DERIVATIVES, OSLO BØRS SEPTEMBER 2010 The OBX index increased in September by 8.6% to 349.95 points. The index is up 3% so far this year. The average number of contracts traded in September was 47 918 contracts/day (2010 average: 55 334). The premium turnover for stock options fell by 19% to 67 MNOK, whereas the stock forward exposure fell by 6% to 639 MNOK. As for the OBX products, the future turnover decreased by 8% to 23 BNOK, and the index options increased 13% to 38 MNOK. The most traded stock option in September was Statoil with 16 MNOK or 23% of the stock option premium turnover. Yara and Seadrill followed. Statoil, Norsk Hydro and Seadrill were the most traded stock forwards. Statoil was the most traded with 325 MNOK, 51% of the total. Expirations in September: OBX, Statoil, Norske Skog, Tomra, Marine Harvest and Seadrill. Expirations next month (21 October): OBX, Statoil, Acergy, Orkla, Telenor, Renewable Energy Corp., Royal Caribbean Cruises, TGS Nopec Geophysical, Petroleum Geo Services. For more detailed information, please read ahead 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. Contract Distribution 80 000 75 000 70 000 65 000 60 000 55 000 50 000 45 000 40 000 Index Futures 35 000 Single Stock 30 000 Fwd/Fut Contracts/day OBX Index Options 25 000 Stock Options 20 000 15 000 10 000 5 000 0 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 TURNOVER - CONTRACTS/DAY (average) Contracts/day last month OBX - FUTURES 30 456 STOCK OPTIONS 10 821 STOCK FWD/FUT 3 599 OBX - OPTIONS 3 043 Contracts/day YTD 2010 OBX - FUTURES 34 039 STOCK OPTIONS 12 671 STOCK FWD/FUT 5 592 OBX - OPTIONS 3 032 LIQUIDITY - OPTION PREMIUM DISTRIBUTION Option Premium last month OBX - options Statoil 13.7 % Yara International 13.9 % Seadrill 4.6 % 4.4 % Norsk Hydro 2.2 % Renewable Energy Corp. 1.8 % Orkla 1.8 % DnB NOR 1.4 % 14.8 % 1.4 % Norske Skog 1.3 % Storebrand 0.9 % 0.9 % Royal Caribbean C. 0.8 % Telenor 0.1 % Petroleum Geo-Services Acergy Marine Harvest Group 35.9 % Tomra Option Premium YTD 2010 5.8 % OBX - options Yara International 16.4 % 5.8 % 5.4 % Statoil Seadrill 4.2 % Norsk Hydro 2.8 % Renewable Energy Corp. 2.8 % Telenor Petroleum Geo-Services 2.6 % 2.0 % Orkla 1.4 % DnB NOR 0.9 % Acergy 0.6 % 18.6 % 0.5 % Royal Caribbean Cruises 0.1 % Marine Harvest Group Norske Skog Storebrand 29.9 % Tomra 4 SINGLE STOCK FORWARD/FUTURE - EXPOSURE DISTRIBUTION Stock Fwd/Fut Premium last month 10.1 % 7.9 % Statoil 11.7 % Norsk Hydro Seadrill 5.7 % Telenor Yara International Royal Caribbean C. 5.6 % Orkla 1.7 % Petroleum Geo-Services 1.7 % DnB NOR 1.2 % 1.1 % Renewable Energy Corp. 0.9 % Storebrand 0.8 % Marine Harvest Group 0.6 % Acergy 0.1 % 0.1 % TGS Nopec Geo. 0.0 % Norske Skog 50.9 % Tomra Stock Fwd/Fut Premium YTD 2010 8.6 % Statoil 8.6 % Norsk Hydro Telenor 9.9 % 6.7 % Seadrill Yara International 4.6 % Royal Caribbean Cruises 3.8 % Renewable Energy Corp. 2.0 % Orkla 1.9 % DnB NOR 1.1 % Petroleum Geo-Services 1.1 % TGS Nopec Geo. 0.8 % Marine Harvest Group 14.5 % 0.7 % Storebrand 0.5 % Acergy 0.1 % Tandberg 0.0 % Norske Skog Tomra 35.1 % 5 PREMIUM - SINGLE STOCK DERIVATIVES Single Stock Options 160 600 000 140 148 142 500 000 120 131 119 400 000 100 97 Contracts - 80 92 300 000 91 89 83 83 73 60 67 200 000 40 Turnover Premium MNOK 100 000 Open Open Interest (avg) 20 0 0 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Turnover premium/month - Stock Options Open Interest (avg) - Stock Options Single Stock Forwards & Futures 1 400 300 000 1 200 222 1 250 000 1 130 1 1 000 003 1 200 000 860 982 800 Contracts - 785 806 150 000 686 600 619 639 682 100 000 642 400 Turnover Premium MNOK 50 000 200 Open Interest (avg) 0 0 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Turnover