US NED FØR RAPPORTER, KINESISK HANDEL, FLATT I OLJE NHY & ORK

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1 ANALYSE Aksjemarkedet i dag US NED FØR RAPPORTER, KINESISK HANDEL, FLATT I OLJE NHY & ORK Med drahjelp av stigende råvarepriser innledet det amerikanske aksjemarkedet uken med oppgang i går, men usikkerheten i forkant av de kommende rapportene trakk etter hvert indeksene ned under utgangspunktet mot slutten av dagen. Dow endte ned 0.1%, mens S&P500 var ned 0.3% og Nasdaq ned 0.4%. Volumet på de tre hovedindeksene kom inn på 72-87% av gjennomsnittet for de siste tre måneder. Etter en ujevn start på uken trekker de asiatiske indeksene i forskjellige retninger også tirsdag. Godt hjulpet av blant annet utviklingen i råvareprisene og en pause i Yen-styrkingen stenger Nikkei opp 1.3%, mens de kinesiske indeksene før stengetid er ned 1% på politiske kommentarer om at økonomien har utfordringer og behov for reformer. Svenske makrotall vil kunne få oppmerksomhet i det norske markedet i dag. Vi får oppdaterte ledighetstall, tall for prisutviklingen og en ny boligprisstatistikk fra Sverige. I tillegg vil tyske KPI-tall kunne påvirke renteforventningene i eurosonen før åpning. Fra USA kommer det begrenset med nøkkeltall, men til gjengjeld skal tre representanter for Fed presentere sine syn på de økonomiske utsiktene og dette vil dermed kunne gi ny oppmerksomhet på renteutsiktene. Før markedene åpner i morgen tidlig vil vi også ha fått kinesiske handelsbalansetall for mars, inkludert tallene for import av jernmalm og olje. Gårsdagens kvartalsrapport for Alcoa ga et fall i aksjen på 4% i handel etter stengetid i USA i går. Spesielt dempede globale etterspørselsutsikter vil kunne påvirke kursen på Norsk Hydro ved åpning i dag. Vi har en salgsanbefaling på Hydro med et kursmål på NOK 30 pr aksje. Samtidig la teknologiselskapet Juniper Networks frem sin rapport tidligere enn ventet og aksjen reagerte ned 6% etter børs. Etter en rolig dag når det gjelder rapporter i dag vil resten av uken kunne bli preget av kvartalstall fra flere av de største bankene, samt fra blant annet IBM, Pepsico og Netflix. I oljemarkedet steg WTI-prisen mandag videre med USD 0.92 pr fat til USD pr fat. Prisen ligger i morgentimene på USD pr fat. Brent åpner på USD pr fat, opp fra USD pr fat ved stengetid i det norske markedet i går. Fokus ser nå i all hovedsak ut til å være på kommende helgs produsentmøte i Doha. Før vi er så langt vil vi imidlertid også få oppdateringen av de amerikanske lagerbeholdningene. De siste dagenes løft startet da lagertallene rapportert forrige uke viste et uventet trekk i råoljebeholdningene. Et nytt trekk vil kunne styrke oppgangen, mens et løft vil kunne medføre at aktørene i større grad ser på forrige ukes trekk som et unntak. Orkla vil ved Q1-rapporteringen ha et utfordrende sammenligningsgrunnlag fra i fjor. Selskapet presenterer tall 3. mai og blant annet en tidligere påske med færre handledager vil ha gjort veksten mer krevende. Fortsatt er imidlertid ventet vekst for hele året høyere og verdsettelsen basert på våre 2016-estimater samtidig lavere enn for sammenlignbare europeiske aktører. Vi har en kjøpsanbefaling på Orkla og har oppjustert kursmålet fra NOK 77 til NOK 82 pr