MER FORSIKTIG FED, UENDRET FRA BOJ, LAVERE OLJEPRIS - HEX

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag MER FORSIKTIG FED, UENDRET FRA BOJ, LAVERE OLJEPRIS - HEX Etter et innledende løft reagerte det amerikanske aksjemarkedet på den mer tilbakeholdne oppdateringen etter sentralbankens rentemøte med et solid fall mot slutten av dagen i går. Tolkningen i retningen av dempede vekstutsikter ga sammen med press på oljeprisene og på rentene grunnlag for reaksjonen ned. Både Dow, S&P500 og Nasdaq stengte til slutt ned 0.2%. Volumet på de tre hovedindeksene kom inn på 93-99% av gjennomsnittet for de siste tre måneder. Den japanske sentralbanken har i morgentimene annonsert at de ikke gjør noen endringer i takten på de løpende stimuleringstiltakene og i Asia har indeksene vendt ned igjen etter gårsdagens oppgang. Ytterligere bidrag fra en svekket USD-kurs og lavere råvarepriser gjør at Nikkei i øyeblikket er ned 3%, mens de kinesiske indeksene etter gårsdagens løft viser en nedgang på 0-2%. Med de internasjonale rentemøtene i hovedsak tilbakelagt og i tillegg begrenset med selskapshendelser på agendaen de neste dagene vil det kunne bli ytterligere fokus på neste torsdags britiske EU-valg. De mer forsiktige vekstutsiktene fra Fed gir også mer bekymring for resultatutviklingen i selskapene fremover og dette temaet vil kunne få stigende oppmerksomhet inn mot Q2-rapporteringen fra midten av juli. Den engelske sentralbanken avholder rentemøte i dag, men uten at det er ventet noen endringer i rentenivået ved denne anledningen. Fra USA får vi etter hvert blant annet de ukentlige arbeidsmarkedstallene og i tillegg KPI-tallene for mai. WTI-prisen var i går ned USD 0.58 pr fat til USD pr fat. Prisen ligger i morgentimene i dag på USD pr fat. Brent åpner på USD pr fat og er dermed ned USD 0.37 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Gårdagens rapporterte trekk på de amerikanske råoljebeholdningene var på 0.9 mill fat og dermed noe lavere enn i utgangpunktet ventet. I tillegg ser det etter hvert ut til at den uteblitte produksjonen både i Canada og Nigeria vil være tilbake igjen i løpet av relativt kort tid. Hexagon Composites annonserte i går en sammenslåing av selskapets virksomhet for naturgasstanker til større kjøretøy med kompletterende tilsvarende virksomhet hos Agility Fuel Systems. De to selskapene har allerede i rundt to år hatt et felles samarbeid innen segmentet for større kjøretøy i USA og samarbeidet vil kunne styrke både markedsposisjonen i Nord-Amerika og åpne muligheter i andre regioner. Transaksjonen ventes gjennomført i løpet av Q3. Vi har en Holdanbefaling på Hexagon med et kursmål på NOK 25 pr aksje og etter et løft i går tilsvarer kursmålet gårsdagens sluttkurs. Med dempede forventninger til utviklingen for Q2 ser verdsettelsen etter vårt syn fair ut på dagens nivå. Vi venter imidlertid fortsatt volatilitet i aksjen ettersom en utfordring for investorene har vært visibiliteten innen selskapets transportløsninger (Mobile Pipelines). Utviklingen både i oljeprisen, hos konkurrenter og hos mulige kunder gjør at vi innenfor dette segmentet venter positive nyheter i tiden fremover. Selskap Tidspunkt Konsensus Oracle Etter markedet 0.82 Land Nøkkeltall Norge Handelsbalanse UK Detaljhandel % EU KPI % UK BOE Rentemøte % USA Førstegangssøkende k USA Registrerte ledige k USA Philly