PUSTEPAUSE FØR ESB-MØTE, FLATT I OLJE FØR LAGERTALL SDRL & QFR

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1 ANALYSE Aksjemarkedet i dag PUSTEPAUSE FØR ESB-MØTE, FLATT I OLJE FØR LAGERTALL SDRL & QFR Etter en uke med oppgang var lavere indikatorer fra både Japan og Kina, samt usikkerhet og behov for en revurdering av posisjonene i forkant av torsdagens rentemøte i ESB tilstrekkelig til å skyve spesielt råvare- og finanssektorene ned i det amerikanske aksjemarkedet i går. Vendingen ned i oljeprisen bidro til at risikoviljen ble ytterligere dempet. Dow endte ned 0.6%, mens S&P500 og Nasdaq var ned henholdsvis 1.1% og 1.3%. Volumet på de tre hovedindeksene kom inn på 85-92% av gjennomsnittet for de siste tre måneder. I Asia fortsetter nedgangen i morgentimene i dag og Nikkei stenger ned 0.8%, mens de kinesiske indeksene i øyeblikket er ned %. Rentemøtet i ESB er ikke før i morgen og markedet vil fortsatt kunne bli preget av redusert risikovilje frem til konklusjonen er klar. I mellomtiden får vi i dag blant annet oppdateringer av den franske bedriftstilliten og av industriproduksjonen i UK. I oljemarkedet snudde WTI-prisen i går ned USD 1.60 pr fat til USD pr fat. Prisen ligger i morgentimene på USD pr fat. Brent åpner på USD pr fat, ned fra USD pr fat ved stengetid i Oslo i går. Amerikanske energimyndigheter har justert ned forventningene til oljeprisen for 2016 og 2017, og venter nå en gjennomsnittlig WTI-pris på henholdsvis USD pr fat for 2016 og USD pr fat for På helt kot sikt vil fokus være på de amerikanske lageroppdateringene. En foreløpig måling lagt frem i går kveld indikerer en vekst i råoljebeholdningene 4.4 mill fat, mens forventningene til dagens offisielle rapport tilsier en vekst på 3.2 mill fat. Volatiliteten i Seadrill har vært betydelig de siste dagene og aksjen var i går ned nesten 10% til NOK pr aksje. Fortsatt er imidlertid aksjen opp rundt 170% den siste uken. Dersom vi ser på selskapet kun basert på selvstendig virksomhet reflekterer gårsdagens kursnivå riktignok våre estimater for netto underliggende verdi av eiendelene, men på fullt konsoliderte verdier estimerer vi verdier på under halvparten av dette nivået. Differansen skyldes blant annet selskapets eksponeringer i NADL og Sevan Drilling. Vi har en uendret salgsanbefaling på Seadrill med et kursmål på NOK 10 pr aksje. I Q-Free kan volatiliteten neppe karakteriseres som like stor som i Seadrill. Kursen er ned 2% siste måned og den stengte i går på NOK 9.20 pr aksje. Etter at selskapet 10. februar, ved annonsering av Q4 2015, meldte betydelige restruktureringskostnader og et negativt resultat er det meldt om tre kontrakter på samlet rundt NOK 45 mill og i tillegg valgt inn et nytt styre. Ordreinngang i Q lå på NOK 210 mill og annonsert ordreinngang så langt i Q på rundt NOK 90 mill. Enkelte større anbud vil kunne bli avgjort i tiden fremover og kan ved gunstig utfall gi ytterligere ordreinngang for selskapet. Vi har en kjøpsanbefaling på Q-Free med et kursmål på NOK 15 pr aksje. Ledelsen vil presentere selskapet på vår SMB konferanse neste torsdag. For program og påmelding; DNB Markets SMB Konferanse 17. mars Selskap Tidspunkt Konsensus Våre anbefalte aksjer: - BAKKA - NRC - STB - HFISK - ORK - HLNG - GOGL - NAS - DNO YTD DNB: -3% YTD OSE: -2% Internasjonale børser Siste Endr. % Dow Jones 16, S&P 500 1, NASDAQ 4, Nikkei , Euro Danmark-KFX Finland-HEX 7, Norge-OSEBX Sverige-SAX Valuta/råvarer Siste I går Endr. % EUR/USD USD/JPY USD/NOK EUR/NOK Siste Endr. Endr. % CRB indeks Brent sp. ($/bbl) Brent 1m ($/bbl) Alum. 3m ($/ton) 1, US Nat.gass Renter Siste I går Endr. USA 10år Tyskl. 10år Norge 10år USA 3m Euro 3m Norge 3m DNB Markets følger markedet konstant og nå kan du følge oss på Twitter. Slik gjør vi Land Nøkkeltall det enda lettere for deg å forstå hva som Finland Handelsbalanse skjer. Sjekk oss ut på Frankrike Bedriftstillit twitter.com/dnbmarkets UK Industriproduksjon USA Boliglånssøknader USA Engroslagre % USA Oljelagertall ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: Please see the last page for important information

