RENTE- OG OLJELETTE, TILLITSTALL NAS, BETS, EVO, KIND & NET

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag RENTE- OG OLJELETTE, TILLITSTALL NAS, BETS, EVO, KIND & NET Overraskende sterk forbrukertillit, stigende boligpriser, samt en vending opp for både renter og for oljepris gjorde at det amerikanske aksjemarkedet fikk en mer klar retning opp i går etter en svak innledning av uken. Dow og S&P500 kunne begge stenge etter en oppgang på 0.7%, mens Nasdaq ved stengetid var opp 0.6%. Volumet på de tre hovedindeksene kom inn på 90-97% av gjennomsnittet for de siste tre måneder. Utviklingen i USA og i tillegg en styrket USD-kurs trekker de asiatiske markedene opp i morgentimene i dag. De viktigste indeksene var imidlertid opp allerede i går og i tillegg legger påminnelsen om usikkerhet knyttet til Brexit-prosessen en demper på stemningen. En rekke av selskapene i Japan handles i dag også ekskludert utbytte. Samlet sett innebærer dette at Nikkei-indeksen ved stengetid er tilnærmet uendret. De viktigste kinesiske indeksene er samtidig opp inntil 0.3%. Etter en klart bedre forbrukertillitsmåling enn ventet fra det amerikanske markedet i går er turen i dag kommet til oppdateringer av tilsvarende målinger i Europa. Både fra Sverige, Frankrike og Italia kommer det tillitsmålinger utover formiddagen. I forkant av ukens første oljelagertall steg WTI-prisen i USA i går med USD 0.60 pr fat til USD pr fat. Nye utfordringer med å få libysk olje ut til eksportterminalene skal ha vært en medvirkende årsak til oppgangen. De foreløpige lagertallene indikerte en økning i råoljebeholdningene på 1.9 mill fat, men et indikert trekk i produktlagrene gjør at prisen siden i går kveld likevel har steget noe videre til USD pr fat. Brent åpner på USD pr fat, opp USD 0.18 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Markedets forventninger til hva ettermiddagens fullstendige lageroppdatering vil vise har det siste døgnet endret seg fra en økning i råoljebeholdningene på 0.9 mill fat til en økning på like over 1 mill fat. Norwegian presenterer trafikktall for mars torsdag neste uke og vi venter at en underliggende negativ utvikling i yield, blant annet som følge av økt andel av aktivitet innen langdistanse, sammen med negative påskeeffekter vil tynge tallene. Påsken var i fjor i mars og løfter dermed trafikktallene for både måneden og Q1. Bidraget fra årets påske vil først komme i april og dermed i Q2. På våre estimater for 2018, og justert for eierandelen i Bank Norwegian, verdsettes aksjen i markedet for tiden med en P/E på 16x. Etter vårt syn er dette for høyt i forhold til hva investorene historisk sett har vært villige til å verdsette aksjen på, gjennomsnittlig P/E 9x, og vi har en salgsanbefaling med et kursmål på NOK 210 pr aksje. Kursen stengte i går på NOK pr aksje. I det svenske markedet bygger det seg opp betydelig spenning i forbindelse med forslaget om ny regler for online gambling. Forsalget skal etter mer enn 10 år med diskusjoner presenteres fredag denne uken, før det deretter går til politisk behandling. De viktigste punktene som vil kunne bli avklart gjelder skattesatser, eventuelle tak på andel av inntektene som kan utbetales i gevinster og begrensinger på produktsiden. Før rapporten har vi kjøpsanbefalinger på Betsson, Evolution Gaming, Kindred og NetEnt. Kursmålene er henholdsvis SEK 120 pr aksje, SEK 370 pr aksje, SEK 110 pr aksje og SEK 98 pr aksje. Internasjonale børser Renter Valuta/råvarer Portefølje anbefalte aksjer: I dag - Wilh. Wilhelmsen ASA - Salmar - Stolt-Nielsen - Storebrand - Borregaard - Telenor - Europris - Skandiabanken YTD DNB: 5% YTD OSE: 1% Rapporter Norden - - Nøkkeltall Norden - SE: Forbrukertillit - SE: Økonomiske utsikter Rapporter / nøkkeltall Europa / USA - FR: Forbrukertillit - IT: Bedriftstillit - IT: Forbrukertillit - US: Boliglånssøkander - US: Boliger i overdragelse - US: Oljelagertall - Paycheck - Worthington - HB Fuller Konferanser / presentasjoner - DNB Markets SMB Konferanse Oslo, 5. April 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 Siste Endr. % Siste I går Endr. Siste I går Endr. % Dow Jones 20, USA 10år EUR/USD S&P 500 2, Tyskl. 