Fed USA KPI % USA Boligmarkedsindeks Våre anbefalte aksjer: - ORK - LSG - BRG - MHG - WWASA - QFR - GSF YTD DNB: +8% YTD OSE: +0% Internasjonale børser Siste Endr. % Dow Jones 17, S&P 500 2, 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 det enda lettere for deg å forstå hva som skjer. Sjekk oss ut på twitter.com/dnbmarkets ANALYSTS Ole-Andreas Krohn Ole-Andreas.krohn@dnb.no TLF: Please see the last two pages for important information. This research report was not produced in the US. Analysts employed by non-us Affiliates are not registered / Qualified research analysts with FINRA in the United States

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 17, S&P 500 2, 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) 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 ,460, Royal Caribbean Cruises ,240, #N/A N/A #VALUE! Questerre (CAD) , Statoil ,007, Yara , Sverige AstraZeneca ,787, Finland (EUR) Nokia ,618,650 Danmark Novo Nordisk B ,426, RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,398 2, % ,245 1,837 Oil Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metals Aluminium 3m 1,626 1, ,745 1,433 Nikkel 9,045 9, ,905 12,975 7,550 Kopper 4,640 4, ,176 5,843 4,318 Gull 1,300 1, ,304 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 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Metall 3.9% 2.4% 12.4% -8.0% 40.6% 25.6 Teknologisk utstyr 3.4% 3.9% -9.8% -22.8% -21.3% 19.6 Fritidsutstyr 1.1% 1.4% 3.3% 18.7% 21.4% 22.0 Detaljhandel 2.7% -3.3% -8.5% -20.1% -16.9% 18.4 Legemiddelindustri og biotekno 0.5% -1.6% -2.2% -17.0% -14.3% 15.7 Materialer 2.0% -1.7% 0.7% -21.4% -1.6% 18.4 Industrielle konglomerater 0.3% 0.8% 2.2% 11.1% 1.4% 20.4 Media 1.5% -5.3% -12.2% -20.0% -14.0% 16.0 Bygg og anlegg 0.2% 0.1% 5.8% -5.1% 13.7% 15.3 Kapitalvarer 1.2% -2.6% -2.7% -9.3% -3.5% 15.8 Bildeler 0.2% -0.2% -0.9% -22.8% -9.5% 10.2 Hotell-, underholdnings- og restaurantv 1.2% -2.8% -3.6% -13.8% -12.5% 18.3 Luftfart 0.2% -6.7% -20.8% -6.9% -21.0% 6.6 Banker 1.2% -5.0% -12.5% -35.9% -24.7% 9.9 Hotell og restaurant 0.1% -2.7% -3.1% 4.4% -1.8% 21.8 Forbruksvarer og klær 1.2% -2.8% -6.3% -12.4% -8.0% 16.1 Maskiner 0.1% 0.9% 5.5% -5.2% 13.0% 17.9 Forsyningsselskaper 1.1% -2.9% -1.5% -10.5% -7.2% 14.0 Bank 0.0% -1.5% 0.7% -17.0% -12.2% 10.9 Finansieringsselskaper 1.0% -5.3% -10.9% -31.4% -26.8% 14.1 Elektrisk utstyr 0.0% -1.2% 1.3% -11.3% 8.9% 17.4 Telekommunikasjon og tjenester 0.9% -7.4% -11.0% -17.8% -15.3% 17.7 Media 0.0% -0.5% 1.9% -4.9% 4.6% 16.0 Husholdningsvarer og personlige produ 0.8% -2.1% -0.5% 1.5% -1.6% 21.6 Matvarer -0.1% -0.4% 3.7% 12.8% 8.2% 21.6 Mat- og apotekhandel 0.8% -5.4% -8.7% -14.6% -4.5% 16.4 Internett programvare og -tjenes -0.1% -1.0% -0.6% 30.3% -0.4% 24.6 Kommersielle tjenester og leveranser 0.8% -2.7% -2.0% -13.5% -8.9% 15.9 Kjemikalier -0.1% 0.8% 3.9% -6.8% 3.0% 17.4 Drikkevarer, mat og tobakk 0.7% -2.6% -1.6% 0.4% -4.8% 20.7 Datamaskiner og tilbehør -0.1% 4.6% -6.0% -21.2% -5.4% 11.6 Biler og komponenter 0.7% -6.0% -10.5% -28.2% -20.6% 7.6 Diversifiserte telekomtjenester -0.2% 2.4% 0.9% 11.6% 14.6% 14.1 Transport 0.6% -5.3% -3.3% -8.3% -7.5% 13.5 Drikkevarer -0.2% -1.3% 2.3% 13.8% 4.0% 23.4 Forsikring 0.6% -5.0% -11.8% -18.0% -21.0% 9.5 Programvare -0.2% -2.3% -3.0% 4.9% -3.8% 19.9 Eiendomsselskaper 0.5% -1.9% -2.1% -2.5% -3.3% 20.6 Elektronisk utstyr