPERA ATM Implied Vol 80% 80% PGS ATM Implied Vol 20%

25 % 110% 100% 90% 80% REC ATM Implied Vol 80% RCL ATM Implied Vol 20% SDRL ATM Implied Vol 110% 90% 10%

26 90% 80% 20% 10% STL ATM Implied Vol 1 SUBC ATM Implied Vol 110% 90% 10% 1 STB ATM Implied Vol 120% 100% 80% 20%

27 55% 45% 35% 25% 20% TGS ATM Implied Vol 90% 80% 20% 10% TEL ATM Implied Vol 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.