10år USD/JPY NASDAQ 5, Norge 10år USD/NOK Nikkei , USA 3m EUR/NOK Euro Euro 3m Siste Endr. Endr. % Danmark-KFX Norge 3m CRB indeks Finland-HEX 9, Brent sp. ($/bbl) Norge-OSEBX Brent 1m ($/bbl Sverige-SAX Alum. 3m ($/ton 1, US Nat.gass Kilde: Bloomberg /DNB Markets 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 Sentrale USA-indekser Endring Endring Endring Endring Gj.snittlig Siste i poeng 1 dag (%) 1 mnd.(%) hittil i år(%) est. P/E Dow Jones Industrial 20, x S&P 500 2, x Nasdaq Composite 5, x Russel , x Amex naturgass-indeks (XNG) x Amex Oil Service Indeks Philadelphia-børsens oljeproduksjon-indeks (XOI) 1, x Amex farmasi-indeks (DRG) x Nasdaq biotech-indeks 3, x Philadelphia-børsens halvleder-indeks (SOX) 1, x S&P 500 Paper & Forest Index ( PAFO) x Kilde: Bloomberg, DNB Markets Nordiske aksjer i USA Sluttkurs Endring Volum Slutt USA, Sluttkurs, USA 1 dag (USD) USA lokal valuta lokal i går Differanse Danmark Novo Nordisk B ,512, GN Store Nord AP Møller Maersk ,660 11, , Finland Nokia ,205, Metso , TeliaSonera , UPM Kymmene , #N/A N/A #VALUE! Norge Frontline ,027, Norsk Hydro , Yara , Golden Ocean ,047, PGS , Statoil ,097, Subsea , DNB , Telenor , Tomra Questerre , Orkla , Sverige AstraZeneca ,575, Electrolux , Ericsson (B) ,214, Hennes & Mauritz , Atlas Copco , SKF B , Swedish Match Assa Abloy , Sandvik , Kilde: Bloomberg, DNB Markets 2

3 Råvarer og shipping Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,247 2, ,509 2,023 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 1,944 1, ,957 1,479 Nikkel 9,995 9, ,345 12,145 8,245 Kopper 5,873 5, ,204 4,484 Gull 1,248 1, ,375 1,121 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index 1,333 1, , Kilde: Bloomberg, DNB Markets Renter og valuta Siste I går Endr. 1W 1M 3M YTD 12M 52W H 52W L 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 EUR/USD USD/JPY GBP/USD USD/NOK EUR/NOK GBP/NOK Kilde: Bloomberg, DNB Markets Indeksutvikling på sektornivå Sektor USA 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Sektor MSCI Europe 1 dag 1 mnd. 3 mnd. 1 år hittil i år est. P/E Metall 2.0% -6.0% -1.4% 9.0% -0.9% 10.7 Biler og komponenter 1.6% 2.6% 4.4% 14.4% 4.2% 8.4 Papir- og skogprodukter 2.0% 4.3% 21.2% 35.5% 22.1% 15.2 Banker 1.3% 5.8% 6.2% 26.4% 5.5% 12.4 Elektrisk utstyr 1.6% -3.7% 2.4% 43.2% 1.9% 13.5 Energi 1.2% -0.3% -6.8% 18.7% -6.9% 15.1 Farmasi 1.5% -4.3% -8.1% 17.7% -7.9% 59.3 Materialer 1.2% 0.2% 4.5% 33.9% 4.3% 15.1 Matvarer 1.3% 0.2% 6.8% 12.8% 7.4% 20.8 Kapitalvarer 1.1% 2.5% 7.4% 21.4% 7.2% 18.1 Eiendom 1.3% 0.4% 5.9% 26.5% 6.3% 21.5 Finansieringsselskaper 1.1% 0.1% 4.1% 11.8% 3.6% 14.4 Bank 1.3% 3.8% 15.7% 20.5% 16.0% 11.4 Programvare og tjenester 1.0% 3.0% 7.6% 18.3% 7.6% 19.9 Drikkevarer 1.3% -2.0% -8.9% 8.5% -8.6% 27.8 Media 0.7% -0.6% -1.2% -4.9% -1.5% 16.8 Helseartikler 1.1% 1.6% 7.8% 15.7% 8.3% 18.8 Forsikring 0.7% 3.0% 3.0% 11.4% 2.4% 11.4 Programvare 1.1% -4.4% -0.8% 19.2% -0.9% 17.9 Transport 0.4% 1.8% 5.5% 12.6% 5.7% 15.7 Forsikring 1.0% -0.8% 2.7% 21.0% 2.8% 13.0 Hotell-, underholdnings- og restaurantvi 0.4% 0.4% 2.5% 5.2% 1.4% 18.4 Hotell og restaurant 0.8% 2.9% 7.4% 8.6% 8.4% 22.0 Helsevern - utstyr og tjenester 0.4% 1.6% 2.8% 6.0% 2.7% 21.9 Internett programvare og -tjeneste 0.7% 0.9% 9.1% -0.6% 9.4% 19.3 Detaljhandel 0.3% 2.7% -3.5% -8.1% -3.8% 18.4 Luftfart 0.6% 0.0% 0.8% 24.5% 1.6% 15.3 Forbruksvarer og klær 0.3% 5.1% 11.6% 24.7% 10.9% 20.2 Energi og relatert utstyr 0.6% 0.9% 7.9% 25.5% 8.8% 18.5 Forsyningsselskaper 0.2% 3.3% 4.3% -0.6% 4.0% 13.8 Media 0.6% 0.3% -0.3% 3.2% -0.1% 19.1 Legemiddelindustri og bioteknologi 0.2% -0.1% 5.5% 6.8% 5.4% 15.8 Bioteknologi 0.5% 1.5% 11.3% 15.7% 12.6% 22.5 Telekommunikasjon og tjenester 0.2% 3.2% 3.5% -7.7% 3.4% 17.4 Bildeler 0.5% 1.1% 7.2% 19.0% 8.2% 19.4 Mat- og apotekhandel -0.1% -0.8% -1.0% -0.9% -2.0% 15.8 Maskiner 0.4% -4.5% -4.9% 17.7% -2.3% 17.3 Drikkevarer, mat og tobakk -0.1% 1.4% 6.5% 4.3% 6.0% 20.1 Diversifiserte