og instrumen -0.3% 4.2% 2.5% -5.3% 4.3% 16.6 Energi 0.4% -3.2% -0.3% -15.8% 1.0% 22.1 Olje og gass -0.3% 0.4% 6.9% -10.9% 11.2% 81.9 Programvare og tjenester 0.4% -1.3% -2.8% 2.3% -7.8% 17.8 Energi og relatert utstyr -0.4% 4.6% 6.9% -15.7% 10.1% Helsevern - utstyr og tjenester 0.3% -2.5% -2.0% 0.9% -8.2% 22.0 Husholdningsartikler -0.5% 1.2% 2.1% 9.0% 5.3% 23.3 Bioteknologi -0.5% -2.7% 1.3% -18.3% -14.5% 12.4 Forsikring -0.6% -1.8% 1.7% -2.8% -1.2% 11.8 Kraft -0.8% 1.3% 2.8% 18.5% 15.4% 17.4 Kommunikasjonsutstyr -0.8% 5.4% 2.2% -6.7% 5.4% 12.6 Farmasi -0.8% 2.2% 7.2% -2.1% 0.7% 16.6 Helseartikler -1.0% 0.1% 9.6% 9.5% 8.8% 19.7 Papir- og skogprodukter -1.1% -0.7% 11.9% -22.7% -4.3% 15.9 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 HOME DEPOT INC % -6.5 % 14.8 % BIOMARIN PHARMAC % -2.8 % % MCGRAW HILL FIN#N/A N/A #VALUE! #VALUE! #VALUE! AMERICAN EXPRESS CO % -4.1 % % VIACOM INC-CLASS % 7.3 % % FREEPORT-MCMO % -0.4 % % GENERAL ELECTRIC CO % 2.1 % 12.4 % AUTODESK INC % -4.2 % 5.9 % ALCOA INC % 1.8 % % NIKE INC -CL B % -5.0 % 3.9 % LIBERTY GLOBAL PL % -7.4 % % RALPH LAUREN C % 9.3 % % CATERPILLAR INC % 6.2 % % LIBERTY GLOBAL PL % -8.2 % % PVH CORP % 13.6 % % WAL-MART STORES INC % 7.7 % -1.7 % MATTEL INC % 2.0 % 19.6 % NEWMONT MININ % 2.3 % 51.4 % 3M CO % -1.0 % 7.2 % TESLA MOTORS INC % 4.5 % % HOST HOTELS & % 2.2 % % GOLDMAN SACHS GROUP % -5.9 % % SYMANTEC CORP % 12.3 % -0.3 % WILLIAMS COS IN % 5.7 % % COCA-COLA CO/THE % -1.3 % 12.3 % AKAMAI TECHNOLOG % 3.7 % % MEAD JOHNSON % 0.0 % -7.8 % WALT DISNEY CO/THE % -2.1 % % DOLLAR TREE INC % 13.8 % 15.9 % HEWLETT PACKA % 17.8 % #VALUE! DU PONT (E.I.) DE NEMOUR % 2.2 % -0.2 % QUALCOMM INC % 2.6 % % ROYAL CARIBBEA % -3.7 % -4.2 % JPMORGAN CHASE & CO % 0.5 % -9.4 % NVIDIA CORP % 12.3 % % VIACOM INC-CLAS % 7.3 % % MCDONALD'S CORP % -5.7 % 29.2 % NETAPP INC % 4.4 % % L BRANDS INC % 2.3 % % INTL BUSINESS MACHINES % 0.8 % -9.7 % MICRON TECHNOLOG % 24.2 % % COACH INC % 1.8 % 8.9 % BOEING CO/THE % -3.0 % -8.6 % MICROSOFT CORP % -4.1 % 8.4 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år VERIZON COMMUNICATION % 3.1 % 11.4 % WHOLE FOODS MAR % 1.4 % % PERRIGO CO PLC % 10.7 % % MERCK & CO. INC % 2.6 % -2.8 % JD.COM INC-ADR % % % WHOLE FOODS M % 1.4 % % EXXON MOBIL CORP % 0.7 % 6.5 % CTRIP.COM INTERNA % % 3.7 % EDWARDS LIFES % -5.9 % 41.9 % APPLE INC % 3.5 % % ENDO INTERNATIONA % 17.6 % % TRANSOCEAN LT % 14.8 % % UNITEDHEALTH GROUP INC % 5.1 % 12.9 % CERNER CORP % 0.1 % % ALLERGAN PLC % 6.3 % % PROCTER & GAMBLE CO/T % 1.6 % 4.9 % INTEL CORP % 4.0 % -0.1 % NRG ENERGY INC % % % VISA INC-CLASS A SHARES % 0.5 % 13.3 % T-MOBILE US INC % 2.6 % #VALUE! CSRA INC % -5.2 % #VALUE! PFIZER INC % 4.2 % 2.2 % COGNIZANT TECH SO % -3.5 % -4.9 % ENDO INTERNATIO % 17.6 % % JOHNSON & JOHNSON % 1.7 % 18.4 % NXP SEMICONDUCTO % 1.2 % % CERNER CORP % 0.1 % % CHEVRON CORP % -1.6 % 0.6 % WALGREENS BOOTS % 5.5 % -3.1 % SCANA CORP % 0.5 % 40.9 % UNITED TECHNOLOGIES CO % -1.3 % % ALEXION PHARMACE % % % INTEL CORP % 4.0 % -0.1 % TRAVELERS COS INC/THE % -0.4 % 12.4 % BIOGEN INC % % % CARDINAL HEALT % -0.9 % % CISCO SYSTEMS INC % 6.2 % -0.2 % HENRY SCHEIN INC % 0.3 % 22.8 % COGNIZANT TECH % -3.5 % -4.9 % INTEL CORP % 4.0 % -0.1 % CISCO SYSTEMS INC % 6.2 % -0.2 % KANSAS CITY SO % -1.6 % -7.1 % 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 Latin-America 40 ILF % -7.1% -4.9 % % USD