POSITIV START I USA OG ASIA, BERG- OG DALBANE I OLJE STL & NAS

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1 EQUITY RESEARCH Research report prepared by DNB Markets, a division of DNB Bank ASA Aksjemarkedet i dag POSITIV START I USA OG ASIA, BERG- OG DALBANE I OLJE STL & NAS En positiv oppsummering av de asiatiske og europeiske nøkkeltallene lagt frem mens investorene fortsatt feiret nyttår, en bedre ISM indeks enn ventet og ytterligere drahjelp av vendinger opp i helse- og telekomsektorene ga et løft i det amerikanske aksjemarkedet ved åpningen av årets handel i går. Dow endte opp 0.6%, mens både S&P500 og Nasdaq ved stengetid lå opp 0.9. Volumet på de tre hovedindeksene kom inn på % av gjennomsnittet for de siste tre måneder. Utviklingen i USA har forplantet seg videre til Asia i morgentimene i dag og Nikkei har like før stengetid innledet året med en oppgang på 2.4%. De kinesiske indeksene ligger i øyeblikket opp inntil 1%. Blant dagens oppdateringer fra makrosiden vil det i første rekke være interesse rettet mot de europeiske inflasjonstallene for desember og mot referatet fra fjorårets siste rentemøte i den amerikanske sentralbanken. Eventuelle justeringer av renteforventningene både i Europa og i USA vil kunne påvirke markedsutviklingen de neste dagene. En sterkere USD-kurs og usikkerhet rundt en mulig eksport fra Libya gjorde at WTIprisen i går falt med USD 1.46 pr fat til USD pr fat. I morgentimene medfører imidlertid stigende fokus på forventningene til ukens amerikanske lagertall at prisen har klatret noe opp igjen og den ligger nå på USD pr fat. Brent ligger før åpning på USD pr fat, ned USD 2.19 pr fat i forhold til nivået på USD pr fat ved stengetid i det norske markedet i går. Ikke minst med drahjelp av stigende oljepriser har Statoil-aksjen den siste måneden steget med rundt 9%. Kursen fortsatte i går opp med 1.8% og sluttet på NOK pr aksje. Oljeprisutviklingen det siste halve døgnet vil kunne dempe kursen noe ved åpningen av dagens handel. Etter vårt syn bør markedets verdsettelse imidlertid fortsatt, også på relativt kort sikt, ha mer å gå på. Gassprisene i Europa har de siste månedene steget mer enn oljeprisene og de var opp med 40% fra Q3 til Q4.Statoil er den aktøren blant de sammenlignbare børsnoterte selskapene som har høyest eksponering inn mot dette segmentet og våre estimater for EBIT i Q4 ligger 37% over konsensus i markedet. Senest i forlengelsen av Q4-rapporteringen venter vi i tillegg at investorene økende tillit til selskapets frie kontantstrøm og dermed utbyttekapasitet fremover vil løfte betalingsviljen for aksjene. Vi har en kjøpsanbefaling på Statoil med et kursmål på NOK 170 pr aksje. Norwegian presenterer trafikktall for desember før åpning i morgen tidlig. Vi venter en reduksjon i månedlig yield, ser nedsiderisiko i forhold til konsensusforventningene for Q4 og mener det er grunnlag for noe forsiktighet i forkant av oppdateringen. Yield for desember er estimert å komme inn på NOK0.37, ned 9% år/år. Videre venter vi en implisert EBITDA for desember på NOK -86 mill og en rapportert EBITDA for Q4 på NOK 50 mill. Konsensus EBITDA for Q4 ligger på NOK 331 mil, men med en betydelig differanse mellom de forskjellige estimatene. Selskapet legger frem Q4-rapporten den 11. februar og vil innen den tid også ha publisert trafikktallene for januar. Vi har en holdanbefaling med et kursmål på NOK 305 pr aksje. Kursen stengte i går på NOK pr aksje. Internasjonale børser Renter Valuta/råvarer Portefølje anbefalte aksjer: I dag - Statoil - Wilh. Wilhelmsen ASA - Bakkafrost - Höegh LNG - DNO - Borregaard - SR Bank YTD DNB: 0% YTD OSE: 0% Rapporter Norden - - Nøkkeltall Norden Rapporter / nøkkeltall Europa / USA - FR; Forbrukertillit - EU; KPI - US; Innkjøpssjefsindeks - US; Boliglånssøknader - US; Fed referat rentemøte - US; Salg av kjøretøy - Ryanair, salg desember Konferanser / presentasjoner - DNB Markets Olje-, Offshore-, - & Shippingkonferanse - Oslo, 1 mars 2017 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 19, 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 19, 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 2, x Philadelphia-børsens halvleder-indeks (SOX) 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 ,722, GN Store Nord , AP Møller Maersk ,330 11, , Finland Nokia ,883, Metso TeliaSonera , UPM Kymmene , Norge Frontline ,489, Norsk Hydro , Yara , Golden Ocean , PGS , Statoil ,018, Subsea , DNB , Telenor , Tomra , Questerre , Orkla , Sverige AstraZeneca ,130, Electrolux , Ericsson (B) ,294, 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 2,372 2, ,509 1,837 Olje Brent Spot Brent olje 1m Brent olje 3m WTI olje 1m Flybensin Naturgass US Henry Hub Fyringsolje Metaller Aluminium 3m 1,687 1, ,795 1,449 Nikkel 9,910 9, , ,090 12,145 7,550 Kopper 5,500 5, ,046 4,318 Gull 1,161 1, ,375 1,062 Shipping WS AG - Japan, 250 dwt WS AG - USG, 250 dwt Baltic dry index , 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 Fritidsutstyr 3.0% -5.0% -3.4% 10.7% 3.0% 16.8 Finansieringsselskaper 2.9% 8.4% 15.9% -7.8% 3.4% 14.7 Bioteknologi 2.2% 2.3% -2.8% -10.2% 2.2% 12.0 Banker 2.6% 11.4% 24.2% 2.5% 3.1% 11.9 Elektrisk utstyr 2.1% 0.5% 6.2% 20.7% 2.1% 20.2 Forsikring 1.3% 7.9% 16.9% -0.2% 1.7% 11.2 Papir- og skogprodukter 2.0% 4.2% 9.6% 15.9% 2.0% 14.5 Biler og komponenter 1.2% 13.9% 12.7% 3.1% 2.6% 8.5 Metall 2.0% -4.5% 12.8% 55.7% 2.0% 14.9 Energi 1.1% 9.9% 15.5% 28.8% 1.4% 15.7 Diversifiserte telekomtjenester 1.9% 10.2% 7.2% 20.7% 1.9% 14.4 Legemiddelindustri og bioteknologi 1.1% 8.1% 1.0% -9.5% 1.5% 14.8 Internett programvare og -tjeneste 1.7% 3.5% -3.1% 9.7% 1.7% 20.6 Kommersielle tjenester og leveranser 0.7% 5.9% -0.8% -3.9% 1.1% 16.5 Farmasi 1.5% 4.4% -2.8% -0.9% 1.5% 14.9 Media 0.6% 11.9% 3.7% -2.1% 1.2% 16.9 Energi og relatert utstyr 1.4% 0.8% 15.2% 29.7% 1.4% 66.1 Telekommunikasjon og tjenester 0.6% 8.6% 0.0% -13.3% 1.1% 16.5 Bank 1.3% 5.9% 31.3% 26.2% 1.3% 13.7 Materialer 0.4% 4.6% 9.5% 30.7% 0.8% 16.1 Maskiner 1.2% -0.2% 7.5% 32.7% 1.2% 20.7 Kapitalvarer 0.4% 6.1% 5.3% 17.0% 0.9% 17.1 Bygg og anlegg 1.1% -1.0% 13.0% 33.3% 1.1% 17.8 Hotell-, underholdnings- og restaurantvi 0.4% 8.2% 2.1% -3.8% 0.5% 18.2 Olje og gass 1.1% 2.9% 7.9% 24.5% 1.1% 30.3 Transport 0.3% 8.1% 7.4% 5.2% 1.6% 15.1 Kommunikasjonsutstyr 1.0% 4.1% 0.9% 18.1% 1.0% 13.5 Mat- og apotekhandel 0.1% 6.5% 1.6% 6.9% 0.7% 16.7 Programvare 0.8% 4.0% 3.7% 11.7% 0.8% 21.3 Drikkevarer, mat og tobakk -0.1% 5.9% -6.4% -3.0% 0.0% 18.6 Media 0.8% 3.8% 10.0% 16.3% 0.8% 18.0 Programvare og tjenester -0.4% 6.8% -1.6% 8.5% 0.4% 18.5 Bildeler 0.8% 6.8% 2.6% -2.0% 0.8% 9.7 Forsyningsselskaper -0.6% 6.8% -3.4% -6.6% 0.0% 13.9 Matvarer 0.7% 6.1% 0.3% 10.2% 0.7% 19.6 IT utstyr -0.6% 13.8% -11.1% -28.8% 0.3% 18.4 Drikkevarer 0.6% 3.9% -2.0% 2.0% 0.6% 20.8 Forbruksvarer og klær -0.7% 5.5% 9.7% 11.5% -0.2% 18.8 Kjemikalier 0.5% 1.1% 5.0% 10.0% 0.5% 17.4 Helsevern - utstyr og tjenester -0.8% 9.2% -2.2% -0.2% 0.0% 20.7 Helseartikler 0.5% 2.6% -8.3% 7.9% 0.5% 17.7 Husholdningsvarer og personlige produ -0.9% 5.2% -5.9% 3.1% -0.6% 20.2 Datamaskiner og tilbehør 0.4% 4.9% 3.0% 14.1% 0.4% 12.6 Detaljhandel -1.0% 0.4% -0.3% -13.4% -0.8% 19.0 Forsikring 0.2% 2.1% 10.6% 17.5% 0.2% 12.4 Eiendomsselskaper -1.6% 6.0% -4.1% -5.0% -1.1% 19.0 Husholdningsartikler 0.2% 2.0% -5.7% 3.6% 0.2% 21.3 Industrielle konglomerater 0.2% 2.0% 5.2% 8.0% 0.2% 19.0 Eiendom 0.0% 0.0% 0.0% 0.0% 0.0% 0.0 Luftfart 0.0% 3.0% 26.6% 13.4% 0.0% 11.1 Elektronisk utstyr og instrumente 0.0% 1.8% 6.3% 24.1% 0.0% 17.1 Kraft -0.4% 4.8% 1.7% 11.0% -0.4% 16.4 Hotell og restaurant -0.6% -0.1% 5.3% 3.4% -0.6% 20.1 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 NIKE Inc % 3.0 % % Endo International PLC % 10.6 % % Xerox Corp % 10.1 % 1.6 % Verizon Communications Inc % 9.6 % 19.0 % Cerner