2 DNB Markets Sentrale US-INDekser SENTRALE US-INDEKSER Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 16, S&P 500 1, Nasdaq Composite 4, Russel , Amex naturgass-indeks (XNG) Amex Oil Service Indeks Philadelphia-børsens oljeproduksjon-indeks (XOI) 1, Amex farmasi-indeks (DRG) Nasdaq biotech-indeks 2, #N/A N/A Philadelphia-børsens halvleder-indeks (SOX) S&P 500 Paper & Forest Index ( PAFO) #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A 0.00 NORDISKE AKSJER I USA Sluttkurs USA Endr.1 dag Volum USA Sluttkurs USA, Sluttkurs Forskjell sluttkurs (USD) (USD) hjemlig valuta hjemme USA/hjemlig Norge Frontline ,762, Royal Caribbean Cruises ,740, Questerre (CAD) , Statoil ,205, Yara , Sverige AstraZeneca ,620, Finland (EUR) Nokia ,327,629 Danmark Novo Nordisk B ,914, RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,115 2, % ,392 1,837 Oil Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metals Aluminium 3m 1,568 1, ,978 1,433 Nikkel 8,590 8, ,780 14,675 7,550 Kopper 4,868 4, ,481 4,318 Gull 1,254 1, ,280 1,046 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Containerships index % Baltic dry index , RENTER & VALUTA Renter Siste I går Endr. 1W 1M 3M YTD 12M Norge - Nibor 3m USA - Libor 3m Euro - Euribor 3m Norge 10 år stat USA 10 år stat Euro 10 år stat Tyskland 10 år stat Japan 10 år stat UK 10 år stat Valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L EUR/USD USD/JPY GBP/USD USD/NOK EUR/NOK GBP/NOK

3 DNB Markets indekseutvikling på sektornivå INDEKSEUTVIKLING PÅ SEKTORNIVÅ USA MSCI EUROPA Sektor Endring Endring Endring Endring Endring Gj.snittlig Sektor Endring Endring Endring Endring Endring Gj.snittlig 0 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Helsevern - utstyr og tjenester 0.2% 8.4% -4.2% 1.2% -6.5% 22.2 Kraft 0.9% 1.7% 13.4% 10.9% 10.2% 16.7 Husholdningsvarer og personlige produ 0.1% 6.4% -0.9% -0.1% -1.6% 21.4 Fritidsutstyr 0.7% 7.5% 23.2% 28.3% 19.5% 22.0 Forbruksvarer og klær -0.1% 6.8% -2.4% -9.3% -1.9% 16.7 Drikkevarer 0.6% 2.4% 0.6% 7.0% 0.0% 22.7 Telekommunikasjon og tjenester -0.4% 7.1% -6.3% -10.1% -6.3% 19.5 Programvare 0.4% 8.0% -5.6% 9.2% -5.6% 19.6 Mat- og apotekhandel -0.5% 8.0% 4.0% -11.6% 5.0% 16.9 Husholdningsartikler 0.1% 0.9% 6.2% 2.8% 3.8% 23.0 Forsyningsselskaper -0.5% 1.3% -7.1% -13.2% -7.7% 13.9 Diversifiserte telekomtjenester 0.0% 5.4% 14.0% 8.8% 11.8% 13.7 Transport -0.5% 9.7% -5.2% -12.1% -6.3% 14.2 Internett programvare og -tjenes -0.1% 5.0% -4.5% 20.8% -5.1% 23.7 Drikkevarer, mat og tobakk -0.5% 3.0% -4.4% -3.4% -4.0% 20.7 Legemiddelindustri og biotekno -0.2% 6.5% -9.3% -14.6% -11.7% 16.0 Banker -0.5% 14.0% -15.0% -26.9% -15.4% 9.7 Kommunikasjonsutstyr -0.4% 18.3% 2.1% -14.7% 0.5% 12.1 Forsikring -0.7% 10.5% -13.3% -15.8% -13.1% 10.1 Matvarer -0.5% 7.2% 3.6% 14.3% 1.9% 21.3 Programvare og tjenester -0.8% 5.6% -5.5% 6.5% -7.4% 17.6 Helseartikler -0.5% 6.4% -1.9% -1.1% -2.5% 18.3 Detaljhandel -0.8% 7.3% -12.1% -12.9% -9.2% 19.2 Hotell og restaurant -0.6% 7.1% -2.1% 6.2% -2.4% 22.2 Media -0.9% 9.0% -3.4% -13.1% -5.0% 