Brasil EWZ % -8.0 % -4.6 % % USD Emerging M arkets EEM % -4.3 % 2.0 % % USD CAC-40 CAC % -6.2 % -2.2 % % EUR Japan EWJ % -4.2 % -1.6 % % USD FTSE 100 ISF % -5.1% -2.5 % % GBp S&P Euro 350 IEV % -7.5 % -4.1% % USD Dow Jones Total market THRK % -1.9 % 1.2 % -1.9 % USD 1616 TecDax TDXPEX % -6.7 % -2.7 % -4.1% EUR AEX-Nederland AEXT % -6.7 % -5.3 % % EUR 861 S&P M idcap 400 M DY % -2.9 % 1.9 % -3.4 % USD Russell 2000 Growth IWO % -3.5 % 4.2 % % USD Finansielle tjenester XLF % -3.9 % -1.3 % -9.5 % USD Russell 2000 IWM % -3.3 % 3.2 % -9.4 % USD Pacific ex-japan EPP % -4.8 % -1.4 % % USD Industri XLI % -2.2 % 0.3 % 0.6 % USD Bioteknologi IBB % -5.8 % 0.3 % % USD DAX DAXEX % -6.5 % -3.1% % EUR Hong Kong EWH % -3.6 % 2.3 % % USD DJIA DIA % -1.9 % -0.4 % -1.5 % USD S&P 500 SPY % -2.2 % 0.5 % -1.2 % USD Energi XLE % -3.5 % 1.3 % % USD Teknologi USA XLK % -1.9 % 1.5 % 1.8 % USD Nasdaq 100 QQQ % -2.4 % 0.8 % -1.0 % USD Forbruksvarer XLP % -0.3 % 0.3 % 11.4 % USD Oil Service OIH % -5.9 % 6.2 % % USD Forsyningstjenester XLU % 0.4 % 2.0 % 18.3 % USD Olje / Energi Naturgass NGAS % 4.6 % 18.6 % % USD Bensin UGAS % -4.2 % -6.5 % % USD 2500 Råolje CRUD % -5.3 % 0.0 % % USD Brent-olje OILB % -4.9 % 0.2 % % USD Fyringsolje HEAT % -4.5 % 3.1 % % USD 0 WTI-olje OILW % -5.1% 0.4 % -37.1% USD 8531 WTI-Oil USO % -7.7 % -2.5 % % USD M etaller Kobber COPA % 1.1 % -0.4 % % USD 1453 Nikkel NICK % 1.3 % 2.9 % % USD 3800 Aluminium ALUM % 1.7 % 4.9 % -9.5 % USD 3587 Sølv SLV % 3.0 % 2.3 % 8.9 % USD Sink ZINC % -0.9 % 7.3 % -6.0 % USD 350 Bomull COTN % -4.4 % 3.8 % -2.5 % USD 0 A ndre råvarer Sukker SUGA % 0.6 % 17.7 % 51.6 % USD Svinekjøtt HOGS % 2.1 % 7.2 % 11.9 % USD 4336 Kaffe COFF % -0.3 % 5.5 % -5.2 % USD M ais CORN % -0.6 % 10.8 % 12.4 % USD Kveg CATL % -2.3 % -4.9 % % USD 674 Soyabønner SOYB % -1.3 % 9.6 % 23.0 % USD 2094 Råoljer AIGO % -4.9 % -0.4 % % USD 0 Hvete WEAT % -7.4 % 2.3 % -7.3 % USD R åvarekurver Industrimetaller AIGI % 1.0 % 2.8 % % USD Buskap AIGL % -0.5 % -0.1% % USD 0 Ex-Energi AIGX % -0.3 % 4.8 % 2.3 % USD 0 Råvarer AIGC % -1.1 % 4.3 % % USD Landbruk AIGA % -1.9 % 8.8 % 13.4 % USD Edle metaller AIGP % 2.1 % 1.1 % 8.2 % USD Korn AIGG % -2.3 % 8.4 % 9.7 % USD 0 Energi AIGE % -2.8 % 3.5 % % 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 Norsk Hydro BULL NHY HA #N/A N/A #VALUE! #VALUE! #VALUE! #VALUE! NOK 0 PGS DNB-ETN PGS BEAR % 34.3 % % % NOK 0 TGS Nopec DNB-ETN TGS BEAR % 23.5 % 5.6 % 41.6 % NOK 0 Yara DNB-ETN YARA X3 BEAR % 24.9 % 22.3 % 36.6 % NOK 2500 Kobberpris BULL KOBBER HA % 6.4 % 1.5 % % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BULL % % 1.8 % 55.2 % NOK 0 Kobberpris BULL KOBBER ETN DNM % 6.0 % 2.1 % % NOK 0 Yara DNB-ETN YARA BEAR % 16.1 % 14.7 % 33.3 % NOK 3000 Telenor DNB-ETN TELENOR X3 BULL % % % % NOK 3166 REC BEAR REC DNM % 34.9 % 39.6 % #VALUE! NOK 0 Naturgasspris BULL NATGAS ETN DNM % -4.2 % 25.7 % % NOK 0 Orkla DNB-ETN ORKLA X3 BULL % % % 58.6 % NOK 1479 Fred. Olsen Energy BEAR FOE DNM % 21.0 % 11.0 % % NOK 0 Strømpris BULL EL HA % 5.2 % 32.6 % 17.3 % NOK 0 BW LPG BULL BWLPG DNM % % % % NOK 0 Oljeservice DNB - ETN OIL SERVICE BEAR % 19.9 % -6.5 % 11.6 % NOK 0 Aluminium BULL ALU ETN DNM % 5.7 % 13.0 % % NOK 200 Telenor DNB-ETN TELENOR BULL % % % % NOK 0 Aluminium BULL ALU HA % 11.2 % 10.4 % % NOK 0 CO2 BULL CO2 ETN DNM % -8.0 % 3.6 % % NOK 0 Oljepris DNB - ETN BRENT