Corp % 3.2 % % CenturyLink Inc % 6.0 % 1.0 % Merck & Co Inc % -1.6 % 14.6 % Seagate Technology PL % 1.9 % 9.2 % Endo International P % 10.6 % % Visa Inc % 5.0 % 5.0 % BioMarin Pharmaceutic % 4.4 % % Frontier Communica % 2.9 % % Walt Disney Co/The % 7.7 % 3.0 % Gilead Sciences Inc % 2.4 % % AmerisourceBergen % 4.8 % % American Express Co % 4.9 % 11.5 % Regeneron Pharmaceu % 1.9 % % Marathon Petroleum % 10.7 % 3.3 % Pfizer Inc % 4.3 % 3.3 % Mattel Inc % -4.9 % 3.8 % Ensco PLC % 6.0 % % Caterpillar Inc % -1.2 % 38.2 % Amgen Inc % 4.7 % -4.8 % McKesson Corp % 2.7 % % United Technologies Corp % 2.4 % 16.0 % DISH Network Corp % 7.5 % 4.2 % Total System Servic % 7.1 % 6.6 % JPMorgan Chase & Co % 6.9 % 37.1 % Netflix Inc % 5.5 % 15.9 % Gap Inc/The % -3.4 % -8.0 % Cisco Systems Inc % 4.4 % 15.6 % Autodesk Inc % 7.9 % 26.3 % Level 3 Communica % 5.6 % 11.0 % Intel Corp % 7.1 % 7.7 % Micron Technology Inc % 20.0 % 57.4 % First Solar Inc % 11.2 % % Goldman Sachs Group Inc/The % 8.2 % 36.4 % Biogen Inc % -1.8 % -1.0 % Freeport-McMoRan % % % UnitedHealth Group Inc % 0.4 % 38.6 % Henry Schein Inc % 4.3 % 0.4 % Pitney Bowes Inc % 8.4 % % Boeing Co/The % 3.1 % 11.7 % Coca-Cola Co/The % 3.6 % -1.4 % Bunn siste 1 dag 1 mnd 1 år Bunn siste 1 dag 1 mnd 1 år International Business Machine % 4.5 % 23.0 % NVIDIA Corp % 15.3 % % Southwestern Energ % % 29.3 % Microsoft Corp % 5.6 % 14.2 % Xilinx Inc % 8.9 % 29.0 % Range Resources C % % 26.6 % Exxon Mobil Corp % 4.4 % 17.3 % Stericycle Inc % 4.6 % % Kansas City Southe % -5.7 % 9.6 % Johnson & Johnson % 3.5 % 15.3 % Applied Materials Inc % 1.6 % 72.9 % NVIDIA Corp % 15.3 % % EI du Pont de Nemours & Co % 0.7 % 16.7 % American Airlines Group % 0.4 % 13.2 % Cabot Oil & Gas Co % -1.4 % 27.0 % Apple Inc % 5.7 % 10.3 % Charter Communication % 7.2 % 45.5 % Humana Inc % -7.5 % 9.9 % General Electric Co % 1.1 % 3.2 % Expedia Inc % -7.1 % -6.9 % Kroger Co/The % 1.3 % % Home Depot Inc/The % 3.4 % 2.5 % NXP Semiconductors N % -0.3 % 15.7 % Xilinx Inc % 8.9 % 29.0 % Procter & Gamble Co/The % 2.2 % 7.4 % Starbucks Corp % -3.3 % -5.0 % EQT Corp % % 20.5 % Chevron Corp % 4.3 % 32.6 % Costco Wholesale Corp % 5.0 % 0.1 % Staples Inc % -7.8 % -6.6 % 3M Co % 3.3 % 21.3 % Sirius XM Holdings Inc % 3.3 % 12.4 % McDonald's Corp % 1.2 % 1.7 % Wal-Mart Stores Inc % -3.1 % 11.7 % Marriott International Inc % 4.2 % 26.2 % Macy's Inc % % -1.6 % Travelers Cos Inc/The % 4.5 % 9.9 % Analog Devices Inc % 3.4 % 33.2 % Stericycle Inc % 4.6 % % McDonald's Corp % 1.2 % 1.7 % CSX Corp % -1.6 % 39.2 % UDR Inc % 6.8 % -2.8 % Kilde: Bloomberg / DNB Markets 12-måneders forward P/E 20x 18x 16x 14x 12x 10x 8x 6x SPX Index SX5E Index OBX Index 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) Brasil EWZ % 6.8 % 8.8 % 72.8 % USD 512,577,856 Latin-America 40 ILF % 4.6 % 3.7 % 37.1 % USD 33,179,392 Oil Service OIH % 1.3 % 1.9 % 27.6 % USD 116,575,680 Bioteknologi IBB % -0.8 % -0.1 % % USD 261,208,544 Hong Kong EWH % 1.9 % -4.5 % 2.1 % USD 68,681,680 Pacific ex-japan EPP % 2.1 % -2.4 % 6.5 % USD 25,132,744 Emerging Markets EEM % 3.4 % 0.9 % 13.2 % USD 1,635,518,720 Energi XLE % -0.2 % 1.8 % 26.3 % USD 885,678,912 Finansielle tjenester XLF % -0.3 % 3.8 % 23.9 % USD 1,049,904,768 FTSE 100 ISF % 1.5 % 5.7 % 17.3 % GBp 5,376,172,000 Nasdaq 100 QQQ % -0.5 % 3.3 % 9.2 % USD 2,665,374,976 Teknologi USA XLK % -0.4 % 4.5 % 15.4 % USD 408,070,464 Japan EWJ % -1.0 % -0.7 % 3.2 % USD 251,262,656 S&P 500 SPY % -0.2 % 2.5 % 12.0 % USD 15,989,384,192 Dow Jones Total market THRK % -0.1 % 2.6 % 13.3 % USD 1,478,486 Industri XLI % -0.6 % -0.4 % 19.7 % USD 610,398,016 S&P Midcap 400 MDY % -0.2 % 2.5 % 20.9 % USD 426,703,936 Russell 2000 IWM % -0.4 % 3.5 % 23.2 % USD 3,137,860,608 DJIA DIA % -0.3 % 3.5 % 15.8 % USD 797,830,720 Russell 2000 Growth IWO % -0.6 % 2.7 % 14.0 % USD 146,773,552 Forbruksvarer XLP % -0.3 % 2.6 % 4.1 % USD 644,456,704 CAC-40 CAC % 1.1 % 8.1 % 7.3 % EUR 5,793,679 AEX-Nederland AEXT % 0.9 % 8.5 % 13.6 % EUR 367,024 S&P Euro 350 IEV % 1.0 % 4.5 % -1.5 % USD 49,029,256 DAX DAXEX % 1.1 % 10.1 % 10.9 % EUR 3,276,316 TecDax TDXPEX % 1.7 % 9.2 % 1.9 % EUR 445,758 Forsyningstjenester XLU % -0.3 % 3.5 % 12.2 % USD 675,541,888 Olje / Energi Brent-olje OILB % 0.7 % 2.3 % 26.3 % USD 3,120,869 Råolje CRUD % 0.7 % 1.7 % 6.2 % USD 1,846,556 WTI-olje OILW % 0.4 % 1.5 % 12.0 % USD 12,436 Bensin UGAS % 1.2 % 3.5 % 2.7 % USD 71,944 Fyringsolje HEAT % 0.9 % 1.4 % 30.0 % USD 11,699 WTI-Oil USO % -1.0 % -0.3 % 4.2 % USD 231,437,808 Naturgass UNG % -9.2 % -4.1 % -2.2 % USD 133,478,808 Metaller Sølv SLV % 3.6 % -2.5 % 17.1 % USD 119,426,576 Bomull COTN % 2.6 % 2.0 % 12.1 % USD 19,279 Gull BULL % 2.4 % -1.4 % 6.0 % USD 101,147 Kobber COPA % -0.5 % -5.4 % 17.3 % USD 324,259 Aluminium ALUM % -2.5 % -1.9 % 10.7 % USD 10,937 Nikkel NICK % -6.9 % % 14.9 % USD 598,761 Andre råvarer Sukker SUGA % 11.6 % 6.4 % 30.0 % USD 84,244 Mais CORN % 2.8 % 3.2 % -7.9 % USD 79,954 Hvete WEAT % 3.4 % 2.6 % % USD 156,491 Svinekjøtt HOGS % 1.2 % 21.4 % -2.6 % USD 5,257 Kaffe COFF % -4.3 % -7.6 % -2.0 % USD 223,470 Soyaolje SOYO % -2.7 % -8.2 % 9.4 % USD 26,963 Råvarer DBC % 0.7 % 0.3 % 18.0 % USD 36,778,756 Soyabønner SOYB % -1.5 % -4.4 % 14.0 % USD 27,497 Råvarekurver Landbruk AIGA % 1.7 % -0.7 % 3.7 % USD 826,117 Korn AIGG % 1.2 % 0.1 % -4.5 % USD 520 Edle metaller AIGP % 2.7 % -1.4 % 8.6 % USD 203,013 Buskap AIGL % -0.2 % 11.3 % -5.8 % USD na Råvarer AIGC % 0.3 % -0.6 % 10.5 % USD 258,028 Industrimetaller AIGI % -2.5 % -5.9 % 21.2 % USD 585,425 Råvarer (ETN) GSG % 0.1 % 0.7 % 9.2 % USD 16,486,071 Energi AIGE % -0.6 % 1.1 % 11.5 % USD 182,149 Kilde: Bloomberg / DNB Markets 5

6 ETN / ETF Endring i % Navn Kurs 1 dg 5 dg 1 mnd 1 år Valuta Verdi (gjennomsnitt) CO2 BEAR CO2 ETN DNM % 17.6 % % % NOK 8,112 Aker Solutions DNB-ETN AKER SOLUTIONS B % 10.3 % 19.6 % 62.6 % NOK 7,497 Strømpris DNB-ETN ELKRAFT BULL % -7.4 % 0.0 % % NOK 90,413 REC DNB-ETN REC BULL % 11.1 % 67.6 % % NOK 188,430 Naturgasspris BEAR NATGAS ETN DNM % -5.2 % % % NOK na DNO BULL DNO DNM % 21.0 % 29.2 % 51.7 % NOK 174,251 Oljepris BULL OLJE HA % 5.7 % 15.2 % 27.7 % NOK 201,779 Statoil DNB-ETN STATOIL X3 BULL % 7.9 % 28.4 % 82.1 % NOK 193,377 Storebrand DNB-ETN STOREBRAND BULL % 6.6 % 15.4 % 57.4 % NOK 2,867 Fred. Olsen Energy BEAR FOE DNM % 15.1 % % % NOK 692,554 Seadrill DNB-ETN SEADRILL BULL % 6.3 % 55.3 % % NOK 246,705 Subsea 7 DNB-ETN SUBSEA 7 BULL % 5.4 % 16.8 % % NOK 2,888 Golden Ocean BULL GOGL DNM % -4.8 % 24.8 % % NOK 179,359 Oljepris DNB - ETN BRENT BULL % 5.2 % 15.3 % 26.0 % NOK 4,776,133 Strømpris DNB-ETN ELKRAFT % -5.7 % 2.3 % 52.9 % NOK na Sink BEAR SINK ETN DNM % 2.5 % 14.6 % % NOK na Statoil DNB-ETN STATOIL BULL % 5.3 % 18.4 % 68.3 % NOK na Sølvpris BULL SOLV ETN DNM % 3.6 % -5.0 % 14.9 % NOK 64,583 Yara DNB-ETN YARA X3 BULL % 7.6 % 37.5 % % NOK na Oljepris DNB - ETN BRENT % 2.7 % 9.5 % 22.1 % NOK 541,441 TGS Nopec DNB-ETN TGS BEAR % -6.1 % % % NOK na Norsk Hydro BULL NHY X3 DNM % 3.6 % 11.8 % 61.8 % NOK 1,781,626 Marine Harvest Group DNB-ETN MARINE HARVEST B % 3.7 % -4.7 % % NOK 28,551 Oljeservice DNB - ETN OIL SERVICE BULL % 5.8 % 23.8 % 47.1 % NOK 9,839 Orkla DNB-ETN ORKLA X3 BEAR % -1.5 % % % NOK na Yara DNB-ETN YARA BULL % 5.0 % 24.0 % % NOK na Yara DNB-ETN YARA BULL % 5.0 % 24.0 % % NOK na Aluminium BEAR ALU ETN DNM % 3.5 % 6.2 % % NOK na OBX BULL OBX X4 DNM % 6.3 % 22.8 % 40.9 % NOK 26,976 Norsk Hydro DNB-ETN NORSK HYDRO BUL % 2.4 % 8.2 % 54.3 % NOK na Sølvpris SOLV ETN DNM % 1.7 % -0.7 % 9.2 % NOK na Kobberpris BEAR KOBBER ETN DNM % -1.9 % 11.5 % % NOK na OBX BULL OBX X3 HA % 8.3 % 19.9 % 42.6 % NOK 168,063 Norwegian DNB-ETN NORWEGIAN BEAR % -6.4 % % % NOK 800 OBX DNB-ETN OBX X3 BULL % 4.7 % 16.7 % 39.1 % NOK 21,989 Oljeservice DNB - ETN OIL SERVICE % 2.9 % 23.7 % 37.5 % NOK 55,856 Schibsted BEAR SCH DNM % -5.7 % % 40.6 % NOK na BW LPG BULL BWLPG DNM % 1.3 % 53.8 % % NOK 1,273 Gjensidige DNB-ETN GJENSIDIGE X3 BUL % 4.1 % 7.9 % 10.0 % NOK 82,797 OBX XACT DERIVAT BULL % 3.1 % 12.8 % 29.7 % NOK 21,289,990 Kobberpris BEAR KOBBER HA % -0.9 % 11.7 % % NOK na OBX XACT OBX % 1.7 % 6.2 % 17.7 % NOK 2,766,228 OBX DNB OBX % 1.6 % 6.8 % 17.9 % NOK 3,182,680 Gullpris DNB-ETN GULL BEAR % -2.5 % 7.4 % % NOK na Gullpris BEAR GULL HA % -2.5 % 7.2 % % NOK na PGS DNB-ETN PGS BULL % 2.9 % 31.6 % % NOK 165,118 Shipping DNB - ETN SHIPPING % 0.0 % 0.0 % 0.0 % NOK 9,149 Aluminium BEAR ALU HA % 2.7 % 5.4 % % NOK na Gullpris DNB-ETN GULL % 0.7 % 0.6 % 1.9 % NOK 23,390 Kobberpris BULL KOBBER ETN DNM % 0.4 % -1.5 % 15.1 % NOK na Aluminium BULL ALU HA % -3.6 % -0.1 % 16.8 % NOK na Gullpris DNB-ETN GULL BULL % 1.7 % -1.8 % 4.5 % NOK 73 Gullpris BULL GULL HA % 1.7 % -2.0 % 4.2 % NOK 6,508 Aker BP DNB - ETN AKER BP BULL % 0.0 % 0.0 % 0.0 % NOK 16,936 Telenor DNB - ETN TELENOR BEAR % -6.3 % % % NOK na Aluminium ALU ETN DNM % -2.3 % 1.1 % 8.7 % NOK na REC BEAR REC HA % 0.0 % % % NOK na DNB BEAR DNB NOR HA % 0.0 % -8.4 % % NOK na DNB BULL DNBNOR HA % 0.0 % 1.9 % 38.6 % 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 Telenor DNB-ETN TELENOR X3 BEAR % -9.5 % % % NOK 1,529,455 OBX BEAR OBX X3 HA % -8.5 % % % NOK na Bank Norwegian DNB - ETN NOFI BULL % 0.0 % 0.0 % 0.0 % NOK na Bank Norwegian DNB - ETN NOFI BEAR % 0.0 % 0.0 % 0.0 % NOK na Telenor DNB-ETN TELENOR X3 BULL % 9.6 % 21.5 % % NOK 2,109 Telenor DNB-ETN TELENOR BULL % 6.4 % 14.3 % % NOK na Kobberpris BULL KOBBER ETN DNM % 1.0 % -6.2 % 31.9 % NOK na Kobberpris BULL KOBBER HA % 0.0 % -6.6 % 25.1 % NOK 1,427 Strømpris BULL EL HA % % 11.1 % % NOK na OBX SHORT OBX DNM % -1.6 % -5.4 % % NOK 22,456,340 Aluminium BULL ALU ETN DNM % -4.2 % -0.7 % 18.9 % NOK 310 Aker BP DNB - ETN AKER BP BEAR % 0.0 % 0.0 % 0.0 % NOK 38,390 Strømpris BEAR EL HA % 13.0 % % % NOK na OBX XACT DERIVAT BEAR % -2.9 % % % NOK 15,017 Gjensidige DNB-ETN GJENSIDIGE X3 BEA % -4.1 % -8.1 % % NOK 636,765 Schibsted BULL SCH DNM % 5.7 % 27.5 % % NOK 89,110 Sinkpris SINK ETN DNM % -2.0 % -3.8 % 53.1 % NOK 10,504 PGS DNB-ETN PGS BEAR % -6.4 % % % NOK na Sjømat DNB - ETN SEAFOOD % -2.2 % 0.8 % #VALUE! NOK 16,234 Norwegian DNB-ETN NORWEGIAN BULL % 6.0 % 24.0 % % NOK na OBX DNB-ETN OBX X3 BEAR % -4.8 % % % NOK 78,238 Norsk Hydro DNB-ETN NORSK HYDRO BEA % -2.6 % -9.4 % % NOK 7,335 OBX BEAR OBX X4 DNM % -6.5 % % % NOK 31,612 Yara DNB-ETN YARA BEAR % -5.0 % % % NOK 50,300 Orkla DNB-ETN ORKLA X3 BULL % 1.1 % 10.5 % 40.8 % NOK na Marine Harvest Group DNB-ETN MARINE HARVEST B % -3.6 % 4.1 % 82.0 % NOK na Oljeservice DNB - ETN OIL SERVICE BEAR % -6.1 % % % NOK 8,148 Norsk Hydro BEAR NHY X3 DNM % -3.8 % % % NOK 88,894 Sølvpris BEAR SOLV ETN DNM % -4.5 % 8.0 % % NOK 7,366 Sinkpris BULL SINK ETN DNM % -3.7 % % % NOK 63 Opera BULL OPERA DNM % -5.0 % % % NOK 6,732 Yara DNB-ETN YARA X3 BEAR % -7.4 % % % NOK na TGS Nopec DNB-ETN TGS BULL % 5.1 % 25.9 % 64.9 % NOK 5,516 Statoil DNB-ETN STATOIL BEAR % -5.2 % % % NOK na Oljepris DNB - ETN BRENT BEAR % -6.5 % % % NOK 1,424 Naturgasspris NATGAS ETN DNM % 1.0 % 2.9 % 1.9 % NOK 253,657 Oljepris BEAR OLJE HA % -6.6 % % % NOK 10,912 Subsea 7 DNB-ETN SUBSEA 7 BEAR % -5.5 % % % NOK 5,407 Storebrand DNB-ETN STOREBRAND BEAR % -6.9 % % % NOK 743 Fred. Olsen Energy BULL FOE DNM % % % % NOK 3,229 Statoil DNB-ETN STATOIL X3 BEAR % -8.0 % % % NOK na DNO BEAR DNO DNM % % % % NOK 46,509 CO2 CO2 ETN DNM % % 32.6 % % NOK 35,784 REC BULL REC HA % 7.1 % 78.8 % % NOK 5,320 Naturgasspris BULL NATGAS ETN DNM % 2.1 % 5.5 % 15.9 % NOK 491 Kilde: Bloomberg / DNB Markets 7

