DERIVATIVES, OSLO BØRS - JANUARY 2014

Transcription

1 DERIVATIVES, OSLO BØRS - JANUARY 2014 The OBX index decreased 2.7% to points in January, and the index reached yet another alltime high on January 21 st with points. The average number of contracts traded remained high in January with contracts/day. The average for 2013 was contracts/day. The derivatives market 2014 has gotten off to a good start. The stock option premium increased by 66% to 111 MNOK, the highest since August 2011 (2013 avg: 69 MNOK). The forward exposure decreased by 19% to MNOK, still well above the 2013 average of 888 MNOK. As for the index products, the OBX option premium rose by 167% to 64 MNOK (2013 avg: 36 MNOK), whereas the index future turnover increased by to 14.7 BNOK (2013 avg: 13.3 BNOK). The most traded stock option in January was Norsk Hydro with 29 MNOK or 26% of the total stock option premium turnover. Statoil and Yara followed. The top three stock derivatives accounted for 58% of the total stock option turnover for the month. Norsk Hydro, Marine Harvest and Statoil were the most traded stock forwards. Norsk Hydro had a turnover of 417 MNOK, of the total. Starting February 18 th, Oslo Børs will offer derivatives on Opera Software (OPERA). 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 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14

3 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month STOCK FWD/FUT INDEX - FUTURES OBX - OPTIONS STOCK OPTIONS LIQUIDITY - OPTION PREMIUM DISTRIBUTION Option Premium last month 12.2 % 8.5 % 5.6 % OBX Options Norsk Hydro Statoil 16.3 % 36.7 % 5.2 % 2.9 % 2.5 % 2.1 % 0.3 % 0.1 % 0.0 % 2.1 % 1.5 % 1.1 % 0.7 % 0.7 % 0.6 % 0.5 % 0.4 % Yara International Marine Harvest Group Seadrill Norwegian Air Shuttle DNB Telenor Royal Caribbean Cruises Petroleum Geo-Services TGS Nopec Geophysical Co. Orkla Aker Solutions Subsea 7 REC Silicon DNO International Storebrand Norske Skog Gjensidige Forsikring

4 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION 9.1 % Stock Fwd/Fut Premium last month 8.3 % 7.1 % 5.3 % 4.5 % 3.8 % Norsk Hydro Marine Harvest Group Statoil Seadrill Norwegian Air Shuttle Telenor Yara International 9.2 % 12.6 % 30.1 % 3.8 % 3.2 % 1.5 % 0.5 % 0.4 % 0.2 % 0.1 % 0.1 % 0.1 % 0.0 % Royal Caribbean Cruises Petroleum Geo-Services DNB REC Silicon Subsea 7 DNO International Storebrand Aker Solutions Norske Skog Gjensidige Forsikring TGS Nopec Geophysical Co. Orkla

5 PREMIUM - SINGLE STOCK DERIVATIVES Turnover Premium MNOK Open Interest (avg) - Contracts Single Stock Options Turnover Premium MNOK Open Interest (avg) - Contracts 0 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 0 Turnover Premium Open Interest (avg) Single Stock Forwards & Futures Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 0 Turnover Premium Open Interest (Avg)

6 PREMIUM - INDEX DERIVATIVES Turnover exposure MNOK Open Interest (avg)- Contracts OBX - Index Options Turnover Premium MNOK Open Interest (avg)- Contracts 0 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Turnover premium / month Open interest (avg) Index Futures Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 0 Turnover exposure MNOK Open Interest (avg)