aksje. Kursen stengte i går på NOK pr aksje. Våre anbefalte aksjer: - BRG - HFISK - ORK - HLNG - GOGL - NAS YTD DNB: -2% YTD OSE: -6% 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 Selskap Tidspunkt Konsensus Land Nøkkeltall Tyskland KPI % Sverige Ledighet UK KPI % USA Bedriftstillit USA Importprisindeks % 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 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 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 , Royal Caribbean Cruises ,494, Questerre (CAD) , Statoil ,945, Yara , Sverige AstraZeneca ,083, Finland (EUR) Nokia ,604,827 Danmark Novo Nordisk B , RÅVARER & SHIPPING Siste I går Endr. %1D 1W 1M 3M YTD 12M 52W H 52W L CRB indeks GS råvare indeks 2,157 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 1,509 1, ,978 1,433 Nikkel 8,560 8, ,065 14,585 7,550 Kopper 4,664 4, ,376 6,481 4,318 Gull 1,255 1, ,285 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 4.1% 6.8% 60.4% -13.5% 29.7% 32.2 Materialer 1.4% -0.5% 8.1% -26.8% -1.9% 19.2 Bildeler 0.9% 1.0% 1.7% -20.5% -9.7% 10.4 Mat- og apotekhandel 1.3% 1.0% 6.6% -15.8% 5.2% 17.3 Fritidsutstyr 0.9% 0.1% 16.5% 29.4% 19.0% 21.8 Banker 1.3% -12.5% -16.2% -36.1% -22.6% 9.3 Bank 0.6% -4.3% -7.8% -13.4% -15.4% 10.3 Biler og komponenter 1.1% -4.5% -8.9% -31.9% -17.8% 7.9 Elektronisk utstyr og instrumen 0.5% 4.4% 14.2% -7.7% 6.4% 16.8 Forsikring 0.9% -5.7% -9.6% -22.6% -15.6% 10.1 Luftfart 0.5% -3.7% -0.2% -4.2% -5.2% 7.2 Energi 0.8% -2.2% 12.0% -23.8% -0.8% 24.1 Forsikring 0.4% -0.2% 3.9% -1.8% -3.1% 11.0 Forsyningsselskaper 0.7% -0.6% -2.0% -14.5% -5.4% 14.5 Datamaskiner og tilbehør 0.4% 5.3% 9.2% -14.1% 3.0% 11.8 Transport 0.7% 0.2% 1.0% -16.2% -4.8% 14.3 Elektrisk utstyr 0.4% 3.4% 18.1% -6.9% 9.9% 16.8 Eiendomsselskaper 0.7% 3.0% 4.8% -10.1% -0.2% 21.6 Kjemikalier 0.2% 0.1% 8.6% -9.4% -0.4% 16.9 Hotell-, underholdnings- og restaurantv 0.6% -1.2% -5.9% -16.0% -9.8% 19.0 Maskiner 0.1% 1.5% 15.3% -7.6% 7.7% 17.1 Telekommunikasjon og tjenester 0.6% -5.0% -6.0% -14.8% -9.1% 19.1 Bygg og anlegg 0.1% -0.9% 15.4% -15.5% 5.3% 13.8 Finansieringsselskaper 0.4% -8.7% -15.3% -31.5% -22.6% 13.3 Papir- og skogprodukter 0.0% 6.6% 3.2% -31.8% -7.7% 15.3 Media 0.4% -1.4% -0.4% -17.6% -4.5% 18.2 Helseartikler -0.2% 2.8% 6.9% 2.0% 2.8% 19.3 Detaljhandel 0.4% -2.2% -4.5% -17.2% -11.3% 19.1 Industrielle konglomerater -0.3% 1.7% 8.9% 5.9% 0.9% 20.3 Kapitalvarer 0.1% -0.8% 3.8% -14.4% -2.0% 16.1 Kommunikasjonsutstyr -0.3% -1.0% 9.0% -9.4% 2.3% 12.3 Husholdningsvarer og personlige produ 0.1% 0.3% 4.7% -4.8% -0.9% 21.7 Legemiddelindustri og biotekno -0.3% 0.4% -5.7% -22.1% -11.4% 16.3 Kommersielle tjenester og leveranser 0.0% 0.5% 1.4% -13.4% -5.9% 16.4 Media -0.3% 1.7% 4.8% -5.8% 3.1% 16.5 Programvare og tjenester -0.2% -1.4% -6.4% -2.1% -7.6% 17.6 Hotell og restaurant -0.3% 4.4% 6.5% 10.4% 3.5% 23.6 Helsevern - utstyr og tjenester -0.3% -0.2% -1.7% -5.0% -6.2% 22.3 Olje og gass -0.3% 1.2% 13.4% -20.3% 3.9% 81.3 Forbruksvarer og klær -0.6% -5.2% -1.1% -16.4% -6.5% 16.3 Programvare -0.4% 2.8% 4.2% 15.5% -0.5% 20.6 Teknologisk utstyr -0.6% 2.0% -10.1% -26.6% -12.0% 16.0 Kraft -0.4% 1.4% 12.4% 9.1% 12.5% 16.8 Drikkevarer, mat og tobakk -1.0% -1.2% -0.4% -5.6% -4.2% 21.0 Husholdningsartikler -0.4% 2.0% 