8 Rapportkalender Dato Selskap Marked EBITDAe EPSe EBITDAe EPSe Utbytte 10-Jan EMAS Offshore Ltd Oslo na na na na Irreg 11-Jan Chr Hansen Holding A/S Copenhagen Annual Dustin Group AB Stockholm na na Annual 18-Jan Pandora A/S Copenhagen 2, na na Annual Hexatronic Group AB Stockholm na na Irreg 19-Jan Avanza Bank Holding AB Stockholm na 3.25 na na Annual Castellum AB Stockholm Annual 24-Jan Probi AB Stockholm na na Annual Byggmax Group AB Stockholm na na Annual 25-Jan Bonava AB Stockholm na na na na None Elanders AB Stockholm na na Annual Bonava AB Stockholm na na None Qliro Group AB Stockholm na na None 26-Jan Data Respons ASA Oslo na na Annual Data Respons ASA Oslo na na Annual Stolt-Nielsen Ltd Oslo Semi-Anl Nordea Bank AB Helsinki na 0.20 na 0.22 Annual Svenska Cellulosa AB SCA Stockholm 5, , Annual Svenska Cellulosa AB SCA Stockholm 5, , Annual Orexo AB Stockholm na na na None Eolus Vind AB Stockholm na na Annual Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Intrum Justitia AB Stockholm na na Annual Tele2 AB Stockholm 1, , Annual Tele2 AB Stockholm 1, , Annual Telefonaktiebolaget LM Ericsso Stockholm 5, na na Annual Lagercrantz Group AB Stockholm na na Annual Bergs Timber AB Stockholm na na na na Irreg Getinge AB Stockholm 2, , Annual 27-Jan NCC AB Stockholm , Semi-Anl Wartsila OYJ Abp Helsinki Annual Scatec Solar ASA Oslo na na Annual Avance Gas Holding Ltd Oslo Quarter Voss Veksel OG Landmands B Oslo na 3.59 na na Annual Elisa OYJ Helsinki na na Annual Telia Co AB Helsinki 6, , Semi-Anl NCC AB Stockholm , Irreg Beijer Electronics AB Stockholm na na Annual Telia Co AB Stockholm 6, , Semi-Anl Atlas Copco AB Stockholm 6, , Semi-Anl Atlas Copco AB Stockholm 6, , Semi-Anl Ahlsell AB Stockholm na na na na None 31-Jan Investor AB Stockholm na na na na Annual UPM-Kymmene OYJ Helsinki na na Annual HIQ International AB Stockholm na na Annual Concordia Maritime AB Stockholm na na Annual Nordnet AB Stockholm na 0.51 na na Annual Hennes & Mauritz AB Stockholm 9, , Annual Investor AB Stockholm na na na na Annual Alfa Laval AB Stockholm 1, , Annual Micro Systemation AB Stockholm na na Annual Com Hem Holding AB Stockholm Annual 1-Feb Sandvik AB Stockholm 3, , Annual Skandinaviska Enskilda Banken Stockholm na 1.86 na 1.86 Annual Trelleborg AB Stockholm 1, Annual 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 11,760 12, x 21.2x 6.4x 5.5x AcadeMedia AB ACAD Kjøp SEK x 10.6x 10.5x 7.7x AF Gruppen AFG Selg NOK x 24.3x 11.5x 12.2x Ahlsell AB Kjøp SEK x 14.0x 13.3x 11.5x Akastor AKA Kjøp NOK x -6.1x 13.3x 16.3x Aker AKER Hold NOK x 19.9x Aker BP ASA AKERBP Kjøp NOK x 18.0x 9.5x 4.1x Aker Solutions AKSO Selg NOK x x 8.4x 11.8x Alfa Laval ALFA Selg SEK x 25.1x 12.1x 13.1x Alligator Bioscience ATORX Kjøp SEK x 18.8x Arcam ARCM Hold SEK x 97.7x 152.9x 47.2x Archer ARCHER Selg NOK x -3.8x 19.9x 14.1x Assa Abloy ASSAB Hold SEK x 21.5x 15.9x 14.5x Atea ATEA Hold NOK x 16.8x 9.0x 8.2x Atlas Copco ATCOA Hold SEK x 22.7x 14.8x 13.2x Atwood Oceanics ATW Selg USD x -16.2x 2.9x 10.1x Aurora LPG AURLPG Hold NOK x 7.1x 15.5x 9.5x Austevoll Seafood AUSS Kjøp NOK x 9.6x 6.0x 4.0x Autoliv ALIV Kjøp SEK x 16.7x 8.4x 7.9x Avance Gas AVANCE Kjøp NOK x 343.3x 10.9x 10.0x Avanza Bank AZA Kjøp SEK x 26.7x Awilco Drilling AWDR Hold NOK x 2.1x 3.4x 0.9x Bakkafrost BAKKA Hold NOK x 12.3x 10.5x 7.9x Balder BALD Hold SEK x 25.0x 24.2x 21.2x Betsson BETSB Kjøp SEK x 11.9x 10.9x 9.8x BillerudKorsnäs BILL Kjøp SEK x 14.8x 9.3x 8.3x Borregaard BRG Kjøp NOK x 14.4x 8.7x 7.4x BW LPG BWLPG Kjøp NOK x 9.4x 7.5x 7.2x BW Offshore BWO Kjøp NOK x 90.2x 102.3x Cargotec CGC Selg EUR x 17.6x 10.5x 10.1x Carlsberg CARLB Selg DKK x 18.2x 9.2x 8.5x Castellum CAST Hold SEK x 16.3x 25.5x 19.7x Chr. Hansen CHR Hold DKK x 32.4x 24.9x 21.1x Citycon CTY1S Kjøp EUR x 17.1x 20.5x 20.0x Coloplast COLOB Kjøp DKK x 24.9x 20.0x 17.8x Com Hem COMH Selg SEK x 29.6x 10.4x 8.8x Coor Service Managemen COOR Kjøp SEK x 12.2x 11.6x 10.4x D/S Norden DNORD Kjøp DKK x 247.9x 21.4x 11.5x Danske Bank DANSKE Kjøp DKK x 11.2x Deep Sea Supply DESSC NOK x -2.9x 20.2x 12.4x DHT Holdings DHT Hold USD x 9.7x 4.7x 5.3x Diamond Offshore DO Selg USD x 14.9x 6.7x 6.2x DNB DNB NOK x 11.5x