premium/ month - Single Stock Fwds Open Interest (avg) - Single Stock Fwds 6 PREMIUM - OBX DERIVATIVES OBX - Index Options 80 70 000 70 60 000 70 68 60 50 000 59 50 57 56 40 000 50 Contracts - 40 38 30 000 30 20 000 20 Turnover Premium MNOK 38 20 19 21 32 10 000 Open Interest(avg) 10 0 0 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Turnover premium/ month - OBX-indexoptions Open Interest (avg) - OBX-indexoptions OBX - Index Futures 30 000 250 000 240 000 25 000 26 662 26 24 167 24 24 954 24 23 076 23 24 173 24 230 000 22 871 22 23 291 23 20 000 20 672 20 21 235 21 23 800 23 220 000 21 796 21 Contracts 15 000 - 19 210 19 210 000 10 000 200 000 Turnover exposureMNOK 5 000 Open Interest(avg) 190 000 0 180 000 Oct 09 Nov 09 Dec 09 Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Turnover exposure/month - OBX-indexfutures Open Interest (avg) - OBX-indexfutures 7 BROKER STATISTICS - SEPTEMBER 2010 Options 6.4 % 6.5 % 3.8 % 3.7 % 3.3 % DnB NOR 3.0 % Non-Norwegian Handelsbanken 26.8 % 2.5 % SEB Enskilda 1.3 % Pareto 0.7 % Nordea Nordnet 0.6 % Argo Carnegie Net Fonds 0.3 % Fondsfinans First Danske Bank 41.2 % Stock Forwards & Futures DnB NOR 98.3 % Terra Markets 0.8 % Handelsbanken 0.6 % Nordea 0.2 % First 0.1 % 8 OBX Futures 35.6 % 6.8 % 4.8 % DnB NOR 2.9 % Handelsbanken Non-Norwegian 2.2 % Erik Penser Argo 2.0 % SEB Enskilda 0.2 % Nordea 0.2 % Fondsfinans 0.1 % ABG Sundal Collier Terra Markets 0.1 % Nordnet 45.0 % 9 OBX INDEX - CONSTITUENTS AND OTHER INFORMATION The OBX Index consists of the 25 most traded securities in the OSEBX Index. 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 third Friday 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. 30.09.10: 349.95 All time high (22.05.08 close): 462.70 10 The current OBX Index composition can be found below. The Derivatives department at Oslo Børs distributes a daily report with information on the OBX Index and its components. If you would like to receive this daily update, please contact [email protected]. 11 OSLO BØRS - LISTED DERIVATIVES OPEN INTEREST - OPTIONS AND OBX FUTURES ONLY 12 Marine Harvest Group Sector : Packaged Foods & Meats MARINE HARVEST is the world's leading Last (NOK): 5.32 (MHG) seafood company. They offer customers 30202030 and consumers a wide range of seafood ISIN: NO 000 305 4108 Avg.Imp.Vol last month: 36 % products and produce one fourth of the world's farmed salmon. The company is Reuters : MHG.OL Expiry: Mar, Jun, Sep, Dec present in 18 countries and has 7500 employees worldwide. Bloomberg : MHG NO Open Int (avg): 63 362 Home: www.marineharvest.com Liquidity: Tradable in blocks of 10 000 OBX Weight: 2.06% O/I avg. 2010: 63 687 Domicile: Norway contracts. Derivatives : Options & Fwd/Fut Market Maker(s): 3 Norsk Hydro (NHY) Sector : Aluminium 15104010 Last (NOK): 36.78 NORSK HYDRO is a global supplier of aluminium and aluminium products. Based ISIN: NO 000 505 2605 Avg.Imp.Vol last month: 38 % in Norway, the company employs 25,000 Reuters : NHY.OL Expiry: Feb, May, Aug, Nov people in more than 30 countries. Home: www.norskhydro.com Bloomberg : NHY NO and NOHYF US Open Int (avg): 58 857 Liquidity: Tradable in blocks of 3000 OBX Weight : 4.11% O/I avg. 2010: 58 685 contracts. Domicile: Norway Derivatives : Options & Fwd/Fut Market Maker(s): 6 Norske Skog (NSG) Sector: Paper Products 15105020 Last (NOK): 12.10 NORSKE SKOG is one of the world's Avg.Imp.Vol last ISIN: NO 000 413 5633 62 % biggest producers of publication paper, month: with 14 paper mills in 11 countries and Expiry: Mar, Jun, Sep, a production capacity of around 4.5 mill. Reuters: NSG.OL tonnes per year. Dec Home: www.norskeskog.com Bloomberg: NSG NO Open Int (avg): 12 473 Liquidity: Tradable in blocks of OBX Weight: N/A O/I avg.