8.6% 3.9% 5.1% 23.4 Matvarer -0.6% 1.0% 8.0% 8.2% 4.8% 21.9 Diversifiserte telekomtjenester -0.6% -0.8% 14.5% 8.2% 11.5% 13.7 Internett programvare og -tjenes -0.7% 0.9% 4.5% 28.9% -0.5% 24.8 Energi og relatert utstyr -0.7% -3.3% 10.9% -23.0% 1.2% 75.9 Bioteknologi -0.8% 4.4% -2.0% -12.8% -9.9% 13.1 Drikkevarer -0.8% 2.7% 6.7% 11.6% 4.7% 23.7 Farmasi -1.0% -1.4% 0.5% -6.6% -4.1% 16.1 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 GOLDMAN SACHS GROUP % -1.1 % % SEAGATE TECHNOLO % -3.3 % % CHESAPEAKE EN % -4.3 % % UNITED TECHNOLOGIES CO % 5.6 % % CTRIP.COM INTERNA % 12.9 % 44.9 % NEWMONT MININ % 16.6 % 39.3 % JPMORGAN CHASE & CO % -1.9 % -5.7 % WESTERN DIGITAL C % % % SEAGATE TECHN % -3.3 % % UNITEDHEALTH GROUP INC % 1.0 % 6.2 % JD.COM INC-ADR % -2.0 % % SOUTHWESTERN % 14.1 % % AMERICAN EXPRESS CO % 0.6 % % NETAPP INC % -3.5 % % WILLIAMS COS IN % 6.6 % % CATERPILLAR INC % 2.5 % -9.6 % YAHOO! INC % 7.9 % % FREEPORT-MCMO % 2.2 % % APPLE INC % 6.6 % % ILLUMINA INC % 7.1 % -9.7 % ALCOA INC % 2.3 % % EXXON MOBIL CORP % 1.4 % -2.6 % MATTEL INC % -1.4 % 34.5 % NRG ENERGY INC % -4.6 % % INTEL CORP % -0.3 % -0.8 % QUALCOMM INC % -2.3 % % OWENS-ILLINOIS % 14.1 % % DU PONT (E.I.) DE NEMOUR % -1.0 % -7.9 % MARRIOTT INTERNAT % -2.6 % % ENSCO PLC-CL A % % % BOEING CO/THE % 2.6 % % ULTA SALON COSME % 5.5 % 33.2 % NAVIENT CORP % 1.5 % % 3M CO % 2.9 % -0.3 % APPLIED MATERIALS % 4.5 % -6.9 % WESTERN DIGITA % % % INTL BUSINESS MACHINES % 4.8 % -8.4 % DISCOVERY COMMU % -0.3 % % MURPHY OIL COR % 11.0 % % JOHNSON & JOHNSON % 1.2 % 6.8 % NVIDIA CORP % 11.4 % 57.6 % TRANSOCEAN LT % % % WALT DISNEY CO/THE % -1.7 % % MICROSOFT CORP % 2.3 % 30.2 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år CISCO SYSTEMS INC % -0.9 % -1.5 % ENDO INTERNATIONA % % % ENDO INTERNATIO % % % GENERAL ELECTRIC CO % 1.2 % 7.7 % MYLAN NV % -6.3 % % NATIONAL OILWE % % % VISA INC-CLASS A SHARES % 8.6 % 17.3 % NETEASE INC-ADR % -3.6 % 16.9 % UNDER ARMOUR % -3.4 % -4.9 % MCDONALD'S CORP % 4.9 % 30.4 % TRIPADVISOR INC % -4.9 % % ALLIANCE DATA S % -2.3 % % TRAVELERS COS INC/THE % 1.0 % 6.6 % AKAMAI TECHNOLOG % -8.9 % % FOOT LOCKER IN % -7.3 % -4.1 % HOME DEPOT INC % 3.5 % 15.4 % MICRON TECHNOLOG % -8.3 % % VALERO ENERGY % -7.1 % 1.7 % MERCK & CO. INC % 3.5 % -3.8 % CERNER CORP % 2.0 % % MALLINCKRODT P % % % PROCTER & GAMBLE CO/T % 1.2 % -0.7 % BIOMARIN PHARMAC % -5.7 % % ALLERGAN PLC % % % COCA-COLA CO/THE % 2.7 % 13.6 % CELGENE CORP % 1.9 % % BAKER HUGHES % -8.8 % % WAL-MART STORES INC % 0.3 % % REGENERON PHARM % 5.0 % % MYLAN NV % -6.3 % % VERIZON COMMUNICATION % -1.8 % 4.9 % INCYTE CORP % 6.9 % % EQT CORP % 6.7 % % CHEVRON CORP % 0.7 % % BIOGEN INC % 2.1 % % NORFOLK SOUTH % 0.3 % % PFIZER INC % 4.6 % % WHOLE FOODS MAR % % % TRIPADVISOR INC % -4.9 % % NIKE INC -CL B % -3.6 % 15.9 % COSTCO WHOLESAL % -2.4 % -0.4 % QORVO INC % -1.3 % % 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 Brasil EWZ % 6.4 % 3.9 % % USD Latin-America 40 ILF % 2.2 % 2.4 % % USD Emerging M arkets EEM % 0.2 % 2.0 % % USD DAX DAXEX % -1.1 % -2.2 % % EUR AEX-Nederland AEXT % 0.2 % -1.0 % % EUR 1209 Hong Kong EWH % 0.6 % 2.7 % % USD Finansielle tjenester XLF % -2.0 % -1.6 % -8.7 % USD Dow Jones Total market THRK % -0.6 % 1.3 % -4.0 % USD 2267 Pacific ex-japan