telekomtjenester 0.3% 3.0% 9.6% 20.6% 10.8% 23.1 Kommersielle tjenester og leveranser -0.2% 0.8% 6.1% 4.0% 5.6% 17.2 Industrielle konglomerater 0.3% 0.0% 9.6% 7.1% 10.2% 23.7 Husholdningsvarer og personlige produ -0.4% 2.2% 11.7% 11.7% 11.3% 22.4 Bygg og anlegg 0.3% 1.8% 4.3% 1.2% 4.8% 22.1 Eiendomsselskaper -0.7% -2.1% -0.7% -6.2% -1.9% 19.2 Kommunikasjonsutstyr 0.2% -1.0% -5.3% -2.8% -4.8% 13.7 IT utstyr -0.9% 0.9% 9.1% -12.3% 9.2% 21.9 Kjemikalier 0.2% -1.3% 0.8% 5.1% 1.4% 20.0 Olje og gass 0.1% 0.2% 9.5% 21.9% 10.3% 14.7 Datamaskiner og tilbehør 0.1% 0.0% 6.9% 7.3% 6.9% 16.2 Husholdningsartikler 0.1% 0.3% 6.5% 3.9% 7.1% 17.5 Kraft 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Elektronisk utstyr og instrumente -0.1% 1.1% 13.1% 18.1% 13.4% 20.3 Fritidsutstyr -0.3% -1.8% 4.5% 4.4% 5.4% 13.8 Kilde: Bloomberg, DNB Markets Kilde: Bloomberg, DNB Markets 3

4 jan. 10 apr. 10 jul. 10 okt. 10 jan. 11 apr. 11 jul. 11 okt. 11 jan. 12 apr. 12 jul. 12 okt. 12 jan. 13 apr. 13 jul. 13 okt. 13 jan. 14 apr. 14 jul. 14 okt. 14 jan. 15 apr. 15 jul. 15 okt. 15 jan. 16 apr. 16 jul. 16 okt. 16 jan. 17 DNB Markets US Selskaper - vinnere/tapere 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 Apple Inc % 5.0 % 33.5 % Tesla Inc % 11.0 % 20.6 % Darden Restaurants % 10.6 % 24.0 % Goldman Sachs Group Inc/The % -7.6 % 47.9 % Western Digital Corp % 4.8 % 66.7 % Red Hat Inc % 4.4 % 17.7 % Caterpillar Inc % -3.8 % 22.3 % CSX Corp % -2.5 % 82.9 % Chesapeake Energ % -1.1 % 33.4 % EI du Pont de Nemours & Co % 4.2 % 28.6 % Endo International PLC % % % Noble Energy Inc % -6.2 % 13.6 % JPMorgan Chase & Co % -2.2 % 50.1 % Apple Inc % 5.0 % 33.5 % Murphy Oil Corp % -3.6 % 11.1 % American Express Co % -1.8 % 29.8 % American Airlines Group % -8.1 % 3.0 % Newfield Exploration % -2.0 % 11.3 % NIKE Inc % -0.9 % -7.9 % Bed Bath & Beyond Inc % -3.2 % % Hess Corp % -7.8 % -5.9 % Wal-Mart Stores Inc % -0.9 % 3.4 % Twenty-First Century Fo % 8.4 % 13.0 % Navient Corp % -5.9 % 21.7 % Chevron Corp % -4.7 % 12.4 % Twenty-First Century Fo % 8.4 % 16.6 % United Continental H % -4.5 % 20.6 % United Technologies Corp % 0.2 % 12.6 % Fastenal Co % 1.7 % 3.8 % CF Industries Holdin % -3.8 % -5.2 % Exxon Mobil Corp % 0.6 % -3.2 % Marriott International Inc % 8.6 % 33.6 % Diamond Offshore D % -4.6 % % Boeing Co/The % -1.6 % 35.5 % Viacom Inc % 3.4 % 11.9 % Ensco PLC % % % Travelers Cos Inc/The % -0.4 % 4.6 % QUALCOMM Inc % 1.6 % 13.2 % Marathon Oil Corp % -4.8 % 46.4 % General Electric Co % -0.6 % -5.9 % DISH Network Corp % 1.5 % 32.7 % United Rentals Inc % -3.7 % 97.0 % Walt Disney Co/The % 2.7 % 15.2 % Intel Corp % -1.7 % 9.9 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år UnitedHealth Group Inc % 0.0 % 27.4 % Vertex Pharmaceuticals % -1.0 % 13.2 % McCormick & Co Inc % 0.0 % -1.2 % International Business Machine % -3.0 % 16.9 % Liberty Global PLC % -1.6 % 4.5 % Newmont Mining Co % -3.6 % 22.4 % Verizon Communications Inc % -0.7 % -8.8 % Vodafone Group PLC % 4.8 % % Frontier Communica % % % Procter & Gamble Co/The % -0.3 % 9.6 % Illumina Inc % 2.0 % 8.7 % Edwards Lifescienc % 0.4 % 6.2 % 3M Co % 2.5 % 16.2 % Liberty Global PLC % -1.3 % 6.3 % Ameren Corp % 1.1 % 10.9 % Microsoft Corp % 2.0 % 19.3 % Tractor Supply Co % -4.1 % % Vertex Pharmaceutic % -1.0 % 13.2 % Coca-Cola Co/The % 1.1 % -8.7 % Gilead Sciences Inc % -4.8 % % Tenet Healthcare Co % -4.9 % % Merck & Co Inc % -3.8 % 18.8 % Stericycle Inc % -2.1 % % HCA Holdings Inc % 2.7 % 15.6 % Home Depot Inc/The % 1.6 % 11.1 % NVIDIA Corp % 6.1 % % Illumina Inc % 2.0 % 8.7 % Visa Inc % 1.3 % 18.2 % Paychex Inc % -1.4 % 11.2 % Constellation Brand % 2.3 % 8.5 % Cisco Systems Inc % -0.5 % 21.1 % Shire PLC % -1.8 % 5.1 % International Flavors % 4.7 % 14.6 % McDonald's Corp % 1.4 % 4.4 % Biogen Inc % -5.0 % 16.8 % Tractor Supply Co % -4.1 % % Pfizer Inc % 0.1 % 13.7 % Xilinx Inc % -1.4 % 22.7 % Dollar General Corp % -6.1 % % Johnson & Johnson % 2.8 % 15.1 % Intuit Inc % -5.9 % 15.0 % Gilead Sciences Inc % -4.8 % % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 20x 18x 16x 14x 12x 10x 8x 6x S&P 500 Euro Stoxx 50 OBX K i l de: B l oomber g / DNB M ar k ets 4