7 BROKER STATISTICS - JANUARY % 10.2 % Equity Options 8.7 % 3.7 % 2.9 % DNB Bank ASA LSE Derivatives Enskilda Securities Carnegie ASA 1.9 % 1.7 % 1.4 % 0.9 % 0.4 % Danske Bank AS Nordnet Bank AB Handelsbanken Capital Markets First Securities ASA 0.2 % Sparebank 1 Markets 20.0 % 0.2 % Pareto Securities AS NetFonds AS Nordea Markets 37.2 % RS Platou Markets AS Fondsfinans ASA 10.1 % Index Options 8.6 % Enskilda Securities LSE Derivatives 22.1 % 3.5 % 2.9 % 2.6 % DNB Bank ASA Danske Bank AS 1.0 % NetFonds AS 0.9 % 0.9 % Nordnet Bank AB First Securities ASA Sparebank 1 Markets Nordea Markets 23.6 % 23.9 % Handelsbanken Capital Markets Pareto Securities AS

8 Stock Forwards & Futures 89.0 % DNB Bank ASA Carnegie ASA Sparebank 1 Markets 6.0 % Enskilda Securities 4.6 % 0.1 % 0.1 % 0.1 % Danske Bank AS First Securities ASA 18.0 % 8.3 % Index Futures 8.1 % 5.9 % 5.0 % 3.0 % 1.5 % DNB Bank ASA LSE Derivatives Handelsbanken Capital Markets Sparebank 1 Markets Enskilda Securities 0.6 % Nordea Markets 0.2 % 0.1 % Carnegie ASA Danske Bank AS 49.1 % 0.1 % 0.1 % ABG Sundal Collier Norge ASA Nordnet Bank AB Arctic Securities ASA RS Platou Markets AS Fondsfinans ASA "LSE Derivatives" is a composite entry and includes all derivatives members at London Stock Exchange Derivatives Market.

9 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):

10 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: 3. feb OBX OBOSX Close - prev. day: OBOSX weight of OBX: % Divisor: USDNOK: 6.27 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 1.99 % % Oil & Gas Equipment & Services 2 ALGETA Algeta ASA 1.80 % Biotechnology 3 DETNOR Det Norske Oljeselskap 0.62 % Oil & Gas Exploration & Production 4 DNB DNB % Diversified Banks 5 DNO DNO International 1.57 % Oil & Gas Exploration & Production 6 FOE Fred Olsen Energy 0.95 % 6.30 % Oil & Gas Drilling 7 GJF Gjensidige Forsikring 3.05 % Multi-line Insurance 8 GOGL Golden Ocean Group 0.44 % Marine 9 MHG Marine Harvest 2.40 % Packaged Foods & Meats 10 NAS Norwegian 0.73 % Airlines 11 NHY Norsk Hydro 5.15 % Aluminum 12 OPERA Opera Software 1.27 % Internet Software & Services 13 ORK Orkla 5.01 % Packaged Foods & Meats 14 PGS Petroleum Geo-Services 1.77 % % Oil & Gas Equipment & Services 15 PRS Prosafe 1.25 % 8.26 % Oil & Gas Equipment & Services 16 RCL Royal Caribbean Cruises 3.04 % Hotels, Resorts & Cruise Lines 17 REC REC Silicon ASA 0.80 % Semiconductor Equipment 18 SCH Schibsted 3.75 % Publishing 19 SDRL Seadrill 4.49 % % Oil & Gas Drilling 20 STB Storebrand 1.69 % 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 2.10 % % Oil & Gas Equipment & Services 25 YAR Yara International 5.92 % 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 The Board proposes an extraordinary dividend of NOK 6.00 per share in May 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.

11 OBX Index (OBX) Domicile: Norway OSLO BØRS - LISTED DERIVATIVES 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. OPEN INTEREST - OPTIONS AND INDEX FUTURES ONLY Sector: N/A Last (NOK): Avg.Imp.Vol last month: 14 % ISIN: NO Expiry: Each Month Reuters:.OBX Open Int Options (avg): Bloomberg: OBX NO Open Int Fut (avg): Weight of All Shares: 44.56% O/I Options avg. ytd: O/I Fut avg. ytd: Derivatives: Options & Futures Market Maker(s): 7 OBOSX Index (OBOSX) Domicile: Norway Aker Solutions (AKSO) 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: AKER SOLUTIONS is through its subsidiaries and affiliates a leading global provider of engineering and construction services, technology products and integrated solutions. 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: 16.18% Derivatives: Futures Open Int Fut (avg): O/I Fut avg. ytd: Market Maker(s): 2 Sector: Oil & Gas Equipment & Services Last (NOK): ISIN : NO Avg.Imp.Vol last month: 26 % Reuters : AKSO.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : AKSO NO Open Int (avg): Liquidity: Tradable for volumes around 2000 OBX Weight : 1.99% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