BEAR % 17.2 % -3.0 % 24.7 % NOK 1000 Kobberpris BULL KOBBER ETN DNM % 4.5 % 1.9 % % NOK 0 Strømpris DNB-ETN ELKRAFT BULL % 13.4 % 44.2 % 97.0 % NOK Oljepris BEAR OLJE HA % 16.4 % -5.4 % 45.3 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL % -0.5 % 16.2 % % NOK 0 Naturgasspris NATGAS ETN DNM % -2.0 % 12.4 % % NOK 0 Sinkpris BULL SINK ETN DNM % 1.4 % 18.7 % % NOK 0 Aluminium ALU ETN DNM % 4.3 % 7.2 % -2.2 % NOK 0 CO2 CO2 ETN DNM % -3.4 % 2.5 % % NOK 0 Strømpris DNB-ETN ELKRAFT % 7.4 % 21.8 % 57.5 % NOK 0 Seadrill DNB-ETN SEADRILL BULL % % % % NOK Schibsted BULL SCH DNM % % % % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL % -6.5 % % -5.0 % NOK 0 OBX BULL OBX X4 DNM % % -8.8 % % NOK 0 Sølvpris BULL SOLV ETN DNM % 8.4 % 6.3 % 16.3 % NOK 0 Sinkpris SINK ETN DNM % 2.3 % 9.9 % 0.4 % NOK 0 OBX DNB-ETN OBX X3 BULL % % -6.2 % % NOK 100 OBX BULL OBX X3 HA % % -6.0 % % NOK OBX XACT DERIVAT BULL % % -3.8 % % NOK DNO BEAR DNO DNM % 11.3 % -17.1% % NOK 820 Subsea 7 DNB-ETN SUBSEA 7 BEAR % 11.3 % % % NOK 0 Statoil DNB-ETN STATOIL X3 BEAR % 14.9 % 1.2 % % NOK 0 OBX XACT OBX % -5.5 % -1.6 % -7.3 % NOK Norsk Hydro BULL NHY X3 DNM % % -7.0 % % NOK Sølvpris SOLV ETN DNM % 5.7 % 4.0 % 14.3 % NOK 0 Gullpris DNB-ETN GULL BEAR % -0.4 % -1.3 % % NOK 0 OBX DNB OBX % -5.5 % -1.7 % -7.5 % NOK Norsk Hydro DNB-ETN NORSK HYDRO BULL % % -4.1% % NOK Gullpris BEAR GULL HA % -0.5 % -1.4 % % NOK 0 Storebrand DNB-ETN STOREBRAND BULL % % -3.1% -8.5 % NOK 1390 Statoil DNB-ETN STATOIL BEAR % 9.8 % 1.3 % % NOK 0 Norsk Hydro BEAR NHY HA % 11.8 % 2.2 % % NOK 2000 Statoil BULL STL HA % 0.0 % 1.2 % % NOK 100 Statoil BEAR STL HA % 0.0 % 0.0 % % NOK 2500 DNB BULL DNBNOR HA % % 1.1 % % NOK 5535 REC BEAR REC HA % 19.2 % 31.4 % % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL % -7.5 % 25.5 % % NOK 0 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 Gullpris BEAR GULL HA % -0.5 % -1.4 % % NOK 0 Storebrand DNB-ETN STOREBRAND BULL % % -3.1% -8.5 % NOK 1390 Statoil DNB-ETN STATOIL BEAR % 9.8 % 1.3 % % NOK 0 Norsk Hydro BEAR NHY HA % 11.8 % 2.2 % % NOK 2000 Statoil BULL STL HA % 0.0 % 1.2 % % NOK 100 Statoil BEAR STL HA % 0.0 % 0.0 % % NOK 2500 DNB BULL DNBNOR HA % % 1.1 % % NOK 5535 REC BEAR REC HA % 19.2 % 31.4 % % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL % -7.5 % 25.5 % % NOK 0 Opera BULL OPERA DNM % -1.8 % 11.6 % % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR % 7.8 % % % NOK 0 Statoil DNB-ETN STATOIL BULL % -9.2 % -3.9 % % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR % 21.5 % 0.6 % -46.1% NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR % 12.1 % 2.1 % % NOK 0 OBX SHORT OBX DNM % 5.7 % 1.5 % #VALUE! NOK Statoil DNB-ETN STATOIL X3 BULL % % -6.6 % % NOK 6500 DNO BULL DNO DNM % % 8.3 % % NOK Norsk Hydro BEAR NHY X3 DNM % 18.6 % 2.5 % % NOK 0 OBX XACT DERIVAT BEAR % 11.3 % 2.6 % 0.7 % NOK Subsea 7 DNB-ETN SUBSEA 7 BULL % % 13.1 % % NOK 0 Gullpris DNB-ETN GULL % 4.8 % 2.6 % 14.4 % NOK 0 OBX DNB-ETN OBX X3 BEAR % 17.9 % 3.7 % -8.7 % NOK 0 Gullpris DNB-ETN GULL BULL % 6.5 % 3.6 % 21.0 % NOK 0 OBX BEAR OBX X3 HA % % 3.8 % -9.5 % NOK 0 Gullpris BULL GULL HA % 6.5 % 3.5 % 20.6 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR % 6.5 % 10.8 % -44.1% NOK 0 Schibsted BEAR SCH DNM % 11.5 % 13.6 % % NOK 0 OBX BEAR OBX X4 DNM % 24.4 % 4.3 % % NOK 0 Golden Ocean BULL GOGL DNM % -14.1% 1.1 % % NOK 