5 ETF / ETP Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Aksjer / Indekser (siste 5 dager) Oil Service OIH % 0.2 % -6.0 % 15.1 % USD 160,398,688 Energi XLE % 0.0 % -3.0 % 12.0 % USD 1,019,567,104 Finansielle tjenester XLF % 0.8 % -3.1 % 30.6 % USD 2,364,156,416 TecDax TDXPEX % 3.4 % 6.2 % 25.6 % EUR 724,818 DAX DAXEX % 2.3 % 2.9 % 21.6 % EUR 3,016,692 Pacific ex-japan EPP % 1.3 % 2.7 % 14.7 % USD 43,427,828 Industri XLI % 0.7 % -1.3 % 17.1 % USD 687,846,080 Japan EWJ % 1.7 % 2.2 % 12.4 % USD 329,924,352 Russell 2000 IWM % 1.4 % -1.5 % 23.1 % USD 4,840,290,304 S&P Midcap 400 MDY % 1.0 % -1.6 % 17.9 % USD 394,592,000 DJIA DIA % 0.2 % -0.6 % 17.4 % USD 818,923,008 S&P 500 SPY % 0.7 % -0.5 % 14.7 % USD 23,002,052,608 Teknologi USA XLK % 1.2 % 1.7 % 20.4 % USD 541,398,208 Nasdaq 100 QQQ % 1.4 % 1.2 % 21.0 % USD 2,996,828,416 FTSE 100 ISF % -0.6 % 0.6 % 19.9 % GBp 4,721,177,000 CAC-40 CAC % 0.9 % 4.2 % 15.2 % EUR 12,658,000 AEX-Nederland AEXT % -0.2 % 3.5 % 17.0 % EUR 24,883 Dow Jones Total market THRK % 0.4 % -0.8 % 15.9 % USD 7,517,369 Latin-America 40 ILF % 2.1 % 1.6 % 25.3 % USD 74,759,768 Russell 2000 Growth IWO % 1.4 % -0.2 % 21.2 % USD 75,220,352 Brasil EWZ % 1.2 % -1.5 % 39.0 % USD 437,243,488 Hong Kong EWH % 1.0 % 3.6 % 14.7 % USD 53,987,824 Emerging Markets EEM % 0.8 % 4.8 % 17.3 % USD 2,362,744,320 Forbruksvarer XLP % -0.5 % -0.6 % 3.3 % USD 410,422,176 S&P Euro 350 IEV % 1.0 % 4.6 % 7.5 % USD 55,874,236 Forsyningstjenester XLU % 0.1 % -0.2 % 4.4 % USD 834,388,160 Bioteknologi IBB % 1.3 % -1.8 % 13.8 % USD 316,009,216 Olje / Energi Fyringsolje HEAT % 1.3 % -5.3 % 17.7 % USD 159,786 Råolje CRUD % 0.5 % -9.6 % 5.6 % USD 5,446,187 Brent-olje OILB % 0.9 % -7.7 % 15.2 % USD 324,388 Bensin UGAS % 1.7 % -3.8 % 0.6 % USD 49,052 WTI-olje OILW % 0.3 % -9.3 % 5.5 % USD 86,625 WTI-Oil USO % 0.4 % % 3.6 % USD 195,722,160 Naturgass UNG % 0.4 % 12.0 % 11.5 % USD 56,750,228 Metaller Kobber COPA % 1.5 % -2.3 % 17.3 % USD 712,141 Sink ZINC % -0.5 % -0.8 % 54.8 % USD 83,991 Nikkel NICK % -1.9 % -9.0 % 14.1 % USD 820,243 Aluminium ALUM % 1.1 % 1.4 % 27.3 % USD 1,332,198 Gull BULL % 1.1 % -0.1 % 0.4 % USD 28,650 Sølv SLV % 3.4 % -1.1 % 17.7 % USD 100,963,264 Andre råvarer Soyaolje SOYO % -1.8 % -5.4 % -9.8 % USD 39,278 Hvete WEAT % -1.1 % -4.7 % % USD 313,558 Kaffe COFF % -4.2 % -2.8 % -1.2 % USD 64,328 Mais CORN % -1.8 % -5.3 % % USD 24,247 Råvarer DBC % 0.5 % -4.7 % 12.1 % USD 25,735,406 Soyabønner SOYB % -3.3 % -7.2 % 3.6 % USD 573 Sukker SUGA % 1.9 % -9.2 % 5.5 % USD 171,980 Kveg CATL % 1.2 % 5.3 % -1.0 % USD 9,538 Råvarekurver Energi AIGE % 0.8 % -3.2 % 10.7 % USD 1,012,056 Råvarer AIGC % -0.1 % -3.0 % 6.9 % USD 2,102,233 Råvarer (ETN) GSG % 0.3 % -6.2 % 4.4 % USD 3,008,553 Korn AIGG % -2.3 % -6.0 % % USD 15,654 Landbruk AIGA % -2.0 % -6.0 % -3.4 % USD 917,387 Edle metaller AIGP % 1.9 % -0.5 % 4.7 % USD 1,485,736 Softs (Sukker, Kakao, BomuAIGS % -0.7 % -5.1 % 8.4 % USD #N/A N/A Buskap AIGL % -0.5 % 2.2 % -7.9 % USD na Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) Strømpris DNB-ETN ELKRAFT BULL % 17.8 % 20.0 % % NOK 66,606 Golden Ocean BULL GOGL DNM % 6.6 % 45.2 % % NOK 322,579 Seadrill DNB-ETN SEADRILL BULL % 14.3 % % % NOK 32,981 Yara DNB-ETN YARA X3 BULL % -0.3 % 6.8 % 1.0 % NOK 277,781 BW LPG BULL BWLPG DNM % 1.4 % 6.1 % % NOK 44,081 Oljepris DNB - ETN BRENT BULL % 0.7 % % 17.0 % NOK 1,284,381 Strømpris BULL EL HA % % % 76.4 % NOK na Kobberpris BULL KOBBER HA % 1.0 % -5.2 % 24.4 % NOK na Sølvpris SOLV ETN DNM % 4.3 % 0.1 % 16.5 % NOK 3,156 OBX DNB-ETN OBX X3 BULL % -9.2 % -3.9 % 53.5 % NOK 40,136 DNO BULL DNO DNM % -6.0 % % -6.0 % NOK 88,934 OBX XACT DERIVAT BULL % -4.9 % -1.4 % 37.0 % NOK 48,525,400 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK na Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK 7,432 OBX DNB OBX % -2.8 % -0.9 % 19.6 % NOK 2,699,158 Statoil DNB-ETN STATOIL X3 BULL % % % 32.2 % NOK 128,663 REC DNB-ETN REC BULL % % % % NOK 39,538 