EPP % -1.1 % -2.8 % % USD CAC-40 CAC % -0.7 % -3.7 % -18.1% EUR S&P Euro 350 IEV % -0.2 % -1.1 % % USD Oil Service OIH % 2.9 % -3.9 % % USD Industri XLI % -0.7 % 1.3 % -3.9 % USD FTSE 100 ISF % 0.7 % 1.3 % -13.1% GBp DJIA DIA % -0.9 % 1.9 % -2.7 % USD S&P M idcap 400 M DY % -0.9 % 1.0 % -7.2 % USD S&P 500 SPY % -1.1 % 0.6 % -2.9 % USD Teknologi USA XLK % -1.7 % 2.1 % 4.0 % USD Russell 2000 IWM % -1.3 % 0.5 % % USD TecDax TDXPEX % -0.5 % 0.0 % -3.8 % EUR Nasdaq 100 QQQ % -1.2 % 2.0 % 0.8 % USD Energi XLE % 2.5 % -0.4 % % USD Forsyningstjenester XLU % -1.9 % 1.0 % 8.9 % USD Japan EWJ % 1.2 % -2.3 % % USD Forbruksvarer XLP % -1.1 % 1.1 % 6.9 % USD Russell 2000 Growth IWO % -1.6 % 1.4 % % USD Bioteknologi IBB % 0.8 % 4.1 % % USD Olje / Energi Bensin UGAS % 7.9 % 1.6 % % USD 0 WTI-Oil USO % 13.2 % 0.9 % % USD Brent-olje OILB % 12.2 % 3.7 % % USD Råolje CRUD % 10.9 % 0.7 % -44.1% USD WTI-olje OILW % 10.7 % 1.8 % % USD 580 Fyringsolje HEAT % 9.0 % -1.6 % % USD 0 Naturgass NGAS % -5.4 % -0.5 % % USD M etaller Sølv SLV % 6.6 % 2.9 % -4.0 % USD Gull BULL % 3.3 % -0.2 % 2.9 % USD 9472 Bomull COTN % 3.0 % 5.8 % % USD 0 Kobber COPA % -2.2 % -7.1% % USD 3829 Nikkel NICK % 2.9 % -2.6 % % USD Sink ZINC % -5.1% -3.0 % % USD 0 A ndre råvarer Råoljer AIGO % 10.5 % 1.3 % % USD 500 Soyabønner SOYB % 1.2 % 3.5 % -2.6 % USD Kaffe COFF % -2.1% -2.6 % % USD Svinekjøtt HOGS % 1.5 % -3.1% -0.1% USD 0 Soyaolje SOYO % -1.3 % 5.6 % 5.9 % USD Kveg CATL % -0.4 % -4.5 % % USD 0 M ais CORN % 0.8 % -2.2 % % USD 9527 Sukker SUGA % -3.4 % -6.4 % 0.2 % USD R åvarekurver Energi AIGE % 6.4 % 0.6 % % USD Råvarer AIGC % 2.0 % -1.1 % % USD Ex-Energi AIGX % 0.1 % -1.8 % % USD 0 Buskap AIGL % 0.3 % -3.9 % % USD 0 Industrimetaller AIGI % -2.2 % -5.2 % % USD Landbruk AIGA % -0.7 % -0.8 % -9.3 % USD Korn AIGG % -0.7 % -1.4 % % USD 0 Softs (Sukker, Kakao, Bomull) AIGS % -1.7 % -3.1% -6.9 % USD 0 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 Golden Ocean BULL GOGL DNM % 18.0 % 21.0 % % NOK DNO BULL DNO DNM % 19.4 % -5.4 % % NOK CO2 BULL CO2 ETN DNM % 11.5 % 23.2 % % NOK 0 PGS DNB-ETN PGS BULL % 15.2 % % % NOK Telenor DNB-ETN TELENOR X3 BULL % 8.0 % -7.3 % % NOK 3200 Telenor DNB-ETN TELENOR BULL % 5.4 % -4.4 % % NOK 0 Strømpris DNB-ETN ELKRAFT BULL % -0.7 % 11.9 % % NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BULL % 20.1 % -0.7 % % NOK 5000 Sølvpris BULL SOLV ETN DNM % 9.0 % -1.7 % % NOK 0 Strømpris BULL EL HA % -1.8 % 10.0 % % NOK 0 CO2 CO2 ETN DNM % 5.2 % 11.1 % % NOK 0 REC BULL REC HA % 11.2 % 18.2 % -84.1% NOK 0 REC DNB-ETN REC BULL % 11.4 % 17.8 % % NOK Oljepris BULL OLJE HA % 19.2 % 1.4 % % NOK 3470 Oljepris DNB - ETN BRENT BULL % 19.5 % 1.3 % % NOK OBX BULL OBX X4 DNM % 3.2 % -13.1% % NOK 800 Seadrill DNB-ETN SEADRILL BULL % -1.4 % % % NOK Norsk Hydro BULL NHY X3 DNM % -8.2 % % % NOK 3000 Gjensidige DNB-ETN GJENSIDIGE X3 BULL % 1.6 % 0.4 % % NOK Strømpris DNB-ETN ELKRAFT % -0.7 % 5.8 % % NOK 0 OBX DNB-ETN OBX X3 BULL % 2.5 % -9.6 % -48.1% NOK 0 Sølvpris SOLV ETN DNM % 3.8 % -2.0 % -6.5 % NOK 0 Storebrand DNB-ETN STOREBRAND BEAR % 6.3 % 12.8 % % NOK 0 Yara DNB-ETN YARA X3 BULL % -5.6 % % % NOK 600 Norsk Hydro DNB-ETN NORSK HYDRO BULL % -5.5 % % % NOK 0 Norsk Hydro BULL NHY HA % -5.5 % % % NOK 0 DNB BULL DNBNOR HA % 3.8 % % % NOK 0 Gullpris DNB-ETN GULL BULL % 4.7 % -4.7 % 4.3 % NOK 4400 Oljepris DNB - ETN BRENT % 9.0 % -0.1% % NOK 0 Subsea 7 DNB-ETN SUBSEA 7 BULL % 11.6 % -2.8 % % NOK 4000 Statoil DNB-ETN STATOIL X3 BULL % 6.8 % -7.4 % % NOK Oljeservice DNB - ETN OIL SERVICE BULL % 7.3 % % % NOK 0 Gullpris BULL GULL HA % 4.5 % -4.5 % 3.7 % NOK 0 OBX XACT DERIVAT BULL % 1.6 % -6.1% % NOK Yara BULL YARA HA % -3.5 % % % NOK 0 Yara DNB-ETN YARA BULL % -3.7 % % % NOK 0 Statoil DNB-ETN STATOIL BULL % 4.6 % -4.2 % % NOK 0 Statoil BULL STL HA % 4.5 % -4.3 % % NOK 0 Aluminium BEAR ALU ETN DNM % 3.0 % 3.6 % 35.1 % NOK 0 Orkla DNB-ETN ORKLA X3 BULL % % -4.0 % 30.5 % NOK 0 Oljeservice DNB - ETN OIL SERVICE % 3.9 % -7.6 % % NOK 0 Naturgasspris BULL NATGAS ETN DNM % -3.0 % -9.1% % NOK 0 OBX XACT OBX % 0.9 % -2.9 % % NOK 1231 OBX DNB OBX % 0.8 % -3.0 % % NOK TGS Nopec DNB-ETN TGS BEAR % -4.0 % 15.2 % 22.5 % NOK Gullpris DNB-ETN GULL % 1.7 % -3.8 % 3.1 % NOK 0 Norwegian DNB-ETN NORWEGIAN BEAR % % % % NOK Naturgasspris NATGAS ETN DNM % -2.3 % -6.4 % % NOK 0 Fred. Olsen Energy BULL FOE DNM % 2.0 % -37.1% % NOK 100 BW LPG BULL BWLPG DNM % 0.4 % % -25.1% NOK 0 Orkla BULL ORKLA HA % -8.0 % -2.6 % 24.0 % NOK 0 Sink BEAR SINK ETN DNM % 10.7 % 0.0 % 29.3 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BEAR % -7.8 % % % NOK 0 Aluminium BEAR ALU HA % 3.3 % 3.5 % 34.3 % NOK 0 Schibsted BULL SCH DNM % -4.9 % -1.8 % % NOK 0 Kobberpris BULL KOBBER ETN DNM % -6.5 % % % 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 Aluminium BEAR ALU HA % 3.3 % 3.5 % 34.3 % NOK 0 Schibsted BULL SCH DNM % -4.9 % -1.8 % % NOK 0 Kobberpris BULL KOBBER ETN DNM % -6.5 % % % NOK 0 Naturgasspris BEAR NATGAS ETN DNM % -0.7 % 0.7 % % NOK 0 Kobberpris BULL KOBBER HA % -7.4 % % % NOK 0 RCL D1B-ETN RCL BULL % 0.0 % 0.0 % % NOK 0 Opera BEAR OPERA DNM % 0.6 % 3.8 % % NOK 4000 Kobberpris BULL KOBBER ETN DNM % -3.9 % -8.5 % % NOK 0 Opera BULL OPERA DNM % -0.6 % -4.7 % % NOK Schibsted BEAR SCH DNM % 4.6 % -1.8 % -1.2 % NOK 0 M arine Harvest Group DNB-ETN M ARINE HARVEST BULL % 8.0 % 16.7 % % NOK 0 Orkla BEAR ORKLA HA % 8.2 % 1.7 % % NOK 0 Kobberpris BEAR KOBBER HA % 4.8 % 11.1 % 51.8 % NOK 0 Norwegian DNB-ETN NORWEGIAN BULL % 9.7 % 22.4 % 20.5 % NOK TGS Nopec DNB-ETN TGS BULL % 3.3 % % % NOK 0 Sinkpris SINK ETN DNM % -7.1% -5.7 % % NOK 0 OBX BEAR OBX X1 DNM % -0.9 % 2.7 % #VALUE! NOK 0 Orkla DNB-ETN ORKLA X3 BEAR % 12.2 % 1.9 % % NOK 0 Aluminium ALU ETN DNM % -3.4 % -6.5 % % NOK 0 Kobberpris BEAR KOBBER ETN DNM % 3.7 % 7.8 % 44.6 % NOK 0 Aluminium BULL ALU HA % -5.8 % -9.9 % % NOK 0 Statoil BEAR STL HA % -4.8 % 0.8 % % NOK 0 Statoil DNB-ETN STATOIL BEAR % -4.8 % 0.7 % -13.1% NOK Sinkpris BULL SINK ETN DNM % % -9.0 % % NOK 0 Yara DNB-ETN YARA BEAR % 3.4 % 17.3 % 47.2 % NOK 0 Yara BEAR YARA HA % 3.5 % 17.6 % 55.2 % NOK 0 Aluminium BULL ALU ETN DNM % -5.5 % -9.9 % % NOK 0 OBX XACT DERIVAT BEAR % -1.6 % 5.2 % 18.5 % NOK Statoil DNB-ETN STATOIL X3 BEAR % -7.4 % -0.5 % % NOK Subsea 7 DNB-ETN SUBSEA 7 BEAR % % -3.9 % -32.1% NOK 0 Storebrand DNB-ETN STOREBRAND BULL % -6.5 % % % NOK Fred. Olsen Energy BEAR FOE DNM % -6.7 % 26.5 % -6.0 % NOK 600 Oljeservice DNB - ETN OIL SERVICE BEAR % -8.4 % 10.4 % 38.4 % NOK 4400 DNB BEAR DNB NOR HA % -4.2 % 17.3 % 39.1 % NOK 