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OTC Markets Newsletter August 2013

An Interview with Cromwell Coulson on Creating Open, Transparent and Connected Financial Marketplaces

OTC Markets Group's CEO, Cromwell Coulson, was recently interviewed by OneMedForum about operating more efficient financial marketplaces in order to create value for investors. He highlighted how changes in technology, transparency and regulation in our marketplaces have enabled smaller and growth companies to provide high-quality information and liquidity for their investors without the cost and complexity of listing on an exchange. He also discussed how the investor experience of trading securities on our OTCQX marketplace is becoming more comparable to trading NYSE or NASDAQ securities.

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Get to Know Your Community:
Interview with Angel Bautista, Director of Investor Relations for Repsol S.A.

This month, Angel Bautista, Director of Investor Relations at Repsol S.A. (OTCQX: REPYY), talks to us about the global energy company's operations and leadership, growing its U.S. shareholder base, and how to reduce risk for investors by leveraging the OTCQX marketplace. Repsol S.A. has been trading on OTCQX since 2011.

OTCM: Tell us a little about Repsol.

Angel Bautista: Repsol is an integrated oil & gas company with vast sector experience that strives to promote the well-being of society while complying with sustainability criteria. At Repsol we are engaged in the Exploration and Production of hydrocarbons in a number of countries, and in Downstream, which includes Refining, Marketing, Liquefied Petroleum Gas, and Chemicals in Southern Europe and Peru.

Our Upstream business, which includes oil and natural gas Exploration and Production activities, has established itself as the engine of growth for Repsol.  Since 2005, we have completed 195 wells with a success rate of 31%, which means we have made over 60 discoveries in the last five years. We have also made significant improvements, increasing production by 11.3% in 2012 and achieving a proven reserve replacement ratio of 204%.

In our Downstream business, we are European leaders with products and services that meet the highest quality and safety standards. Our refining scheme is among the best and most efficient in Europe, thanks to its operational excellence.  Our five industrial complexes in Spain are best-in-class assets and represent nearly 60% of Spain's conversion capacity.  In Marketing, we have 4,549 service stations in Spain, Portugal, Peru and Italy.

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OTCM: What are the benefits of having your ADRs traded on OTCQX in the U.S.?

AB: When we decided to keep our ADRs in the US after delisting from the NYSE, our investor relations department decided OTCQX was the best option. Many first-class European companies have their ADRs traded on OTCQX, the transparency of the platform attracts market makers, and OTCQX eliminates the risk associated with buying unregistered securities in the US.

OTCM: How important is the U.S. market to your overall investor relations program?

AB: Very important. 18% of our identified institutional shareholders are U.S. investors. We have increased our U.S. shareholder base by about 5% in the past two years and we have room for growth. Increasing our exposure in the U.S. is important, and aside from our communications efforts, having our ADRs traded on OTCQX facilitates the investment process for many U.S. investors.

OTCM: What makes Repsol a compelling investment for U.S. investors?

AB: Many portfolios managers are required to diversify their investments geographically. Repsol provides American investors exposure to the European market as well as access to a company with a clear growth path. Sector-wise, our production growth profile is one of the strongest compared to our peers and our refining assets are best-in-class in Europe.

OTCM: What is your strategy for growing Repsol’s U.S. investor base?

AB: We have intensified our road show program in the U.S., reaching out to non-traditional geographic areas like the Midwest, Mid-Atlantic and the Southwest. The U.S. has a geographically diverse investor base and we have concentrated on covering the whole country, not just the traditional financial cities. We also plan to increase our number of investor days in the U.S. and schedule other thematic activities.

OTCM: What else do you want U.S. investors to know about Repsol?

AB: One thing that is not well known by investors about Repsol is our commitment to technological innovation, which is the key to building a more efficient, secure, competitive and sustainable energy model. This commitment is embodied in the Repsol Technology Centre: a leading European center where we promote R&D+I with investments of nearly €100 million annually, all under the slogan: Let's invent the future.

Additionally, we are recognized by socially responsible investors both in Europe and in America with 9% of our identified institutional shareholders being SRI-oriented compared to 6% of our peers. We are also ranked #1 in the oil and gas sector in the 2012 Dow Jones Sustainability Index.

