DERIVATIVES, OSLO BØRS - SEPTEMBER 2015

Transcription

1 DERIVATIVES, OSLO BØRS - SEPTEMBER 2015 The OBX index dropped 2.7% to points in September. So far this year the index is down 1.1%. The average number of contracts traded in September was contracts/day. The average yearto-date is , whereas the average for 2014 was The forward exposure increased by 169% to MNOK (2015 avg: 941 MNOK), whereas the stock option premium rose by 41% to 82 MNOK (2015 avg: 86 MNOK). As for the index turnover, the numbers decreased from the record levels in August. The OBX option premium fell by 64% to 61 MNOK, but the turnover is still well above the average for the year of 49 MNOK. The index future turnover decreased by 16% to 13.1 BNOK (2015 avg: 13.3 BNOK). The most traded single stock option in September was DNB with 25 MNOK, 31% of the total stock option premium turnover. Storebrand and Statoil followed with a turnover of 16 and 10 MNOK respectively. The top three stock derivatives accounted for 62% of the total stock option turnover for the month. TGS Nopec, Norsk Hydro and Norwegian were the most traded stock forwards, accounting for 55% of the total exposure. TGS had a turnover of 255 MNOK, 23% 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 will change 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 October, November and December 2015 derivatives expiries only. Please note that Oslo Børs will remove the OBOSX capping as of the next revision in December. 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 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 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15

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

4 LIQUIDITY - OPTION PREMIUM DISTRIBUTION 17.5 % Option Premium last month 6.9 % 11.1 % 3.6 % 3.3 % 2.8 % 2.3 % 2.2 % 1.9 % OBX Options DNB Storebrand Statoil Marine Harvest Group Yara International Norsk Hydro DNO International Seadrill 42.8 % 0.1 % 0.1 % 0.0 % 1.3 % 1.1 % 1.0 % 0.7 % 0.6 % 0.6 % 0.2 % 0.1 % Norwegian Air Shuttle Subsea 7 Opera Software Telenor TGS Nopec Geoph. REC Silicon Royal Caribbean Cruises Orkla Aker Solutions Gjensidige Forsikring Petroleum Geo-Services Norske Skog 17.3 % 36.2 % Option Premium YTD % 7.1 % 5.5 % 4.7 % 3.5 % 2.7 % 2.7 % 2.4 % 1.6 % 1.7 % 1.5 % 1.2 % 1.1 % 1.0 % 0.4 % 0.3 % 0.2 % 0.2 % 0.1 % OBX Options Statoil Yara International Norsk Hydro DNB Storebrand Norwegian Air Shuttle Seadrill Telenor Marine Harvest Group Subsea 7 Opera Software TGS Nopec Geoph. Petroleum Geo-Services Royal Caribbean Cruises DNO International REC Silicon Orkla Aker Solutions Gjensidige Forsikring Norske Skog

5 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION Stock Fwd/Fut Premium last month 12.0 % 7.7 % TGS Nopec Geoph. Norsk Hydro Norwegian Air Shuttle 13.4 % 19.1 % 22.8 % 6.4 % 3.1 % 3.1 % 2.2 % 2.2 % 2.0 % 1.9 % 1.8 % 1.2 % 0.7 % 0.2 % 0.1 % 0.1 % 0.0 % Petroleum Geo-Services Statoil DNO International Yara International Seadrill DNB REC Silicon Telenor Gjensidige Forsikring Opera Software Storebrand Marine Harvest Group Subsea 7 Aker Solutions Royal Caribbean Cruises Norske Skog 6.9 % 6.9 % 7.8 % 10.5 % Stock Fwd/Fut Premium YTD % 29.2 % 5.5 % 4.7 % 3.8 % 3.1 % 3.0 % 2.7 % 2.7 % 2.6 % 1.6 % 1.1 % 0.7 % 0.7 % 0.1 % 0.1 % Norsk Hydro Norwegian Air Shuttle Seadrill TGS Nopec Geoph. Statoil Marine Harvest Group Petroleum Geo-Services Gjensidige Forsikring DNO International Telenor DNB Subsea 7 Yara International Opera Software REC Silicon Storebrand Royal Caribbean Cruises Orkla 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 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 0 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep Turnover Premium Open Interest (Avg)

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

8 BROKER STATISTICS - SEPTEMBER % Equity Options 8.7 % 6.9 % LSE Derivatives DNB BANK ASA Nordea Markets 15.6 % 6.7 % Danske Bank A/S 1.3 % 1.0 % 0.1 % 0.1 % 0.0 % Enskilda Securities Sparebank 1 Markets Arctic Securities ASA NetFonds AS 16.8 % Handelsbanken Capital Markets Swedbank Norge 34.0 % Pareto Securities AS Fondsfinans ASA Index Options 17.7 % 11.2 % 5.1 % 2.6 % 1.2 % 1.1 % 0.8 % 0.8 % LSE Derivatives Danske Bank A/S DNB BANK ASA Enskilda Securities Sparebank 1 Markets Swedbank Norge Handelsbanken Capital Markets NetFonds AS 26.7 % 32.7 % Pareto Securities AS Nordea Markets