0 Norsk Hydro DNB-ETN NORSK HYDRO BEAR % 5.4 % 9.0 % 16.1 % NOK 0 Norsk Hydro BEAR NHY HA % 5.4 % 9.0 % 15.9 % NOK 0 Yara DNB-ETN YARA X3 BEAR % 5.0 % 26.3 % 59.3 % NOK 320 Gullpris BEAR GULL HA % -7.1% -2.9 % % NOK 0 OBX BEAR OBX X3 HA % -3.0 % 7.2 % 16.0 % NOK 0 Gullpris DNB-ETN GULL BEAR % -7.1% -2.4 % % NOK 0 Gjensidige DNB-ETN GJENSIDIGE X3 BEAR % -2.2 % -3.3 % % NOK 0 OBX DNB-ETN OBX X3 BEAR % -2.9 % 7.3 % 18.3 % NOK 0 Norsk Hydro BEAR NHY X3 DNM % 8.0 % 12.1 % -0.9 % NOK 0 OBX BEAR OBX X4 DNM % -3.9 % 9.2 % 12.7 % NOK 1000 REC BEAR REC HA % % -28.1% % NOK 0 REC BEAR REC DNM % % % #VALUE! NOK 0 Aker Solutions DNB-ETN AKER SOLUTIONS BEAR % % % 28.2 % NOK 5000 Oljepris BEAR OLJE HA % % % 57.8 % NOK 0 Oljepris DNB - ETN BRENT BEAR % % % 33.6 % NOK 5000 Strømpris BEAR EL HA % -2.2 % % % NOK 0 Strømpris DNB - ETN ELKRAFT BEAR % -2.1% % 27.1 % NOK 300 Sølvpris BEAR SOLV ETN DNM % % -7.2 % -7.4 % NOK 0 Telenor DNB - ETN TELENOR BEAR % -5.9 % 2.2 % 19.9 % NOK 0 OBX BULL OBX X3 HA % 2.5 % -9.4 % % NOK 500 Telenor DNB-ETN TELENOR X3 BEAR % -9.1% 2.4 % 18.7 % NOK 0 CO2 BEAR CO2 ETN DNM % -13.1% % 26.4 % NOK 0 PGS DNB-ETN PGS BEAR % % 3.9 % % NOK 5000 DNO BEAR DNO DNM % % -4.7 % -0.2 % NOK 0 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 12.5x 4.0x 3.2x AF Gruppen AFG Selg NOK x 20.9x 11.2x 10.6x Akastor AKA Hold NOK x -4.5x 12.0x 6.5x Aker AKER Hold NOK x 44.1x Aker Solutions AKSO Selg NOK x 71.7x 6.0x 8.1x Alfa Laval ALFA Selg SEK x 18.0x 9.8x 9.7x Archer ARCHER Selg NOK x -0.7x 11.3x 13.8x Assa Abloy ASSAB Hold SEK x 20.7x 15.0x 13.7x Atea ATEA Hold NOK x 14.6x 8.7x 7.4x Atlas Copco ATCOA Hold SEK x 18.2x 11.3x 10.3x Atwood Oceanics ATW Selg USD x -12.0x 3.6x 9.7x Aurora LPG AURLPG Hold NOK x 4.6x 7.6x 7.1x Austevoll Seafood AUSS Kjøp NOK x 8.7x 4.8x 3.6x Autoliv ALIV Hold SEK x 14.4x 8.0x 6.9x Avance Gas AVANCE Hold NOK x 5.8x 3.6x 5.9x Awilco Drilling AWDR Hold NOK x 4.0x 1.3x 0.8x Bakkafrost BAKKA Hold NOK x 13.1x 10.7x 8.3x Betsson BETSB Kjøp SEK x 13.5x 12.6x 11.0x BillerudKorsnäs BILL Kjøp SEK x 12.9x 7.7x 7.4x Borregaard BRG Kjøp NOK x 9.7x 6.1x 5.1x BW LPG BWLPG Hold NOK x 5.8x 5.3x 5.2x BW Offshore BWO Selg NOK x -1.3x 6.3x 7.2x Cargotec CGC Selg EUR x 11.0x 7.7x 6.8x Carlsberg CARLB Selg DKK x 18.5x 9.6x 8.9x Castellum CAST Kjøp SEK x 16.2x 19.6x 19.1x Chr. Hansen CHR Hold DKK x 34.4x 26.1x 22.2x Citycon CTY1S Kjøp EUR x 14.2x 19.5x 18.1x Coloplast COLOB Kjøp DKK x 23.5x 18.2x 16.0x Com Hem COMH Selg SEK x 59.4x 9.5x 9.1x Coor Service Managemen COOR Kjøp SEK x 10.5x 10.2x 8.9x D/S Norden DNORD Kjøp DKK x 50.7x 3.8x 4.4x Danske Bank DANSKE Hold DKK x 9.1x Deep Sea Supply DESSC Selg NOK x -0.8x 21.2x 23.5x Det norske oljeselskap DETNOR Kjøp NOK x 7.4x 4.5x 2.8x DHT Holdings DHT Hold USD x 12.2x 4.4x 5.5x Diamond Offshore DO Selg USD x 19.7x 6.9x 6.3x Diana Shipping DSX Hold USD x -2.6x x 102.6x DNB DNB NOK x 7.6x DNO DNO Kjøp NOK x 2.4x 2.3x 0.8x DOF DOF Selg NOK x 3.3x 9.1x 9.6x Dorian LPG LPG Hold USD x 5.1x 6.1x 6.6x Eidesvik Offshore EIOF Selg NOK x -2.3x 10.6x 15.1x Electrolux ELUX Hold SEK x 13.0x 6.8x 6.0x Elekta EKTAB Kjøp SEK x 15.4x 11.0x 8.9x Ensco ESV Selg USD x 5.8x 3.8x 4.1x Entra ENTRA Kjøp NOK x 17.9x 17.8x 15.8x Epic Gas EPIC Kjøp NOK x -44.5x 9.6x 7.7x Euronav