12 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 : 13.15% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6 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: 49 % Reuters : DNO.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : DNO NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 1.57% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1 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: 17 % 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 : 3.05% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2

13 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: 24 % 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 OBX Weight: 2. O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3 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: 32 % 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: OBX Weight: 0.73% O/I avg. Ytd*: Liquidity: Listed June 17th Domicile: Norway 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: 23 % 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 3000 OBX Weight : 5.15% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6

14 Norske Skog (NSG) NORSKE SKOG is one of the world's biggest Sector: Paper Products Last (NOK): 5.80 producer of publication paper, with 12 paper ISIN : NO Avg.Imp.Vol last month: 74 % 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 5000 OBX Weight : N/A O/I avg. ytd: Domicile: Norway contracts. 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: 19 % Reuters : ORK.OL Expiry: Each Month Bloomberg : ORK NO Open Int (avg): Liquidity: Tradable for volumes around 3000 OBX Weight : 5.01% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4 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: 29 % Reuters : PGS.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : PGS NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 1.77% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4

15 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: 26 % 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 : 3.04% 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): 2.61 ISIN : NO Avg.Imp.Vol last month: 73 % Reuters : REC.OL Expiry: Each Month Bloomberg : REC NO Open Int (avg): Liquidity: Tradable in blocks of OBX Weight : 0. O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 2 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: 21 % 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 3000 OBX Weight : 4.49% O/I avg. ytd: Domicile: Bermuda contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

16 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: 31 % 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 OBX Weight : 1.69% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 4 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: 15 % 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 : 20.97% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 7 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: 24 % Reuters: SUBC.OL Expiry: Mar, Jun, Sep, Dec Bloomberg: SUBC NO Open Int (avg): Liquidity: Tradable in blocks of 2000 OBX Weight: 3.62% O/I avg. ytd: Domicile: Luxembourg contracts. Derivatives: Options & Fwd/Fut Market Maker(s): 5

17 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: 18 % Reuters : TEL.NO Expiry: Each Month Bloomberg : TEL NO and TELN US Open Int (avg): Liquidity: Traded in volumes of 3000 OBX Weight : 12.47% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 6 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: 29 % Reuters : TGS.OL Expiry: Mar, Jun, Sep, Dec Bloomberg : TGS NO Open Int (avg): Liquidity: Tradable for volumes around 1000 OBX Weight : 2.10% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 1 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: 21 % Reuters : YAR.OL Expiry: Each Month Bloomberg : YAR NO Open Int (avg): Liquidity: Traded in blocks of around 2000 OBX Weight : 5.92% O/I avg. ytd: Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 5

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

19 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% 10% OBX ATM Implied Vol AKSO ATM Implied Vol 1 DNB ATM Implied Vol 110% 90% 10%

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

21 100% 90% NHY ATM Implied Vol 100% 90% NAS ATM Implied Vol % 100% 90% NSG ATM Implied Vol

22 10% ORK ATM Implied Vol PGS ATM Implied Vol RCL ATM Implied Vol

23 % 100% 90% REC ATM Implied Vol SDRL ATM Implied Vol 110% 90% 10% 1 STB ATM Implied Vol 1 100%

24 90% 10% STL ATM Implied Vol SUBC ATM Implied Vol 1 100% 90% 10% TEL ATM Implied Vol

25 90% TGS ATM Implied Vol 100% 90% 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.