17.9 Industrielle konglomerater -0.8% 5.4% -1.3% 9.9% -1.9% 19.8 Eiendomsselskaper -1.0% 6.4% -6.7% -11.8% -6.5% 20.2 Farmasi -0.9% 3.1% -4.2% -4.4% -4.9% 15.9 Kommersielle tjenester og leveranser -1.0% 8.7% -6.8% -11.2% -7.0% 16.0 Datamaskiner og tilbehør -1.2% 7.9% -11.0% -20.8% -3.8% 11.0 Hotell-, underholdnings- og restaurantv -1.1% 6.4% -7.3% -12.1% -9.5% 18.5 Forsikring -1.2% 5.3% -6.5% -4.3% -5.8% 10.6 Kapitalvarer -1.2% 11.5% -3.0% -10.6% -1.7% 16.0 Bygg og anlegg -1.4% 18.6% 5.6% -13.5% 4.5% 13.7 Finansieringsselskaper -1.7% 16.7% -15.8% -18.4% -17.4% 13.6 Media -1.5% 6.3% -3.9% -8.7% -0.1% 16.0 Energi -2.3% 13.1% -1.0% -19.2% 1.2% 21.2 Kjemikalier -1.5% 5.0% -8.0% -13.3% -3.1% 16.3 Teknologisk utstyr -2.3% 5.3% -10.8% -24.0% -14.0% 15.5 Elektrisk utstyr -2.1% 7.0% 4.3% -11.5% 4.4% 15.9 Biler og komponenter -2.7% 13.9% -13.1% -25.8% -13.7% 8.2 Bioteknologi -2.2% 3.0% -11.0% -15.2% -14.1% 12.4 Materialer -3.4% 14.3% -1.5% -25.2% -2.1% 18.8 Bildeler -2.2% 12.2% -12.8% -20.7% -12.6% 10.1 Elektronisk utstyr og instrumen -2.2% 9.6% 0.7% -14.4% 0.6% 15.9 Maskiner -2.4% 8.5% 4.3% -10.4% 4.9% 16.6 Bank -2.5% 5.8% -14.1% -12.9% -14.0% 10.2 Luftfart -2.6% 14.6% -5.9% -8.5% -5.0% 6.9 Olje og gass -3.9% 8.2% -1.9% -20.7% -1.1% 60.8 Energi og relatert utstyr -5.2% 10.1% -4.7% -17.1% 0.7% 46.4 Metall -5.4% 21.9% 17.8% -24.7% 16.5% 34.8 Kilde: Bloomberg Kilde: Bloomberg US SELSKAPER DOW 30 Kurs Endring NASDAQ Kurs Endring S&P500 Kurs Endring Alle siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år Topp siste 1 dag 1 mnd 1 år MICROSOFT CORP % 4.8 % 20.5 % COSTCO WHOLESAL % 2.0 % 0.2 % URBAN OUTFITTE % 38.6 % % MCDONALD'S CORP % 1.2 % 21.2 % WALGREENS BOOTS % 7.3 % -3.7 % ASSURANT INC % -1.7 % 20.9 % NIKE INC -CL B % 7.4 % 22.8 % MATTEL INC % 6.1 % 29.5 % RED HAT INC % 10.8 % 2.2 % AMERICAN EXPRESS CO % 12.9 % % MICROSOFT CORP % 4.8 % 20.5 % COSTCO WHOLES % 2.0 % 0.2 % COCA-COLA CO/THE % 2.4 % 7.1 % O'REILLY AUTOMOTIV % 12.1 % 28.2 % CONSOLIDATED E % -1.0 % 20.6 % VERIZON COMMUNICATION % 4.6 % 8.8 % MONSTER BEVERAG % 8.8 % -5.7 % CLOROX COMPAN % -2.5 % 14.7 % HOME DEPOT INC % 11.3 % 10.0 % NETFLIX INC % 11.7 % 51.2 % WALGREENS BO % 7.3 % -3.7 % TRAVELERS COS INC/THE % 4.7 % 3.9 % FASTENAL CO % 7.4 % 14.0 % REALTY INCOME % 4.0 % 19.1 % WAL-MART STORES INC % 3.4 % % CERNER CORP % -1.7 % % AMEREN CORPO % 3.8 % 16.4 % UNITED TECHNOLOGIES CO % 11.1 % % HENRY SCHEIN INC % 13.5 % 20.5 % WEC ENERGY GR % 0.7 % 18.8 % PROCTER & GAMBLE CO/T % 0.5 % 0.0 % FACEBOOK INC-A % 6.4 % 33.3 % XCEL ENERGY IN % 2.6 % 19.3 % UNITEDHEALTH GROUP INC % 9.4 % 5.9 % TRACTOR SUPPLY C % 5.5 % 0.6 % SOUTHERN CO/TH % -0.1 % 11.7 % 3M CO % 3.5 % -3.7 % ALPHABET INC-CL A % 1.8 % 24.3 % PINNACLE WEST % 2.4 % 12.9 % CISCO SYSTEMS INC % 19.4 % -7.9 % C.H. ROBINSON WOR % 2.8 % -3.1 % MATTEL INC % 6.1 % 29.5 % MERCK & CO. INC % 6.7 % -8.4 % BOEING CO/THE % 2.9 % % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år JOHNSON & JOHNSON % 4.2 % 5.5 % MICRON TECHNOLOG % 6.8 % % CHESAPEAKE EN % % % GENERAL ELECTRIC CO % 6.3 % 17.2 % WESTERN DIGITAL C % 15.6 % % SOUTHWESTERN % % % INTL BUSINESS MACHINES % 12.1 % % ILLUMINA INC % 7.8 % % MURPHY OIL COR % 27.5 % % APPLE INC % 6.4 % % ALEXION PHARMACE % 3.3 % % ENSCO PLC-CL A % 28.1 % % INTEL CORP % 6.1 % -6.6 % TRIPADVISOR INC % 15.7 % % FREEPORT-MCMO % 73.2 % % PFIZER INC % 0.9 % % VERTEX PHARMACE % 8.4 % % RANGE RESOURC % 6.6 % % WALT DISNEY CO/THE % 6.0 % -7.1 % WYNN RESORTS LTD % 37.3 % % DEVON ENERGY % -5.3 % % DU PONT (E.I.) DE NEMOUR % 7.5 % % SKYWORKS SOLUTIO % 21.2 % % CONSOL