OBX XACT OBX % -3.3 % -0.7 % 20.1 % NOK 1,816,275 Aluminium BULL ALU HA % 0.3 % 1.9 % 52.6 % NOK na Gullpris DNB-ETN GULL % 1.4 % 1.1 % 0.3 % NOK 535,849 Sjømat DNB - ETN SEAFOOD % -6.2 % -9.8 % #VALUE! NOK 43,003 Gullpris BULL GULL HA % 2.8 % 1.0 % -0.7 % NOK 141,439 Marine Harvest Group DNB-ETN MARINE HARVEST B % 13.6 % 21.4 % % NOK 18,459 Gullpris BEAR GULL HA % -1.7 % 1.6 % -8.6 % NOK na Norsk Hydro BEAR NHY X3 DNM % 12.3 % % % NOK 110,175 OBX BEAR OBX X4 DNM % 13.8 % 4.2 % % NOK 40,004 REC BEAR REC HA % 7.4 % 4.6 % % NOK 2,861 Norsk Hydro DNB-ETN NORSK HYDRO BEA % 5.8 % -9.4 % % NOK 3,260 Norwegian DNB-ETN NORWEGIAN BEAR % 10.1 % 8.8 % % NOK 105 Aker Solutions DNB-ETN AKER SOLUTIONS B % 5.1 % % % NOK 31,088 TGS Nopec DNB-ETN TGS BEAR % 4.4 % -3.0 % % NOK 1,043 Gullpris DNB-ETN GULL BULL % 3.2 % 1.4 % 0.1 % NOK 6,344 CO2 BEAR CO2 ETN DNM % 7.0 % 10.6 % % NOK na Yara DNB-ETN YARA BEAR % 2.8 % -2.4 % % NOK na Naturgasspris BEAR NATGAS ETN DNM % 3.7 % 15.9 % % NOK na Orkla DNB-ETN ORKLA X3 BULL % -5.7 % 9.1 % 3.7 % NOK na Statoil DNB-ETN STATOIL X3 BEAR % 8.4 % 8.4 % % NOK 2,050 Subsea 7 DNB-ETN SUBSEA 7 BULL % 2.4 % 25.9 % % NOK 2,398 Sølvpris BULL SOLV ETN DNM % 2.7 % -6.6 % 22.1 % NOK na REC BEAR REC DNM % 3.3 % 11.7 % % NOK na Aluminium BULL ALU ETN DNM % 0.4 % 2.1 % 57.7 % NOK na Kobberpris BEAR KOBBER ETN DNM % 0.3 % 8.2 % % NOK na Opera BULL OPERA DNM % 1.8 % 15.9 % % NOK 15,698 Schibsted BULL SCH DNM % -2.4 % -2.7 % % NOK na Sink BEAR SINK ETN DNM % 4.5 % 2.4 % % NOK na Aluminium ALU ETN DNM % 0.5 % 1.9 % 26.7 % NOK 200 Telenor DNB-ETN TELENOR BULL % 0.5 % 11.9 % 18.0 % NOK na Storebrand DNB-ETN STOREBRAND BULL % -5.5 % 3.2 % % NOK na Oljepris DNB - ETN BRENT % -0.9 % -8.1 % 12.8 % NOK 121,342 Oljepris BULL OLJE HA % -2.5 % % 13.3 % NOK 22,568 Gullpris DNB-ETN GULL BEAR % -0.4 % 3.2 % -7.0 % NOK na Oljepris BEAR OLJE HA % 3.5 % 23.4 % % NOK 7,575 DNB BEAR DNB NOR HA % 9.4 % 15.1 % % NOK na DNB BULL DNBNOR HA % 0.0 % 0.0 % % NOK na Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 28,211 Sinkpris SINK ETN DNM % -1.5 % 0.6 % 53.9 % NOK na Kobberpris BULL KOBBER ETN DNM % 0.5 % -1.9 % 16.1 % NOK na Oljepris DNB - ETN BRENT BEAR % 3.2 % 22.5 % % NOK 409 TGS Nopec DNB-ETN TGS BULL % -1.1 % 4.6 % % NOK na Kilde: Bloomberg / DNB Markets FORTS. 6

7 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Volum Sinkpris BULL SINK ETN DNM % -3.5 % -0.6 % % NOK na Telenor DNB - ETN TELENOR BEAR % -0.4 % % % NOK 49,689 Storebrand DNB-ETN STOREBRAND BEAR % 5.7 % -3.9 % % NOK na Kobberpris BULL KOBBER ETN DNM % 0.6 % -5.3 % 30.4 % NOK na Aluminium BEAR ALU ETN DNM % 0.6 % 0.5 % % NOK na Norwegian DNB-ETN NORWEGIAN BULL % -4.5 % -5.3 % % NOK na Telenor DNB-ETN TELENOR X3 BEAR % -0.7 % % % NOK na Schibsted BEAR SCH DNM % 2.3 % 1.9 % % NOK na Aker Solutions DNB-ETN AKER SOLUTIONS B % -1.1 % 20.4 % % NOK na Statoil DNB-ETN STATOIL BULL % -5.1 % -5.9 % 32.0 % NOK na Sølvpris BEAR SOLV ETN DNM % -1.9 % 9.0 % % NOK na Subsea 7 DNB-ETN SUBSEA 7 BEAR % -2.3 % % % NOK na Naturgasspris NATGAS ETN DNM % -0.9 % -4.2 % 6.2 % NOK na Orkla DNB-ETN ORKLA X3 BEAR % 5.2 % -9.8 % % NOK 2,859 Strømpris DNB-ETN ELKRAFT % -7.9 % -7.6 % 34.0 % NOK 2,859 Naturgasspris BULL NATGAS ETN DNM % -2.5 % -9.3 % 17.6 % NOK na Gjensidige DNB-ETN GJENSIDIGE X3 BEA % -1.5 % -4.4 % % NOK 5,324 Yara DNB-ETN YARA BULL % -2.9 % 1.7 % 4.0 % NOK na Yara DNB-ETN YARA BULL % -2.9 % 1.7 % 4.0 % NOK 3,765 Marine Harvest Group DNB-ETN MARINE HARVEST B % -9.1 % % 10.2 % NOK 18,940 DNO BEAR DNO DNM % 5.0 % 24.6 % % NOK 1,061,141 CO2 BULL CO2 ETN DNM % -6.2 % % % NOK 20,340 Fred. Olsen Energy BULL FOE DNM % -4.1 % 22.3 % % NOK 27,056 CO2 CO2 ETN DNM % -5.4 % -7.0 % -8.0 % NOK 47,084 OBX BULL OBX X3 HA % % -9.2 % 55.8 % NOK na Telenor DNB-ETN TELENOR X3 BULL % -5.5 % 10.8 % 11.6 % NOK 7,647 Oljeservice DNB - ETN OIL SERVICE BULL % -5.8 % 6.3 % % NOK 101,362 OBX BULL OBX X4 DNM % % -5.8 % 66.6 % NOK 3,450 Aluminium BEAR ALU HA % 0.8 % 0.7 % % NOK 48,166 Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 0.7 % 2.3 % -0.6 % NOK 138,556 OBX DNB-ETN OBX X3 BEAR % 9.2 % 2.2 % % NOK 774,911 Oljeservice DNB - ETN OIL SERVICE BEAR % 5.2 % -8.4 % % NOK 11,230 Statoil DNB-ETN STATOIL BEAR % 7.6 % 7.6 % % NOK 4,623 OBX SHORT OBX DNM % 2.8 % 0.7 % % NOK 85,672,770 Norsk Hydro BULL NHY X3 DNM % % 8.3 % % NOK 6,335 Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK 116,824 REC BULL REC HA % % % % NOK 30,169 OBX XACT DERIVAT BEAR % 4.9 % 0.8 % % NOK 11,216 Oljeservice DNB - ETN OIL SERVICE % -2.3 % 3.9 % 59.9 % NOK na OBX BEAR OBX X3 HA % 10.8 % 0.3 % % NOK 6,657 Strømpris DNB - ETN ELKRAFT BEAR % 16.6 % 23.4 % % NOK 12,380 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK na Kobberpris BEAR KOBBER HA % -0.3 % 7.8 % % NOK 205,001 Norsk Hydro DNB-ETN NORSK HYDRO BUL % -8.3 % 4.8 % % NOK 9,858 PGS DNB-ETN PGS BULL % -8.3 % % % NOK 250,709 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 30-Mar Hennes & Mauritz AB Stockholm 5, , Semi-Anl 5-Apr Gyldendal ASA Oslo na na na na Annual Industrivarden AB Stockholm -2, na na Annual Industrivarden AB Stockholm -2, na na Annual Dustin Group AB Stockholm na na Annual 6-Apr Stolt-Nielsen Ltd Oslo Semi-Anl Stolt-Nielsen Ltd Oslo Semi-Anl Chr Hansen Holding A/S Copenhagen Annual Nobina AB Stockholm na na Irreg KappAhl AB Stockholm na na Annual 7-Apr Bergs Timber AB Stockholm na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg EMAS Offshore Ltd Oslo na na na na Irreg 19-Apr Qliro Group AB Stockholm na na na None Nederman Holding AB Stockholm na na Annual OEM International AB Stockholm na na na na Annual 20-Apr Atrium Ljungberg AB Stockholm na na Annual Note AB Stockholm na na na na Annual NetEnt AB Stockholm Annual Mycronic AB Stockholm na na Annual Citycon OYJ Helsinki Quarter ABB Ltd Stockholm 1, na na Annual Axfood AB Stockholm na na Annual BillerudKorsnas AB Stockholm 1, Annual Elisa OYJ Helsinki na na Annual Orexo AB Stockholm na na na None Avanza Bank Holding AB Stockholm na 3.30 na na Annual Eolus Vind AB Stockholm na na na na Annual Malmbergs Elektriska AB Stockholm na na Annual Sportamore AB Stockholm na na #N/A N/A StrongPoint ASA Oslo na na Annual StrongPoint ASA Oslo na na Annual 21-Apr Proact IT Group AB Stockholm na na na na Annual SSAB AB Stockholm 1, na na Irreg SSAB AB Stockholm 1, na na Irreg Husqvarna AB Stockholm 1, Semi-Anl Husqvarna AB Stockholm 1, Semi-Anl Arcam AB Stockholm na na na na None Modern Times Group MTG AB Stockholm Annual Modern Times Group MTG AB Stockholm Annual Cloetta AB Stockholm na na Annual Duroc AB Stockholm na na na na Irreg 24-Apr ework Group AB Stockholm na na na na Annual FormPipe Software AB Stockholm na na Annual Beijer Ref AB Stockholm na na Annual Nordic Semiconductor ASA Oslo Irreg Nordic Semiconductor ASA Oslo Irreg Dometic Group AB Stockholm na na Irreg Inwido AB Stockholm na na Annual Sandvik AB Stockholm 3, , Annual Tele2 AB Stockholm 1, , Annual Tele2 AB Stockholm 1, , Annual Byggmax Group AB Stockholm na na na Annual Dedicare AB Stockholm na na na na Annual 25-Apr Castellum AB Stockholm Semi-Anl Kilde: Bloomberg / DNB Markets Konsensus DNB 8

9 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 11,420 12, x 16.1x 5.5x 5.2x AcadeMedia AB ACAD Kjøp SEK x 9.3x 7.9x 6.8x AF Gruppen AFG Selg NOK x 21.4x 12.0x 11.4x Ahlsell AB Kjøp SEK x 14.1x 12.6x 11.0x Akastor AKA Kjøp NOK x -14.6x 16.4x 6.2x Aker AKER Hold NOK x 19.5x Aker BP ASA AKERBP Kjøp NOK x 12.6x 3.6x 3.3x Aker Solutions AKSO Selg NOK x 667.8x 12.8x 14.3x Alfa Laval ALFA Hold SEK x 23.6x 13.5x 12.2x Alligator Bioscience ATORX Kjøp SEK x -15.0x Archer ARCHER Selg NOK x -11.6x 14.1x 10.6x Assa Abloy ASSAB Hold SEK x 21.8x 16.0x 14.7x Atea ATEA Hold NOK x 17.1x 9.6x 8.3x Atlas Copco ATCOA Hold SEK x 22.5x 14.1x 13.2x Atwood Oceanics ATW Selg USD x -2.8x 5.8x -54.2x Aurora LPG AURLPG Hold NOK x 2.0x 9.5x 6.0x Austevoll Seafood AUSS Hold NOK x 7.8x 3.3x 3.2x Autoliv ALIV Kjøp SEK x 12.6x 7.4x 6.1x Avance Gas AVANCE Kjøp NOK x 7.2x 10.0x 5.7x Avanza Bank AZA Kjøp SEK x 20.0x Awilco Drilling AWDR Selg NOK x 37.3x 0.6x 1.3x Axactor AXA Kjøp