DERIVATIVES, OSLO BØRS - JUNE 2014

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.

The OBX index increased by 2.3% to 566.95 points in June, and yet another all-time high was set on June 19th with 580.17 points. So far this year the index is up 12.6%. The semi-annual OBX revision came into effect Friday June 20th. BWLPG and RECSOL entered the index, and DETNOR exited the index. There were no changes to the OBOSX index which consists of constituents that are members of both the OBX index and the OSE101010 Index (energy equipment & service index). The average number of contracts traded in June was 46 158 contracts/day. The average ytd is 51 989, whereas the average for 2013 was 46 964 contracts/day. The stock derivative turnover in June was wonderful. The stock option premium increased by 73% to 115 MNOK, the highest turnover since August 2011 (ytd avg: 87 MNOK, 2013 avg: 69 MNOK). The forward exposure rose by 51% to 1 005 MNOK (ytd avg: 1 131 MNOK, 2013 avg: 888 MNOK). The index derivatives turnover fell slightly in June, but the numbers are still on or above the average for the year. The index future turnover decreased by 6% to 15.1 BNOK (ytd avg: 14 BNOK, 2013 avg: 13.3 BNOK), and the OBX option premium fell by 12% to 46 MNOK (ytd avg: 46 MNOK, 2013 avg: 36 MNOK). The most traded single stock option in June was Statoil with 24 MNOK, 21% of the total stock option premium turnover. Storebrand and Norsk Hydro followed with a turnover of 21 and 15 MNOK respectively. The top three stock derivatives accounted for 53% of the total stock option turnover for the month. Statoil, Yara and Gjensidige were the most traded stock forwards. Statoil had a turnover of 265 MNOK, 26% of the total. Oslo Børs currently offers standardised options and forward/futures on 20 stocks and the OBX index. In addition, there are futures listed on the OBOSX index. 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.

DERIVATIVES, OSLO BØRS - JUNE 2014

0

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Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Jun 14

Con

tracts

/ d

ay

Contract Distribution

Index Futures

Single StockFwd/Fut

OBX Index Options

Stock Options

TURNOVER - CONTRACTS/DAY (average)

STOCK OPTIONS 21 200

OBX - OPTIONS 4 105

STOCK FWD/FUT 7 551

INDEX - FUTURES 13 302

Contracts/day last month

STOCK OPTIONS 19 086

OBX - OPTIONS 3 726

STOCK FWD/FUT 15 959

INDEX - FUTURES 13 217

Contracts/day YTD 2014

LIQUIDITY - OPTION PREMIUM DISTRIBUTION

28.6 %

15.3 %

13.1 %

9.6 %

9.2 %

5.8 %

3.7 %2.8 %

2.1 %

2.0 %1.2 %1.2 %

1.1 %

1.0 %

0.8 %

0.7 %

0.5 %

0.5 %

0.3 %

0.3 %

0.0 %

Option Premium last month OBX Options

Statoil

Storebrand

Norsk Hydro

Yara International

DNB

Subsea 7

Opera Software

Seadrill

Norwegian Air Shuttle

Aker Solutions

TGS Nopec Geophysical Co.