6600 Sølvpris BEAR SOLV ETN DNM % -2.2 % -4.8 % % NOK 0 Oljeservice DNB - ETN OIL SERVICE % -9.0 % 0.6 % % NOK 0 Oljepris DNB - ETN BRENT % -3.7 % 3.1 % % NOK M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR % 0.4 % % -68.1% NOK 5000 Sink BEAR SINK ETN DNM % 4.1 % % % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR % % -35.1% % NOK 0 CO2 BEAR CO2 ETN DNM % 11.4 % -5.2 % 16.2 % NOK 0 Oljepris BULL OLJE HA % -9.3 % 5.8 % % NOK Telenor DNB - ETN TELENOR BEAR % 15.2 % 9.2 % 31.5 % NOK 0 Oljeservice DNB - ETN OIL SERVICE BULL % % -0.5 % % NOK 3000 Oljepris DNB - ETN BRENT BULL % % 4.5 % -63.1% NOK Strømpris BEAR EL HA % -2.0 % % % NOK 0 Aluminium BEAR ALU HA % -5.1% % 10.2 % NOK 0 Orkla DNB-ETN ORKLA X3 BEAR % 10.6 % 11.5 % -56.1% NOK 0 Fred. Olsen Energy BULL FOE DNM % -19.1% % % NOK 0 Aluminium BEAR ALU ETN DNM % 0.1 % -9.8 % 10.8 % NOK 0 Naturgasspris BEAR NATGAS ETN DNM % 4.3 % % 33.7 % NOK 0 REC DNB-ETN REC BULL % % % % NOK Telenor DNB-ETN TELENOR X3 BEAR % 23.2 % 13.0 % 35.8 % NOK 0 Yara DNB-ETN YARA BULL % % % % NOK 0 Yara DNB-ETN YARA BULL % % % % NOK 0 Kobberpris BEAR KOBBER ETN DNM % -0.4 % -0.4 % 38.3 % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR % 12.1 % -3.9 % % NOK 0 Kobberpris BEAR KOBBER HA % -0.8 % -2.4 % 42.6 % NOK 0 Yara DNB-ETN YARA X3 BULL % % % % NOK TGS Nopec DNB-ETN TGS BULL % % % % NOK 0 PGS DNB-ETN PGS BULL % % 4.6 % % NOK 6000 DNB BEAR DNB NOR HA % 25.0 % 8.1 % 40.4 % NOK 0 REC BULL REC HA % % % % NOK 600 Kilde: Bloomberg DNB ANBEFALINGER OG ESTIMATER Selg Hold Kjøp 62 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 11.3x 4.5x 3.3x AF Gruppen AFG Selg NOK x 22.0x 11.7x 11.0x Akastor AKA Selg NOK x -3.9x 17.8x 8.3x Aker AKER Hold NOK x 63.9x Aker Solutions AKSO Selg NOK x 128.6x 6.4x 9.5x Alfa Laval ALFA Selg SEK x 18.2x 9.9x 9.8x Archer ARCHER Selg NOK x -1.4x 13.0x 12.7x Assa Abloy ASSAB Hold SEK x 21.7x 15.8x 14.5x Atea ATEA Hold NOK x 14.8x 8.3x 7.2x Atlas Copco ATCOA Hold SEK x 19.1x 11.8x 10.8x Atwood Oceanics ATW Selg USD x 120.9x 3.2x 7.6x Aurora LPG AURLPG Kjøp NOK x 3.6x 6.8x 5.8x Austevoll Seafood AUSS Kjøp NOK x 8.4x 4.2x 3.2x Autoliv ALIV Hold SEK x 15.0x 8.3x 7.4x Avance Gas AVANCE Kjøp NOK x 3.1x 4.9x 5.1x Awilco Drilling AWDR Hold NOK x 1.9x 2.7x 0.7x Axactor AXA Kjøp NOK Bakkafrost BAKKA Hold NOK x 13.5x 9.8x 8.7x Betsson BETSB Kjøp SEK x 11.5x 10.3x 9.2x BillerudKorsnäs BILL Kjøp SEK x 12.7x 7.6x 7.4x Borregaard BRG Kjøp NOK x 10.1x 6.4x 5.1x BW LPG BWLPG Kjøp NOK x 4.1x 5.5x 4.6x BW Offshore BWO Selg NOK x -0.5x 6.5x 7.1x Cargotec CGC Selg EUR x 13.2x 9.0x 8.0x Carlsberg CARLB Selg DKK x 18.8x 9.6x 9.0x Castellum CAST Kjøp SEK x 15.0x 24.5x 19.5x Chr. Hansen CHR Hold DKK x 31.7x 24.2x 20.6x Citycon CTY1S Kjøp EUR x 13.5x 18.0x 17.3x Coloplast COLOB Hold DKK x 23.0x 17.8x 15.7x Com Hem COMH Selg SEK x 38.0x 9.1x 8.7x Coor Service Managemen COOR Kjøp SEK x 10.7x 10.5x 9.2x D/S Norden DNORD Kjøp DKK x 99.7x 3.6x 4.9x Danske Bank DANSKE Kjøp DKK x 8.7x Deep Sea Supply DESSC Selg NOK x -1.1x 21.8x 24.2x Det norske oljeselskap DETNOR Kjøp NOK x 11.7x 6.4x 3.4x DHT Holdings DHT Hold USD x 13.4x 4.5x 5.9x Diamond Offshore DO Selg USD x 18.8x 7.4x 6.8x DNB DNB NOK x 8.2x DNO DNO Kjøp NOK x 3.3x 4.4x 1.6x DOF DOF Selg NOK x 1.1x 9.0x 9.5x Dorian LPG LPG Kjøp USD x 9.3x 6.2x 8.2x Eidesvik Offshore EIOF Selg NOK x -2.6x 10.7x 15.2x