9 34.0 % Index Futures 13.4 % 37.9 % 5.0 % 4.1 % 3.1 % 1.2 % 0.9 % 0.2 % 0.2 % 0.1 % 0.1 % DNB BANK ASA LSE Derivatives Handelsbanken Capital Markets Enskilda Securities Sparebank 1 Markets Danske Bank A/S Carnegie ASA Nordea Markets Arctic Securities ASA ABG Sundal Collier Norge ASA NetFonds AS Swedbank Norge Stock Forwards & Futures 42.7 % DNB BANK ASA LSE Derivatives 45.9 % 8.0 % 1.7 % 0.8 % 0.8 % 0.1 % Sparebank 1 Markets Carnegie ASA Danske Bank A/S Fondsfinans ASA Enskilda Securities "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: 1. okt OBX OBOSX Close - prev. day: OBOSX weight of OBX: 7.43 % Divisor: USDNOK: 8.52 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 0.60 % % Oil & Gas Equipment & Services 2 BWLPG BW LPG Limited 0.53 % Oil & Gas Storage & Transportation 3 DETNOR Det Norske Oljeselskap 0.65 % Oil & Gas Exploration & Production 4 DNB DNB % Diversified Banks 5 DNO DNO 0.80 % Oil & Gas Exploration & Production 6 FOE Fred Olsen Energy 0.20 % 4.33 % Oil & Gas Drilling 7 FRO Frontline 0.18 % Oil & Gas Storage & Transportation 8 GJF Gjensidige Forsikring 3.11 % Multi-line Insurance 9 MHG Marine Harvest 4.97 % Packaged Foods & Meats 10 NAS Norwegian 1.27 % Airlines 11 NHY Norsk Hydro 5.50 % Aluminum 12 NOD Nordic Semiconductor 0.92 % Integrated Telecommunication Services 13 OPERA Opera Software 0.86 % Internet Software & Services 14 ORK Orkla 6.97 % Packaged Foods & Meats 15 PGS Petroleum Geo-Services 0.95 % % Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 5.27 % Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.37 % Semiconductor Equipment 18 SCHA Schibsted A 3.16 % Publishing 19 SDRL Seadrill 1.37 % % Oil & Gas Drilling 20 STB Storebrand 1.70 % 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 2.16 % % Oil & Gas Equipment & Services 25 YAR Yara International 8.25 % 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) Second tranche of Telenor's 2015 dividend has last day inclusive and a dividend amount of 3.50 NB: Norwegian Stock derivatives are adjusted for extraordinary dividends. SDRL and MHG are adjusted for all dividends.

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: 25 % ISIN: NO Expiry: Each Month Reuters:.OBX Open Int Options (avg): Bloomberg: OBX NO Open Int Fut (avg): Weight of All Shares: 43.25% O/I Options avg. ytd: Derivatives: Options & Futures O/I Fut avg. ytd: 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: 7.43% 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 & Last (NOK): products, systems and services to the oil and Services gas industry. Its engineering, design and ISIN : NO Avg.Imp.Vol last month: 57 % technology bring discoveries into Reuters : AKSO.OL Expiry: Each Month production and maximize recovery. Home: Bloomberg : AKSO NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 0. 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: 31 % services related to the money and capital Reuters : DNB.OL Expiry: Each Month markets. Home: Bloomberg : DNB NO Open Int (avg): Liquidity: Tradable in blocks of 3000 OBX Weight : 13.84% O/I avg. ytd: 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): 9.91 ISIN : NO Avg.Imp.Vol last month: 67 % Reuters : DNO.OL Expiry: Each Month Bloomberg : DNO NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 0.80% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 2 Gjensidige Forsikring (GJF) GJENSIDIGE is Norway's largest general insurance company, with business in Sector: Multi-line Insurance Last (NOK): Denmark, Sweden and the Baltic countries. ISIN : NO Avg.Imp.Vol last month: 20 % The group also offers banking, pension and saving products in Norway. Reuters : GJF.OL Expiry: Each Month Home: Bloomberg : GJF NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 3.11% O/I avg. ytd: 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: 26 % Reuters : MHG.OL Expiry: Each Month Bloomberg : MHG NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight: 4.97% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 4 Norwegian Air Shuttle (NAS) NORWEGIAN AIR SHUTTLE is the third largest Sector: Airlines low cost carrier in Europe with 20 million Last (NOK): customers annually. The company has a total ISIN : NO of 401 routes to 124 destinations, and Avg.Imp.Vol last month: 43 % employs The company has 268 Reuters : NAS.OL Expiry: Each Month undelivered aircraft on firm order. Home: Bloomberg : NAS NO Open Int (avg): Liquidity: Tradable in blocks of around 500 OBX Weight: 1.27% O/I avg. Ytd: 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 chain. Based ISIN : NO Avg.Imp.Vol last month: 38 % in Norway, the company has 13,000 employees involved in activities in more Reuters : NHY.OL Expiry: Each Month than 50 countries on all continents. Home: Bloomberg : NHY NO and NOHYF US Open Int (avg): Liquidity: Tradable in blocks of 5000 OBX Weight : 5. O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 7