Marine Harvest Group

DNO International

Royal Caribbean Cruises

Telenor

REC Silicon

Petroleum Geo-Services

Orkla

Gjensidige Forsikring

Norske Skog

34.5 %

18.4 %

10.3 %6.0 % 4.9 %

4.2 %

3.5 %

3.4 %

2.7 %

2.3 %

2.1 %

1.7 %

1.3 %1.1 %

1.0 %

0.7 %

0.6 %

0.5 %0.5 %

0.2 %

0.1 %

Option Premium YTD 2014 OBX Options

Statoil

Norsk Hydro

Yara International

Seadrill


DNB

Storebrand

Subsea 7



Telenor



Opera Software

Aker Solutions

REC Silicon

DNO International

Orkla


Norske Skog

SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION

26.4 %

10.8 %

9.2 %

7.7 %

7.4 %

5.7 % 5.5 %4.6 %

4.3 %

3.9 %

3.0 %

2.9 %

2.7 %

2.2 %

1.2 %

1.1 %

0.6 %

0.4 %

0.4 %

0.3 %

Stock Fwd/Fut Premium last month Statoil

Yara International


Telenor


DNO International


Norsk Hydro

Seadrill

DNB


Storebrand


Opera Software

REC Silicon

Aker Solutions

Subsea 7

Norske Skog

Orkla


18.2 %10.7 %

10.0 %

9.3 %

8.3 %

7.7 %

7.0 % 5.3 %

4.8 %

4.5 %

3.1 %2.8 %

2.5 %

2.3 %

1.1 %

0.9 %

0.8 %

0.3 %

0.2 %

0.2 %

Stock Fwd/Fut Premium YTD 2014 Norsk Hydro

Seadrill

Statoil

Yara International

Telenor



DNB


Subsea 7



DNO International

REC Silicon

Storebrand

Opera Software

Aker Solutions

Orkla


Norske Skog

PREMIUM - SINGLE STOCK DERIVATIVES

83

61

81

73

105

69 67

111

74

88

6766

115

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200 000

300 000

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Single Stock Options

Turnover Premium Open Interest (avg)

988

527

636

1 1

15

933

1 1

55

1 7

11

1 3

86 1

072

1 9

59

698

665

1 0

06

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1 200 000

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2 500


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Single Stock Forwards & Futures

Turnover Premium Open Interest (Avg)

PREMIUM - INDEX DERIVATIVES

47

39

11

22

69

44

24

64

36

3937

52

46

0

20 000

40 000

60 000

80 000

100 000

120 000

0

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60

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80


Op

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(avg

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Tu

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rem

ium

MN

OK

OBX - Index Options

Turnover premium / month

Open interest (avg)

14 5

44

13 4

98

13 6

23

15 2

09

14 9

95 12 1

81

12 2

08

14 6

82

13 5

36

12 5

19

12 0

59

16 0

29

15 0

95

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xp

osu

re M

NO

K

Index Futures

Turnover exposure MNOK

Open Interest (avg)

BROKER STATISTICS - JUNE 2014

37.1 %

30.3 %

12.9 %5.1 %

4.2 %3.5 %

2.0 %

2.0 %

1.9 %

0.5 %0.2 %

0.1 %

Equity OptionsDNB BANK ASA

LSE Derivatives

Danske Bank A/S

Handelsbanken CapitalMarkets

Enskilda Securities

Nordnet Bank AB

Nordea Markets

Sparebank 1 Markets

NetFonds AS

Carnegie ASA

Pareto Securities AS

Swedbank Norge

28.3 %

23.5 %

18.7 %

13.5 %

5.3 %

3.4 %

2.0 %

1.7 %

1.6 %

1.0 %

0.9 %

Index OptionsLSE Derivatives

DNB BANK ASA

Enskilda Securities

Danske Bank A/S

NetFonds AS

Swedbank Norge

Nordnet Bank AB

Handelsbanken CapitalMarkets

Nordea Markets

Sparebank 1 Markets

Pareto Securities AS

"LSE Derivatives" is a composite entry and includes all derivatives members at London Stock Exchange Derivatives Market.

97.0 %

1.5 %1.0 %

0.4 %

0.1 %

Stock Forwards & Futures

DNB BANK ASA

Carnegie ASA

Sparebank 1 Markets

NetFonds AS

HandelsbankenCapital Markets

43.6 %

23.7 %

9.6 %

8.9 %

5.9 %

4.0 %

1.9 %

1.9 %

0.2 %

0.1 %

0.1 %

Index FuturesDNB BANK ASA

LSE Derivatives

Enskilda Securities

HandelsbankenCapital Markets

Sparebank 1Markets

Nordea Markets

Carnegie ASA

Danske Bank A/S

Nordnet Bank AB

RS Platou MarketsAS

Arctic SecuritiesASA

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.

OBX INDEX - CONSTITUENTS AND OTHER INFORMATION

30.06.14: 566.95 All time high (19.06.14 close): 580.17

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. jul. 2014

OBX OBOSX

Close - prev. day: 566.95 117.82 OBOSX weight of OBX: 16.12 %

Divisor: 1 542 700 526 1 196 800 657 USDNOK: 6.14

Weight % Weight % Close Last Day Dividend Dividend Last Update Free Float Free Float Multiplier Multiplier Value

Ticker Company Name in OBX in OBOSX Prev. day Note Incl. Div. Stock in NOK Div. Info Stocks - OBX Value - OBX OBOSX OBOSX Industry