Electrolux ELUX Selg SEK x 13.3x 6.7x 6.2x Elekta EKTAB Kjøp SEK x 16.4x 12.1x 9.6x Ensco (Restricted) ESV Hold USD x 8.2x 4.2x 4.7x Entra ENTRA Kjøp NOK x 17.0x 19.2x 16.9x Epic Gas EPIC Kjøp NOK x 682.2x 9.9x 7.9x Ericsson ERICb Kjøp SEK x 12.0x 6.7x 4.9x Euronav EURN Hold USD x 34.9x 4.5x 7.4x Europris EPR Hold NOK x 13.5x 10.3x 9.1x Fabege FABG Hold SEK x 29.8x 31.1x 29.4x Farstad Shipping FAR Selg NOK x -0.6x 10.1x 15.1x Flex LNG FLNG Hold NOK x -73.3x FLSmidth FLS Hold DKK x 14.0x 8.7x 7.4x FMC Technologies FTI Selg USD x 31.6x 10.0x 10.9x Fortum FUM1V Kjøp EUR x 16.9x Fred Olsen Energy FOE Selg NOK x -3.3x 1.7x 2.7x Frontline FRO Hold NOK x 10.5x 6.3x 9.1x Frontline 2012 FRNT Kjøp NOK x 11.2x 8.9x 10.3x GasLog GLOG Kjøp USD x 13.4x 12.3x 9.1x Getinge GETIB Selg SEK x 13.6x 11.3x 9.0x Gjensidige Forsikring GJF Hold NOK x 15.8x GN Store Nord GN Selg DKK x 14.5x 11.7x 10.1x 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 Hold USD x -11.4x 185.5x 19.1x Golar LNG Partners GMLP Hold USD x 5.6x 7.2x 6.4x Golden Ocean GOGL Hold NOK x -6.0x -70.2x 22.9x Grieg Seafood GSF Kjøp NOK x 6.4x 6.1x 4.5x Havfisk HFISK Kjøp NOK x 10.5x 7.2x 5.9x Havila Shipping HAVI Selg NOK x -0.3x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK x 7.2x Hennes & Mauritz HMB Hold SEK x 18.5x 11.7x 9.7x Hexagon AB HEXAB Kjøp SEK x 19.1x 13.6x 12.4x Hexagon Composites HEX Hold NOK x 19.9x 14.5x 9.8x Hexpol HPOLB Kjøp SEK x 19.1x 12.4x 11.1x Hufvudstaden HUFV Hold SEK x 30.3x 26.2x 25.3x Humana HUM Kjøp SEK x 13.2x 12.9x 10.4x Husqvarna HUSQb Kjøp SEK x 13.5x 9.6x 7.8x Höegh LNG Holdings HLNG Kjøp NOK x 13.6x 12.7x 10.0x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 9.6x 8.5x 7.1x Klövern KLOVb Kjøp SEK x 12.7x 19.1x 18.1x KNOT Offshore Partners KNOP Hold USD x 9.0x 8.1x 7.7x Kone KNEBV Hold EUR x 19.8x 13.6x 12.4x Konecranes KCR1V Kjøp EUR x 15.4x 8.5x 7.7x Kongsberg Gruppen KOG Kjøp NOK x 12.5x 9.8x 7.0x Kungsleden KLED Kjøp SEK x 10.7x 17.6x 16.3x Kværner KVAER Hold NOK x 23.0x 1.0x 0.9x Lerøy LSG Kjøp NOK x 8.5x 6.6x 4.8x Loomis LOOMb Kjøp SEK x 12.8x 6.5x 6.2x Lundbeck LUN Kjøp DKK x 25.3x 16.0x 9.7x Lundin Petroleum LUPE Hold SEK x 21.3x 11.7x 6.4x Marine Harvest MHG Kjøp NOK x 10.1x 9.3x 6.3x Meda MEDA Hold SEK x 26.2x 12.9x 10.9x Medistim MEDI Kjøp NOK x 16.3x 15.4x 10.8x Metso MEO1V Kjøp EUR x 14.0x 8.0x 7.0x Millicom MICsdb Kjøp SEK x 24.8x 5.8x 5.3x MTG MTGb Kjøp SEK x 12.8x 9.8x 8.7x Ncc NCC Hold SEK x 9.6x 8.9x 7.6x NetEnt NETb Kjøp SEK x 5.6x 4.2x 3.2x Nibe Industrier NIBEB Selg SEK x 5.2x 6.7x 5.7x Nobia NOBI Kjøp SEK x 11.9x 7.9x 6.6x Noble NE Selg USD x -16.3x 5.8x 8.2x Nokian Tyres NRE1V Kjøp EUR x 16.4x 10.4x 9.2x Nordea NDA Kjøp SEK x 9.3x Nordic Nanovector NANO Kjøp NOK x -5.0x -3.1x -3.8x Nordic Semiconductor NOD Kjøp NOK x 17.4x 14.9x 9.9x Norsk Hydro NHY Selg NOK x 14.6x 5.3x 4.8x North Energy NORTH Hold NOK x -1.2x Norway Royal Salmon NRS Kjøp NOK x 8.5x 7.9x 5.6x Norwegian Air Shuttle NAS Kjøp NOK x 8.8x 11.5x 11.2x Norwegian Property NPRO Kjøp NOK x 22.0x 16.2x 18.2x Novo Nordisk NVO Kjøp DKK x 19.8x 16.4x 14.0x Novozymes NZYMB Selg DKK x 27.1x 18.5x 16.6x NRC Group NRC Hold NOK x 20.1x 13.6x 11.6x Ocean Rig ORIG Selg USD x 7.6x 3.7x 5.7x Ocean Yield OCY Hold NOK x 5.6x 8.3x 6.5x Odfjell ODF Kjøp NOK x 3.4x 4.7x 4.4x Odfjell Drilling ODL Hold NOK x 51.6x 6.9x 7.4x Olav Thon OLT Kjøp