NOK Bakkafrost BAKKA Kjøp NOK x 10.1x 6.2x 6.3x Balder BALD Hold SEK x 23.8x 19.8x 19.3x Betsson BETSB Kjøp SEK x 10.3x 8.5x 8.4x BillerudKorsnäs BILL Kjøp SEK x 12.8x 8.1x 7.5x Borr Drilling BORR Kjøp NOK x -31.5x 1.5x 14.9x Borregaard BRG Kjøp NOK x 13.7x 8.5x 6.8x BW LPG BWLPG Kjøp NOK x 5.1x 8.2x 5.5x BW Offshore BWO Kjøp NOK x 4.3x 6.1x 3.4x Cargotec CGC Hold EUR x 15.1x 9.5x 8.3x Carlsberg CARLB Selg DKK x 17.2x 8.5x 7.8x Castellum CAST Hold SEK x 14.4x 19.3x 18.2x CGG CGG Selg EUR x -0.5x 8.3x 7.8x Chr. Hansen CHR Hold DKK x 31.5x 22.8x 20.4x Citycon CTY1S Kjøp EUR x 14.7x 19.6x 18.1x Coloplast COLOB Kjøp DKK x 24.7x 20.1x 17.7x Coor Service Managemen COOR Kjøp SEK x 12.5x 11.2x 10.2x D/S Norden DNORD Kjøp DKK x 19.6x 13.3x 8.9x Danske Bank DANSKE Kjøp DKK x 10.7x Deep Sea Supply DESSC NOK x -2.4x 12.1x 12.5x DHT Holdings DHT Hold USD x -54.7x 8.6x 9.6x Diamond Offshore DO Selg USD x 19.0x 5.2x 5.8x DNB DNB NOK x 11.2x DNO DNO Kjøp NOK x 2.0x 1.8x 0.5x DOF DOF NOK x x 9.1x 9.7x Dorian LPG LPG Hold USD x 231.9x 19.2x 12.3x Eidesvik Offshore EIOF NOK x -1.5x 12.5x 19.2x Electrolux ELUX Kjøp SEK x 12.5x 6.3x 5.7x Elekta EKTAB Kjøp SEK x 20.5x 12.5x 11.5x Ensco ESV Hold USD x -11.0x 6.4x 12.0x Entra ENTRA Kjøp NOK x 19.1x 19.4x 18.4x Epic Gas EPIC Kjøp NOK x 1.8x 5.1x 2.3x Euronav EURN Hold USD x -14.3x 15.7x 12.7x Europris EPR Hold NOK x 13.6x 10.4x 8.8x Evolution Gaming EVO Kjøp SEK x 21.0x 18.5x 14.9x Fabege FABG Hold SEK x 23.8x 30.8x 26.5x Farstad Shipping FAR NOK x 0.0x 17.6x 26.5x Fortum FORTUM Selg EUR x 21.8x Fred Olsen Energy FOE Selg NOK x -1.2x 8.4x 12.5x Frontline FRO Hold NOK x x 16.0x 12.1x GasLog GLOG Kjøp USD x 13.1x 9.6x 9.7x Gener8 Maritime GNRT Hold USD x -69.0x 11.2x 10.1x Getinge GETIB Selg SEK x 12.4x 9.5x 8.0x 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Gjensidige Forsikring GJF Hold NOK x 14.8x GN Group GN Selg DKK x 16.2x 13.4x 11.5x Golar LNG GLNG Kjøp USD x -48.1x 102.6x 14.3x Golar LNG Partners GMLP Hold USD x 11.1x 7.1x 8.4x Golden Ocean GOGL Hold NOK x 19.8x 27.3x 10.3x Grieg Seafood GSF Hold NOK x 7.9x 5.6x 5.1x Havila Shipping HAVI Selg NOK x 0.0x 13.8x 18.7x Helgeland Sparebank HELG Kjøp NOK x 8.4x Hennes & Mauritz HMB Hold SEK x 17.7x 10.2x 8.6x Hexagon AB HEXAB Kjøp SEK x 19.1x 15.0x 12.8x Hexagon Composites HEX Kjøp NOK x 19.5x 19.4x 18.2x Hexpol HPOLB Hold SEK x 21.2x 13.7x 12.6x Holmen HOLMB S Selg SEK x 15.8x 10.3x 9.3x Hufvudstaden HUFV Hold SEK x 29.4x 25.6x 25.1x Humana HUM Kjøp SEK x 11.7x 10.7x 9.0x Husqvarna HUSQb Kjøp SEK x 13.5x 9.6x 8.4x Höegh LNG Holdings HLNG Kjøp NOK x 12.0x 12.3x 10.6x Höegh LNG Partners HMLP Kjøp USD x 10.1x 10.2x 9.2x Industrivärden INDUc Kjøp SEK Investor INVEb Kjøp SEK Jm Ab JM Hold SEK x 12.2x 8.5x 7.9x Kindred Group KINDSDB Kjøp SEK x 16.0x 12.7x 12.3x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 10.3x 19.9x 19.4x KNOT Offshore Partners KNOP Hold USD x 11.9x 8.7x 8.5x Kone KNEBV Kjøp EUR x 19.9x 14.0x 12.9x Konecranes KCR1V Hold EUR x 16.9x 12.2x 9.3x Kongsberg Gruppen KOG Kjøp NOK x 12.1x 9.5x 7.0x Kungsleden KLED Kjøp SEK x 9.7x 16.7x 16.0x Kværner KVAER Selg NOK x 97.9x 3.8x 8.1x Latour LATOb Hold SEK Lerøy LSG Hold NOK x 8.1x 5.1x 4.7x Loomis LOOMb Kjøp SEK x 13.9x 7.1x 6.7x Lundbeck LUN Hold DKK x 21.0x 12.6x 9.9x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 23.8x 6.5x 6.1x Marine Harvest MHG Hold NOK x 9.0x 5.7x 5.0x Medistim MEDI Hold NOK x 17.1x 13.0x 10.8x Metsa Board METSB Hold EUR x 14.8x 7.8x 7.7x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 16.6x 12.9x 10.8x Ncc NCC Hold SEK x 13.5x 7.7x 6.7x NetEnt NETb Kjøp SEK x 23.8x 19.4x 16.5x Nets NETS Kjøp DKK x 12.0x 10.2x 8.9x Nibe Industrier NIBEB Hold SEK x 20.2x 14.0x 12.9x Nobia NOBI Kjøp SEK x 14.5x 8.7x 7.9x Noble NE Selg USD x -4.6x 8.2x 9.2x Nokian Tyres NRE1V Kjøp EUR x 17.0x 10.9x 9.6x Nordea NDA Selg SEK x 11.7x Nordic Nanovector NANO Kjøp NOK x -14.9x -12.7x -13.4x Nordic Semiconductor NOD Kjøp NOK x 16.3x 16.6x 9.3x Norsk Hydro NHY Selg NOK x 17.7x 7.1x 6.8x North Energy NORTH Hold NOK x