DNO DNO Kjøp NOK x 3.3x 7.9x 1.9x DOF DOF NOK x 6.0x 8.3x 8.5x Dorian LPG LPG Kjøp USD x -14.7x 6.3x 20.0x Eidesvik Offshore EIOF NOK x -2.6x 8.6x 12.6x Electrolux ELUX Hold SEK x 13.7x 6.9x 6.4x Elekta EKTAB Kjøp SEK x 21.4x 16.0x 12.1x Ensco ESV Selg USD x 58.9x 3.8x 7.1x Entra ENTRA Kjøp NOK x 19.1x 20.9x 18.7x Epic Gas EPIC Kjøp NOK x 6.2x 8.8x 5.1x Ericsson ERICb Hold SEK x 18.1x 7.7x 6.1x Euronav EURN Hold USD x 25.2x 5.6x 5.8x Europris EPR Selg NOK x 14.5x 11.3x 9.8x Evolution Gaming EVO Kjøp SEK x 22.5x 21.7x 16.1x Fabege FABG Hold SEK x 33.3x 32.1x 30.1x Farstad Shipping FAR NOK x -0.2x 13.1x 17.9x Flex LNG FLNG Hold NOK x -71.7x FLSmidth FLS Hold DKK x 19.8x 11.0x 9.8x FMC Technologies FTI Selg USD x 52.9x 19.5x 16.7x Fortum FUM1V Selg EUR x 21.9x Fred Olsen Energy FOE Selg NOK x -1.4x 1.5x 5.5x Kilde: DNB Markets, FactSet, Bloomberg 9

10 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Frontline FRO Hold NOK x 9.4x 6.6x 7.9x GasLog GLOG Kjøp USD x 16.5x 13.0x 10.0x Gener8 Maritime GNRT Hold USD x 3.8x 7.1x 6.0x Getinge GETIB Selg SEK x 12.4x 11.4x 8.5x Gjensidige Forsikring GJF Hold NOK x 16.3x GN Group GN Hold DKK x 16.9x 14.1x 11.9x Golar LNG GLNG Kjøp USD x -11.9x -67.7x 79.6x Golar LNG Partners GMLP Hold USD x 7.5x 8.0x 7.2x Golden Ocean GOGL Kjøp NOK x -8.3x x 26.1x Grieg Seafood GSF Hold NOK x 8.2x 7.7x 5.5x Havila Shipping HAVI Selg NOK x -0.2x 8.1x 13.9x Helgeland Sparebank HELG Kjøp NOK x 9.2x Hennes & Mauritz HMB Hold SEK x 20.6x 13.4x 10.8x Hexagon AB HEXAB Kjøp SEK x 20.5x 14.9x 13.8x Hexagon Composites HEX Hold NOK x 22.6x 44.1x 16.5x Hexpol HPOLB Kjøp SEK x 19.8x 13.2x 11.7x Holmen HOLMB S Selg SEK x 17.2x 10.2x 9.8x Hufvudstaden HUFV Hold SEK x 32.5x 28.8x 26.6x Humana HUM Kjøp SEK x 12.2x 11.6x 9.8x Husqvarna HUSQb Kjøp SEK x 15.1x 10.7x 8.7x Höegh LNG Holdings HLNG Kjøp NOK x 16.4x 12.6x 11.2x Höegh LNG Partners HMLP Kjøp USD x 10.0x 11.4x 9.6x Industrivärden INDUc Kjøp SEK Investor INVEb Kjøp SEK Jm Ab JM Kjøp SEK x 11.8x 10.0x 8.2x Kindred Group KINDSDB Kjøp SEK x 15.0x 13.3x 11.9x Kinnevik KINVb Kjøp SEK Klövern KLOVb Kjøp SEK x 13.0x 20.8x 19.9x KNOT Offshore Partners KNOP Hold USD x 12.4x 9.5x 9.0x Kone KNEBV Hold EUR x 21.5x 14.5x 13.6x Konecranes KCR1V Hold EUR x 21.8x 11.1x 10.0x Kongsberg Gruppen KOG Kjøp NOK x 14.2x 14.2x 8.4x Kungsleden KLED Kjøp SEK x 11.9x 18.4x 17.4x Kværner KVAER Selg NOK x 28.9x 2.4x 4.2x Latour LATOb Hold SEK Lerøy LSG Kjøp NOK x 9.5x 9.2x 5.9x Loomis LOOMb Kjøp SEK x 14.1x 7.7x 7.2x Lundbeck LUN Kjøp DKK x 29.2x 13.8x 11.8x Lundbergs LUNDb Selg SEK Lundin Petroleum LUPE Kjøp SEK x 25.4x 13.7x 6.7x Marine Harvest MHG Kjøp NOK x 10.8x 9.8x 6.5x Medistim MEDI Hold NOK x 22.4x 18.8x 14.8x Metsa Board METSB Kjøp EUR x 13.4x 11.5x 6.7x Metso MEO1V Hold EUR x 22.0x 11.3x 10.7x Millicom MICsdb Kjøp SEK x 21.0x 5.3x 4.8x MSAB MELK Selg SEK MTG MTGb Kjøp SEK x 16.4x 12.8x 10.9x Ncc NCC Hold SEK x 15.8x 12.4x 9.1x NetEnt NETb Kjøp SEK x 28.0x 24.2x 18.8x Nets NETS Kjøp DKK x 14.8x 12.8x 11.2x Nibe Industrier NIBEB Hold SEK x 21.7x 16.4x 14.1x Nobia NOBI Kjøp SEK x 13.5x 10.2x 7.7x Noble NE Selg USD x -6.9x 4.0x 8.7x Nokian Tyres NRE1V Kjøp EUR x 17.9x 11.1x 9.9x Nordea NDA Kjøp SEK x 12.6x Nordic Nanovector NANO Kjøp NOK x -18.2x -16.1x -15.0x Nordic Semiconductor NOD Kjøp NOK x 36.3x 29.2x 17.6x Nordnet NNb Hold SEK x 20.3x Norsk Hydro NHY Selg NOK x 21.2x 7.7x 7.4x North Energy NORTH Hold NOK x -1.7x Norway Royal Salmon NRS Hold NOK x 13.6x 13.0x 9.1x Norwegian Air Shuttle NAS Hold NOK x 10.7x 12.7x 12.3x Norwegian Property NPRO Hold NOK x 22.0x 16.6x 18.4x Novo Nordisk NVO Hold DKK x 16.7x 12.2x 11.6x Novozymes NZYMB Selg DKK x 22.7x 15.2x 13.9x NRC Group NRC Selg NOK x 23.8x 14.6x 13.5x Ocean Rig ORIG Selg USD x 3.8x 3.2x 4.9x Ocean Yield OCY Kjøp NOK x 6.9x 9.1x 7.2x Odfjell ODF Kjøp NOK x 4.7x 4.5x 4.5x Kilde: DNB Markets, FactSet, Bloomberg 10