ENERGY % 38.9 % % VISA INC-CLASS A SHARES % 3.4 % 4.1 % LIBERTY GLOBAL PL % 14.7 % % TRANSOCEAN LT % 28.1 % % JPMORGAN CHASE & CO % 4.6 % -4.4 % EXPRESS SCRIPTS H % 1.6 % % NATIONAL OILWE % 14.3 % % CHEVRON CORP % 7.0 % % VIMPELCOM LTD-SP % 15.2 % % APACHE CORP % 29.8 % % EXXON MOBIL CORP % 3.2 % -3.0 % SEAGATE TECHNOLO % 16.4 % % WILLIAMS COS IN % 44.1 % % GOLDMAN SACHS GROUP % 2.3 % % APPLIED MATERIALS % 16.6 % % ANADARKO PETR % 10.5 % % CATERPILLAR INC % 12.2 % % REGENERON PHARM % 7.9 % -7.5 % FMC TECHNOLOG % 5.9 % % Kilde: Bloomberg 3

4 DNB Markets ETF / ETP Endring i % ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum A ksjer / Indekser Forsyningstjenester XLU % 3.8 % 2.7 % 10.1 % USD Brasil EWZ % 15.5 % 29.0 % % USD Forbruksvarer XLP % 0.9 % 4.1 % 5.8 % USD AEX-Nederland AEXT % -0.6 % 10.7 % % EUR 8451 DJIA DIA % 0.7 % 5.9 % -5.7 % USD Teknologi USA XLK % -0.7 % 8.1 % -1.6 % USD Nasdaq 100 QQQ % -1.6 % 8.1 % -3.3 % USD CAC-40 CAC % -0.1% 10.0 % % EUR DAX DAXEX % -0.7 % 8.8 % -17.1% EUR FTSE 100 ISF % -0.3 % 9.1 % % GBp Japan EWJ % 1.2 % 5.3 % -8.0 % USD Dow Jones Total market THRK % 0.3 % 7.0 % -6.2 % USD 3538 S&P Euro 350 IEV % 0.5 % 6.4 % % USD S&P 500 SPY % 0.1 % 7.0 % -4.8 % USD Hong Kong EWH % 0.9 % 10.3 % -13.1% USD Industri XLI % 0.1 % 6.5 % -6.7 % USD Latin-America 40 ILF % 8.9 % 21.0 % % USD Finansielle tjenester XLF % 0.5 % 7.5 % % USD Emerging M arkets EEM % 2.6 % 10.3 % % USD Pacific ex-japan EPP % 4.4 % 11.7 % % USD S&P M idcap 400 M DY % 1.1 % 10.1 % -7.5 % USD TecDax TDXPEX % -3.2 % 7.6 % -0.6 % EUR Russell 2000 IWM % 1.3 % 10.9 % % USD Russell 2000 Growth IWO % 0.7 % 11.8 % % USD Bioteknologi IBB % -1.9 % 4.7 % -24.1% USD Energi XLE % 2.9 % 10.1 % % USD Oil Service OIH % 6.5 % 17.1 % % USD Olje / Energi Bensin UGAS % 7.2 % 21.3 % % USD 0 Fyringsolje HEAT % 9.5 % 17.3 % % USD 0 Råolje CRUD % 7.8 % 16.5 % % USD Brent-olje OILB % 9.2 % 22.2 % % USD WTI-olje OILW % 8.7 % 17.5 % % USD 3015 Naturgass NGAS % -1.1 % % % USD WTI-Oil USO % 5.5 % 18.0 % % USD M etaller Gull BULL % 2.9 % 6.4 % 7.3 % USD 8 Bomull COTN % -0.6 % -5.4 % -12.1% USD Aluminium ALUM % -0.6 % 5.3 % % USD Sølv SLV % 3.2 % 0.8 % -3.2 % USD Sink ZINC % -0.2 % 7.1 % % USD 8950 Kobber COPA % 4.1 % 9.0 % % USD 5780 A ndre råvarer Sukker SUGA % 3.5 % 11.1 % 0.7 % USD Kveg CATL % 0.2 % 3.7 % % USD 0 Svinekjøtt HOGS % 0.1 % 0.1 % -1.3 % USD 300 M ais CORN % 1.5 % -1.4 % -17.1% USD 0 Råoljer AIGO % 8.9 % 19.2 % % USD 0 Kaffe COFF % 6.6 % 3.0 % % USD Soyabønner SOYB % 2.7 % 1.9 % % USD 2157 Hvete WEAT % 4.0 % 0.4 % -9.8 % USD R åvarekurver Buskap AIGL % 0.1 % 2.3 % -8.0 % USD 0 Energi AIGE % 7.2 % 9.4 % % USD Softs (Sukker, Kakao, Bomull) AIGS % 3.5 % 5.0 % -7.0 % USD 0 Landbruk AIGA % 2.9 % 1.7 % % USD Edle metaller AIGP % 3.2 % 4.5 % 4.0 % USD 8252 Råvarer AIGC % 3.6 % 5.3 % % USD Ex-Energi AIGX % 2.5 % 3.9 % % USD 0 Industrimetaller AIGI % 1.8 % 7.4 % % USD Kilde: Bloomberg 4

5 DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum RCL DNB-ETN RCL BEAR #VALUE! #VALUE! % % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BEAR % % % % NOK 0 DNO BEAR DNO DNM % % % 26.7 % NOK 280 Oljeservice DNB - ETN OIL SERVICE BEAR % % % 4.1 % NOK Fred. Olsen Energy BEAR FOE DNM % % % % NOK 210 Strømpris DNB-ETN ELKRAFT BULL % 13.3 % 28.3 % -73.1% NOK 250 Kobberpris BEAR KOBBER HA % % % 32.1 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR % 3.7 % -9.3 % % NOK 0 REC BULL REC HA % 7.7 % 72.1 % % NOK 5100 Kobberpris BEAR KOBBER ETN DNM % -10.1% % 29.3 % NOK 0 PGS DNB-ETN PGS BEAR % % % % NOK 0 REC DNB-ETN REC BULL % 7.5 % 73.3 % -90.1% NOK Norsk Hydro BEAR NHY X3 DNM % % -56.1% % NOK Sink BEAR SINK ETN DNM % -3.8 % % 15.4 % NOK 0 Strømpris BULL EL HA % 11.6 % 26.3 % % NOK 0 Sølvpris BEAR SOLV ETN DNM % -9.0 % -2.7 % -6.1% NOK 0 Yara DNB-ETN YARA X3 BULL % -0.5 % 15.0 % % NOK Naturgasspris BULL NATGAS ETN DNM % -5.5 % -6.1% % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR % % % % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR % -7.7 % % % NOK 0 Strømpris DNB-ETN ELKRAFT % 6.7 % 12.7 % -40.1% NOK 0 Norsk Hydro BEAR NHY HA % -7.6 % % % NOK 0 Aluminium BEAR ALU HA % -1.5 % % 35.6 % NOK 0 CO2 BULL CO2 ETN DNM % 3.3 % -7.3 % % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR % % % % NOK 0 DNB BULL DNBNOR HA % 7.0 % 16.4 % % NOK Yara DNB-ETN YARA BULL % -0.2 % 10.5 % % NOK Yara BULL YARA HA % -0.1% 10.4 % % NOK 0 Naturgasspris NATGAS ETN DNM % -2.6 % -3.6 % % NOK 0 Aluminium BEAR ALU ETN DNM % -3.1% -12.1% 34.7 % NOK 0 CO2 CO2 ETN DNM % 1.9 % -3.1% % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL % -5.8 % -13.1% -6.6 % NOK 8000 Statoil DNB-ETN STATOIL X3 BEAR % -14.1% % % NOK Opera BEAR OPERA DNM % 1.9 % % % NOK 0 OBX BEAR OBX X4 DNM % -9.3 % % % NOK Gullpris BEAR GULL HA % -6.6 % -13.1% % NOK 0 Gullpris DNB-ETN GULL BEAR % -6.1% % % NOK 0 TGS Nopec DNB-ETN TGS BEAR % % % -2.6 % NOK 0 OBX BEAR OBX X3 HA % -6.8 % % % NOK 0 Statoil BEAR STL HA % -9.5 % % -30.1% NOK Statoil DNB-ETN STATOIL BEAR % -9.5 % -28.1% % NOK OBX DNB-ETN OBX X3 BEAR % -6.9 % % % NOK Oljepris BEAR OLJE HA % % % % NOK 400 OBX XACT DERIVAT BEAR % -4.5 % % -1.2 % NOK Oljepris DNB - ETN BRENT % 9.3 % 19.6 % % NOK Telenor DNB-ETN TELENOR X3 BULL % 8.6 % 3.8 % % NOK 8000 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR % 14.8 % -9.6 % % NOK 0 OBX BEAR OBX X1 DNM % -2.3 % -9.8 % #VALUE! NOK 0 Gullpris DNB-ETN GULL % 0.9 % 6.6 % 15.3 % NOK 0 Orkla DNB-ETN ORKLA X3 BEAR % 4.7 % % % NOK 0 Schibsted BEAR SCH DNM % 3.5 % % % NOK 0 Telenor DNB-ETN TELENOR BULL % 5.8 % 3.9 % % NOK 200 Oljepris DNB - ETN BRENT BULL % 20.6 % 37.7 % -73.1% NOK Oljepris DNB - ETN BRENT BEAR % % % 73.9 % NOK 7450 Seadrill DNB-ETN SEADRILL BEAR % 0.0 % 0.0 % % NOK Orkla BEAR ORKLA HA % 3.4 % % % NOK 0 Gullpris DNB-ETN GULL BULL % 3.3 % 13.0 % 21.7 % NOK 0 Oljepris BULL OLJE HA % 20.0 % 36.6 % % NOK Kilde: Bloomberg FORTS. 5

6 DNB Markets ETN / ETF OSLO Endring i % ETN / ETF Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Orkla BEAR ORKLA HA % 3.4 % % % NOK 0 Gullpris DNB-ETN GULL BULL % 3.3 % 13.0 % 21.7 % NOK 0 Oljepris BULL OLJE HA % 20.0 % 36.6 % % NOK Aluminium ALU ETN DNM % -0.6 % 6.6 % -9.8 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL % -5.4 % 18.7 % 53.8 % NOK 0 Orkla BULL ORKLA HA % -3.6 % 12.5 % 39.1 % NOK 0 Gullpris BULL GULL HA % 3.9 % 12.5 % 21.1 % NOK 0 Telenor DNB - ETN TELENOR BEAR % -6.2 % -8.3 % -3.8 % NOK 0 OBX DNB OBX % 2.3 % 9.9 % -6.0 % NOK Schibsted BULL SCH DNM % -3.8 % 8.4 % 0.2 % NOK 325 Telenor DNB-ETN TELENOR X3 BEAR % -9.5 % % % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL % % 6.0 % 39.2 % NOK 1000 OBX XACT OBX % 2.4 % 10.1 % -6.1% NOK 3943 OBX XACT DERIVAT BULL % 4.4 % 18.9 % % NOK Aluminium BULL ALU ETN DNM % 0.2 % 13.2 % % NOK 0 CO2 BEAR CO2 ETN DNM % -3.1% -10.1% 43.9 % NOK 0 OBX BULL OBX X3 HA % 6.8 % 29.8 % % NOK 506 Statoil BULL STL HA % 10.0 % 30.0 % % NOK 0 OBX DNB-ETN OBX X3 BULL % 6.8 % 28.9 % % NOK 5000 Statoil DNB-ETN STATOIL BULL % 10.0 % 30.4 % % NOK 920 Sølvpris SOLV ETN DNM % 2.3 % 0.8 % 3.1 % NOK 0 TGS Nopec DNB-ETN TGS BULL % 12.7 % 40.9 % % NOK 0 Sinkpris SINK ETN DNM % -0.5 % 5.1 % -8.3 % NOK 0 OBX BULL OBX X4 DNM % 9.0 % 38.0 % % NOK 2304 Kobberpris BULL KOBBER ETN DNM % 2.9 % 8.9 % % NOK 0 Statoil DNB-ETN STATOIL X3 BULL % 15.2 % 45.5 % % NOK Opera BULL OPERA DNM % -2.1% 71.5 % 1.9 % NOK 0 Aluminium BULL ALU HA % -1.4 % 11.7 % % NOK 0 Yara BEAR YARA HA % -0.3 % % 11.7 % NOK 0 Yara DNB-ETN YARA BEAR % 0.1 % % 15.7 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM % 6.0 % 1.5 % % NOK 0 DNB BEAR DNB NOR HA % -6.5 % % 10.7 % NOK 0 RCL D1B-ETN RCL BULL % % 12.2 % % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL % 10.3 % 39.5 % 33.4 % NOK BW LPG BULL BWLPG DNM % -5.7 % 3.1 % 9.9 % NOK 0 Sølvpris BULL SOLV ETN DNM % 6.0 % 0.8 % -6.7 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR % 4.2 % 7.6 % % NOK 0 Strømpris BEAR EL HA % % % % NOK 0 Norsk Hydro BULL NHY HA % 6.8 % 45.8 % % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BULL % 6.9 % 46.4 % % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR % % % 84.4 % NOK 710 Sinkpris BULL SINK ETN DNM % 0.4 % 9.8 % % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL % 22.3 % 18.2 % % NOK Yara DNB-ETN YARA X3 BEAR % 0.1 % -18.1% 10.7 % NOK 0 Oljeservice DNB - ETN OIL SERVICE % 20.0 % 33.1 % % NOK 3500 Kobberpris BULL KOBBER ETN DNM % 7.1 % 17.9 % -28.1% NOK 0 Kobberpris BULL KOBBER HA % 8.1 % 18.4 % % NOK 0 Norsk Hydro BULL NHY X3 DNM % 9.9 % 70.2 % % NOK PGS DNB-ETN PGS BULL % 44.8 % 11.8 % % NOK REC BEAR REC HA % -7.6 % % -6.2 % NOK 0 REC BEAR REC DNM % -7.6 % % #VALUE! NOK 0 Storebrand DNB-ETN STOREBRAND BULL % -4.0 % 2.0 % 4.2 % NOK 1860 Fred. Olsen Energy BULL FOE DNM % 35.2 % -17.1% % NOK 600 Oljeservice DNB - ETN OIL SERVICE BULL % 40.9 % 68.8 % % NOK Subsea 7 DNB-ETN SUBSEA 7 BULL % 14.3 % 45.9 % % NOK DNO BULL DNO DNM % 13.5 % 23.7 % % NOK Seadrill DNB-ETN SEADRILL BULL % % % % NOK Golden Ocean BULL GOGL DNM % 26.9 % -4.4 % % NOK Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER Selg Hold Kjøp 6

7 DNB Markets Dnb anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA A. P. Møller Mærsk maerskb Kjøp DKK x 16.5x 4.1x 9.1x AF Gruppen AFG Selg NOK x 19.4x 10.3x 12.0x Akastor AKA Hold NOK x -2.7x 11.0x -12.1x Aker AKER Hold NOK x 33.8x Aker Solutions AKSO Selg NOK x 24.1x 4.5x 12.9x Alfa Laval ALFA Selg SEK x 17.3x 10.3x 13.8x Archer ARCHER Selg NOK x -0.7x 9.4x x Assa Abloy ASSAB Hold SEK x 22.2x 17.6x 17.0x Atea ATEA Hold NOK x 18.0x 8.9x 14.1x Atlas Copco ATCOA Hold SEK x 19.2x 11.0x 14.1x Atwood Oceanics ATW Selg USD x 2.9x 3.3x 6.2x Aurora LPG AURLPG Hold NOK x 3.0x 4.1x 8.4x Austevoll Seafood AUSS Kjøp NOK x 11.5x 7.0x 6.5x Autoliv ALIV Hold SEK x 16.2x 9.6x 11.0x Avance Gas AVANCE Hold NOK x 2.2x 4.3x 4.8x Awilco Drilling AWDR Hold NOK x 2.7x 0.5x 1.6x Bakkafrost BAKKA Kjøp NOK x 15.7x 9.1x 11.5x Betsson BETSB Kjøp SEK x 14.6x 19.0x 13.8x BillerudKorsnäs BILL Kjøp SEK x 13.6x 10.2x 11.8x Borregaard BRG Kjøp NOK x 10.7x 7.4x 8.2x BW LPG BWLPG Hold NOK x 5.0x 4.4x 8.4x BW Offshore BWO Selg NOK x -5.5x 4.9x 33.7x Cargotec CGC Hold EUR x 12.8x 9.2x 10.7x Carlsberg CARLB Selg DKK x 26.0x 9.4x 18.4x Castellum CAST Kjøp SEK x 17.2x 19.3x 19.5x Chr. Hansen CHR Hold DKK x 38.5x 22.5x 29.4x Citycon CTY1S Kjøp EUR x 15.4x 24.4x 19.3x Coloplast COLOB Kjøp DKK x 29.5x 19.5x 22.0x Com Hem COMH Selg SEK x 56.9x 10.3x 29.6x Coor Service Managemen COOR Kjøp SEK x 10.8x 11.2x 18.2x D/S Norden DNORD Kjøp DKK x x 4.4x 208.5x Danske Bank DANSKE Hold DKK x 10.4x Deep Sea Supply DESSC Selg NOK x -1.0x 6.9x -19.5x Det norske oljeselskap DETNOR Kjøp NOK x 17.8x 4.1x 9.6x DHT Holdings DHT Kjøp USD x 4.7x 5.8x 7.0x