1 AKSO Aker Solutions 1.82 % 12.22 % 106.60 1 10.04.14 4.10 04.04.14 149 624 413 15 949 962 426 161 586 598 17 225 131 347 Oil & Gas Equipment & Services

2 BWLPG BW LPG Limited 0.77 % 90.00 22.05.14 $0.15 0.92 19.06.14 74 952 010 6 745 680 900 Oil & Gas Storage & Transportation

3 DNB DNB 12.54 % 112.20 24.04.14 2.70 26.06.14 977 279 316 109 650 739 255 Diversified Banks

4 DNO DNO 1.63 % 23.59 05.06.14 0.00 15.05.14 606 137 553 14 298 784 875 Oil & Gas Exploration & Production

5 FOE Fred Olsen Energy 0.66 % 4.42 % 174.00 27.05.14 20.00 08.05.14 33 132 064 5 764 979 136 35 780 909 6 225 878 166 Oil & Gas Drilling

6 GJF Gjensidige Forsikring 2.52 % 110.00 24.04.14 12.80 08.05.14 199 972 026 21 996 922 860 Multi-line Insurance

7 GOGL Golden Ocean Group 0.31 % 10.26 03.06.14 $0.025 0.15 23.05.14 268 357 077 2 753 343 610 Marine

8 MHG Marine Harvest 2.95 % 83.75 22.05.14 5.00 23.05.14 307 612 936 25 762 583 390 Packaged Foods & Meats

9 NAS Norwegian 0.65 % 201.40 14.05.14 15.05.14 28 129 711 5 665 323 795 Airlines

10 NHY Norsk Hydro 5.36 % 32.83 07.05.14 0.75 08.05.14 1 427 882 601 46 877 385 791 Aluminum

11 OPERA Opera Software 1.18 % 81.80 03.06.14 0.24 26.06.14 125 634 258 10 276 882 304 Internet Software & Services

12 ORK Orkla 5.07 % 54.65 10.04.14 2.50 08.05.14 811 931 091 44 372 034 123 Packaged Foods & Meats

13 PGS Petroleum Geo-Services 1.59 % 10.68 % 65.00 08.05.14 2.30 26.06.14 214 472 997 13 940 744 805 231 619 702 15 055 280 630 Oil & Gas Equipment & Services

14 PRS Prosafe 1.37 % 9.14 % 50.60 03.06.14 0.95 27.06.14 235 960 972 11 939 625 183 254 825 600 12 894 175 360 Oil & Gas Equipment & Services

15 RCL Royal Caribbean Cruises 2.67 % 340.50 15.05.14 $0.25 1.54 27.06.14 68 695 241 23 390 729 561 Hotels, Resorts & Cruise Lines

16 REC REC Silicon ASA 0.80 % 3.546 12.05.14 26.05.14 1 966 742 364 6 974 068 423 Semiconductor Equipment

17 RECSOL REC Solar ASA 0.41 % 93.450 31.03.14 26.06.14 38 000 000 3 551 100 000 Semiconductor Equipment

18 SCH Schibsted 2.94 % 319.50 07.05.14 3.50 27.06.14 80 511 405 25 723 393 898 Publishing

19 SDRL Seadrill 4.89 % 31.25 % 243.30 06.06.14 $1.00 6.14 08.04.14 175 680 720 42 743 119 176 181 096 185 44 060 701 811 Oil & Gas Drilling

20 STB Storebrand 1.77 % 34.53 09.04.14 0.00 27.06.14 447 499 099 15 452 143 888 Life & Health Insurance

21 STL Statoil 23.98 % 188.40 2 13.08.14 1.80 15.05.14 1 113 289 139 209 743 673 788 Integrated Oil & Gas

22 SUBC Subsea 7 S.A. 3.46 % 16.98 % 114.40 27.06.14 3.60 30.06.14 264 512 647 30 260 246 817 209 315 542 23 945 698 005 Oil & Gas Equipment & Services

23 TEL Telenor 12.06 % 139.70 14.05.14 7.00 27.06.14 754 821 261 105 448 530 162 Integrated Telecom. Services

24 TGS TGS Nopec Geophysical 2.29 % 15.32 % 196.10 03.06.14 8.50 15.05.14 102 022 024 20 006 518 906 110 178 489 21 606 001 693 Oil & Gas Equipment & Services