11 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Odfjell Drilling ODL Kjøp NOK x 12.0x 8.2x 7.4x Olav Thon OLT Kjøp NOK x 13.8x 16.7x 15.2x Opera OPERA Kjøp NOK x 9.3x 9.3x 7.1x Oriflame ORI Selg SEK x 24.8x 13.2x 11.8x Orkla ORK Hold NOK x 21.0x 16.2x 15.1x Outotec OTE1V Hold EUR x 31.2x 13.0x 9.7x Pacific Drilling PACD Selg USD x -0.2x 8.3x 18.5x Pandox PNDXB Hold SEK x 16.9x 22.8x 18.6x Pareto Bank PARB Kjøp NOK x 7.8x Peab PEAB Kjøp SEK x 12.6x 8.1x 6.9x Petroleum Geo-Services PGS NOK x -5.3x 4.9x 6.7x Polarcus PLCS Selg NOK x -0.5x 5.7x 5.5x Prosafe PRS Hold NOK x x 10.3x 22.0x Q-Free QFR Hold NOK x 11.8x 13.5x 6.8x Recipharm RECIB Hold SEK x 24.7x 12.7x 10.0x RenoNorden RENO Hold NOK x 4.6x 5.5x 4.6x Rezidor REZT Hold SEK x 8.0x 8.0x 4.4x Rowan RDC Selg USD x 41.2x 4.0x 6.2x Safe Bulkers SB Hold USD x -3.8x 21.2x 14.5x Saipem SPM Selg EUR x 25.1x 5.3x 7.2x SalMar SALM Hold NOK x 11.0x 9.6x 7.2x Sampo Oyj SAMPO Hold EUR x 15.3x Sandvik SAND Kjøp SEK x 18.1x 11.3x 10.2x SCA SCAB Hold SEK x 17.4x 10.8x 9.7x Scandi Standard SCST Kjøp SEK x 14.1x 10.2x 7.8x Schibsted SCHA Selg NOK x 54.9x 21.7x 19.5x Scorpio Tankers STNG Hold USD x 8.7x 13.1x 9.4x Seadrill SDRL Selg NOK x -11.7x 5.5x 10.9x SEB SEB Kjøp SEK x 13.3x Securitas SECUB Kjøp SEK x 16.2x 11.3x 9.6x Selvaag Bolig SBO Hold NOK x 12.0x 10.9x 8.9x Sevan Marine SEVAN Selg NOK x -11.8x -7.8x -9.4x Siem Offshore SIOFF NOK x -1.9x 17.2x 18.3x Skandiabanken SKBN Kjøp NOK x 12.7x Skanska SKA Hold SEK x 15.7x 13.7x 11.7x SKF SKFB Hold SEK x 15.6x 10.3x 9.5x Solstad Offshore SOFF NOK x -3.8x 12.5x 14.8x Songa Offshore SONG Selg NOK x 323.7x 12.1x 118.3x Sparebank1 Nord-Norge NONG Kjøp NOK x 9.8x Sparebank1 SMN MING Kjøp NOK x 9.1x Sparebank1 SR-Bank SRBANK Kjøp NOK x 10.3x Sparebanken Møre MORG Kjøp NOK x 10.3x Sparebanken Sør SOR Hold NOK x 10.2x Sparebanken Øst SPOG Kjøp NOK x 11.7x Spectrum SPU Selg NOK x x 2.7x 2.1x Sponda SDA1V Kjøp EUR x 15.6x 20.2x 20.7x Statoil STL Kjøp NOK x 11.5x Stolt-Nielsen SNI Kjøp NOK x 6.8x 5.5x 5.4x Stora Enso STERV F Kjøp EUR x 12.2x 7.8x 6.5x Storebrand STB Kjøp NOK x 9.7x Subsea 7 SUBC Selg NOK x 64.4x 3.2x 7.8x Svenska Handelsbanken SHB Selg SEK x 16.4x Swedbank SWEDA Hold SEK x 14.1x Swedish Match SWMA Hold SEK x 18.6x 12.2x 11.8x Tanker Investments TIL Hold NOK x 2.5x 5.5x 3.7x Targovax TRVX Kjøp NOK x -3.8x Technip TECF Selg EUR x 20.6x 5.1x 7.4x Teekay Tankers TNK Hold USD x 4.1x 5.9x 4.7x Tele2 TEL2b Hold SEK x 20.9x 9.5x 7.5x Telenor TEL Kjøp NOK x 11.8x 6.0x 5.7x Telia Company TELIA Hold SEK x 11.6x 7.4x 6.6x TGS Nopec TGS Selg NOK x 58.4x 6.3x 6.3x The Scottish Salmon ComSSC Kjøp NOK x 8.9x 13.6x 6.0x Thule Group THULE Hold SEK x 18.4x 15.7x 13.5x Kilde: DNB Markets, FactSet, Bloomberg 11

12 DNB anbefalinger og estimater DNB ANBEFALINGER OG ESTIMATER Selskap Ticker Anbefaling Valuta Kurs Kursmål Estimert EPS Estimert P/E Estimert EV/EBITDA Tomra TOM Selg NOK x 18.3x 21.1x 10.1x 10.5x Topdanmark TOP Kjøp DKK x 11.7x 13.4x Transocean RIG Selg USD x 7.1x -39.5x 5.5x 9.1x Trelleborg TRELB Hold SEK x 20.3x 17.4x 12.8x 10.6x Tryg TRYG Hold DKK x 14.3x 15.3x Tsakos Energy NavigationTNP Kjøp USD x 5.0x 5.7x 5.5x UPM UPM1V Hold EUR x 13.5x 8.4x 7.3x Valmet VALMT Kjøp EUR x 15.8x 8.2x 7.4x Veidekke VEI Kjøp NOK x 12.1x 9.9x 8.0x Vitrolife VITR Kjøp SEK x 35.2x 27.2x 21.7x Volvo VOLVB Hold SEK x 16.4x 15.5x 7.3x 6.5x Wallenstam WALLb Hold SEK x 43.3x 31.9x 39.8x 31.6x Weifa WEIFA Kjøp NOK x 27.2x 17.3x 14.0x 12.3x Wihlborgs WIHL Kjøp SEK x 16.6x 15.4x 21.3x 20.2x Wilh. Wilhelmsen ASA WWASA Kjøp NOK x 8.5x 7.8x 7.8x 7.2x Wilh. Wilhelmsen Holding WWI Kjøp NOK x 6.5x 5.3x 4.2x William Demant Holding WDH Selg DKK x 17.6x 11.5x 10.1x Wilson Therapeutics WTX Kjøp SEK x -9.6x Wärtsilä WRT1V Hold EUR x 19.8x 13.9x 12.2x XXL XXL Kjøp NOK x 18.0x 17.0x 12.7x Yara YAR Selg NOK x 14.8x 31.7x 7.0x 10.0x 12

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