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Newsletter Sponsor Transfer Online

Monthly Trade Summary — July 2013

Marketplace Designations # Securities* Monthly Dollar Volume Monthly Dollar Volume
per Security
Aggregate Market Capitalization
(in Millions)*
OTCQX® 378 $2,604,683,109 $6,890,696 $1,360,850
OTCQB® 3,190 $4,640,585,092 $1,454,729 $243,331
OTC Pink® Current Information 2,840 $7,375,536,104 $2,597,020 $11,475,499
OTC Pink Limited Information 515 $120,505,197 $233,991 $8,586
OTC Pink No Information 3,084 $1,452,104,905 $470,851 $58,506
Totals 10,007 $16,193,414,408 $1,618,209 $13,146,772
* Selected data as of July 31, 2013.

Events & Sponsorships

OTC Markets Group has attended or will attend the following events to educate investors, broker-dealers, and OTCQX, OTCQB and OTC Pink companies about our marketplaces.

STA 80th Annual Market Structure Conference (October 2-5, 2013)

Liolios Group 2nd Annual Gateway Conference (September 10, 2013)

The Money Show (August 15-17, 2013)

The Southern California Investor Conference (August 8, 2013)

STANY's Annual Golf Classic (July 29, 2013)

RXi Pharmaceuticals Investor and Analyst Symposium (July 12, 2013)

IR Brazil Awards (July 3, 2013)

 

Contact us if you are interested in meeting us at one of these events.

News

Turnkey Integrates OTC Markets Data - Inside Market Data (July 24, 2013)

OTC's Coulson Says SEC Rule Will Help Form Markets - Bloomberg Radio (July 11, 2013)

SEC Opens Private Funding Floodgates - The Wall Street Journal Online/CFO (July 10, 2013)

U.S. SEC set to lift ban on private placement advertising - Reuters (July 10, 2013)

OTCBB and OTC Markets Group - Investopedia (July 6, 2013)

TradeMonster Scares up Extended OTC Markets Data Deal - Inside Market Data (July 5, 2013)

OTC Markets' Coulson: Reg SCI won't be failsafe against shutdown - Wall Street Letter (July 1, 2013) (subscription required)

Product Updates

Video & Investor Presentations Feature Now Available for OTC Disclosure & News Service Subscribers

Companies can now share video and audio investor presentations with their investors through an added feature on the OTC Disclosure & News Service. OTCQX, OTCQB and OTC Pink companies may use the service, accessible via the www.otciq.com business portal, to upload their videos, which will feed directly onto their quote page on www.otcmarkets.com. To learn more about how to share your company's videos and presentations, contact Issuer Services at 212.896.4420 or issuers@otcmarkets.com.

New Version of the Market Data Multicast Feed Released

The OTC Markets Multicast Data Feed (version 3.0) for real-time market data products has been updated to include new binary channels - OTC Link Trade Channel, Reference Data Channel, Reference Data with Cusip Channel – and additional data fields. The OTC Markets Multicast Data Feed specifications can be found here. For more information, contact our Market Data Services at 212.220.2166 or marketdata@otcmarkets.com.

Market Data Updates

•   MSN Money now displays our delayed Level 1 quote data (price and size) and marketplaces for 10,000 OTCQX, OTCQB and OTC Pink securities.
•   TurnKey Brokers now offers its users access  to OTC Markets Level 1+ and Level 2+ (OTCQX, OTCQB, OTC Pink, OTC Bonds) Quotes.
•   SNN Wire now incorporates the OTC Markets Group RSS feed into its platforms.
•   QuoteMedia now displays our delayed Level 1 quote data (price and size) and marketplaces for 10,000 OTCQX, OTCQB and OTC Pink securities.

Regulation & Compliance

SEC Adopts Amendments to Rule 506 and Rule 144A

On July 10th, the SEC adopted amendments to Rule 506 and Rule 144A that eliminate the prohibition against general solicitation and general advertising in Rule 506 and Rule 144A offerings. The amendments will be effective on September 23, 2013.  The adopting release can be found here.

SEC Announces Amendments to Regulation D

On July 10th, the SEC announced amendments to Regulation D, Form D and Rule 156 under the Securities Act. The announcement can be found here. Comments can be found here.

FINRA Amends Trade Reporting Period

In May, FINRA announced that effective November 4, 2013, FINRA Rule 6622 will be amended to require trades to be reported as soon as possible but no later than 10 seconds after execution. The new rule can be found here.

OTCQX - New Additions

3 new companies joined OTCQX in July:

A complete list of OTCQX companies is available on www.otcqx.com.

Our Marketplaces

OTCQX
The Best Marketplace with Qualified Companies

OTCQB
The Venture Stage Marketplace with U.S. Reporting Companies

OTC Pink
The Open Marketplace with Variable Reporting Companies

For questions, please contact OTC Markets Group.
www.otcmarkets.com • 212-896-4420 • info@otcmarkets.com

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© 2013 OTC Markets Group Inc.