25 YAR Yara International 6.33 % 307.30 05.05.14 10.00 26.06.14 180 083 091 55 339 533 864 Fertilizers & Agricultural Chemicals

Tot: OBX 100.00 % 566.95 874 628 050 936

Tot: OBOSX 100.00 % 117.82 141 012 867 011

Note Note Explanation

Gen. AGM/ Last inclusive dates as notified on respective company's web page, and dividend proposed by the board

1 Aker Solutions proposes to split into two companies in September. Will be decided on a EGM in August.

2 The Board proposes to implement a quarterly dividend, starting from Q1 2014 with NOK 1.80.

New OBX composition from 20th June: BW LPG (BWLPG) and REC Solar (RECSOL) will enter, and Det Norske Oljeselskap (DETNOR) will exit. No composition change for OBOSX. Please see Index Notice at www.newsweb.no

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.

mailto:[email protected]

OSLO BØRS - LISTED DERIVATIVES OPEN INTEREST - OPTIONS AND INDEX FUTURES ONLY

Last (NOK): 566.95

Avg.Imp.Vol last month: 12 %

ISIN: NO 000 000 0021 Expiry: Each Month

Reuters: .OBX Open Int Options (avg): 95 888

Bloomberg: OBX NO Open Int Fut (avg): 110 551

Weight of All Shares: 44.33% O/I Options avg. ytd: 67 427

O/I Fut avg. ytd: 93 500

Market Maker(s): 7

Last (NOK): 117.82

Avg.Imp.Vol last month: N/A

ISIN: NO 001 059 0086 Expiry: Each Month

Reuters: .OBOSX

Bloomberg: OBOSX.IND

Weight of OBX: 16.12%

Market Maker(s): 2

Aker Solutions (AKSO)Sector: Oil & Gas Equipment &

Services 10101020 Last (NOK): 107.30

ISIN : NO 0010215684 Avg.Imp.Vol last month: 27 %

Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : AKSO NO Open Int (avg): 2 915

OBX Weight : 1.82% O/I avg. ytd: 4 698

Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 2

Open Int Fut (avg):

O/I Fut avg. ytd:

976

735

OBOSX Index (OBOSX)Sector: OBX Index & Energy

Equipment and Service Index

Domicile: Norway Derivatives: Futures

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: www.oslobors.no

AKER SOLUTIONS is through its subsidiaries

and affiliates a leading global provider of

engineering and construction services,

technology products and integrated

solutions.

Home: www.akersolutions.com

Liquidity: Tradable for volumes around 2000

contracts.

Sector: N/AThe 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: www.oslobors.no

Liquidity: Tradable in blocks of around 5000

contracts. Domicile: Norway

OBX Index (OBX)

Derivatives: Options & Futures

DNB (DNB) Sector: Diversified Banks 40101010 Last (NOK): 112.90

ISIN : NO 001 003 1479 Avg.Imp.Vol last month: 18 %

Reuters : DNB.OL Expiry: Each Month

Bloomberg : DNB NO Open Int (avg): 27 889



DNO International (DNO)Sector: Oil & Gas Exploration &

Production 10102020 Last (NOK): 23.86


Reuters : DNO.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : DNO NO Open Int (avg): 11 097



Gjensidige Forsikring (GJF) Sector: Multi-line Insurance 40301030 Last (NOK): 111.60

ISIN : NO 0010582521 Avg.Imp.Vol last month: 18 %

Reuters : GJF.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : GJF NO Open Int (avg): 2 347



DNB is Norway's largest financial services

group and offers financial products and

services related to the money and capital

markets.

Home: www.dnb.no

Liquidity: Tradable in blocks of 3000

contracts.

GJENSIDIGE FORSIKRING is Norway's largest

general insurance company, with business

in Denmark, Sweden and the Baltic

countries. The group also offers banking,

pension and saving products in Norway.

Home: www.gjensidige.com


contracts.


contracts.

DNO International is an international

independent petroleum company engaged

in the acquisition, exploration,

development and operation of oil and

natural gas properties.