NOK x 13.0x 15.2x 14.7x Opera OPERA Hold NOK x 17.6x 14.9x 11.6x Oriflame ORI Selg SEK x 18.7x 10.5x 9.2x Orkla ORK Kjøp NOK x 18.9x 14.8x 13.8x Outotec OTE1V Kjøp EUR x 24.1x 6.8x 6.1x Pacific Drilling PACD Selg USD x -5.6x 11.1x 26.9x Pandox PNDXB Hold SEK x 16.8x 19.0x 17.1x Peab PEAB Hold SEK x 10.1x 6.5x 5.5x PGS PGS Selg NOK x -2.6x 6.2x 7.9x Polarcus PLCS Selg NOK x -0.4x 17.7x 13.6x Prosafe PRS NOK x 5.5x 9.8x 9.1x Q-Free QFR Kjøp NOK x 9.3x 8.7x 4.5x Recipharm RECIB SEK x 12.1x 10.4x 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 RenoNorden RENO Kjøp NOK x 8.2x 6.2x 5.8x Rezidor REZT Hold SEK x 9.7x 6.9x 4.5x Rowan RDC Hold USD x 15.3x 4.1x 5.2x Safe Bulkers SB Selg USD x -1.9x 24.0x 19.0x Saipem SPM Hold EUR x 28.9x 3.9x 5.1x SalMar SALM Hold NOK x 11.0x 8.9x 7.3x Sampo Oyj SAMAS Hold EUR x 13.0x Sandvik SAND Kjøp SEK x 14.8x 8.7x 7.7x SCA SCAB Hold SEK x 17.8x 10.5x 9.6x Scandi Standard SCST Hold SEK x 10.6x 8.4x 6.1x Schibsted SCHA Selg NOK x 46.1x 48.7x 40.0x Scorpio Tankers STNG Hold USD x 9.4x 9.1x 9.6x Seadrill SDRL Selg NOK x 203.4x 5.7x 10.5x SEB SEB Kjøp SEK x 9.2x Securitas SECUB Kjøp SEK x 14.8x 10.3x 9.1x Selvaag Bolig SBO Kjøp NOK x 11.1x 11.8x 9.5x Sevan Marine SEVAN Selg NOK x -17.3x -10.8x -15.0x Siem Offshore SIOFF NOK x -2.9x 10.5x 12.5x Skandiabanken SKBN Kjøp NOK x 9.9x Skanska SKA Hold SEK x 13.0x 6.9x 7.1x SKF SKFB Hold SEK x 12.7x 8.7x 8.1x Solstad Offshore SOFF Selg NOK x -1.5x 14.0x 18.6x Songa Offshore SONG Selg NOK x 0.3x 5.8x 5.0x Sparebank1 Nord-Norge NONG Kjøp NOK x 7.3x Sparebank1 SMN MING Kjøp NOK x 6.1x Sparebank1 SR-Bank SRBANK Kjøp NOK x 6.0x Sparebanken Møre MORG Kjøp NOK x 7.1x Sparebanken Øst SPOG Kjøp NOK x 8.9x Spectrum SPU Hold NOK x 18.9x 1.9x 2.0x Sponda SDA1V Kjøp EUR x 12.5x 19.7x 18.2x Statoil STL Hold NOK x 10.4x Stolt-Nielsen SNI Kjøp NOK x 6.8x 5.4x 5.3x Storebrand STB Kjøp NOK x 6.3x Subsea 7 SUBC Selg NOK x x 3.3x 7.9x Svenska Handelsbanken SHB Selg SEK x 12.4x Swedbank SWEDA Kjøp SEK x 10.7x Swedish Match SWMA Hold SEK x 17.5x 12.2x 11.5x Tanker Investments TIL Hold NOK x 4.3x 4.1x 4.7x Technip TECF Selg EUR x 19.8x 3.2x 5.5x Teekay Tankers TNK Hold USD x 3.9x 4.1x 4.5x Tele2 TEL2b Kjøp SEK x 18.5x 9.0x 7.1x Telenor TEL Kjøp NOK x 10.9x 5.9x 5.6x Telia Company TELIA Hold SEK x 11.2x 7.1x 6.4x TGS Nopec TGS Selg NOK x -54.8x 4.6x 4.3x The Scottish Salmon ComSSC Kjøp NOK x 6.9x 6.7x 4.8x Thule Group THULE Kjøp SEK x 17.3x 13.8x 12.5x Tomra TOM Hold NOK x 18.9x 10.7x 10.3x Topdanmark TOP Kjøp DKK x 12.0x Transocean (Restricted) RIG Selg USD x -57.1x 5.8x 7.7x Trelleborg TRELB Hold SEK x 14.2x 11.1x 9.0x Tryg TRYG Hold DKK x 14.0x Tsakos Energy NavigationTNP Kjøp USD x 3.6x 4.9x 5.3x Unibet UNIB Hold SEK x 17.8x 15.4x 14.0x Valmet VALMT Kjøp EUR x 12.0x 6.4x 5.6x Veidekke VEI Hold NOK x 10.3x 8.3x 6.9x Vitrolife VITR Hold SEK x 31.5x 24.9x 19.4x Volvo VOLVB Kjøp SEK x 11.2x 5.2x 4.3x Weifa WEIFA Kjøp NOK x 16.5x 13.6x 9.5x Wihlborgs WIHL Kjøp SEK x 14.8x 20.8x 19.4x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 4.1x 5.6x 5.1x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 3.9x 3.7x 2.8x William Demant Holding WDH Selg DKK x 18.2x 12.3x 10.9x Wärtsilä WRT1V Hold EUR x 15.0x 10.8x 9.4x XXL XXL Hold NOK x 17.0x 15.7x 12.1x Kilde: DNB Markets, FactSet, Bloomberg 9

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