Diamond Offshore DO Selg USD x 20.9x 4.8x 17.2x Diana Shipping DSX Hold USD x -2.7x 24.1x -8.8x DNB DNB NOK x 8.3x DNO DNO Kjøp NOK x 3.7x -13.4x 3.0x DOF DOF Selg NOK x 1.4x 8.4x 14.5x Dorian LPG LPG Hold USD x 4.5x 14.6x 8.6x Eidesvik Offshore EIOF Selg NOK x -5.7x 5.1x 35.1x Electrolux ELUX Hold SEK x 14.8x 7.8x 11.0x Elekta EKTAB Kjøp SEK x 27.8x 14.1x 17.0x Ensco ESV Selg USD x 4.4x 3.9x 6.6x Entra ENTRA Kjøp NOK x 19.9x 18.5x 18.0x Epic Gas EPIC Kjøp NOK x -13.5x 8.3x 42.0x Euronav EURN Kjøp USD x 5.0x 5.6x 7.1x Europris EPR Selg NOK x 15.2x 13.9x 11.9x Fabege FABG Hold SEK x 30.3x 32.2x 28.2x Farstad Shipping FAR Selg NOK x -1.4x 8.5x 53.8x Flex LNG FLNG Hold NOK x x -68.3x -70.9x FLSmidth FLS Hold DKK x 15.0x 7.4x 12.8x FMC Technologies FTI Selg USD x 22.6x 8.0x 13.6x Fortum FUM1V Kjøp EUR x 20.3x Fred Olsen Energy FOE Selg NOK x 1.6x 2.2x 4.3x Frontline FRO Kjøp NOK x 5.9x 8.8x 9.6x Frontline 2012 FRNT Kjøp NOK x 7.9x 12.1x 11.6x GasLog GLOG Kjøp USD x 26.5x 10.2x 18.2x Gener8 Maritime GNRT Kjøp USD x 2.0x 6.2x 6.2x Getinge GETIB Selg SEK x 16.7x 15.2x 18.7x Gjensidige Forsikring GJF Hold NOK x 15.9x GN Store Nord GN Hold DKK x 16.8x 10.7x 10.0x Kilde: DNB Markets, FactSet, Bloomberg 7

8 DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Golar LNG GLNG Kjøp USD x -11.3x -65.9x x Golar LNG Partners GMLP Kjøp USD x 6.2x 6.5x 9.0x Golden Ocean GOGL Kjøp NOK x -2.1x -52.5x -14.6x Grieg Seafood GSF Kjøp NOK x 12.6x 20.5x 10.6x Havila Shipping HAVI Selg NOK x 4.9x 6.8x 16.1x Helgeland Sparebank HELG Kjøp NOK x 6.8x Hennes & Mauritz HMB Hold SEK x 22.6x 15.7x 16.4x Hexagon AB HEXAB Kjøp SEK x 19.7x 15.6x 17.2x Hexagon Composites HEX Kjøp NOK x 18.9x 33.5x 12.8x Hexpol HPOLB Kjøp SEK x 19.5x 14.2x 13.5x Hufvudstaden HUFV Hold SEK x 30.3x 26.5x 25.8x Husqvarna HUSQb Kjøp SEK x 14.6x 9.7x 11.8x Höegh LNG Holdings HLNG Kjøp NOK x 23.5x 14.0x 16.5x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.8x 13.0x 8.7x Klövern KLOVb Kjøp SEK x 14.6x 19.8x 17.9x KNOT Offshore Partners KNOP Kjøp USD x 9.7x 7.3x 14.1x Kone KNEBV Hold EUR x 21.1x 14.0x 14.9x Konecranes KCR1V Hold EUR x 13.5x 9.0x 10.5x Kongsberg Gruppen KOG Kjøp NOK x 15.8x 9.2x 10.1x Kungsleden KLED Kjøp SEK x 11.6x 19.7x 17.4x Kværner KVAER Hold NOK x 10.6x 2.0x -0.5x Lerøy LSG Kjøp NOK x 12.0x 11.5x 9.1x Loomis LOOMb Kjøp SEK x 14.0x 8.5x 10.8x Lundbeck LUN Kjøp DKK x 65.5x 230.9x 45.9x Lundin Petroleum LUPE Hold SEK x 38.1x 41.3x 18.6x Marine Harvest MHG Kjøp NOK x 14.1x 14.3x 11.7x Meda MEDA Hold SEK x 32.8x 10.0x 25.4x Metso MEO1V Kjøp EUR x 16.6x 7.7x 9.8x Millicom MICsdb Kjøp SEK x 26.3x 5.7x 12.6x MTG MTGb Kjøp SEK x 14.7x 10.8x 11.7x Ncc NCC Hold SEK x 17.0x 8.6x 12.5x NetEnt NETb Kjøp SEK x 42.3x 35.9x 37.3x Nibe Industrier NIBEB Selg SEK x 22.6x 16.9x 19.3x Nobia NOBI Kjøp SEK x 12.7x 11.7x 9.4x Noble NE Selg USD x 9.8x 3.7x 10.6x Nokian Tyres NRE1V Hold EUR x 17.1x 11.1x 12.5x Nordea NDA Kjøp SEK x 10.7x Nordic Nanovector NANO Kjøp NOK x -3.0x 0.6x -0.4x Nordic Semiconductor NOD Kjøp NOK x 26.0x 17.9x 17.8x Norsk Hydro NHY Hold NOK x 14.5x 4.6x 8.9x North Energy NORTH Hold NOK x -1.2x Norway Royal Salmon NRS Kjøp NOK x 15.3x 15.1x 12.0x Norwegian Air Shuttle NAS Kjøp NOK x 8.8x 19.3x 20.0x Norwegian Cruise Line NCLH Selg USD x 13.9x 16.1x 15.9x Norwegian Property NPRO Kjøp NOK x 17.0x 22.7x 18.5x Novo Nordisk NVO Kjøp DKK x 25.1x 19.3x 18.9x Novozymes NZYMB Selg DKK x 29.6x 20.7x 21.9x NRC Group NRC Hold NOK x 21.9x 81.2x 14.6x Ocean Rig ORIG Selg USD x 0.7x 3.4x 6.2x Ocean Yield OCY Hold NOK x 6.3x 9.4x 12.2x Odfjell ODF Kjøp