15 Nordic Semiconductor (NOD) NORDIC SEMICONDUCTOR develops and Sector: Semiconductors Last (NOK): sells integrated circuits and related solutions for short-range wireless ISIN : NO Avg.Imp.Vol last month: * communication. The company specializes in ultra-low power (ULP) components, based Reuters : NOD.OL Expiry: Each Month on its proprietary 2.4 GHz RF technology. Home: Bloomberg : NOD NO Open Int (avg): * OBX Weight : 0.92% O/I avg. ytd: * * Listed October 1st Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 3 Norske Skog (NSG) NORSKE SKOG is one of the world's biggest Sector: Paper Products Last (NOK): 2.03 producer of publication paper, with 9 paper ISIN : NO Avg.Imp.Vol last month: 101 % mills in 7 countries and a production capacity of around 3 mill. tonnes per year. Reuters : NSG.OL Expiry: Each Month 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: 64 % Reuters : OPERA.OL Expiry: Each Month Bloomberg : OPERA NO Open Int (avg): Liquidity: Tradable for volumes around 500 OBX Weight : 0.86% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 1

16 Orkla (ORK) Sector: Industrial Conglomerates Last (NOK): ISIN : NO Avg.Imp.Vol last month: 25 % Reuters : ORK.OL Expiry: Each Month Bloomberg : ORK NO Open Int (avg): Liquidity: Tradable for volumes around 3000 OBX Weight : 6.97% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 5 Petroleum Geo-Services (PGS) 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: 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: 53 % Reuters : PGS.OL Expiry: Each Month Bloomberg : PGS NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 0.95% 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: 31 % Croisières de France. The company has a Expiry: October, November, December Reuters : RCL.OL combined total of 38 ships in service and 2015 due to application of delisting. five under construction. Home: Bloomberg : RCL NO Open Int (avg): 753 Liquidity: Tradable in blocks of 1000 OBX Weight : 5.27% O/I avg. ytd: Domicile: Liberia contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3

17 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. The company is headquartered in Moses Lake, Washington and employs 800 people. Home: Sector: Semiconductor Equipment Last (NOK): 1.61 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 : 0.37% O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 3 Seadrill (SDRL) SEADRILL is an international drilling contractor providing services within drilling Sector: Oil and Gas Drilling Last (NOK): and well services. Seadrill's versatile fleet ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 73 % includes semi-submersibles, jack-ups, tender rigs and deepwater drillships.seadrill Reuters : SDRL.OL Expiry: Each Month has employees, representing 25 nationalities on five continents. Home: Bloomberg : SDRL NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 1.37% O/I avg. ytd: Domicile: Bermuda contracts. 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: 41 % Reuters : STB.OL Expiry: Each Month Bloomberg : STB NO Open Int (avg): Liquidity: Tradable in blocks of 5000 OBX Weight : 1. O/I avg. ytd: Derivatives : Options & Fwd/Fut Market Maker(s): 5

18 STATOIL is an international energy company Statoil (STL) Sector: Integrated Oil & Gas Last (NOK): with app employees and operations in 34 countries. Building on 40 years of ISIN : NO Avg.Imp.Vol last month: 33 % experience, the company is committed to accommodating the world's energy needs in Reuters : STL.OL Expiry: Each month a responsible manner, applying technology and creating innovative business solutions. Bloomberg : SYO NO and STO US Open Int (avg): Home: Liquidity: Tradable in blocks of 5000 OBX Weight : 18.75% O/I avg. ytd: 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: 47 % Reuters: SUBC.OL Expiry: Each Month Bloomberg: SUBC NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight: 2.26% 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: 26 % Reuters : TEL.NO Expiry: Each Month Bloomberg : TEL NO and TELN US Open Int (avg): Liquidity: Traded in volumes of 3000 OBX Weight : 15.35% O/I avg. ytd: 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): Liquidity: Tradable for volumes around 1000 OBX Weight : 2.16% O/I avg. ytd: 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: 32 % Reuters : YAR.OL Expiry: Each Month Bloomberg : YAR NO Open Int (avg): Liquidity: Traded in blocks of around 2000 OBX Weight : 8.25% 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, NOD, 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, 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. 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.