Home: www.dno.no

Marine Harvest Group (MHG)Sector: Packaged Foods & Meats

30202030 Last (NOK): 84.65


Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : MHG NO Open Int (avg): 62 532

OBX Weight: 2.95% O/I avg. ytd: 121 916


Norwegian Air Shuttle (NAS) Sector: Airlines 20302010 Last (NOK): 197.60


Reuters : NAS.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : NAS NO Open Int (avg)*: 7 493

OBX Weight: 0.65% O/I avg. Ytd*: 7 336


Norsk Hydro (NHY) Sector: Aluminum 15104010 Last (NOK): 32.96


Reuters : NHY.OL Expiry: Each Month

Bloomberg : NHY NO and NOHYF US Open Int (avg): 114 908




contracts.

MARINE HARVEST is the world’s leading

seafood company offering a wide range of

seafood products and produce one fourth of

the world's farmed salmon. The company is

present in 18 countries and has 5000

employees worldwide.

Home: www.marineharvest.com

NORSK HYDRO is a global supplier of

aluminium with activities throughout the

value chain, from bauxite extraction to the

production of rolled and extruded

aluminium products and building systems.

Based in Norway, the company employs 22

000 people in more than 40 countries.

Home: www.hydro.com


contracts.

NORWEGIAN AIR SHUTTLE is Europe's third

largest low cost airline and the second

largest airline in Scandinavia. Norwegian

operates 55 aircraft on 239 routes to 94

destinations and employs approximately

2000 people.

Home: www.norwegian.no

Liquidity: Tradable in blocks of around 500

contracts.

Norske Skog (NSG) Sector: Paper Products 15105020 Last (NOK): 4.95


Reuters : NSG.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : NSG NO Open Int (avg): 3 663

OBX Weight : N/A O/I avg. ytd: 3 234


Opera Software (OPERA)Sector: Internet Software & Services

45101010 Last (NOK): 81.90


Reuters : OPERA.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : OPERA NO Open Int (avg): 9 525



Orkla (ORK)Sector: Industrial Conglomerates

20105010 Last (NOK): 54.95


Reuters : ORK.OL Expiry: Each Month

Bloomberg : ORK NO Open Int (avg): 7 269



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: www.opera.com


contracts.

NORSKE SKOG is one of the world's biggest

producer of publication paper, with 12 paper

mills in 10 countries and a production

capacity of around 4 mill. tonnes per year.

Home: www.norskeskog.com


contracts.

ORKLA operates in the branded consumer

goods, aluminium solutions and financial

investment sectors. The Group has a

turnover of NOK 57 billion and 30 000

employees in more than 40 countries.

Home: www.orkla.no


contracts.

Petroleum Geo-Services (PGS)Sector: Oil & Gas Equipment &



Reuters : PGS.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : PGS NO Open Int (avg): 15 685



Royal Caribbean Cruises (RCL)Sector: Hotels, Resorts & Cruise Lines

25301020 Last (NOK): 342.40

ISIN : LR 000 886 2868 Avg.Imp.Vol last month: 25 %

Reuters : RCL.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : RCL NO Open Int (avg): 5 238


Domicile: Liberia Derivatives : Options & Fwd/Fut Market Maker(s): 3

REC Silicon (REC)Sector: Semiconductor Equipment

45301010 Last (NOK): 3.50


Reuters : REC.OL Expiry: Each Month

Bloomberg : REC NO Open Int (avg): 41 550



PETROLEUM GEO-SERVICES is a

technologically focused oilfield service

company involved in providing geophysical

services worldwide.

Home: www.pgs.com


contracts.

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: www.rclinvestor.com Liquidity: Tradable in blocks of 1000

contracts.

REC SILICON is a leading producer of

advanced silicon materials, delivering high-

purity polysilicon and silane gas to the solar

and electronics industries worldwide.

Home: www.recsilicon.com

Liquidity: Tradable in blocks of 4000-5000

contracts.

Seadrill (SDRL) Sector: Oil and Gas Drilling 10101010 Last (NOK): 245.80

ISIN: BMG 7945E 1057 Avg.Imp.Vol last month: 25 %

Reuters : SDRL.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : SDRL NO Open Int (avg): 11 492


Domicile: Bermuda Derivatives : Options & Fwd/Fut Market Maker(s): 5

Storebrand (STB)Sector: Life & Health Insurance

40301020 Last (NOK): 34.75


Reuters : STB.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : STB NO Open Int (avg): 84 778



Statoil (STL) Sector: Integrated Oil & Gas 10102010 Last (NOK): 190.50


Reuters : STL.OL Expiry: Each month

Bloomberg : SYO NO and STO US Open Int (avg): 73 948



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: www.storebrand.com


contracts.