NOK x 2.5x 6.8x 9.3x Odfjell Drilling ODL Hold NOK x 8.2x 5.8x 22.1x Olav Thon OLT Kjøp NOK x 12.9x 15.6x 15.0x Opera OPERA Hold NOK x 21.0x 11.3x 29.7x Oriflame ORI Kjøp SEK x 13.7x 9.3x 8.5x Orkla ORK Kjøp NOK x 21.0x 16.8x 18.8x Outotec OTE1V Kjøp EUR x 30.8x 4.5x 18.7x Pacific Drilling PACD Selg USD x -1.5x 4.8x 29.5x Pandox PNDXB Hold SEK x 19.0x 24.7x 20.3x Peab PEAB Kjøp SEK x 12.5x 22.5x 9.7x PGS PGS Selg NOK x -4.8x 3.9x -25.5x Polarcus PLCS Selg NOK x -11.8x Prosafe PRS Selg NOK x 20.1x 6.7x 25.9x Q-Free QFR Kjøp NOK x 18.1x 10.2x 13.3x Recipharm RECIB Kjøp SEK x 20.7x 14.2x 17.5x RenoNorden RENO Kjøp NOK x 11.3x 7.0x 13.2x Rezidor REZT Kjøp SEK x 12.7x 5.8x 8.1x Kilde: DNB Markets, FactSet, Bloomberg 8

9 DNB Markets DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Rowan RDC Hold USD x 6.5x 4.3x 7.5x Royal Caribbean Cruises RCL Selg NOK x 12.4x 14.7x 15.8x Safe Bulkers SB Selg USD x -1.4x 18.0x -58.2x Saipem SPM Hold EUR x 11.8x 11.2x 8.5x SalMar SALM Kjøp NOK x 13.9x 11.4x 10.6x Sampo Oyj SAMAS Hold EUR x 14.4x Sandvik SAND Kjøp SEK x 17.3x 8.0x 13.2x SCA SCAB Hold SEK x 19.1x 10.8x 14.9x Scandi Standard SCST Hold SEK x 14.8x 10.1x 12.7x Schibsted SCHA Selg NOK x 63.3x 28.7x 27.0x Scorpio Tankers STNG Kjøp USD x 6.5x 7.6x 12.4x Seadrill SDRL Selg NOK x 3.1x 4.8x 11.5x SEB SEB Kjøp SEK x 10.5x Securitas SECUB Kjøp SEK x 16.3x 11.7x 12.9x Selvaag Bolig SBO Kjøp NOK x 8.9x 8.7x 9.1x Sevan Marine SEVAN Selg NOK x -16.8x -6.9x -14.9x Siem Offshore SIOFF NOK x -5.8x 8.1x 60.5x Skandiabanken SKBN Kjøp NOK x 8.7x Skanska SKA Kjøp SEK x 15.3x 10.4x 11.5x SKF SKFB Hold SEK x 12.6x 7.8x 11.0x Solstad Offshore SOFF Selg NOK x -55.8x 7.1x 27.2x Songa Offshore SONG Selg NOK x 1.7x 7.8x 12.5x Sparebank1 Nord-Norge NONG Kjøp NOK x 7.5x Sparebank1 SMN MING Kjøp NOK x 6.6x Sparebank1 SR-Bank SRBANK Kjøp NOK x 6.0x Sparebanken Møre MORG Kjøp NOK x 7.2x Sparebanken Øst SPOG Kjøp NOK x 9.5x Spectrum SPU Hold NOK x 24.0x 2.2x 12.8x Sponda SDA1V Kjøp EUR x 14.7x 18.3x 20.3x Stolt-Nielsen SNI Kjøp NOK x 6.3x 5.2x 10.7x Storebrand STB Kjøp NOK x 6.9x Subsea 7 SUBC Selg NOK x 21.1x 1.5x 14.9x Svenska Handelsbanken SHB Selg SEK x 13.7x Swedbank SWEDA Kjøp SEK x 11.0x Swedish Match SWMA Kjøp SEK x 17.3x 14.5x 13.0x Tanker Investments TIL Kjøp NOK x 4.3x 7.4x 8.6x Technip TECF Selg EUR x 10.0x 2.3x 4.2x Teekay Tankers TNK Kjøp USD x 2.9x 7.7x 6.1x Tele2 TEL2b Kjøp SEK x 34.2x 8.7x 25.4x Telenor TEL Kjøp NOK x 12.6x 7.0x 10.6x TeliaSonera TLSN Hold SEK x 13.0x 8.0x 14.6x TGS Nopec TGS Hold NOK x 66.5x 3.0x 46.6x Thule Group THULE Kjøp SEK x 16.5x 15.5x 13.3x Tomra TOM Hold NOK x 18.1x 12.5x 12.9x Topdanmark TOP Kjøp DKK x 12.9x Transocean RIG Selg USD x 6.6x 2.8x 9.7x Trelleborg TRELB Hold SEK x 13.9x 11.1x 13.3x Tryg TRYG Hold DKK x 15.3x Tsakos Energy NavigationTNP Kjøp USD x 3.2x 5.9x 7.8x Unibet UNIB Hold SEK x 21.0x 24.9x 19.0x Valmet VALMT Kjøp EUR x 12.9x 5.7x 9.1x Veidekke VEI Hold NOK x 12.0x 10.7x 9.7x Vitrolife VITR Kjøp SEK x 34.1x 21.9x 25.1x Volvo VOLVB Kjøp SEK x 12.8x 4.2x 8.5x Weifa WEIFA Kjøp NOK x 16.6x 15.4x 10.6x Wihlborgs WIHL Kjøp SEK x 15.7x 21.5x 20.4x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 5.1x 10.8x 9.0x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 4.0x 6.2x 5.8x William Demant Holding WDH Selg DKK x 20.2x 14.3x 13.5x Wärtsilä WRT1V Hold EUR x 15.3x 12.2x 11.5x XXL XXL Kjøp NOK x 21.7x 20.9x 17.9x Yara YAR Hold NOK x 10.7x 6.2x 8.7x YIT YIT Selg EUR x 14.3x 12.7x 13.2x Kilde: DNB Markets, FactSet, Bloomberg 9

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