EURN Kjøp USD x 55.3x 4.5x 7.7x Europris EPR Selg NOK x 14.4x 10.7x 9.5x Fabege FABG Hold SEK x 26.2x 28.9x 26.8x Farstad Shipping FAR Selg NOK x -0.7x 10.2x 15.2x Flex LNG FLNG Hold NOK na na na na FLSmidth FLS Hold DKK x 14.3x 8.5x 7.7x FMC Technologies FTI Selg USD x 30.9x 9.0x 10.9x Fortum FUM1V Kjøp EUR x 16.4x Fred Olsen Energy FOE Selg NOK x -2.7x 1.7x 2.6x Frontline FRO Hold NOK x 9.5x 7.3x 9.7x Frontline 2012 FRNT Kjøp NOK x 11.3x 9.0x 10.4x GasLog GLOG Kjøp USD x 8.1x 10.6x 7.9x Gener8 Maritime GNRT Kjøp USD x 5.0x 5.2x 6.0x Getinge GETIB Selg SEK x 15.0x 11.4x 9.6x Gjensidige Forsikring GJF Hold NOK x 14.6x GN Store Nord GN Hold DKK x 15.6x 9.0x 7.6x 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 -11.2x 150.9x 16.9x Golar LNG Partners GMLP Hold USD x 4.9x 6.8x 6.1x Golden Ocean GOGL Kjøp NOK x -4.9x x 22.6x Grieg Seafood GSF Kjøp NOK x 6.4x 7.2x 4.7x Havfisk HFISK Kjøp NOK x 9.9x 6.5x 5.5x Havila Shipping HAVI Selg NOK x -0.2x 8.2x 13.9x Helgeland Sparebank HELG Kjøp NOK x 7.0x Hennes & Mauritz HMB Hold SEK x 20.7x 13.3x 11.1x Hexagon AB HEXAB Kjøp SEK x 20.6x 14.6x 13.4x Hexagon Composites HEX Kjøp NOK x 14.5x 9.4x 7.6x Hexpol HPOLB Kjøp SEK x 19.7x 13.1x 11.7x Hufvudstaden HUFV Hold SEK x 30.7x 26.7x 25.7x Husqvarna HUSQb Kjøp SEK x 13.0x 9.2x 7.4x Höegh LNG Holdings HLNG Kjøp NOK x 13.0x 12.7x 10.0x Industrivärden INDUc Hold SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.0x 8.8x 7.4x Klövern KLOVb Kjøp SEK x 12.7x 18.2x 17.3x KNOT Offshore Partners KNOP Hold USD x 8.8x 8.1x 7.6x Kone KNEBV Hold EUR x 20.8x 14.2x 12.8x Konecranes KCR1V Hold EUR x 12.3x 7.1x 6.4x Kongsberg Gruppen KOG Kjøp NOK x 11.8x 8.5x 6.3x Kungsleden KLED Kjøp SEK x 11.1x 17.7x 16.4x Kværner KVAER Hold NOK x 22.7x 0.6x 0.3x Lerøy LSG Kjøp NOK x 8.5x 7.1x 5.0x Loomis LOOMb Kjøp SEK x 13.4x 6.9x 6.6x Lundbeck LUN Kjøp DKK x 20.1x 21.5x 9.6x Lundin Petroleum LUPE Hold SEK x 24.9x 9.2x 7.0x Marine Harvest MHG Kjøp NOK x 11.2x 9.5x 7.2x Meda MEDA Hold SEK x 26.1x 12.2x 11.0x Metso MEO1V Kjøp EUR x 14.0x 7.5x 6.5x Millicom MICsdb Kjøp SEK x 24.3x 5.6x 5.1x MTG MTGb Kjøp SEK x 14.8x 11.0x 9.9x Ncc NCC Hold SEK x 14.5x 9.6x 8.1x NetEnt NETb Kjøp SEK x 32.7x 26.6x 21.4x Nibe Industrier NIBEB Selg SEK x 22.3x 15.9x 14.6x Nobia NOBI Kjøp SEK x 12.2x 8.1x 6.8x Noble NE Selg USD x 18.4x 4.7x 5.3x Nokian Tyres NRE1V Hold EUR x 15.9x 10.2x 9.0x Nordea NDA Kjøp SEK x 9.4x Nordic Nanovector NANO Kjøp NOK x -5.2x -3.2x -3.9x Nordic Semiconductor NOD Kjøp NOK x 18.2x 16.2x 10.4x Norsk Hydro NHY Selg NOK x 14.4x 5.7x 5.1x North Energy NORTH Hold NOK x -1.2x Norway Royal Salmon NRS Kjøp NOK x 8.1x 9.8x 5.6x Norwegian Air Shuttle NAS Kjøp NOK x 8.1x 11.6x 11.0x Norwegian Cruise Line NCLH Selg USD x 12.2x 12.2x 10.2x Norwegian Property NPRO Kjøp NOK x 18.7x 18.7x 19.0x Novo Nordisk NVO Kjøp DKK x 20.9x 17.1x 14.7x Novozymes NZYMB Selg DKK x 26.5x 17.8x 16.1x NRC Group NRC Hold NOK x 19.5x 13.4x 11.2x Ocean Rig ORIG Selg USD x 4.5x 3.5x 5.4x Ocean Yield OCY Hold NOK x 5.8x 8.0x 6.5x Odfjell ODF Kjøp NOK x 2.6x 4.9x 4.7x Odfjell Drilling ODL Hold NOK x 61.4x 7.0x 7.5x Olav Thon OLT Kjøp NOK x 12.5x 14.9x 14.3x Opera OPERA Hold NOK x 17.2x 13.9x 11.0x Oriflame ORI Kjøp SEK x 15.8x 7.7x 6.9x Orkla ORK Kjøp NOK x 