Norway Royal Salmon NRS Hold NOK x 10.2x 6.5x 6.5x Norwegian Air Shuttle NAS Selg NOK x 10.2x 14.7x 13.4x Norwegian Property NPRO Kjøp NOK x 18.6x 18.3x 17.6x Novo Nordisk NVO Hold DKK x 14.3x 10.7x 9.8x Novozymes NZYMB Selg DKK x 24.0x 15.5x 14.6x NRC Group NRC Hold NOK x 17.5x 11.5x 9.0x Ocean Rig ORIG Selg USD x -0.2x 4.8x 17.7x Ocean Yield OCY Hold NOK x 8.2x 6.6x 6.3x Odfjell ODF Kjøp NOK x 8.5x 5.5x 4.8x Odfjell Drilling ODL Hold NOK x 24.1x 7.2x 8.1x Olav Thon OLT Kjøp NOK x 13.4x 15.1x 14.4x Opera OPERA Kjøp NOK x 13.3x 10.0x 7.2x Oriflame ORI Selg SEK x 20.3x 12.9x 10.4x Orkla ORK Hold NOK x 18.9x 15.0x 14.1x Pacific Drilling PACD Selg USD x -0.1x 19.6x 36.5x Pandox PNDXB Hold SEK x 15.4x 18.1x 17.0x 10

11 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Pareto Bank PARB Kjøp NOK x 7.6x Peab PEAB Hold SEK x 12.9x 8.0x 7.1x Petroleum Geo-Services PGS Selg NOK x -5.1x 4.6x 5.1x Polarcus PLCS Selg NOK x -0.9x 199.0x 4.8x Prosafe PRS Hold NOK x -8.0x 11.6x 11.5x Q-Free QFR Hold NOK x 12.3x 6.8x 6.4x Recipharm RECIB Hold SEK x 19.2x 9.7x 8.4x Rezidor REZT SEK x 5.9x 4.3x 3.4x Rowan RDC Hold USD x -7.8x 5.6x 13.3x Safe Bulkers SB Kjøp USD x 12.5x 13.1x 7.9x Saipem SPM Selg EUR x 88.9x 5.5x 7.2x SalMar SALM Kjøp NOK x 8.6x 6.5x 5.4x Sampo Oyj SAMPO Hold EUR x 15.6x Sandvik SAND Kjøp SEK x 17.6x 10.8x 9.8x SCA SCAB Hold SEK x 17.4x 11.3x 10.3x Scandi Standard SCST Kjøp SEK x 9.7x 8.3x 6.2x Scandic Hotels SHOT Kjøp SEK x 10.9x 7.2x 6.1x Schibsted SCHA Selg NOK x 43.7x 21.5x 18.4x Seadrill SDRL Selg NOK x -0.9x 9.7x 21.8x SEB SEB Selg SEK x 13.3x Securitas SECUB Kjøp SEK x 14.7x 10.1x 8.9x Selvaag Bolig SBO Hold NOK x 9.6x 8.4x 6.1x Sevan Marine SEVAN Selg NOK x -21.8x -8.5x -16.2x Siem Offshore SIOFF NOK x -2.1x 18.6x 19.8x Skandiabanken SKBN Kjøp NOK x 10.5x Skanska SKA Hold SEK x 16.2x 12.4x 11.2x SKF SKFB Hold SEK x 15.7x 10.0x 9.3x Solstad Offshore SOFF NOK x -2.3x 14.8x 17.9x Songa Offshore SONG Selg NOK x 2.5x 5.2x 4.6x Sparebank1 Nord-Norge NONG Hold NOK x 9.7x Sparebank1 SMN MING Kjøp NOK x 8.6x Sparebank1 SR-Bank SRBANK Kjøp NOK x 8.6x Sparebanken Møre MORG Hold NOK x 9.6x Sparebanken Sør SOR Hold NOK x 9.9x Sparebanken Øst SPOG Hold NOK x 11.6x Spectrum SPU Selg NOK x 10.2x 2.2x 1.9x Sponda SDA1V Kjøp EUR x 13.0x 20.5x 18.9x Statoil STL Kjøp NOK x 10.0x Stolt-Nielsen SNI Kjøp NOK x 6.5x 6.2x 5.2x Stora Enso STERV F Kjøp EUR x 11.5x 7.3x 6.3x Storebrand STB Kjøp NOK x 10.6x Subsea 7 SUBC Selg NOK x na 6.6x 10.9x Svenska Handelsbanken SHB Selg SEK x Swedbank SWEDA Selg SEK x 13.1x Swedish Match SWMA Hold SEK x 17.5x 13.1x 12.3x Tanker Investments TIL Hold NOK x 10.4x 9.8x 6.3x Targovax TRVX Kjøp NOK x 4.7x TechnipFMC FTI Selg USD x 32.6x 6.9x 8.8x Teekay Tankers TNK Hold USD x x 10.2x 8.1x Telenor TEL Kjøp NOK x 11.9x 6.4x 5.8x TGS Nopec TGS Selg NOK x 63.2x 5.2x 5.1x The Scottish Salmon ComSSC Kjøp NOK x 6.1x 6.3x 4.2x Thule Group THULE Hold SEK x 18.2x 14.0x 12.6x Tomra TOM Hold NOK x 20.1x 10.7x 10.0x Topdanmark TOP Kjøp DKK x 13.8x Transocean RIG Selg USD x -10.5x 7.8x 10.5x Trelleborg TRELB Hold SEK x 16.3x 11.6x 10.6x Tryg TRYG Hold DKK x 15.5x UPM UPM Kjøp EUR x 15.0x 7.2x 7.3x Valmet VALMT Hold EUR x 15.3x 7.8x 6.9x Veidekke VEI Hold NOK x 11.4x 8.3x 7.7x Vestas Wind Systems A/S VWS Kjøp DKK x 14.2x 7.1x 6.2x Vitrolife VITR Kjøp SEK x 31.8x 23.5x 19.4x Volvo VOLVB Hold SEK x 15.6x 7.4x 6.4x 11

12 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Wallenstam WALLb Selg SEK x 39.6x 28.3x 39.7x 31.3x Weifa WEIFA Kjøp NOK x 19.2x 16.9x 13.6x 11.6x Wihlborgs WIHL Kjøp SEK x 13.7x 12.9x 20.4x 19.2x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 9.8x 6.5x 9.0x 6.6x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 5.5x 4.3x 7.9x 11.3x William Demant Holding WDH Selg DKK x 18.4x 11.5x 10.5x Wilson Therapeutics WTX Kjøp SEK x -7.9x Wärtsilä WRT1V Hold EUR x 18.3x 13.7x 11.4x XXL XXL Kjøp NOK x 14.9x 13.3x 10.5x Yara YAR Selg NOK x 16.0x 7.4x 7.1x YIT YIT Selg EUR x 14.6x 13.1x 12.7x 11.7x 12

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