STATOIL is the leading producer of

petroleum on the NCS and has substantial

production outside of Norway. Statoil is the

world's largest operator of offshore

petroleum production with activities in 32

countries and approximately 30 000

employees.


contracts.


contracts.

SEADRILL is an international drilling

contractor providing services within drilling

and well services. Seadrill has 7 000

employees, representing 25 nationalities on

five continents.

Home: www.seadrill.com

Subsea 7 (SUBC)Sector: Oil & Gas Equipment &


ISIN: LU 007 564 6355 Avg.Imp.Vol last month: 23 %

Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg: SUBC NO Open Int (avg): 35 600

OBX Weight: 3.46% O/I avg. ytd: 47 873

Domicile: Luxembourg Derivatives: Options & Fwd/Fut Market Maker(s): 5

Telenor (TEL)Sector: Integrated Telecom. Services

50101020 Last (NOK): 140.20


Reuters : TEL.NO Expiry: Each Month

Bloomberg : TEL NO and TELN US Open Int (avg): 9 704



TGS-Nopec (TGS)Sector: Oil & Gas Equipment &



Reuters : TGS.OL Expiry: Mar, Jun, Sep, Dec

Bloomberg : TGS NO Open Int (avg): 4 380



Subsea 7 S.A. is a seabed-to-surface

engineering, construction and services

contractor to the offshore energy industry

worldwide.

Home: www.subsea7.com


contracts.

TGS-NOPEC provides multi-client

geoscience data and services to oil and gas

Exploration and Production companies

around the globe. TGS also provides high-

end depth imaging services to help resolve

complex seismic imaging problems.

Home: www.tgs.com


contracts.

TELENOR Group is a leading international

provider of communications services and

one of the largest mobile operators

worldwide.

Home: www.telenor.com

Liquidity: Traded in volumes of 3000

contracts.

Yara (YAR)Sector: Fertilizers & Agricultural

Chemicals 15101030 Last (NOK): 309.10


Reuters : YAR.OL Expiry: Each Month

Bloomberg : YAR NO Open Int (avg): 16 146



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: www.yara.com

Liquidity: Traded in blocks of around 2000

contracts.

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

MARKET MAKERS

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.

OPTIONS - ATM IMPLIED VOLATILITIES

20%

30%

40%

50%

60%

70%

AKSO ATM Implied Vol

10%

30%

50%

70%

90%

110%

130%

DNB ATM Implied Vol

10%

20%

30%

40%

50%

60%

70%

80%

90%

OBX ATM Implied Vol

10%

15%

20%

25%

30%

GJF ATM Implied Vol

10%

30%

50%

70%

90%

110%

130%

150%

MHG ATM Implied Vol

40%

45%

50%

55%

60%

65%

70%

75%

80%

DNO ATM Implied Vol

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

NHY ATM Implied Vol

40%

50%

60%

70%

80%

90%

100%

110%

120%

130%

NSG ATM Implied Vol

20%

30%

40%

50%

60%

70%

80%

90%

100%

NAS ATM Implied Vol

10%

20%

30%

40%

50%

60%

70%

80%

ORK ATM Implied Vol

20%

30%

40%

50%

60%

70%

80%

PGS ATM Implied Vol

10%

15%

20%

25%

30%

35%

40%

OPERA ATM Implied Vol

40%

50%

60%

70%

80%

90%

100%

110%

120%

130%

140%

REC ATM Implied Vol

10%

30%

50%

70%

90%

110%

SDRL ATM Implied Vol

20%

30%

40%

50%

60%

70%

80%

RCL ATM Implied Vol

20%

40%

60%

80%

100%

120%

140%

STB ATM Implied Vol

10%

20%

30%

40%

50%

60%

70%

80%

90%

STL ATM Implied Vol

10%

30%

50%

70%

90%

110%

130%

SUBC 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.

10%

20%

30%

40%

50%

60%

70%

80%

90%

TEL ATM Implied Vol

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

YAR ATM Implied Vol

20%

25%

30%

35%

40%

45%

50%

55%

60%

TGS ATM Implied Vol

Documents

DERIVATIVES, OSLO BØRS - JUNE 2014