18.9x 15.0x 14.0x Outotec OTE1V Kjøp EUR x 19.2x 6.7x 5.5x Pacific Drilling PACD Selg USD x -0.3x 7.0x 16.7x Pandox PNDXB Hold SEK x 18.4x 19.3x 18.1x Peab PEAB Hold SEK x 10.9x 9.6x 8.2x PGS PGS Selg NOK x -3.1x 5.6x 7.5x Polarcus PLCS Selg NOK x 27.2x Prosafe PRS Selg NOK x -36.6x 9.4x 9.6x Q-Free QFR Kjøp NOK x 11.2x 5.9x 4.1x Recipharm RECIB Kjøp SEK x 15.7x 11.6x 9.3x RenoNorden RENO Kjøp NOK x 9.1x 6.7x 6.0x 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 Rezidor REZT Hold SEK x 9.8x 6.3x 4.5x Rowan RDC Hold USD x 16.6x 4.0x 5.2x Royal Caribbean Cruises RCL Selg NOK x 12.4x 10.3x 9.0x Safe Bulkers SB Selg USD x -1.6x 23.6x 18.7x Saipem SPM Hold EUR x 21.9x 3.7x 4.3x SalMar SALM Kjøp NOK x 10.9x 8.7x 7.1x Sampo Oyj SAMAS Hold EUR x 14.0x Sandvik SAND Kjøp SEK x 15.6x 9.6x 8.5x SCA SCAB Hold SEK x 18.9x 10.9x 10.1x Scandi Standard SCST Hold SEK x 10.7x 8.1x 6.1x Schibsted SCHA Selg NOK x 42.1x 20.3x 16.0x Scorpio Tankers STNG Hold USD x 11.4x 9.4x 10.2x Seadrill SDRL Selg NOK x 19.3x 6.2x 9.6x SEB SEB Kjøp SEK x 9.6x Securitas SECUB Kjøp SEK x 16.5x 11.3x 10.0x Selvaag Bolig SBO Kjøp NOK x 8.1x 9.3x 7.1x Sevan Marine SEVAN Selg NOK x -16.0x -15.8x -12.6x Siem Offshore SIOFF NOK x -2.8x 10.4x 12.4x Skandiabanken SKBN Kjøp NOK x 7.8x Skanska SKA Hold SEK x 13.3x 11.0x 9.9x SKF SKFB Hold SEK x 11.7x 8.4x 7.8x Solstad Offshore SOFF Selg NOK x -1.6x 14.0x 18.7x Songa Offshore SONG Selg NOK x 0.7x 5.9x 5.1x Sparebank1 Nord-Norge NONG Kjøp NOK x 6.7x Sparebank1 SMN MING Kjøp NOK x 6.3x Sparebank1 SR-Bank SRBANK Kjøp NOK x 5.7x Sparebanken Møre MORG Kjøp NOK x 7.2x Sparebanken Øst SPOG Kjøp NOK x 8.9x Spectrum SPU Hold NOK x 25.4x 2.1x 2.1x Sponda SDA1V Kjøp EUR x 13.0x 20.3x 18.8x Statoil STL Kjøp NOK x 9.4x Stolt-Nielsen SNI Kjøp NOK x 7.0x 5.3x 5.0x Storebrand STB Kjøp NOK x 5.9x Subsea 7 SUBC Selg NOK x -40.4x 3.9x 7.3x Svenska Handelsbanken SHB Selg SEK x 12.2x Swedbank SWEDA Kjøp SEK x 10.3x Swedish Match SWMA Hold SEK x 18.2x 12.7x 11.8x Tanker Investments TIL Kjøp NOK x 6.4x 5.7x 7.0x Technip TECF Selg EUR x 19.6x 3.2x 5.5x Teekay Tankers TNK Kjøp USD x 3.8x 4.0x 4.2x Tele2 TEL2b Kjøp SEK x 19.7x 9.4x 7.4x Telenor TEL Kjøp NOK x 11.4x 6.2x 5.8x TeliaSonera TLSN Hold SEK x 13.2x 7.9x 7.2x TGS Nopec TGS Selg NOK x 52.2x 4.2x 3.8x Thule Group THULE Kjøp SEK x 16.1x 12.8x 11.6x Tomra TOM Hold NOK x 17.1x 10.2x 9.4x Topdanmark TOP Kjøp DKK x 12.1x Transocean RIG Selg USD x x 4.7x 6.7x Trelleborg TRELB Hold SEK x 12.7x 12.1x 8.9x Tryg TRYG Hold DKK x 14.8x Tsakos Energy NavigationTNP Kjøp USD x 4.0x 5.1x 5.4x Unibet UNIB Hold SEK x 20.3x 17.6x 16.0x Valmet VALMT Kjøp EUR x 10.8x 5.6x 4.9x Veidekke VEI Hold NOK x 11.0x 8.0x 7.3x Vitrolife VITR Kjøp SEK x 33.2x 24.0x 20.0x Volvo VOLVB Kjøp SEK x 11.5x 5.2x 4.4x Weifa WEIFA Kjøp NOK x 17.5x 11.0x 9.0x Wihlborgs WIHL Kjøp SEK x 15.8x 20.8x 19.9x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 5.1x 5.6x 4.9x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 4.0x 3.8x 2.9x William Demant Holding WDH Selg DKK x 18.7x 12.6x 11.2x Wärtsilä WRT1V Hold EUR x 14.5x 10.0x 9.1x XXL XXL Hold NOK x 17.2x 15.5x 12.2x Yara YAR Hold NOK x 9.7x 5.4x 5.2x Kilde: DNB Markets, FactSet, Bloomberg 9

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